Daily Archives: August 30, 2011

ExxonMobil targets Argentina shale

August 30, 2011 9:56 pm by Jude Webber

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According to US Energy Information Administration, Argentina has the third biggest unconventional oil and gas resources in the world. And since new hydrocarbons discoveries can qualify for higher prices in Argentina’s highly regulated market, plus the fact that domestic energy market leader YPF has made a couple of major announcements and said there is much more out there to discover, it follows that this is a sector where interest could take off.

Indeed, ExxonMobil of the US believes the next big shale frontier is in Argentina. It has signed a deal with Canada’s Americas Petrogas and is spending up to $76m to take a stake of 45 per cent in the Los Toldos blocks in the Argentine province of Neuquén – believed to be one of the richest and most promising of all shale regions in the country.

Tags: cross border investment, FDI, M&A, oil & gas Posted in Argentina, LatAm | Permalink

From FT.com August 30, 2011

Do not count on EMs coming to the rescue in a double dip

Will the emerging markets keep the global economy afloat if the developed world is hit by a double dip? Since the financial crisis, the shift in economic power from the developed to the developing world has been palpable. Such is the dynamism of the larger emerging market economies that many people appear to think that they could indeed come to the rescue. Yet this optimism is sadly misplaced.

That is not to say the dynamism is illusory. The story of the recovery from the recent recession is a remarkable one. While the developed world has been struggling to return to pre-crisis output levels, the International Monetary Fund estimated earlier this year that the output of developing Asia and Latin America was 7 per cent and 2 per cent above 1997-2006 trends respectively. Continue reading »

Posted in Global | Permalink

Musical chairs at Russia’s central bank

August 30, 2011 6:48 pm by Courtney Weaver

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It’s official: Gennady Melikyan will step down as head of bank supervision at Russia’s central bank on September 9, after a tumultuous five years in office. Over the past year Melikyan has been in the unfortunate position of presiding over a series of surprise events, such as the bankruptcy of Mezhprombank, the lender of industrial tycoon and former senator Sergei Pugachyov, and the discovery of a $9bn hole on Bank of Moscow’s balance sheet.

Yet according to Melikyan, neither of those events had any impact on his decision to resign. As the soon-to-be ex-central banker tells Russian daily Kommersant, he’s just “psychologically tired”.

Tags: banking, central banks, economic growth Posted in Europe, Russia | Permalink

Rosneft: a new bride at the altar

August 30, 2011 4:31 pm by Stefan Wagstyl

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Rosneft has wasted no time in finding a strategic partner to replace BP following the acrimonious collapse of their accord three months ago. And ExxonMobil doesn’t seem to have hesitated about taking the British group’s position as Moscow’s favourite oily sister.

Rosneft and Exxon announced plans on Tuesday for a multi-year accord under which Exxon will cooperate with Rosneft in developing the Russian Arctic and Black Seas, while Rosneft will have the chance to work with ExxonMobil in the Gulf of Mexico and Texas. Continue reading »

Tags: oil & gas Posted in Russia | Permalink

[snap] Russia: Exxon/Rosneft top-level talks

August 30, 2011 2:55 pm by Stefan Wagstyl

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Something’s up in the Russian Black Sea resort of Sochi. According to Bloomberg and Reuters, Exxon Mobil executives, headed by ceo Rex Tillerson are in town for meetings with prime minister Vladimir Putin, his officials and and top managers of Rosneft, the state-controlled oil producer.

Exxon and Rosneft signed a $1bn Black Sea exploration project in January. But you wouldn’t need all these dignatories around just to discuss that. It seems Exxon and Rosneft are on the verge of announcing a wide-ranging cooperation pact on the lines of the failed BP-Rosneft accord. Continue reading »

Tags: oil & gas Posted in Russia | Permalink

[snap]: Belarus floats rouble

August 30, 2011 2:37 pm by Ivana Kottasová

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Belarus will allow its rouble to float freely from the middle of September, president Alexander Lukashenko said on Tuesday in a surprise announcement.

But, there is a “but”: the exchange rate for energy payments will stay “preferential” and export-focused companies will have to convert 30 per cent of their revenues back to roubles. Continue reading »

Tags: currencies Posted in Belarus, Europe | Permalink

Saudi Arabia: $500bn and counting

August 30, 2011 12:45 pm by Camilla Hall

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The foreign assets of Saudi Arabia’s central bank have crossed $500bn for the first time.

