Rumours concerning the replacement of José Sérgio Gabrielli, one of of Latin America’s most important company bosses, have been around for a long time.
So, somebody still loves the European Union. Croatians voted on Sunday to join the beleaguered union in an accession referendum.
With more than one third of votes counted, 67 per cent of voters have backed EU membership, suggesting that a Yes vote is practically certain. But the country isn’t terribly enthusiastic, with turnover likely to be below 50 per cent. Croatia signed its accession treaty last year and it should join in July 2013, following ratification by all EU members. Perhaps the mood in Zagreb will be a bit more positive by then.
After the World Bank released a bleak report on the outlook for emerging markets last week, what will the IMF’s forecast for global growth on Tuesday? World leaders will ponder the fund’s conclusions on Wednesday as the annual World Economic Forum commences in Davos, lasting five days. Elsewhere, the Egyptian parliament opens on Monday, India decides on interest rates on Tuesday, and Aviation giant Boeing reports fourth quarter results on Wednesday.
Emerging markets look set to benefit from a fast-growing interest in niche investment opportunities, not least in microfinance.
FTfm reports Oxfam GB is to launch its first-ever investment fund, teaming up with Symbiotics, the Swiss microfinance specialist, to launch the Small Enterprise Impact Investment Fund. The fund will invest in financial intermediaries with a mandate to support small and medium-sized enterprises in Africa and Asia.