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Daily Archives: Mar 5, 2012

Dilma opens fire on generals

Mar 5, 2012 10:05pm by beyondbrics
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By Iona Teixeira Stevens and Joe Leahy

Brazil’s president Dilma Rousseff survived a series of corruption scandals last year with alacrity. But now she is facing what could be one of her most difficult clashes yet – this time against her old friends in the military.

The dispute centres on a protest by retired military officers against a hint by a member of Rousseff’s cabinet that the government might end an amnesty for crimes against humanity committed during Brazil’s military dictatorship that ended in 1985.  Continue reading »

Tags: Posted in Brazil, LatAm |

Egypt: reserve fears ease, for now

Mar 5, 2012 8:24pm by Keyur Patel
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Some relief for Egypt’s battered foreign currency reserves, which have plunged 57 per cent since the start of the uprising to overthrow former president Hosni Mubarak last January.

Net reserves fell in February, down by $680m,  but that’s a significant slowdown from the average $1.8bn monthly decline recorded in the five previous months. It raises hopes that the flight of hard currency from the troubled country may be slowing as the prospects rise of a deal with the International Monetary Fund.   Continue reading »

Tags: , , Posted in Africa, Egypt |

Exxaro, Tata Power team up in Africa

Mar 5, 2012 7:30pm by Rob Minto
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When it comes to investing in Africa, it’s not all about China.

On Monday India’s Tata Power and South Africa’s Exxaro announced the launch of a joint venture to focus on renewable energy projects, to start in April 2012. The deal brings together India’s largest private sector electricity generator and South Africa’s second biggest coal miner. Continue reading »

Tags: , , , , Posted in Africa, India, South Africa |

Oil prices: the key to Putin’s future

Mar 5, 2012 6:45pm by Stefan Wagstyl
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Investors clearly consider that Vladimir Putin’s resounding victory in the Russian presidential election is good for the Russian economy.

While emerging markets as a whole lost 1.4 per cent on Monday, the $-denominated RTS index gained 1.4 per cent. With the index up nearly 27 per cent this year, investors seem to be betting that the pre-election uncertainty will disappear and the economy will benefit from president-elect Putin’s strong mandate.  They may be disappointed. Continue reading »

Tags: , , Posted in Europe, Russia |

Guest post: Putin’s big challenge – the fear of losing control of the economy

Mar 5, 2012 6:12pm by beyondbrics
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By Viktor Szabo of Aberdeen Asset Management

While equity markets in Russia responded well to the news that Vladimir Putin has been elected once again to the office of president, the widespread claims of electoral fraud and the significant social unrest this may cause are only the beginning of the turbulence we are expecting to see this year. Continue reading »

Tags: , , , Posted in Russia |

CEE property feels eurozone fall out

Mar 5, 2012 4:26pm by Jan Cienski
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Global Trade Centre, one of central Europe’s leading property developers, endured a miserable Monday as the company posted dismal results and the chairman resigned.

The developer, once worth more than $3bn, has been hammered by the downturn, posting a net loss of €338m. The share price sagged further today, as Eli Alroy, who helped build the company, unexpectedly announced he was leaving as chairman. Continue reading »

Tags: , , Posted in Bulgaria, Europe, Poland, Romania |

India’s got a friend in the LIC

Mar 5, 2012 3:32pm by Neil Munshi
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The Indian government has, perhaps, no better friend than the Life Insurance Corporation. The 100 per cent state-owned investor is always ready to help out in a tight spot – as it did in last week’s chaotic sale of a stake in ONGC, the country’s largest oil company, counted as a success by the government but almost nobody else.

That was far from the first time the LIC has come to its owner’s rescue. Continue reading »

Tags: , , , , Posted in Asia, India |

Hungary’s IMF/EU deal: fading away?

Mar 5, 2012 1:08pm by Jonathan Wheatley
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A sobering note from Luis Costa of Citi’s foreign exchange strategy team on Monday: while still believing Hungary will reach a funding agreement with the International Monetary Fund and the European Union – because it has no choice – he thinks it could be months before negotiations begin. Budapest, he suggests, could be looking for alternatives. Continue reading »

Tags: Posted in Europe, Hungary |

PMIs: slowing but solid

Mar 5, 2012 12:57pm by Rob Minto
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Interpreting purchasing managers’ indices can be tricky, especially with seasonal factors to account for. But February’s services and composite PMIs from Markit / HSBC, released on Monday, have a generally optimistic flavour.

In a nutshell: China – firm; Russia – solid; India – easing; Hong Kong – strong. Continue reading »

Tags: Posted in Asia, China, India, Russia |

LVMH looks to paint India Pink

Mar 5, 2012 12:04pm by Neil Munshi
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Anyone who has ever been to an Indian wedding knows that the subcontinent loves big bright colours. And anyone who has ever walked down a street in Mumbai or Delhi knows that Indian men aren’t afraid of making bold fashion choices, either.

Now LVMH is set to see whether Indians are ready – beyond those wedding outfits – for bold colours in their dress shirt, after Mukesh Ambani’s Reliance Brands announced that it had formed a joint venture with the French company to sell its Thomas Pink line of clothing on the subcontinent. Continue reading »

Tags: , Posted in Asia, India |

New York headlines

Mar 5, 2012 11:55am by beyondbrics
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* Russian vote ‘skewed in Putin’s favour’

* China’s Wen warns of slower growth

* India bans all cotton exports

* No need for S.Africa inflation target debate: ANC Continue reading »

Posted in Global |

China: selling baby rights

Mar 5, 2012 11:04am by Rahul Jacob
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The head of Guangdong’s family planning commission created a stir last July when he said the province had applied to the central government to relax the one-child policy. Now, a deputy from Guangdong to the National People’s Congress, Li Xinghao, has come up with an innovative variation on this theme of allowing more Chinese to have more children and wants it discussed at the NPC meetings this month. Continue reading »

Tags: Posted in Asia, China |

Further reading: business as usual?

Mar 5, 2012 10:15am by beyondbrics
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Monday’s picks form the beyondbrics team: why it could be the beginning of the end for the Putin era, despite Sunday’s election victory; Moscow back in fashion among foreign investors – but perhaps not for long; a rare glimpse into infighting among the Chinese political elite; and Lex on wind power in China and casinos in Asia. Continue reading »

Posted in Global |

Investors cheered by Russian vote

Mar 5, 2012 9:38am by Courtney Weaver
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Russian markets took Vladimir Putin’s 64 per cent victory in their stride on Monday, with the RTS index rising 0.6 per cent and the Micex up 0.4 per cent by lunchtime in Moscow.

Investors are clearly relieved that Russia has avoided the uncertainty of a second round of voting, which would have happened if Putin had secured less than 50 per cent of the vote. Nevertheless, traders will be keeping an eye on a major opposition rally planned in Moscow on Monday night to gauge the threat of political unrest ahead. Continue reading »

Tags: , , Posted in Europe, Russia |

Russia: the election as seen via Twitter

Mar 5, 2012 8:13am by Courtney Weaver
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With over 99 per cent of Russia reporting, Vladimir Putin appears to have walked away from the Russian election with about 64 per cent of the vote. The news has already angered opposition leaders who point to numerous electoral violations, captured on video throughout the day and reported by monitoring groups, such as the League of Voters.

Much of the election day drama played out minute-by-minute on Twitter. Here is a recap of the day’s most debated topics: Continue reading »

Tags: , , , , Posted in Europe, Russia |
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