Daily Archives: Jan 2, 2012

A bit of a nip and tuck in the final hours of the year, but, thanks in part to last minute currency market interventions, Poland managed to squeeze under its legal public debt threshold for 2011. Dominik Radziwill, the deputy finance minister, announced that the country’s debt to GDP ratio came to 54 per cent – just under the limit of 55 per cent.

The official exchange rate for debt calculation is set on the last trading day of the year – in this case Friday. With about 30 per cent of Poland’s debt denominated in foreign currencies, it is crucial for the zloty to not be too weak on that day. Read more

This post is the fifth of a series – 12 for 2012 – that beyondbrics is running on key emerging markets topics for the coming year.

By Marcos Troyjo of Columbia University

As the third quarter of 2011 brought a pause to Brazil’s recent long stretch of growth, many have been asking: is this a temporary contraction or is Brazil facing a more troubling halt, in line with its historical pattern of boom and bust?

More than anything, Brazil’s slowdown is a sign that caution vis-à-vis the eurozone crisis is felt in all quarters. The country is taking a breather but it will continue its domestic, market-led growth. Given the reasons why Brazil is growing, however, this may not leave much to celebrate in the future. Read more

India has moved to attract more foreign capital into its equity market by allowing individual overseas investors to put cash directly into Indian stocks, according to James Lamont of the FT. The finance ministry said the move, which will come into effect on January 15, was designed to deepen India’s under-developed capital markets and reduce market turbulence. Read more

Manufacturing in India picked up in December on the back of a rise in new orders, a brighter note amongst other Asian economies’ data.

According to PMI figures released by HSBC and Markit, December’s 54.2, up from 51.0 in November, was comfortably above the 50 benchmark that separates growth from contraction and represented the highest monthly rise since April 2009. The question now is: when will India start to bring interest rates down? Read more

The start of 2012 has brought little cheer for Asian manufacturing, with Taiwan and South Korea reporting contractions in their monthly purchasing managers index. China showed a (very) slight expansion. The one bright spot was India, and even that has caveats. Read more

* S Korea manufacturing at three-year low

* Iran raises tension with missile test

* Exxon wins $900m in Venezuela claim

* Europe’s leaders warn of tough 2012 Read more

Avoiding all the year-in-review and predictions for next near is hard, but beyondbrics can recommend five less predictable reads to start the new year. Read more

As promised on Thursday, here are the results of the first-ever beyondbrics annual quiz. Thanks to all who took part. Read more

* Exxon wins $900m in Venezuela claim

* Europe’s leaders warn of tough 2012

* China’s factories expand output

* Commodities poised for first annual decline since 2008 on Europe Read more