In line with market expectations, Hungary on Tuesday trimmed the benchmark interest rate by 25 basis to 6.25 per cent, the third such cut in as many months.
At the subsequent press conference, it once again appeared that the four external members’ will to reduce rates had again prevailed. Andras Simor, governor of the National Bank of Hungary (MNB), said the monetary council had voted on the cut by a “narrow margin,” the other option being no change. Continue reading »
It’s not a country recognised by anyone other than its own government, but that doesn’t seem to phase three oil companies scaling up exploration in Somaliland.
UK-listed Genel Energy and Ophir Energy, and Australia-listed Jacka Resources, are starting to explore for oil in earnest in the breakaway state, which declared independence from Somalia in 1991. Continue reading »
Argentina may have Lionel Messi but Colombia claims it’s overtaken its South American neighbour in terms of GDP. John Paul Rathbone, the FT’s Latin America editor, discusses with deputy emerging markets editor Jonathan Wheatley who can claim the economic bragging rights.
People close to Dana Gas, the Sharjah-based natural gas company, say creditors including funds Blackrock and Ashmore have agreed to a standstill that would allow talks over extending the maturity of its $920m sukuk to continue through the deadline of midnight on Wednesday.
But people aware of the creditors’ position “categorically deny” that a standstill agreement has been reached with Dana Gas, whose revenues have been interrupted in troubled operating environments including Egypt and Iraqi Kurdistan. Continue reading »
Russian energy giant Gazprom is set to push ahead with its controversial South Stream gas pipeline which will run to the heart of Europe, while progress on an EU-backed rival project is, as usual, patchier.
On Monday, Srbijagas – a Serbian government-owned monopoly – announced that it would start work on the 470km, €1.7bn stretch of South Stream running through Serbian territory in December. Continue reading »
The chances of a price pop during the initial public listing of Poland’s ZE PAK utility were seen as pretty low after the stock’s initial pricing came in at the bottom of the range. The pessimists appear to have been correct – shares were down on their first day of trading on Tuesday. Continue reading »
Squeeze your way into the over-crowded Ambassador mall in central Jakarta and you will find countless shops openly selling cheap, pirated software in clear violation of Indonesia’s intellectual property laws. You can even get hundreds of apps downloaded onto your iPad or smartphone for just a few dollars.
But, although 86 per cent of Indonesian software is pirated, attitudes are starting to change, making the country Microsoft’s fastest growing market in Asia, according to Alvaro Celis, the US company’s vice president for the region. Continue reading »
Who would have thought India would be feeding the world? For the first time, India has overtaken Thailand to become the world’s largest exporter of rice. It’s largely a matter of policy: India is reaping the rewards of past reforms, while Thailand is stumbling over past mistakes. Continue reading »
Tuesday’s picks from the BB team: when Bo was kicked out; Lebanon is sucked into the sectarian vortex; and China’s privileged politicians. Plus: kidnapping is KGB tradition; the rubble of war in Damascus; and can Nigeria win the war on corruption? Continue reading »
The move threatens to bring the tender process to a halt. Its announcement came immediately after CEZ rejected an earlier appeal from Areva against its removal from the tender on October 5 for what are still unclear reasons. Continue reading »
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