Daily Archives: Nov 1, 2012

Bad news for the US? Remittances to Mexico plunge 20%

Nov 1, 2012 11:30pm by beyondbrics

Share this on

By Ron Buchanan and Pan Kwan Yuk

If the amount of money sent home by Mexicans working in the US is a barometer for the health of the American economy, then here’s some bad news for President Barack Obama.

Remittances sent home by oversea Mexicans fell 20 per cent to in September, according to the latest figures published by the Bank of Mexico. The drop – from $1.88bn last September to $1.66bn this September – is the biggest monthly drop since October 2009, the height of the global financial crisis. Continue reading »

Tags: Mexico economy, remittances, US economy Posted in LatAm, Mexico | Permalink

L’Oréal: prettying up Colombia

Nov 1, 2012 8:20pm by Andres Schipani

Share this on

Colombia’s female beauty is renowned for being naturally stunning. Sometimes there are some enhancements to what nature originally provided, though, helped by the scalpel of a plastic surgeon or by the brush of a cosmetologist.

For those that prefer make-up, there’s good news: France’s cosmetics giant, L’Oréal, has expanded its presence in the Andean country after the acquisition of Vogue, a local cosmetics brand. Continue reading »

Tags: beauty, consumers, L'Oreal, Vogue cosmetics Posted in Colombia, LatAm | Permalink

Brazil: carmakers take the back seat

Nov 1, 2012 6:52pm by Joe Leahy

Share this on

It is easy to forget sometimes that when you are talking about Brazilian industry, you are in large measure speaking about carmakers. The national auto industry makes up about one fifth of the country’s industrial base. So naturally, when it is doing well, Brazil does well – and vice versa.

The latest testament to this is the September industrial figures, which dipped by nearly 1 per cent during the month compared with August, the first such decline in four months. Continue reading »

Tags: Brazil economy, Brazil industry Posted in Brazil, LatAm | Permalink

Rosneft muscles into Russian gas

Nov 1, 2012 6:00pm by Isabel Gorst

Share this on

Rosneft is set to become the world’s biggest listed oil producer following its $55bn merger with TNK-BP. But the ambitions of Russia’s state oil company don’t stop there. Rosneft is also advancing deeper into the Russian natural gas market where it signed a 25 year deal on Thursday to supply gas to Inter RAO, the state electricity producer and trader. Continue reading »

Tags: energy, Inter RAO, natural gas, Rosneft Posted in Europe, Russia | Permalink

Corporate watch: AVG breaks out

Nov 1, 2012 4:54pm by beyondbrics

Share this on

By Nicholas Watson of bne

Shares in AVG Technologies have had a bumpy ride since the antivirus software maker’s IPO in New York at the start of this year. But the surge in its shares on October 31 following strong earnings results indicates that investors are starting to look at the Czech-based company in a new light.

The shares rose 8.2 per cent to $10.84 on what traders described as “monster volume” as the company announced that its net profit for the third quarter rose more than fourfold to $19m from $3.6m a year earlier, and as its revenues hit $95m, up 34 per cent. Continue reading »

Tags: Avast, AVG, CEE technology, Corporate watch Posted in Czech Republic, Europe | Permalink

Czech rates: surprise cut to 0.05%

Nov 1, 2012 4:10pm by Stefan Wagstyl

Share this on

The Czech central bank on Thursday cut its policy rate from 0.25 per cent to 0.05 per cent, in a move that took observers by surprise and weakened the currency by a notch.

With Japan and Switzerland on zero, and Singapore on 0.01 per cent, it’s not the world’s lowest rate. Nor even the lowest in the EU, with Bulgaria on 0.03 per cent. But at these levels, we are splitting hairs. As Czech central bank governor Miroslav Singer said, Prague is on “a technical zero”. Continue reading »

Tags: Czech economy, interest rates, monetary policy Posted in Czech Republic, Europe | Permalink

Indonesia: lessons from Bumi

Nov 1, 2012 3:17pm by Stefan Wagstyl

Share this on

Indonesia should consider revamping its corporate governance standards in the wake of the Bumi affair.

Even though the case involves a dispute among private shareholders, the government must tread carefully because the affair is seen as “a bad precedent” for the country.

That’s the view of Chatib Basri, chairman of the government’s investment coordinating board, (pictured) who told beyondbrics of his concern about Bumi’s impact on the investment climate. Continue reading »

Tags: Bumi, corporate governance, foreign investment, Indonesia economy Posted in Asia, Indonesia | Permalink

S Africa: unemployed at all time high

Nov 1, 2012 2:48pm by Andrew England

Share this on

As South Africa’s mining industry reels from weeks of wildcat strikes amid warnings that the unrest could lead to more job losses in an industry that provides employment for around 500,000 people, the last thing the country needed was a rise in unemployment.

But that’s what it got on Thursday when Statistics SA reported that joblessness in Africa’s largest economy had risen to 25.5 per cent in the third quarter, up from 24.9 per cent in the previous three months of the year. Continue reading »

Tags: South Africa economy, unemployment Posted in Africa, South Africa | Permalink

Brics: less risky?

