Daily Archives: May 19, 2011

Americas market wrap

May 19, 2011 7:34 pm by Anora Mahmudova

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Latin American markets edged lower on Thursday, led by Brazilian and Chilean bourses. The MSCI Latin American index was 0.3 per cent lower to 4,315, even though it started the day in the positive territory.

Brazil’s benchmark Bovespa index fell 0.75 per cent to 62,367, its lowest level in 11 months. “The Brazilian markets are likely to continue trending down in the coming months as the economy cools down,” said Carlos Constantini, head of equity research at Itaú BBA.

“The fundamentals are great, but we are at the wrong time in the cycle,” he said. Continue reading »

Posted in LatAm | Permalink

Egypt: the costs of cleaning up

May 19, 2011 7:32 pm by Sarah Mishkin

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Egypt’s ministers and businessmen are travelling the world to reassure investors that – despite the political unrest and calls for increased spending on subsidies in the face of a growing deficit – Egypt is still a good place to do business.

Yet Egyptian courts are also prosecuting alleged corruption by members of the former regime, including property deals between well-connected investors and ministers of former president Hosni Mubarak. It’s a tricky game – trying to call old investors to account without discouraging new ones. Continue reading »

Tags: Arab spring, FDI Posted in Egypt | Permalink

Orascom: Bloodied but unbowed in Egypt

May 19, 2011 7:06 pm by Pan Kwan Yuk

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Q1 figures out this week from Orascom Telecom, North Africa’s biggest mobile phone operator and one of Egypt’s largest companies.

At first glance – the company, which saw pre-tax profit for the three months to March 31 more than double to $128.9m, compared to the same period the year before – appeared to have ridden out the turmoil rocking the region in fairly good shape. Revenues rose 5 per cent to $949.2m while subscribers increased 16 per cent to over 104m.

Yet behind the headline figures is a more sobering reality. Continue reading »

Tags: telecoms Posted in Egypt | Permalink

Ukraine: anti-inflation protests

May 19, 2011 5:52 pm by Roman Olearchyk

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Anti-inflation protests are spreading. On Thursday it was the turn of Ukraine, with around 1,000 taking to the streets of Kiev to complain about soaring prices, plus corruption and government assaults on political rights.

The modest turnout pales in comparison with the crowds involved in the recent turmoil in the Middle East and North Africa or even the Shanghai truckers’ strike, let alone Ukraine’s 2004 Orange Revolution. But even in Europe, inflation is stirring unrest. Continue reading »

Tags: food & drink, inflation Posted in Ukraine | Permalink

After Thailand’s elections, what next?

May 19, 2011 4:04 pm by Tim Johnston

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Elections are supposed to solve political conflicts, not exacerbate them.

Thailand’s bitter divisions are about to be tested at the ballot box, but the real fight for power is likely to take place after the vote rather than before it. Continue reading »

Tags: economic growth, politics Posted in Thailand | Permalink

India: investors seek Olympic gold

May 19, 2011 3:11 pm by beyondbrics

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By Amy Kazmin and Girija Shivakumar in New Delhi

Affluent Indians, overflowing with pride at their nations’ recent robust economic growth, tend to be filled with shame when it comes to another measure of national strength: their country’s dismal performance at the global sports showdown of the Olympics.

Now wealthy Indians are stepping in where they feel their government has failed: in supporting and nurturing talented athletes to help them to triumph at international sporting events. Continue reading »

Tags: education, investment, sports Posted in Asia, India | Permalink

EM head for IMF? Forget it

May 19, 2011 1:15 pm by Stefan Wagstyl

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No sooner has the debate begun on an emerging markets candidate, than it looks to be over.

Angela Merkel on Wednesday openly declared her support for a European to succeed the disgraced Dominique Strauss-Kahn as managing director. And she did so in terms designed to cut short the discussion – saying DSK’s early departure was an argument for appointing another European.

No delicate talks about merit, experience or CV. Buy Christine Lagarde, France’s finance minister (pictured) and Europe’s strongest candidate. Sell the rest. Continue reading »

Tags: DSK, IMF, Lagarde Posted in Global | Permalink

SABMiller raises a glass to EM

May 19, 2011 12:50 pm by Alexandra Stevenson

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If only outspoken brewers were economists, global sentiment might be brighter. Take the latest quip from the boss of SABMiller who said on Thursday: “Africa and Asia are trucking along as if the world financial crisis had not happened, Latin America is less bullish but is back in growth, the US shows no signs of recovery – not worse or better – while Europe is getting better.”

