Daily Archives: June 20, 2011

Julius Malema, or “Juju”, is no stranger to controversy. The president of the ruling African National Congress’s Youth League seems actively to court it.

Yet even by his standards he commanded an inordinate amount of attention during the ANCYL congress that ended on Sunday, when he emerged re-elected for a second term after calling again for the nationalisation of South Africa’s mining and banking industries. Many now see Malema, 30, as an increasingly powerful force – and, in liberal, middle class circles, an unsettling one. Continue reading »

Polish football has long been a poor cousin of the much wealthier game played in western Europe and in certain oligarch-dominated leagues in the former Soviet Union, but the Polish game is getting a financial shot in the arm. Continue reading »

It’s one day until MSCI decides whether Qatar and the UAE qualify for upgrades from frontier to emerging market status, and even once optimistic investors are now rather unconvinced that it’ll happen. Continue reading »

How low can they go? Shares in Empresas La Polar (LA POLAR:SGO), a Chilean department store chain, plunged over 70 per cent on Monday morning when they resumed trade after a week-long suspension over a consumer-credit scandal.

The stock plunged from 1,430 pesos per share to 410 – and some analysts reckon it could yet sink below 300. The stock had already fallen sharply before it was suspended. Continue reading »

The latest delay in reaching a deal on the crisis in Greece is beginning to hit confidence in nearby countries in south east Europe.

Even though the region’s markets have generally held up well in recent months, Romania’s leu has come under pressure in the last few days and fell by as much as 1 per cent against the euro on Monday. It later traded at 4.258, down 0.61 per cent, as traders across Europe watched anxiously for news from Athens. Continue reading »

Skolkovo School of ManagementDmitry Medvedev, Russia’s president, gave a rousing speech at this weekend’s St Petersburg Economic Forum but the conference also had two other breakout stars: Arkady Volozh and Yuri Milner, champions of the Russian internet.

Through their respective start-ups, Yandex and Mail.ru, the two have successfully proven that Russian internet groups can secure billion-dollar valuations abroad, and that the country has more to offer investors than natural resources. Now the question is how the Kremlin can build on Mail.ru and Yandex’s success and make sure such companies, and their talent, stay inside Russia. Continue reading »

India’s banking sector is in for a long-awaited overhaul.

The Reserve Bank of India’s long-standing opposition to allowing conglomerates into the lucrative banking sector will be scrapped soon after it publishes draft guidelines outlining the rules to enter the club, according to sources familiar with the matter. The move will bolster competition in an industry dominated by inefficient and antiquated state-owned banks. But the process will not be smooth. Continue reading »

While recent data told us that China has increased its overall holdings of US Treasuries, there are some suggestions that its buying focus is shifting to the other side of Atlantic.

If that’s right, then China’s foreign exchange reserves must be going elsewhere, and the smart money points – of all places – to the eurozone.  Continue reading »

Medvedev FT interviewThe first thing that sets Dmitry Medvedev apart from all the others is the grin. By “all the others” we mean other high ranking Russian figures, both historical and present day. In a country where companies send employees to boot camp to learn to smile at customers, where dour is the required demeanour in the business world, smiling without good cause is a bit suspicious. Guidebooks tell you to tone it down – that if you walk around Moscow smiling you will be taken for an escaped mental patient or paedophile.

Seen from this perspective, the Russian president’s penchant for smiling amounts to a dangerous political risk. But it is also the thing that gives Medvedev his own political brand. Continue reading »

* Rare earth prices soar as China stocks up

* India set to open up retail banking

* Medvedev rules out poll tussle with Putin

* Brazil credit bubble fear as defaults rise

* Sun Art testing demand for $1bn IPO Continue reading »

Indian billionaire Anil Ambani took another financial hit on Monday as shares in his two biggest companies – Reliance Communications and Reliance Infrastructure – were knocked out of the Sensex benchmark index.

RCom was down by 7.5 per cent and Reliance Infrastructure by 5.6 cent, amid a general  market decline of as much as 3.1 per cent driven by fears that the government is reviewing a crucial tax treaty with Mauritius which governs a bug chunk of foreign portfolio investment. Continue reading »

Indian Cinema, BollywoodJust three years after deciding to enter the US market, BIG Cinemas, India’s largest cinema chain, operates 205 screens in 24 US cities stretching from Illinois to California to Florida, showing Hindi and Tamil language films to the movie-mad Indian diaspora.

Now, as its US operations reach saturation point, the group is looking at a new way to maintain earnings growth: opening its customer database to ethnic minority marketeers. Continue reading »

Monday’s best picks from the beyondbrics team: beware of Peruvian resource nationalism, and the Turkish banking sector. And just for fun – a gem from China’s Got Talent.  Continue reading »

In a video interview, Russian president Dmitry Medvedev tells the FT’s Neil Buckley that there is no “growing gap” between himself and Vladimir Putin as they both prepare to decide which one of them will run in next year’s presidential election. Read the full transcript of a separate FT print interview here and the resulting story  – Moscow’s Enigma – here.

FT experts analyse the interview Russian president Dmitry Medvedev gave the FT at the St Petersburg International Economic Forum.  The full transcript is here and the print version here – Moscow’s Enigma.

Global equities macromap

Number of the day

12.4% Fall in Mail.Ru shares on Monday, on the back of its Facebook stake.

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