Daily Archives: August 25, 2011

Venezuela: rotting away?

August 25, 2011 7:47 pm by Benedict Mander

Share this on

Venezuela’s socialist government argued that it needed to play a bigger role in food distribution to put an end to the “hoarding and speculation” of unscrupulous capitalists. By doing so, this would ease shortages, prevent overpriced food, and generally make food distribution more efficient.

Well, if evidence presented on Thursday by an opposition deputy is anything to go by, the plan hasn’t worked very well: state-run food distribution agency PDVAL has been caught red-handed trying to secretly burn some 160,000 tonnes of rotten food. Continue reading »

Tags: food shortages, Venezuela economy Posted in LatAm, Venezuela | Permalink

Russia’s latest weapon in war on alcoholism: wine

August 25, 2011 6:12 pm by Isabel Gorst

Share this on

Russians still scoff at Mikhail Gorbachev’s anti-alcohol campaign that saw Soviet troops tearing down vineyards – but which only drove hardened drinkers’ determination to concoct their own booze.

A quarter of a century later the Kremlin is considering subtler, market-oriented methods to fight alcoholism that could give a boost to the domestic wine industry even if they fail to modify Russians’ excessive drinking habits. Continue reading »

Tags: food & drink, wine Posted in Europe, Russia | Permalink

Indian protests 2.0

August 25, 2011 4:42 pm by Akanksha Awal

Share this on

While India’s anti-corruption campaigner Anna Hazare casts himself as a traditional protestor in the Mahatma Gandhi tradition, his supporters are employing the latest telecommunication techniques to spread the message.

Facebook updates, tweets, Blackberry messages and bulk text messages are in the armoury of Hazare’s internet-savvy middle-class aides. So have money-saving tricks – popular in cost-conscious India – that allow the Hazare campaign to reach even the poorest mobile phone users. Continue reading »

Tags: Indian politics Posted in India | Permalink

Indonesian bank taps credit card boom

August 25, 2011 3:49 pm by Anthony Deutsch

Share this on

Consider this remarkable fact: Bank Internatsional Indonesia (BNI), Indonesia’s fourth largest bank, will issue roughly 1,388 new credit cards today, or more than 41,000 this month.

“I’ll be issuing about 500,000 new cards this year,” Dodit Probojakti, general manager for credit cards at BNI, said in an interview. “The market size is so big and penetration is so low. The growth is not just in Jakarta either, it’s all over the country.” Continue reading »

Tags: financial services Posted in Indonesia | Permalink

Libya: UAE calling

August 25, 2011 3:00 pm by Camilla Hall

Share this on

Libya is getting a visit from a possible knight in shining armour next week as Sheikh Abdullah bin Zayed, the United Arab Emirates foreign minister, plans a trip to Benghazi to see how he can help the reconstruction effort.

This could make for an interesting partnership, as the UAE has a whole lot of developers seeking work after real estate prices slumped in the emirates and Libya has a whole lot of sites that need re-building. Continue reading »

Tags: Libya investment, Libya reconstruction Posted in Libya, Middle East, United Arab Emirates | Permalink

Czech Republic: big fish in small pond?

August 25, 2011 2:13 pm by Ivana Kottasová

Share this on

When the S&P upgraded the Czech Republic’s rating by two notches on Wednesday, Czechs immediately took it as confirmation of what they have always known – their small country’s superiority over its CEE neighbours.

This time, this self-congratulation may be deserved, at least in the view of your (Czech) correspondent. The Czech Republic, has long been nicknamed “the Switzerland of eastern Europe”, highlighting its advantages compare to its neighbours: low debt, strong balance sheet, no foreign currency nightmares and more stable institutions.

Tags: credit ratings Posted in Czech Republic, Europe | Permalink

Redback growing in the Middle East

August 25, 2011 1:17 pm by Sarah Mishkin

Share this on

Dubai’s Dragonmart–a 1.2km long shopping mall that is shaped like a dragon–claims to be the largest hub for Chinese products outside China.