Graham Mackey can be forgiven for his optimism - the company announced a 2010 pre-tax profits of $3.6bn, up 24 per cent. Continue reading »

Tags: food & drink Posted in Global | Permalink

India vs Indonesia: which is more at risk from inflation?

May 19, 2011 12:20 pm by Jonathan Wheatley

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They both have big populations. Their economies are both inward-looking. They both have pretensions as Asian economic superpowers. So how come Indonesia and India have delivered such dramatically different returns to investors this year?

As Robert Prior-Wandesforde of Credit Suisse points out in a research note, the answer has a lot to do with inflation. And investors betting that Indonesia will go on outperforming India should take note: the picture could be about to change. Continue reading »

Tags: fiscal policy, inflation, interest rates, monetary policy Posted in Asia, India, Indonesia | Permalink

New York headlines

May 19, 2011 12:05 pm by beyondbrics

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* Strauss-Kahn resigns as IMF chief

* Lack of unity on IMF successor

* Iran sets stage for tense Opec meeting

* India’s JSW to raise $2.3bn for Bengal steel plant

* Huaneng Renewables plans $1bn relaunched IPO Continue reading »

Posted in Global | Permalink

Taiwan politics: a China boost?

May 19, 2011 11:59 am by Robin Kwong

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There may be still more than half a year to go before Taiwan’s presidential election, but president Ma Ying-jeou is already entering into campaign mode.

President Ma traveled to the south of Taiwan – a traditional stronghold for the opposition party – to deliver a ‘State of the Union’ report on his third year in office on Thursday. More importantly, Ma hit back at criticism that most regular Taiwanese aren’t feeling any benefit from his cross-Strait policies of improving ties with China. Continue reading »

Tags: China-Taiwan Posted in Taiwan | Permalink

Kazakhstan: foreigners can wait

May 19, 2011 11:05 am by Neil Buckley

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Kazakhstan will follow up its planned “people’s IPOs” of leading state-owned companies with offers to foreign investors of strategic stakes – but only in three to five years, says Kairat Kelimbetov, economic development minister.

With the domestic offerings coming first (starting in the final quarter of the year), the priority will be attracting Kazakh shareholders and turning the companies into Kazakh “national champions”, Kelimbetov told beyondbrics on Thursday in an exclusive interview. So, would-be foreign investors will just have to wait. Continue reading »

Tags: FDI, oil & gas, privatisation, Shell Posted in Kazakhstan | Permalink

Erdogan’s crazy plan unveiled

May 19, 2011 8:45 am by David O'Byrne

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With his party expected to win its third overall majority in general elections on June 12, Tayyip Erdogan, Turky’s prime minister, seems set on establishing his own legacy with his long-promised “crazy project” finally unveiled this week: a 50-kilometre long, 120-metre wide canal that his government plans to construct 100 km west of Istanbul between the Black Sea and the Sea of Marmara. Continue reading »

Tags: infrastructure, investment Posted in Europe, Turkey | Permalink

London headlines

May 19, 2011 6:08 am by beyondbrics

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* Strauss-Kahn resigns as IMF chief

* Lack of unity on IMF successor

* Iran sets stage for tense Opec meeting

* India’s JSW to raise $2.3bn for Bengal steel plant

* Huaneng Renewables plans $1bn relaunched IPO Continue reading »

Posted in Global | Permalink

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beyondbrics

Daily Archives: May 19, 2011

Americas market wrap

Egypt: the costs of cleaning up

Orascom: Bloodied but unbowed in Egypt

Ukraine: anti-inflation protests

After Thailand’s elections, what next?

India: investors seek Olympic gold

EM head for IMF? Forget it

SABMiller raises a glass to EM

India vs Indonesia: which is more at risk from inflation?

New York headlines

Taiwan politics: a China boost?

Kazakhstan: foreigners can wait

Further reading: after DSK

Erdogan’s crazy plan unveiled

London headlines

Global equities macromap

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