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Daily Archives: Aug 13, 2012
Even during thunderstorms and floods, the Incas believed the ancient sun god, or Inti, was always shining. In today’s Peru bloody and protracted protests have stopped mining projects from going ahead – such as Newmont Mining’s $5bn Conga project.
They have also forced the country’s President, Ollanta Humala, to make cabinet changes. But the investment climate in Latin America’s fastest-growing economy seems to be, somehow, shining.
But it might as well be light years. The two rarely speak, never meet and are currently embroiled in a vicious power struggle exposed by their handling of a 10-day strike by workers on the city’s underground system, known as the “subte”, and a funding fight over the capital city’s official bank.
“Made in China” is a familiar mark on many products in the UK, but not imported wine. That is about to change, as Waitrose has announced that it will become the first British supermarket to stock Chinese and Brazilian wine later this month.
The extraordinary case of Zack Shahin, the ex-chief executive of Deyaar, a Dubai-based real estate company, took a dark turn this week after reports emerged that he had fled to Yemen whilst on bail and was re-arrested there.
“Shahin is still being detained by the security apparatus,” a Yemeni security source, who declined to be named, told Reuters on Sunday. “We expect that the man will be deported to the UAE before the end of the week.”
Shahin was caught up in a corruption investigation that swept across state-linked developers and financial companies before Dubai’s real estate boom imploded. He was released from prison on July 12 after three years of inconclusive trials.
The collapse of Amber Gold, an unregulated Polish lender and investment firm which on Monday announced it was liquidating itself, is denting the perception of both the common sense of Polish investors as well as the effectiveness of Poland’s financial markets regulators.
On the investor side, the hunt for above-market earnings in a low interest rate environment is common around the world, but when a firm offers 16.5 per cent “guaranteed” returns for investments in gold and other precious metals, even the greediest investor should approach with caution.
Egyptian equities rose 1.5 per cent on Monday after Sunday’s dramatic announcements and the central bank successfully completed a regular bond auction that netted 5.1bn Egyptian pounds, 100m more than planned.
But the latest developments don’t herald the end of the long-running political conflict between the Muslim Brotherhood backing Morsi and the army. The president has won an important battle but he has not won the war.
The good: the German-owned operator has introduced an “improved” and “more efficient” parking system.
The bad: you, dear travellers, tourists and business folk, will be paying for it – unless, that is, you can scramble out of your car or taxi, collect you luggage, kiss the spouse, pay the driver and get a receipt – all in less than three minutes flat.
DLF has sold the 17.5 acre plot to rival Lodha Developers, as Lodha announced in a statement on Monday evening. Analysts suggested this was further evidence of an industry scrambling beneath its debt burden – estimated at roughly $25bn – and stymied, especially in the major market of Mumbai, by delayed project approvals.
Eduardo Paes, mayor of Rio de Janeiro – the host city for the 2016 games – talks to the FT’s Seb Morton-Clark about the challenges ahead and what the Brazilians have been learning from the UK’s experience.
Monday’s picks from the BB team: Romania’s ongoing political crisis displays the difficulties of removing an entrenched former communist elite; how will China respond to its exports slowdown? India struggles to find its place in a changing world. Plus, South Korea’s struggles with web freedom; and meet China’s next leaders.
Indian is consistently among the worst-performing nations at the Olympics, but its athletes have performed well in London and return home triumphant with their country’s its best-ever medal haul – four bronzes and two silvers.
Like other returning Olympians they will be feted. Unlike their rivals in most other countries, Indian Olympians have long looked forward to returning to comfortable government jobs. But this year, ministers have come up with something a bit more appropriate.
But, with the economy slowing, jade prices are falling rapidly, according to a story in China Daily entitled ‘Stone bubble bursts as hot money ebbs away‘. It’s a tiny market in comparison with the huge size of the Chinese economy, but it could be another sign of growing caution among Chinese shoppers.