What will it take to placate the Argentine government in its bitter battle with YPF to force the Spanish-controlled company to invest more and pump more oil?
Will this do it? The company, at a board meeting on Wednesday, agreed to invest 15bn pesos ($3.4bn) for 2012, a rise of 12.7 per cent on last year’s 13.3bn peso total, a Repsol spokesman told the FT. Continue reading »
Is the currency war over? It may be, if you believe a fascinating analysis by Mike Dolan of Reuters published on Wednesday. He floats the idea that the renminbi may have peaked and could soon depreciate, bringing other EM currencies down with it.
Russia’s market for luxury goods has bounced back from a lull during the global crisis and its big spenders are once again out in force. But rather than filling their baskets with pricey jewellery and beauty products, they are turning to fine wines and spirits. Continue reading »
That was one reaction to the budget speech delivered by George Osborne, the UK’s chancellor, or finance minister, on Wednesday. In fact it’s no longer true that Britain exports more to Ireland than the Brics, and hasn’t been for some time. Continue reading »
Turkey has been feeling good about itself of late- its economy has been roaring ahead, its diplomatic role has grown and its government has enjoyed an enviable record of electoral success.
But three lists out this week – covering such diverse fields as Iranian sanctions, international financial centres, and freedom of religion – signal that a correction of sorts could be in store for that booming sense of importance. Continue reading »
Markets are hopeful that Slovakia’s newly re-elected premier Robert Fico will back off from hacking away at earlier liberal economic reforms, but in a conversation with beyondbrics, he made clear he is sticking to his campaign promises. They include scrapping the flagship policy of previous centre-right governments, the 19 per cent flat tax, while protecting social benefits – disregarding the advice of a blue-ribbon panel of economists.
“If our economic reforms fail, the people will forgive us. But they will not tolerate being lied to,” Fico said, stressing that his voters gave him a his overwhelming mandate to protect social security. But how sharp Slovakia’s turn left will be remains to be seen. Continue reading »
When it comes to selling things that take years to mature – like premium cognacs or Scotch whiskies – it pays to take the long view. Diageo is taking a very long view on the future of baijiu, otherwise known as Chinese firewater.
As a purveyor of Scottish firewater – also known as Johnnie Walker – Paul Walsh, Diageo’s CEO, says he can foresee a day when Chinese white spirit will have as broad a global footprint as Scotch whisky. To prepare for that day, Diageo said on Tuesday it would shortly launch a mandatory tender offer to spend as much as $1bn buying all remaining shares of Sichuan Shuijingfang, the baijiu company it took control of last year. Continue reading »
China has started to ease its monetary policy, possibly heralding investment opportunities across the globe. So which countries should benefit most – and which seem overvalued? John Authors takes a look.
Poland’s eagerly-awaited estimate of its shale gas reserves, released on Wednesday, turned out not to be one fifth of the 5.3tn cubic meters originally hoped for but rather less: something between 346bn and 768bn cubic meters, according to the government’s geological institute.
But Poles shouldn’t be despondent. The estimate could yet be revised upwards to as much as 1.9tn cubic meters. And even the lower estimate would give Poland gas self-sufficiency for seven decades, the institute said. Continue reading »
Samsung, South Korea’s biggest conglomerate, could do with some tips from Sweden’s Wallenberg family about how to become a loved company.
Marcus Wallenberg, chairman of Skandinaviska Enskilda Banken and a member of the powerful Wallenberg family, visited Seoul this week with a large business delegation and met Lee Jae-yong, the chief operating officer at Samsung Electronics and the group’s heir apparent. Continue reading »
The scramble for Myanmar among Western investors has yet to extend far beyond scouting trips and vague statements of intent.
Not so with companies from Vietnam, which had few qualms about doing business with Myanmar’s military dictatorship before political and economic reforms of the last year. Many are moving ahead with investment plans. Continue reading »
Wednesday’s picks from the beyondbrics team: Martin Wolf on China’s transition; Jamil Anderlini on re-evaluating Tiananmen; a turning point in the currency war; and how Chevron is becoming the BP of Brazil.Continue reading »
Carson Block, founder and chief executive of the company Muddy Waters Research, which provides analyst coverage of under-researched Chinese stocks listed in North America, talks to the FT after winning the award for best newcomer at the 2012 FT ArcelorMittal Boldness in Business Awards.
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