The Russian aluminium producer’s net profit for 2011 fell by more than 90 per cent after a $1.4bn writedown on the value of its 30 per cent stake in Norilsk Nickel. Lex discuss the implications for the investors of the determined pursuit of Norilsk by Rusal’s controlling shareholder Oleg Deripaska.
There’s no pleasing everyone. As Egypt and the IMF started talks on Monday about a $3.2bn loan package, equity markets dropped. The EGX30 index closed 0.62 per cent down and the CMA general index fell as much as 3.8 per cent before recovering to close 1.45 per cent down.
Why? After a big run-up this year, some negative signals out of Cairo will have given investors the trigger they were waiting for to take profits. Read more
Hopes that Poland could turn into an energy exporting potentate like Norway are looking fragile. The country may be sitting on Europe’s biggest shale gas deposits but it is becoming increasingly clear that early estimates of their size were much too large. Read more
As more and more of the world gets internet access, it’s tempting to measure progress in emerging economies by the number of people online. Is there a better or more revealing way of measuring relative strengths? How about the internet economy as a proportion of GDP?
A report released on Monday by the Boston Consulting Group, The $4.2 Trillion Opportunity, does exactly that for the G20, and has a few surprising insights along the way. Read more
By Anand Shanbhag of Avendus Securities
India’s budget proposals for the year beginning April 1 aim to strike a low-level equilibrium between cutting the country’s fiscal deficit and preserving relatively high economic growth, while facing political opposition. However, the budget contains very little that could pull India’s real GDP growth to the heady levels of 2004-08. Read more
* Afghanistan acts to curb flight of capital
* India’s railway minister quits
* Lukoil chief aims to shake up Arctic oil Read more
Looks like Anil Ambani may finally be making some progress towards shoring up the roughly $7bn of debt accumulated by his flagship Reliance Communications.
RCom applied Friday to list its undersea cable company, Flag Telecom, on the Singapore Stock Exchange, two people familiar with the proceedings told beyondbrics on Monday. They said approval for the listing would likely take around a month and the company was expecting to raise $1.25bn-$1.5bn by selling a 75 per cent stake. Rcom declined to comment. Read more
Monday’s picks from the beyondbrics team: India struggles with the infrastructure challenge; the real meaning of Bo Xilai’s downfall; Bahsar Al-Assad’s internet surfing ruthlessness and the blossoming of politics in post-Gaddafi Libya; from Korean salary man to billionaire entrepreneur; and curbing cash, or not, in Nigeria. Read more
Consumer price inflation in Nigeria was 11.9 per cent year on year in February, according to Monday’s data release from the national bureau of statistics.
That was a big drop from 12.6 per cent in the year to January and “a huge surprise to the market”, in the words of Razia Khan, head of Africa research at Standard Chartered Bank. It may be enough to persuade the central bank not to raise interest rates again after all. Read more
In a vote of confidence for Thailand’s economy, Tesco’s Thai property fund, which listed in Bangkok on Monday, enjoyed a buoyant first day of trading.
The listing – which raised $602m – is the biggest in Thailand since 2006 and Asia’s second biggest this year. Read more
* Lukoil chief aims to shake up Arctic oil
* Tan to simplify structure at Bumi
* Chevron puts damper on shale gas hopes Read more
Hengqin Island used to be known for one thing, and one thing only: oysters. But today, its many oyster shacks and fish farms are being demolished to make way for highways and skyscrapers.
The Chinese island located next to the casino town of Macao is being transformed into a special economic zone offering business concessions not found anywhere else in the country. Read more