Why Mexico’s labour reform matters
What to make of Mexico’s new labour law, which finally met with approval from the country’s Senate this week and is expected to be signed into law any day now?
Read some of the international coverage, and you might form the idea that the law is a watered-down initiative that fails to open up the dark and murky world of Mexico’s powerful unions. And you’d be right – sort of. Continue reading »
Telenor: the biggest bidder in Indian telecoms auction
Norway’s Telenor emerged on Wednesday as the biggest buyer in India’s controversial mobile telecom spectrum auction. Continue reading »
Brazil: Argentina strikes again
With friends like these, who needs enemies? Just when it seems like Brazil’s economy is on the mend, guess who wants to put a spanner in the works? Argentina.
A supposed partner under the Mercosul trade agreements, Argentina is proving to be right burden. Readers will recall that the hard landing of Argentina’s economy this year is estimated by Morgan Stanley to have shaved a fifth off Brazilian industrial production growth.
Now Argentina could worsen this outlook by calling on Brazil to delay the beginning of free trade in the car industry in 2013 and instead increase barriers. Continue reading »
[Update] Jennings sells out of Renaissance Capital
Moscow-based financier Stephen Jennings is finally giving up control of Renaissance Capital, the investment bank he founded 17 years ago, to his Russian billionaire partner Mikhail Prokhorov.
As Bloomberg reported on Wednesday (and RenCap later confirmed), Prokhorov’s Onexim Group, which bought a 50 per cent stake in RenCap during the 2008 crisis, is now buying the remaining half. Jennings is stepping down as RenCap’s CEO, but will remain chief executive of Renaissance Group, the parent company, which will focus on asset management. Continue reading »
Equity index to track Myanmar
The recent completion of Myanmar’s new foreign investment law has further fuelled investor interest in the country with almost daily news of investment plans, distribution deals and high-level business missions.
Now the creation of an equity index to track Myanmar-related stocks gives portfolio investors an early chance to grab a share of the action – even though the country has no stock exchange. Continue reading »
Emirates: next stop, Warsaw
By Nicholas Watson of bne
Emirates, the Gulf carrier, is preparing a new route from its Dubai hub to Poland and upgrading its connection to Russia by putting Moscow on its Airbus 380 superjumbo flight list.
While such an expansion by the world’s largest airline is a vote of confidence in emerging Europe, it’s less good news for the region’s struggling flag carriers that are desperately looking to be rescued by such global airlines. Continue reading »
Croatia: minister faces Hungarian jail after fatal road accident
Croatia’s Deputy Prime Minister Radimir Cacic was sentenced in Hungary on Wednesday to 22 months in prison for causing a fatal crash in 2010.
Cacic, who is Prime Minister Zoran Milanovic’s closest ally, later called a press conference and announced his resignation from the government, saying he was ready to accept his responsibilities [updated]. Croatians who hope to join the European next summer, will be hoping that the case doesn’t turn into a diplomatic issue between Zagreb and Budapest. Continue reading »
Brazil’s GDP: recovering?
A GDP proxy released by Brazil’s central bank on Wednesday shows quarter-on-quarter adjusted growth in the third quarter was 1.15 per cent – an annualised rate of 4.6 per cent. Not bad for an economy supposed to be stuck in the doldrums. Continue reading »
Poland: shale groups attack tax plan
The Polish government’s hydrocarbons taxation and regulation proposals put out last month were intended to encourage investment by companies hunting for shale gas – but the potential hunters aren’t happy.
The Polish Exploration and Production Industry Organisation (OPPPW), an industry lobby group, this week issued a strong critique of the proposed legislation, charging that it raises a “serious concern for the industry”. Continue reading »
New York headlines
* New China leadership takes shape
* Asian growth boosts Pru profits
* Carlyle seals first Africa deal with $210 million stake Continue reading »
Koreans reject early retirement
Photo: Bloomberg
South Korea’s unemployment rate fell to a four-year low of just 3 per cent in October, a level that must sound enviable to many advanced countries. But Korean workers should brace themselves for a tough winter as many companies prepare redundancies in the face of a worsening economic slowdown. Continue reading »
India: inflation falls – but not by enough for an early rate cut
A surprise fall in India’s headline inflation rate is a welcome Diwali festival gift for shoppers and policymakers alike.
Wholesale prices rose by 7.45 per cent in October compared to the year before, well below forecasts of nearly 8 per cent and under September’s 7.81 per cent, according to official data published on Tuesday.
But economists warned that the figure is still too high for the Reserve Bank of India to cut interest rates this month, despite growing evidence of a slow down. Continue reading »
Further reading: Kenya’s road to prosperity
Wednesday’s picks from the BB team: the new road that could boost Kenya’s economy; Japan’s envoy to the UK says China must calm down; and a special report on Latin American capital markets since the “lost decade”. Plus: Cuba’s new law relaxing travel restrictions; China’s Communist leadership vows not to follow Western political models; and replacing Cynthia Carroll at Anglo American. Continue reading »
[video] Hong Kong’s pollution struggle
According to some measures, Hong Kong has the second worst air quality in China. It is a problem the city must address if it wants to maintain its position as Asia’s leading international city.
China’s new leaders: leak or bluff?
Is it China’s worst-kept secret? Or its cleverest bluff?
With less than 24 hours to go before the Chinese Communist party unveils its new leaders, a very detailed list of who they are and what jobs they will do has spread widely in political circles and on the internet in Chinese. Continue reading »
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