You have to go back as far as 2001 to come across the old Coca-Cola slogan “Life is good”. But that phrase must have been on the minds of Coca-Cola Femsa executives on Thursday as they reported impressive third-quarter results. Continue reading »
This time, the company is teaming up with Promotora, a Colombian private equity fund, to beef up its presence in the Andean country. Burger King, which currently operates 20 restaurants there, is aiming to open 80 new restaurants over the next five years. Continue reading »
Anyone who was wondering whether Guido Mantega was on the way out need only read Valor Econômico on Wednesday for an answer. The indomitable Brazilian finance minister was there on the front page of Brazil’s leading business daily in fine form, delivering another salvo in the currency war, this time owning up to Brazil’s “dirty float” (of which more in a moment). Continue reading »
In the past, when Poland’s treasury ministry sold off big state controlled companies through the Warsaw Stock Exchange there was a frisson of excitement among investors – something that seems to be missing ahead of next week’s debut of power producer ZE PAK.
More bad news for Megafon. Two days after the company’s Moscow-London IPO was put on the backburner, the company may now face problems with its planned acquisition of a 50 per cent stake in Russia’s largest mobile phone retailer.
Russia’s anti-monopoly service said on Wednesday it could need up to two more months to review Megafon’s plans to buy retailer Euroset. It had originally been expected to rule on the deal last week. Continue reading »
Russia’s government did its best on Wednesday to affirm its continued commitment to privatisation plans, despite carrying out what is in effect the largest nationalisation in post-Soviet history this week.
Andrei Belousov, economy minister, insisted that the purchase of 100 per cent of oil company TNK-BP by state company Rosneft did not mean the government was rethinking its commitment to rolling back state ownership of the economy. Continue reading »
A delegation from the International Monetary Fund is due in Egypt next week to discuss a much-needed $4.8bn loan seen as a lifeline to an economy battered by almost two years of political turbulence. Crucial to securing the loan will be reforms to be unveiled by the Egyptian government aimed at helping it rein in an 11 per cent budget deficit. Cuts to the country’s costly energy subsidies (which suck in 20 per cent of the budget) are expected to be at the heart of these reforms. Continue reading »
In 2010, when the Munjal brothers bought out Honda from their 26-year-old joint venture, it seemed they were getting a pretty good deal. The 26 per cent stake in Hero Honda was worth around $2bn, but they acquired it for less than half that.
The JV fell apart, according to contemporary reports, over sourcing conflicts between the companies, Honda’s desire to expand in India under its own name and Hero’s ambition to expand globally. But two years out, Honda’s expansion in India is flourishing while Hero’s international plans have yet to take shape. Worse still, Hero is suffering at home as well. Continue reading »
Dagong, a Chinese agency that has repeatedly downgraded the US, Egan-Jones, a small US agency, and Russia’s RusRating said they were answering calls for reform of the international credit rating system by linking forces to create the Universal Credit Rating Group. Continue reading »
Wednesday’s picks from the BB team: clean living in Russia; politics and the place of pets in China; and where’s Ambani gone? Plus: shoddy construction for Goldman in India; Syria’s black market for property; and Mexico, the Home Depot nation. Continue reading »
While South Korea’s family-controlled chaebol conglomerates have been at the heart of the country’s rapid industrial development over the past 50 years, today many politicians are calling for a more dynamic small-business sector. The FT’s Simon Mundy explores the challenges faced by businesses living in the shadow of the country’s powerful conglomerates.