Daily Archives: August 12, 2011

Despite the mayhem that has been caused in markets around the world of late, Hugo Chávez seems to think Venezuela will get off scott-free.

Speaking to state television over the telephone on Thursday from Cuba, where Venezuela’s president is undergoing chemotherapy, he said: “It caught my attention the day before yesterday that the world media reported that all the stock markets in the world fell yesterday, except Venezuela’s.”

His rather questionable conclusion was that Venezuela’s economy must be stable, and that it will continue to strengthen “more and more every day”. In fairness, if Venezuela were like most other countries in the world, that might not be an entirely unreasonable thing to think. But Venezuela isn’t. Continue reading »

Argentines troop to the polls this Sunday in what, for many, will be their third mandatory outing to the voting booths this year. (And it’s not over yet – Argentines still face one and maybe two obligatory votes yet before the year is out).

This time, voters are being called to take part in Argentina’s first primary election, which goes by the catchy name of “Open, Simultaneous, Obligatory Primaries”. When the government first mooted the idea, some parties still had a couple of rival potential presidential candidates, but that is no longer the case. As such, Sunday’s vote has become, in effect, a state-funded opinion poll ahead of the October 23 presidential election. Or as some in football-mad Argentina have put it, a kind of “semi-final”. Continue reading »

Now that Humberto Campodónico has been confirmed as president of Peru’s state oil company, PetroPeru, change is on the agenda. Campodónico says he wants the company to follow the example of Brazil’s Petrobras, Chile’s Enap or Colombia’s Ecopetrol. Continue reading »

Brics and mortarIf you’re ever driving through Rio de Janeiro, try not to stop. It’s not the robberies or the occasional police shootouts that should put you off though; it’s the cost of parking. Rio is now the most expensive place to park your car in Latin America, according to a new study by property consultancy Colliers International. The median daily rate is now at $19.22 while São Paulo is in second place with $17.02, up a whopping 21 per cent since last year. Continue reading »

Brics and mortarThe developers of what will be the Cuban Revolution’s first private golf and residential complex are claiming a hole in one.

Sceptics have long questioned the Cuban government’s reluctance to grant full property rights to foreigners who invest in real estate. But all these doubts have been quashed, said Chris Nicholas, managing director of Ottawa-based Standing Feather International, which is due to sign on a golf and residential development in eastern Cuba with the Cuban state company Palmares. Continue reading »

When Manmohan Singh, India’s prime minister, speaks to the nation from the battlements of Delhi’s Red Fort on his nation’s Independence Day on Monday, he will not be short of a script.

In past days, columnists have imagined themselves in his shoes and penned their own speeches for the 79-year old prime minister to best capture the national mood by making a clean breast of the corruption that has hit the telecoms sector, the Commonwealth Games and the military. Continue reading »

By Willis Sparks of Eurasia Group

German press reports tell us that Nursultan Nazarbayev, Kazakhstan’s president, recently underwent prostate surgery in Hamburg. He doesn’t appear to be critically ill – not that we can know for sure. But Nazarbayev’s two-decade-long dominance of Kazakh politics, the secrecy surrounding his health, and the lack of any clear succession plan ensure that his sudden disappearance from the scene would provoke uncertainty inside and outside the region.

He is not the only strongman whose country’s fate is too closely tied to his own. Much bigger players on the world stage seem happy to go on without an understudy. They need to reconsider that option. Continue reading »

Brics and mortarIf the 2014 Olympics in Sochi is a big pie, then Olympstroy’s piece just got a little bigger. According to a new report released by the Regional Development Ministry this week, the state corporation’s budget for designing and building the Games facilities has more than doubled from 143.6bn roubles ($4.9bn) to 304bn roubles.

Dmitry Kozak, the government official in charge of Sochi, was quick to assure reporters yesterday that the change in figures was simply due to a redistribution of resources within the federal budget. Yet the murky numbers raise further questions about the transparency of the Sochi preparations, and Russia’s other big infrastructure projects, such as the 2018 World Cup. Continue reading »

A mixed day for equities so far on Friday, as some stock indices rallied following Thursday night’s partial short selling ban in Europe, overcoming for now the gloom about prospects for global growth.

But some investors have decided enough is enough. Asseco, a software developer, said late on Thursday it would buy back shares worth about 600m zlotys ($204m), or about 30 per cent of its equity. It follows similar confidence-building moves by senior executives of US companies. Continue reading »

Halal is big business.

With an estimated 1.8bn Muslims around the globe (and growing), the market for supplying Muslim-friendly food products is expanding into the most far-flung reaches of the world. Malaysia – a Muslim majority country – wants to capitalise on this $560bn-a-year food industry by exploiting the growing appetite for halal in China. Continue reading »

* Global business confidence slumps

* China tells banks to tighten property market

* Investors mark down EM growth prospects

* BofA talks to Gulf funds to cut $17bn CCB stake Continue reading »

This week’s data from EPFR, the Boston-based fund tracker, deliver a fascinating snapshot of the times: of all major assets classes, only super-staid money market funds – traditionally the safest of safe havens, investing in AAA assets – and EM local currency bond funds showed any inflows. For the rest, it was a rout.

It’s no surprise that investors have been running screaming from risky assets into the arms of nice, safe things like US Treasuries (the downgrade notwithstanding). Dedicated EM investors know that EM local currency bonds deserve to be in the second category. But for how long will their nerves hold? Continue reading »

Friday’s top picks from the beyondbrics team: why China should look to its debt problems before criticizing others, why Viktor Yanukovych is dancing on a thin ice and is Baijiu, the famous Chinese fire-water, about to take over the world?  Continue reading »

Brics and mortarDubai’s Muslims may be reconsidering the merits of high-rise living after top-floor residents of the word’s tallest building were told they had to fast longer during the holy month of Ramadan.

Occupants of the 160-storey Burj Khalifa have been told they must to fast for up to three minutes longer than these at ground level because they can see the sun for longer from their otherwise privileged vantage points. Continue reading »

* Global business confidence slumps

* China tells banks to tighten property market

* BofA talks to Gulf funds to cut $17bn CCB stake

* China suspends new high speed rail plans

* HTC to take control of Beats headphones Continue reading »

Global equities macromap

Number of the day

240p The new offer for Cove Energy shares from PTT, trumping the bid from Shell.

beyondbrics

The emerging markets hub

About this blog Headlines email Blog guide
News and comment from more than 40 emerging economies, headed by Brazil, Russia, India and China.



'Like' our beyondbrics Facebook page, where we showcase a top story of the day
Sign up for our news headlines and markets snaphot service. We have two emails per day - London and New York headlines (sent at approx 6am and 12pm GMT).

To comment, please register for free with FT.com and read our policy on submitting comments.

There is an overall beyondbrics RSS feed, as well as feeds for all our countries, tags and authors. Learn more in our full RSS guide.

All posts are published in UK time.

Get in touch with us - your comments, advice and even complaints. Find out how to contact the team.

See the full list of FT blogs.

BB shortcuts

Regulars Series Archive
Chart of the week
Behind the numbers

Fund flows
Tracking money in and out of EM bonds
12 for 2012
Guest posts on key trends for the year ahead

Brics at 10
A decade of growth
The Diaspora Digest
EM diasporas, seen through their community media (Oct-Nov 2011)
Sick brics (Sep 2011)
Brics and mortar (Aug 2011)
Beyondbrics on the beach (Jul-Aug 2011)
China bubble? (June 2011)
Post-election Nigeria (June 2011)
Hey bric spender (Aug 2010)

Emerging markets data

Archive

« Jul Sep »August 2011
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031  

What we are writing about