Kazakhstan oil worker dispute: Sting weighs in, cancels gig
Sting is trying to stir up a hornets nest in Kazakhstan where he abruptly cancelled a performance this week to protest a crack down by the authorities on an oil strike.
The legendary British rock musician had planned to bring his Sting Symphonicity tour to Astana as Nursultan Nazarbayev, the president of Kazakhstan, prepares to celebrate his 71st birthday on July 6th. Continue reading »
Brazil risks tumbling from boom to bust
From Monday’s FT:
By Paul Marshall and Amit Rajpal
Back in February, in an earlier Insight column, we highlighted the major build up of consumer debt at extremely high rates of interest, putting a significant cash flow burden on the repayment capacity of borrowers.
Since then, the situation has deteriorated further. Pressures are building in the Brazilian credit cycle. Continue reading »
Indian call centres: not as cheap as the UK
For well over a decade, India has been the destination of choice for western companies looking to outsource their call centre operations and take advantage of the country’s vast and cheap labour pool.
But with Indian salaries expected to rise 13 per cent this year, at least one UK company has decided it’s cheaper to operate out of northern England than in Mumbai. Continue reading »
He’s back, but in what state of health?
After almost a month in a Cuban hospital with hardly a word to Venezuelans about his physical condition, Hugo Chávez is basking in outpourings of emotion as the faithful rejoice at their leader’s return.
But if on Monday his supporters were delighted and the opposition confounded, the revolutionary president’s reappearance has answered few if any questions about his health or his country’s future. Continue reading »
Brazil Inc flexes its muscles abroad
What causes companies from an emerging market country to expand abroad? One obvious driver is an economy that is powering ahead whilst developed markets falter. Another familiar, but less reassuring phenomenon is an over-valued currency that causes companies to relocate production in search of lower prices.
Both were at work for Brazilian companies last year, according to a new report on Brazilian transnationals from the Fundação Dom Cabral, the business school. Continue reading »
Poland: another man who thinks he can make money from newspapers
No matter how bad the results of media companies – and Polish newspapers and magazines are no exception to the global trend - the business continues to attract punters – with Grzegorz Hajdarowicz the latest to be seduced by the title press baron.
The journalist-turned-businessman is taking control of Rzeczpospolita, Poland’s leading business daily, by scooping up 51 per cent of paper’s holding company – Presspublica - in which the state treasury has the other 49 per cent. Continue reading »
Bright Food linked with TWE as China acquires taste for wine
Rumour has it that Bright Food Group, the Shanghai-based food and beverage giant, is after Treasury Wine Estates (TWE:ASX) – the wine business Foster’s spun off in May. If true, it would makes perfect sense. Continue reading »
Vietnam: rate cut rattles investors
Vietnam’s central bank has cut interest rates for the first time this cycle, sparking fears among investors that the government may renege on its recent pledge to favour the fight against inflation over growth.
A rapid expansion in credit, much of it bound for inefficient state-owned companies, has destabilised Vietnam’s rapidly growing economy in recent years. At the same time, the Communist leadership has lost much market credibility after a series of abrupt shifts in macro-economic policy. Continue reading »
Brazilian retail: whose Waterloo?
The battle of Brazilian retail escalated on Monday with an exchange of press releases between Carrefour and Casino, the French arch-rivals slugging it out over Grupo Pão de Açúcar, the Brazilian supermarket chain.
As the struggle progresses, Casino is claiming the high ground. Carrefour and GPA are lawbreakers, its says, and it will defend its rights to the end. But the proposed deal, so far portrayed as an affront to Casino’s (CO:PAR) interests, could yet work in its favour. As Napoleon (pictured) might have said, it ain’t over till it’s over. Continue reading »
New York headlines
* Risk rally stalls as S&P warns on Greece
* Yingluck strikes Thai coalition deal
* Opposition triumphs in Mexican state polls
* China’s services slowdown adds to growth concern
* Appetite for Indian IPOs wanes Continue reading »
A new leader in Thailand, supermarket wars in Brazil and employment problems in Indian and South Africa. Not to mention China explaining why it its support is very good for Africa. Continue reading »
China: demolition job
In a nationally televised address on July 1 to mark the founding of the Communist Party in 1921, president Hu Jintao (pictured) sounded an unusually sombre note, saying “the whole party is confronted with growing dangers of a lack of drive, incompetence, divorce from the people, a lack of initiative and corruption.”
But he didn’t dwell on what is arguably the single most emotive issue animating opposition to provincial and local governments from one end of China to the other: the demolition of people’s homes in the name of re-development. Continue reading »
South Sudan: seeking Arab funds
As crisis-torn South Sudan approaches its birth on Saturday, it is appealing to potential Arab partners for support for a post-independence state development plan.
Dubai, already an increasingly important trade hub for Africa, is a natural place to start drumming up support. Continue reading »
Thai vote: Thaksin-linked stocks soar
The relationship between the business of politics and the politics of business has always been close in Thailand, but just how close became very clear on Monday morning when the markets responded to the convincing election win by the opposition Puea Thai party, led by allies of the exiled Thaksin Shinawatra.
The stock market overall was up more than 4.6 per cent on hopes that Puea Thai’s decisive victory would bring stability after prolonged conflict. But there were some strange – or perhaps not so strange – variations. Continue reading »
EM banks most profitable – but vulnerable on deposit bases
By Philip Alexander, finance editor, The Banker
Barclays may have exited retail banking in Russia and Indonesia, but those are still profitable markets for banks who remain. The latest Top 1000 world banks ranking, produced annually by The Banker magazine, shows that 21 of the top 25 banks worldwide by return on capital in 2010 were from emerging markets, many with a retail banking focus. Continue reading »
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