Nov 1, 2012 12:20pm by Avantika Chilkoti

Share this on

Hold steady – the risk / reward balance is tipping. The Brics are now being termed “safe haven” markets and grouped with the UK, US and Germany.

For some time emerging markets have attracted multinational companies with the promise of higher returns. This draw used to come with higher risk – but the perception of that risk is now shifting. Continue reading »

Tags: Brics, cross border investment, risk Posted in Asia, Brazil, China, Europe, India, LatAm, Russia | Permalink

New York headlines

Nov 1, 2012 11:58am by beyondbrics

Share this on

* China’s manufacturers return to growth

* Claimants to pursue Chevron’s LatAm assets

* Better China data get mixed reaction Continue reading »

Posted in Global | Permalink

Zimbabwe: a tentative T-bill step

Nov 1, 2012 11:35am by Tony Hawkins

Share this on

After months of soul-searching by both borrower and lenders, Zimbabwe’s Treasury bill market re-opened last week.

It’s a small start – less than $10m – but it’s a significant moment. What does it mean for the country’s finances? Continue reading »

Tags: sovereign debt, Zimbabwe debt Posted in Africa, Zimbabwe | Permalink

From FT.com November 1, 2012

Dana Gas misses bond repayment

Dana Gas on Thursday confirmed it had missed a $920m Islamic bond repayment and creditors said they would begin to claim against assets of the United Arab Emirates-based company, writes Simeon Kerr in Dubai.

However, the situation was a confusing one as Dana, listed in Abu Dhabi, said talks were continuing amid a standstill agreement, under which creditors have agreed not to enforce their rights in the event of non-payment. Continue reading »

Tags: Dana Gas, debt Posted in MidEast, United Arab Emirates | Permalink

Playboy in India: glamour, not nudity

Nov 1, 2012 9:06am by Neil Munshi

Share this on

The magazine may not be available yet, but Playboy plans to open in India. That’s right, the magazine famous for nudity – and underrated for it’s articles – is going to open retail outlets, clubs, hotels and fashion cafés, according to the Economic Times.

This is in a country whose film industry has only recently begun showing committed couples kissing. The same country where anything – from a couple’s celebrating Valentine’s Day to an impromptu kiss between a famous Buddhist and a Celebrity Big Brother contestant – can spark outrage and protest. Continue reading »

Tags: hotels, India society, leisure, Playboy Posted in Asia, India | Permalink

South Korea: export boost highlights China dependence

Nov 1, 2012 8:34am by Song Jung-a

Share this on

Is South Korea seeing light at the end of the tunnel? The latest economic data seem to suggest so.

The country’s exports unexpectedly rose for the first time in four months, up 1.2 per cent in October from a year earlier, driven by higher demand from emerging markets. Its industrial output also posted its first monthly increase in four months, rising 0.8 per cent in September from the previous month. Meanwhile, inflationary pressure started to build up with consumer prices rising 2.1 per cent in October from a year earlier due to higher food prices, but still at the bottom of the country’s target range. Continue reading »

Tags: exports, S Korea economy, trade Posted in Asia, South Korea | Permalink

Older entries

beyondbrics

The emerging markets hub

About this blog

Headlines email

Blog guide

News and comment from more than 40 emerging economies, headed by Brazil, Russia, India and China.

Follow @beyondbrics

'Like' our beyondbrics Facebook page, where we showcase a top story of the day

Sign up for our news headlines and markets snaphot service. We have two emails per day - London and New York headlines (sent at approx 6am and 12pm GMT).

Pretty much everything you need to know about beyondbrics is in our About this site page. But briefly:

To comment, please register for free with FT.com and read our policy on submitting comments.

There is an overall beyondbrics RSS feed, as well as feeds for all our countries, tags and authors. Learn more in our full RSS guide.

All posts are published in UK time.

Get in touch with us - your comments, advice and even complaints. Find out how to contact the team.

See the full list of FT blogs.

BB shortcuts

Regulars

Series

M	T	W	T	F	S	S
			1	2	3	4
5	6	7	8	9	10	11
12	13	14	15	16	17	18
19	20	21	22	23	24	25
26	27	28	29	30

beyondbrics

Daily Archives: Nov 1, 2012

Bad news for the US? Remittances to Mexico plunge 20%

L’Oréal: prettying up Colombia

Brazil: carmakers take the back seat

Rosneft muscles into Russian gas

Corporate watch: AVG breaks out

Czech rates: surprise cut to 0.05%

Indonesia: lessons from Bumi

S Africa: unemployed at all time high

Brics: less risky?

New York headlines

Zimbabwe: a tentative T-bill step

Dana Gas misses bond repayment

Further reading: two Asias

Playboy in India: glamour, not nudity

South Korea: export boost highlights China dependence

BB: time to register

Global equities macromap

Most popular posts

Number of the day

Most commented

beyondbrics

The emerging markets hub

BB shortcuts

beyondbrics team

Regional teams:

Emerging markets data

Archive

What we’re writing about

What we’re reading