Paraguay beefs up meat exports
There’s a South American country that dines out on its international reputation for succulent steaks. Its name is . . . Paraguay?
Argentina, the land of the legendary gaucho, has been quietly slipping down the beef export stakes. Once the proud home of the world’s biggest beef eaters, Argentina has now been overtaken by Paraguay, as well as neighbouring Uruguay, in exports. Continue reading »
The new Bric billionaires
By Alan Rappeport in New York
The Brics have beaten Europe when it comes to billionaires. It was the first time since Forbes began tracking the wealthiest people on the planet 25 years ago that Brazil, India, Russia and China collectively overtook Europe.
The emerging market kingpins have come a long way in the last 10 years. Back in 2001, the four countries were home to just 20 billionaires, while Europe towered over them with 144. But thanks to the boom of the past decade, the picture is much different today. Continue reading »
Americas markets wrap: Bovespa falls as Vale faces R$4bn bill
The ongoing conflict in Libya pushed oil prices higher and raised worries over global growth on Wednesday, sapping risk appetite and sending Latin American stocks lower.
Brazil’s Bovespa slid 1.1 per cent on its first trading following the Carnival holiday. Preferred shares of iron ore giant Vale slumped 2.9 per cent, the most since August, on softer metals prices and a report that the government is hitting the miner with a R$4bn bill for overdue royalty payments. Continue reading »
Brazil: at risk of losing currency war?
Carnival is finally over and it’s time to get back to work for many bleary-eyed Brazilians. For Guido Mantega, the country’s finance minister, that means plotting the next move in his beloved currency war.
The Brazilian real broke the closely watched level of 1.65 per dollar last week, prompting speculation that new measures could be announced as early as today to curb the currency’s appreciation. Continue reading »
CEE markets wrap: mixed performance
Markets in central Europe were mixed on Wednesday, with Hungary’s main stock index falling on fears of climbing inflation, while Turkey’s market jumped thanks to stronger banks. Continue reading »
Pension reform: to cut or not to cut?
The core of central Europe is heading in increasingly different directions when it comes to the thorny issue of balancing necessary reforms to the pension systems with growing dissatisfaction from populations who have grown accustomed to public benefits.
While Hungarian and Polish governments are focused on slashing pension fund schemes altogether and moving in the direction of their western European counterparts, the Czechs and Slovaks are taking a different tack. Continue reading »
South Africa: Sasol’s mixed fortunes
Sasol, the South African petrochemicals group, is suffering mixed fortunes. While the global leader in converting natural gas and coal into liquids has made headway in its bid to build North America’s first plant of this kind, on the other side of the globe, its project in China appears to be stalling. Continue reading »
Russian banking: time to go?
By Ben Aris of Business New Europe
The foreign rush into Russia’s retail banking market appears to have run its course. Like other foreign investors, many bankers have discovered that spotting the potential in Russia’s consumer markets is easier than profiting from it.
After Barclays Bank earlier this year announced plans to sell its Russian retail operation, reports say that HSBC is looking to exit the high-end retail part of its business. And they are not the only foreign groups to have decided that in the face of overwhelming competition from Russia’s big stage banks, it may be time for a quiet retreat. Continue reading »
Oil supplies are more diversified than in the 1970s, but the price is being driven higher by fears of a shortage. Lex’s Edward Hadas and Vincent Boland discuss just how dangerous a sudden supply shock could be.
Asia markets wrap: mid-week optimism
By Stephen Smith
Hong Kong stocks hit five-week peaks while China’s Shanghai Composite breached the 3,000 level for the first time in four months as optimism over growth replaced oil price fears as the key driver of investor sentiment.
Airline stocks, recently beaten down on worries over rising fuel costs, staged a bounce back as global oil prices dipped while industrial stocks also benefited from a refocus on economic fundamentals. Continue reading »
India: a teaser loan or a terraced house?
India’s financial authorities are in a state of high alert about new widely-marketed products and complex structured finance in the country’s housing market. The reason is the long shadow that is still cast across the globe by the sub-prime housing mortgage market and its failure in the US.
Two products have immediately come under the scanner in what is already a highly regulated economy on the watch out for contagion from overseas and anxious about reckless borrowing in a fast growing economy. Continue reading »
Thai rates: global pressures
Another day, another emerging market rate increase, as the fight against inflation goes global. On Wednesday it was Thailand’s turn, with the central bank raising its benchmark rate by 25 basis points to 2.50 percent, in its fifth increase in six meetings, and signalling more to come.
On Thursday, South Korea is almost certain to follow suit, and it may not be the last increase this week, with the Malaysian central bank meeting on Friday. It is the right point in the cycle for tightening, of course, but the uncertainties are much bigger than normal, with oil prices threatening to go higher, gold at record levels, and agricultural commodity prices on the up. Continue reading »
New York headlines
* Scores wounded as Yemen protests intensify
* Gaddafi forces attack rebel town in west
* Indonesia downsizes plans for state IPOs
* Toyota to target emerging markets
* Honda to sell Hero stake at half market price Continue reading »
S Korea: rate rise coming
South Korea’s central bank governor, Kim Choong-soo, must be wishing he stayed in Paris, taking a leisurely morning café noir and croissant as ambassador to the Organisation of Economic Co-operation and Development.
Seoul’s a lot rougher. Not only are his staff (and their vocal union) in a mutinous mood, accusing him of sacrificing the bank’s independence, but he will have to preside over a really tough interest rate call on Thursday, when he will probably be criticised whatever he says. Continue reading »
Further reading: a second Arab awakening
Wednesday’s top picks from the beyondbrics team: the threat to Turkey’s press, divergent outcomes of the second Arab awakening, why Taiwan should not be forgotten, and spreading the Li Ka-shing magic. Continue reading »
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