Brazil’s silent revolution
It is not often that the endless corruption scandals and political squabbles in Brasília make their way into the brokerage reports of Wall Street and Faria Lima, São Paulo’s financial district.
But in the past few weeks, the word “Mensalão” has begun appearing with more frequency in analysts’ notes. Continue reading »
Argentina: cozying up to Chavez
Cristina Fernández, Argentina’s president, has reason to be thankful for Hugo Chávez’s re-election triumph. Beyond her genuine emotional congratulations to a fellow leftist who has dared to subvert what both see as the market-driven, neoliberal world order, friendship brings big trade rewards. Continue reading »
Colgate: not toasting Chavez’s return
How do you toast the victory of Hugo Chávez, Venezuela’s socialist president, who last Sunday won another six-year term, reconfirming him as one of Latin America’s most commanding political figures?
Not, perhaps, with Scotch, beer, or coca-cola. Indeed, the manufacturers behind virtually every international drink are more likely to be in the doldrums over the news than in celebratory mood. Continue reading »
Brokers trying to hawk Brazilian shares to international fund managers in New York and London have had a tough time of it recently.
Many joke they have been almost forcibly ejected from the offices of the top “buyside” houses, who are smarting after seeing the share prices of many large Brazilian companies plunge on the back of government intervention. Continue reading »
Cybercrime: hacking away at EM fortunes
Internet and mobile technology provide new opportunities in emerging markets – not least for crime. This year Russia, China and South Africa have recorded the highest rates of cybercrime globally.
While two-thirds of online adults have been victims of cybercrime around the world, the proportion stands at 92 per cent in Russia, 84 per cent in China and 80 per cent in South Africa. Continue reading »
Poland: Warsaw city and developer in dispute over modern art museum
Source: Museum of Modern Art in Warsaw
Warsaw’s museum of modern art is planning to open its doors for the first time on Friday, but any thoughts about the exhibition called “City for Sale”are being overshadowed by a fight over the building in which the museum is located.
The museum was supposed to have established itself in a prestige new construction designed by Swiss architect Christian Kerez. But the city pulled the plug on the project for aesthetic and financial reasons, and so the museum is setting up in a 1970s glass-fronted building that used to house a furniture shop. Continue reading »
[snap] Bumi jumps 39%
Shares in Bumi closed 39.47 per cent up on Thursday as investors digested the offer by the Bakrie family to exit the London-listed company. At one stage shares were up over 55 per cent.
Read the beyondbrics and FT.com stories.
Colombia: 4,000 mobiles stolen daily
When the FT set up office in Bogotá in late July, we were warned: “watch out, because sooner or later, your mobile phone will get nicked.” This week, it happened.
After writing the day’s stories your beyondbrics correspondent walked into the lovely café next to his office for a coffee. Placing the smartphone on top of his notebook on a table, he nonchalantly turned around to have a chat with the Venezuelan-born manager about Hugo Chavez’s election victory. No more than three minutes passed and the notebook was still there, but the phone was gone. Continue reading »
Ethiopia: growing solo
Ethiopia appears to be doing something right. One of the world’s five fastest growing economies in 2010, it’s expected to reach 7 per cent growth this year and next and the government hopes for double digit growth in the medium term.
But this is not a natural resources bonanza. The economy is still largely dependent on agriculture, but has seen much of its growth from a boost in services. Yet foreign investment is limited, and the country has not benefitted from the non-cash payments revolution that has boosted other countries in the region such as Kenya. No wonder, then, that companies such as Visa are making encouraging noises. Continue reading »
Ghana: ship’s going nowhere (for now)
Hedge fund 2, Argentina 0.
A court in Ghana has rejected an appeal by Argentina to release the navy vessel ARA Libertad, after the ship was seized last week at the request of NML Capital, a hedge fund. Continue reading »
Bulgaria: stable but sluggish
South-east Europe has its fair share of economic disaster zones, but Bulgaria, according to the IMF, is not one of them. However, stability alone is not enough for the EU’s poorest member state. Continue reading »
Corporate watch: cementing links between Colombia and Little Rock
By Pan Kwan Yuk and Andres Schipani
Of all the places in the world to find a cheerleader for the US economy, Colombia is probably not the first country that comes to mind.
And yet, a US bull is exactly what you will find in the Andean country – in the form of Cementos Argos, Colombia’s leading cement producer. Continue reading »
Turkey: on track for a credit re-rating
Turkey on Thursday reported its 10th successive monthly decline in the current account deficit, raising hopes that the country is achieving results in efforts to put its volatile economy on a more stable footing.
The deficit narrowed in August to $1.2bn, its lowest since 2009 and well below market forecasts of $1.6bn, making the cumulative deficit for the year $36.1bn versus $54.2bn for the same months last year. It’s all enough to have analysts looking forward to a possible credit re-rating – and promotion to investment grade. Continue reading »
Taiwan to Apple: we prefer it when your maps are wrong…
Even when Apple’s new mapping software gets it right, people are not happy.
The latest complaints come from Taiwan’s defence ministry. Apple’s maps are too accurate, they say, in showing images of a top-secret long-range radar installation in the north of the island. Continue reading »
New York headlines
* Brazil cuts interest rates to record low
* Lenovo knocks HP off computer top spot
* Boom time for Indonesia’s car industry
* S Africa gold miners offered better wages Continue reading »
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