Brazil: Lupi under fire and out the door
Brazilian labour minister Carlos Lupi’s now infamous words – that you would have to shoot him to get him out of his position – finally seem to have backfired.
His claim that as a large man, it would take a big bullet to take him out has turned out to be bluster. Like five other ministers before him in this government who have fallen to charges of corruption and ethical breaches, in the end he went without need for the government to bring out the heavy artillery. Continue reading »
Croatia’s wake up call
Croatia’s centre-left Kukuriku coalition has won a convincing victory in elections held on Sunday, obtaining 80 out of 151 seats in parliament, according to unofficial estimates with the votes nearly counted.
By forming a pact to run together first, and then capturing a majority in parliament, the four parties that make up the coalition have hopefully avoided the need for long negotiations over cabinet posts before forming a government. But the truly difficult job – turning the sluggish economy around – has yet to start. Kukuriki – the word means “Cock-a-doodle-doo” or “Wake up!” – chose its name well. Continue reading »
Cairn / Vedanta: a test of faith
“It will all be over by Christmas” is a punch-line to a corporate transaction in India that Cairn Energy executives, like those in the trenches of Flanders who bet on quick victory, dare not utter.
The oil and gas explorer has now received all the clearances it needs to execute a $6.5bn deal to pass control of oil fields in Rajasthan to London-listed Vedanta Resources. The way should be clear to complete the transaction in the current calendar year and share the wealth among relieved shareholders. Continue reading »
Poland: mining its own business
Coal may not be the world’s sexiest fuel, but there is still a lot of money to be made out of the dirty mineral, as New World Resources, one of central Europe’s largest hard coal producers, demonstrated this weekend during the groundbreaking of a new investment in Poland. Continue reading »
Turkey: inflation nears 10 per cent
Turkey is on the brink of double-digit inflation after prices rose in November by more than expected, in the latest sign of strain for the country’s unorthodox monetary policies as Ankara struggles to fine-tune interest rates without provoking a hard landing.
Higher food and clothing prices pushed inflation for the last 12 months to 9.48 per cent - compared with a target for year-end of 5.5 per cent – and came in the wake of recent concerns expressed by bankers and analysts about the Turkish central bank’s approach. Continue reading »
Pharma still bullish on EMs
By Mark Wembridge
With the slowdown in the developed world hitting healthcare spending, pharmaceuticals companies are redoubling their efforts in emerging markets. Some of the world’s top pharma executives on Monday reiterated their faith in EMs, their blossoming talent base and their expanding healthcare markets. Continue reading »
Peru’s slow-moving mining emergency
The state of emergency declared in Peru late on Sunday night will have been welcomed by executives in the global mining industry. But what looks like a remarkably pro-business move by Ollanta Humala, Peru’s president, may not make it much easier for miners to negotiate Peru’s thorny business environment. Continue reading »
Gold: dulling India’s economy
Are India’s weddings destroying its economy?
Well, not quite. But the huge importance of gold in Indian culture – especially between October and January, when festival season turns into wedding season – is putting a heavy burden on its troubled economy, according to a report ominously titled “India’s Fatal Attraction”. Continue reading »
Why dim sum bonds are a good bet
Geoff Lunt of HSBC Global Asset Management thinks the renminbi will continue to appreciate against the dollar. Yields on offshore renmimbi bonds, which were 2 per cent in the summer, have risen to 4 per cent.
China construction looks at US bargains
It looks as though Chinese commodity companies aren’t the only ones looking abroad for cheap acquisitions. Apparently, China State Construction Engineering Corp, the nation’s biggest builder by market value, has some $2bn to spend in the US and a few specific targets in mind as it looks to diversify it business away from domestic and developing markets. Continue reading »
Celac: “giant” born in another’s shadow
“A giant has been born,” declared Hugo Chávez in his usual understated style at the founding of the latest Latin American regional body, Celac, which was formed over the weekend in Caracas. The 33 member body pointedly excludes the US and Canada – which raises the question: is it a non-American or anti-American alliance? (Conservative Latin countries such as Mexico, Colombia and Chile would probably suggest the former; the likes of Venezuela and Cuba the latter). More pointedly, if it is a giant as Chávez suggested, for the moment it looks like a blind and one-legged colossus, with one arm tied behind its back. Continue reading »
Five unlikely shelters in the storm
Tired of the usual investment advice on the Brics? On the lookout for new up-and-coming countries? Here are few recommendations that you might not have considered.
Control Risks, a consultancy which looks mainly at political and security risks around the world, released a report called RiskMap 2012 on Monday – with some intringuing investment pointers. Its top five? Bulgaria, Colombia, Libya, Mozambique, and Sri Lanka. Continue reading »
CME Group, the world’s largest futures exchange, will allow international investors to use the Chinese currency as collateral for trading in all its futures products from January 2012.
The move, announced on Monday, means investors holding renminbi deposits in Hong Kong or other financial centres outside mainland China can use the cash to bet on markets including metals, grains and energy.
New York headlines
* Voters deliver blow to Putin’s party
* Monti cabinet agrees Italy austerity plans
* Peru declares emergency over mining protests
* Singh under fire after retail plan delayed Continue reading »
Beijing pollution gets so bad…
..that hundreds of flights out of the capital have had to be cancelled. While local media have described the grey pall as “foggy weather”, readings from the US embassy in Beijing show that air pollution hit extreme levels over the weekend. Pictures after the jump. Continue reading »
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