Whenever Carlos Slim makes a significant move in the markets, investors everywhere take notice. Slim has not only the world’s largest business fortune but also the most rapidly growing.
On Tuesday, Slim’s mining company, Frisco, a specialist in precious metals, snapped up the Ocampo gold mine in Mexico from Canada’s AuRico Gold, along with stakes in associated projects. All for a mere $750m. Read more
Has the Egyptian government conducted a real social dialogue on its planned economic reforms? The government says it has just finished such a discussion over the programme it will submit later this month to the International Monetary Fund.
But some participants aren’t sure they were properly consulted. Read more
Brace yourselves for the most exciting interest rate decision we’ve seen in Brazil for over a year.
Since August 2011, the country’s central bank has cut the Brazilian benchmark Selic rate by between 25 and 75 basis points at every meeting, bringing it down to its current all-time low of 7.5 per cent. But what happens on Wednesday is anyone’s guess. Read more
Hugo Chavez and JP Morgan
Hugo Chavez’s victory in presidential elections on Sunday means Venezuela’s radical socialist leader could remain in power for another six years, extending his rule to two decades. That’s a disaster for markets, right?
Wrong. JPMorgan, for one, says this is a buying opportunity, shifting their position on Venezuela’s debt to “overweight” on Wednesday. Read more
The Polish government is going ahead with the largest initial public offering on the Warsaw Stock Exchange in the last year, the sale of its 50 per cent stake in the country’s fifth-largest power producer ZE PAK, according to a prospectus released on Wednesday.
PAK’s shares will be valued at a maximum 33 zlotys ($10.44) each, which will earn the treasury as much as 858m zlotys ($260m), a large boost as it seeks to meet its target of selling 10bn zlotys in state assets this year. So far this year the ministry has sold 8.1bn zlotys in assets. Read more
SABMiller has, in 18 months, doubled the number of African countries where it sells its local Chibuku beer.
But growth is not the only explosive thing about Chibuku, as drinkers of the brew well know. It ferments in the package so it doesn’t have much fizz (or alcohol) on day one; But by day four it is up to full strength; keep it much longer and you could be in for an inadvertent soaking. Read more
By Michael Peel
Alcoa’s settlement of a landmark US lawsuit brought by Bahrain’s state-controlled aluminium company over alleged corruption is a deal that will reverberate around the Gulf – and far beyond the metals industry.
The agreement announced on Tuesday – under which Alcoa will pay Aluminium Bahrain (Alba) $85m – has thrown a fresh spotlight on the commission payments at the heart of a growing number of probes into western multinationals operating in the Middle East. It has also opened the way for other companies to come to The US courts with claims that they have been ripped off by western multinationals involved in bribery. Read more
By Ben Aris of bne
At a time when most investors are clinging to their cash in anticipation of yet another financial firestorm, Baring Vostok Capital Partners, Russia’s leading private equity firm, has just raised $1.15bn for its fifth fund, Baring Vostok Private Equity V LP, and another $350m in a co-investment fund.
Private equity investment into Russia has never been particularly popular but when Baring Vostok goes to market, it has to turn investors away: the fund-raising had a hard cap at $1.5bn, says partner Michael Calvey, and was oversubscribed. Read more
India’s auto sector can look forward to another rough year – that was the message from the top trade body, which forecast on Wednesday that auto sales would grow between 1 and 3 per cent in the fiscal year ending in March. Read more
This week’s Serbian interest rate hike may serve as an assertion of the central bank’s independence in the face of government challenges and of its commitment to tight policy. But it will it be enough to stop inflation hitting double figures?
The National Bank of Serbia (NBS) raised its benchmark rate 25 basis points to 10.75 per cent due to increasing price pressures. Inflation hit 7.9 per cent in August, well above the 5.5 per cent upper end of the NBS’s target range, and is expected to climb further. Read more
Asia’s rich now outnumber those in both the US and Europe. For high-end banks and other companies, Asia’s growing number of entrepreneurs are a significant source of new business. The FT’s Tom Griggs investigates.
* Asian shares fall amid global growth woes
* Goldman quits Megafon listing
* Senior Chinese officials snub IMF meeting Read more
By Matthew Hulbert of European Energy Review
BP’s saga in Russia has taken an interesting turn to its good. Its oligarch partners at AAR have made clear their intention to sell their stake in the TNK-BP 50:50 joint venture, should they fail to secure BP’s stake at its forthcoming sale. Read more
Clad in a blue plaid shirt and speaking with a rural accent, Miao Cuihua trips over her words as she demands unpaid wages, her “blood and sweat money” for toiling on a construction project.
Miao is certainly not the first migrant worker in China to complain about unpaid wages, but her act of protest has probably been seen by more of her fellow citizens than any other salary dispute in history. Read more