Measured on a per capita basis or as a percentage of gross domestic product the kingdom’s foreign asset holdings are substantially higher than China’s, according to research from HSBC in Dubai. Continue reading »

Posted in Middle East, Saudi Arabia | Permalink

Poland: CEE economic bright spot

August 30, 2011 12:05 pm by Jan Cienski

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Poland seems to be bucking a regional trend of economic slowdown. The government’s statistical agency on Tuesday reported that gross domestic product shot ahead by an unadjusted annual 4.3 per cent in the second quarter of the year, higher than analysts had forecast.

The agency said that the bulk of the growth was due to strong internal demand – the same factor that rescued Poland from the recession that struck the rest of the continent in 2009. Continue reading »

Tags: economic growth Posted in Global | Permalink

New York headlines

August 30, 2011 11:56 am by beyondbrics

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European and Asian stocks claw back losses

Indian growth slips to 18-month low

China’s Longtop gets Wells notice from SEC

BofA to sell part of CCB stake for $8.3bn

Gaddafi’s family flees to Algeria

Brazil leads gains in Latin America Continue reading »

Posted in Global | Permalink

Indian GDP: steady as she goes

August 30, 2011 11:29 am by Stefan Wagstyl

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So, the Indian central bank seems to have been right to keep prioritising the fight against inflation – and not pay too much attention to the government’s worries about growth.

The latest GDP numbers, published on Tuesday, show a 7.7 per cent increase in the second quarter – a shade down on Q1′s 7.8 per cent, but a tad higher than 7.6 per cent consensus forecast. Expect at least one more interest rate hike. Continue reading »

Tags: GDP, monetary policy Posted in India | Permalink

From FT.com August 29, 2011

Shockwaves ring as Cosco reneges on contracts

There have been few more potent symbols over the past decade of China’s growing influence in the world economy – or of the bonanza it has created for many shipowners – than the long queues of ships off Australia’s coast. Continue reading »

Posted in China | Permalink

Polaris: snowmobiles to India

August 30, 2011 9:05 am by Akanksha Awal

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Indian businessmen are usually heard complaining about the country’s poor infrastructure. But for some industrialists, it’s opportunity.

Polaris Industries, the US-based off-road vehicle maker, has this month launched its all-terrain machines in India – and sold a snowmobile to the government for use in the mountain state of Jammu and Kashmir. Continue reading »

Tags: transport Posted in India | Permalink

US companies in Iraq: touting for business

August 30, 2011 7:54 am by beyondbrics

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By Matt Kennard

As the US starts the withdrawl of its remaining 40,000 troops in Iraq, with December 31st as the deadline, US officials are trying to shore up the position of the American business community.

With US economic growth slowing fast, US companies are increasingly keen to exploit the potential of Iraq’s post-war recovery – despite the considerable risks involved. One example is 360 Architecture, a Kansas City-based design company, which is building a glitzy sports complex in the southern oil centre of Basra. Continue reading »

Tags: FDI, foreign investment, investment Posted in Iraq, Middle East | Permalink

Doing business in China: a tale of two oil spills

August 30, 2011 6:26 am by Leslie Hook

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An oil spill might seem like an unlikely place to look for lessons about doing business in China.

But in the choppy waters of the Bohai Bay, US oil giant ConocoPhillips is learning the hard way that not all oil spills – or oil companies – were created equal. Continue reading »

Tags: energy, oil & gas Posted in Global | Permalink

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Daily Archives: August 30, 2011

ExxonMobil targets Argentina shale

Do not count on EMs coming to the rescue in a double dip

Musical chairs at Russia’s central bank

Rosneft: a new bride at the altar

[snap] Russia: Exxon/Rosneft top-level talks

[snap]: Belarus floats rouble

Saudi Arabia: $500bn and counting

Poland: CEE economic bright spot

New York headlines

Indian GDP: steady as she goes

Shockwaves ring as Cosco reneges on contracts

Further reading: high school diploma

Polaris: snowmobiles to India

US companies in Iraq: touting for business

Doing business in China: a tale of two oil spills

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