It’s no surprise then that Standard Chartered has an office there advising merchants on how they could set up a renminbi account to settle their cross-border trade. With trade between China and the Arab world expanding, so too is the competition among banks to provide the particular financial services such traders might need. Continue reading »

Tags: China-Middle East, RMB internationalisation Posted in Global | Permalink

Steve Jobs: soul-searching in China

August 25, 2011 12:22 pm by beyondbrics

Share this on

Steve Jobs’s decision to step down as Apple’s CEO is big news across the globe and big news in China.

But it hasn’t just topped the news in the Middle Kingdom, it has also prompted some tough questions. Continue reading »

Tags: Apple, technology Posted in China | Permalink

Diageo: selling (lots of) scotch in Brazil

August 25, 2011 12:14 pm by Alexandra Stevenson

Share this on

Diageo on Thursday reported strong annual results and disclosed the bill for the acquisitions it made in the year to June in emerging markets – a full £1.6bn in countries ranging from China to Tanzania.

But shareholders won’t be complaining as emerging markets contributed the lion’s share of a 5.3 per cent increase in pre-tax profit to £2.36bn. The shares rose 6 per cent on the news, in a clear sign that the City likes the EM-oriented strategy. Continue reading »

Tags: Diageo, food & drink Posted in Global | Permalink

New York headlines

August 25, 2011 12:02 pm by beyondbrics

Share this on

Brazil’s Pactual and Chile broker in deal talks

China: profits up, cash flow squeezed

Rebels put $1.3m bounty on Gaddafi

Libya political battle to unfreeze $5bn for rebuilding

Tullow to invest $4 bn in Ghana to increase its crude oil production

Posted in Global | Permalink

China: profits up, cash flow squeezed

August 25, 2011 11:37 am by Stefan Wagstyl

Share this on

Chinese companies are delivering. A UBS snapshot of first-half financial results shows that out of 57 big groups that had reported results by Wednesday, 25 beat forecasts and only 9 fell short. The remainder were in line with predictions.

With net profits up 25 per cent, Chinese companies are, not surprisingly, doing well on the back of continuing strong economic growth. But there are a few clouds on the horizon – the authorities’ liquidity squeeze is reducing cash flow and there are questions about bank asset quality. Continue reading »

Tags: equities Posted in Asia, China | Permalink

India: ID numbers to boost banking

August 25, 2011 8:09 am by Venkatesh Upadhyay

Share this on

While European banks are struggling to come to terms with risky sovereign debts, Indian banks are planning a major expansion.

The Indian banking sector is poised to become the world’s third-largest by assets within the next 14 years, according to a report by the US-based Boston Consultancy Group released this week. Its total assets are forecast to reach $28,500bn by 2025. Continue reading »

Tags: banking, mobile banking Posted in Asia, India | Permalink

London headlines

August 25, 2011 5:58 am by beyondbrics

Share this on

* Brazil’s Pactual and Chile broker in deal talks

* Rebels put $1.3m bounty on Gaddafi

* Libya political battle to unfreeze $5bn for rebuilding

* Tullow to invest $4 bn in Ghana to increase its crude oil production

Posted in Global | Permalink

Mongolia: enter the yurt

August 25, 2011 3:00 am by Alexandra Stevenson

Share this on

A rare opportunity for investors to invest in Mongolia outside its big natural resources companies comes with a foreign-run conglomerate involved in everything from real estate and cement to financial services and transport.

Asia Pacific Investment Partners, controlled by American businessman Lee Cashell, hopes to raise $30m through a placement of stock ahead of an IPO which could come next year. Continue reading »

Tags: commodities, equities, FDI, financial services, property Posted in Mongolia | Permalink

Older entries

beyondbrics

Daily Archives: August 25, 2011

Venezuela: rotting away?

Russia’s latest weapon in war on alcoholism: wine

Indian protests 2.0

Indonesian bank taps credit card boom

Libya: UAE calling

Czech Republic: big fish in small pond?

Redback growing in the Middle East

Steve Jobs: soul-searching in China

Diageo: selling (lots of) scotch in Brazil

New York headlines

China: profits up, cash flow squeezed

Further reading: Liverpool in India

India: ID numbers to boost banking

London headlines

Mongolia: enter the yurt

Global equities macromap

Most popular posts

Recently commented

Number of the day

beyondbrics

The emerging markets hub

BB shortcuts

beyondbrics team

Regional teams:

Emerging markets data

Archive

What we are writing about

What we’re reading