Peru: Where’s Alan Garcia?
The only Latin American heads of state missing at Ollanta Humala’s inauguration as president of Peru on Thursday were Venezuela’s Hugo Chavez, Paraguay’s Fernando Lugo, and … Humala’s predecessor Alan Garcia.
Chavez and Lugo have both been fighting public battles with cancer, but Garcia had another reason for the snub – he didn’t want a replay of 1990, the last time he left government. Continue reading »
India loosens takeover rules, but will the money follow?
Bankers rejoice. India’s market regulator on Thursday introduced new takeover rules that would make it easier for strategic investors such as private equities to invest into listed companies in Asia’s third-largest economy.
The Securities and Exchanges Board of India said investors would be allowed to buy up to 25 per cent, up from the current 15 per cent threshold, before being forced to make a mandatory bid for the target company. The regulator also raised the mandatory offer to 26 per cent from the existing 20 per cent. Continue reading »
In Russia, a pair of lost trousers can cost you your freedom
In most countries, prosecutors would have to present a pretty solid case to get a court to reject a parole plea in a case so prominent that even the world’s most influential figures, at the risk of souring diplomatic relationships, campaign for the release of the prisoner.
But in Russia, all it takes is a pair of lost trousers. Continue reading »
The Turkish lira: change of signal?
If critics of Turkey’s Central Bank had been expecting that last week’s run on the Turkish lira might persuade it to end its experiment with low interest rates and quantitative controls, they will have found the bank’s response disappointing.
True to its unorthodox approach the TNB opted instead to suspend its daily purchase auctions of $30 million and to lower the reserve requirement ratio for bank forex deposits. Continue reading »
Abramovich brings Midas touch to Gorky Park
Roman Abramovich has brought his golden touch to Evraz, Chelsea Football Club, and yachts. These days, however, the oligarch has his sights set on a less prestigious target: Moscow’s run-down, but beloved, Gorky Park.
While the park’s dated amusement rides – including one in the shape of Mt Rushmore – have spent the past few years teetering on collapse, a group backed by Abramovich, the Moscow city government and restaurant group Ginza Project is in the process of transforming the dilapidated fair space into a 21st century posh art and park complex. Continue reading »
Emerging Europe and eurozonitis
By Nicholas Watson of business new europe
In a new take on the old maxim about Germany sneezing and Europe catching a cold, investors are asking whether the same can be said of the eurozone and emerging Europe. Citigroup Global Markets’ “Contagion Index” is an attempt to answer that question. Continue reading »
India’s media sector: getting hot
For media in India, the future is bright. With its mix of Bollywood, cricket and soap operas, television in India already attracts millions of viewers, and this viewership is only set to grow in the years to come. To take advantage of this growing pie, foreign media houses have started to flock to India.
Disney group tabled an offer to completely acquire the UTV group in India, one of India’s three big television channels, this week, while Sony announced a $600m take-over of ETV’s bouquet of India’s regional channels.
And there will be more. Continue reading »
New York headlines
Traders and financiers expect coffee crash
BBVA buoyed by Mexico and Turkey
Emerging economies wary over IMF’s Greek loans
Real tumbles on curbs
Panasonic to sell Sanyo white goods unit to Haier
DBS back in profit Continue reading »
Peru: making Humalismo work
Even before Ollanta Humala moves into Peru’s presidential palace on Thursday the nationalist former soldier has pulled off one of Latin America’s more remarkable political transformations.
Swapping Chavismo for Lulismo, Humala has chosen a cabinet that combines moderate economic managers with left-of-centre thinkers in key social portfolios. Continue reading »
Further reading: Birkin diplomacy
Thursday’s top picks from the beyondbrics team: what to expect from Peru’s new president, Hillary Clinton’s visit to China and why a handbag gets more attention than the policy dialogue. Continue reading »
How rich is Yao Ming?
The basketball world bid farewell to one of its brightest (and tallest) stars last week, as Chinese superstar Yao Ming announced his retirement from the game following a persistent foot injury.
To mark the occasion, Wealth-X – the private wealth intelligence outfit – decided to find out just how much the ‘Little Giant’ is now worth. Continue reading »
Can mathematics explain China’s soaring wage bill?
The issue of rising Chinese labour costs is troubling manufacturers and retailers all over the world, but now it’s also preying on the mind of Oxford academics.
Marcus du Sautoy, Professor of Maths at Oxford University and the Simonyi Professor for the Public Understanding of Science, is obviously a very learned man. His latest theory is a mathematical formula that links urban population growth to wage rises. “If you double the population of a city, workers will earn 15 per cent more for doing exactly the same job,” he claims in his new TV programme, The Code. Continue reading »
For Brazilian companies US is cheap
Brazil has broken some impressive records in its time. It has been home to the world’s oldest person, largest rainforest, 32nd least comprehensible tax system, highest number of plastic surgeons per capita, most overvalued currency, and biggest Japanese community outside Japan. On Wednesday, it broke one more.
Braskem, Brazil’s biggest petrochemical company, announced it had sealed a deal to become the biggest producer of polypropylene in the United States. (Polypropylene is a chemical used to make everything from DVD cases to thermal underwear). Continue reading »
Guest post: The end of ‘Made in China’?
By Ben Simpfendorfer of Silk Road Associates
It’s the change the world was waiting for – factories are finally leaving China, pushed out by rising wages and other costs. Politicians in Brussels and Washington can finally point to stories of factories returning home.
Yet, while China’s title as the world’s most competitive exporter is slipping, the economic fallout will be different to that popularly expected. Continue reading »
London headlines
*Emerging economies wary over IMF’s Greek loans
*Real tumbles on curbs
*Panasonic to sell Sanyo white goods unit to Haier
*DBS back in profit
*Ford to build $1bn Indian factory Continue reading »
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