Just how merry a lot of Venezuelans will be this Christmas depends to some degree on how many dollars the government decides to make available.
But with currency controls in place since 2003, it is becoming increasingly clear that the government is not terribly inclined to dish out too many dollars just now – only on Thursday the central bank president was forced to declare on national television that one of the official mechanisms for obtaining dollars was not in fact “paralysed”. Continue reading »
For Poland, hosting this year’s European football championships was always much more about cash than sporting glory – and the country’s incompetent national side, which exited the tournament with no wins – showed that was a sensible approach.
Just how sensible has been spelled out by PL.2012, the official tournament organiser, and Jakub Borowski, an economist who prepared a report on the financial outcome of the event, showing that Poland earned more than expected from tourists and gained a long-term economic boost from building infrastructure for the tournament. Continue reading »
News that Turkey’s Privatisation Authority has postponed the deadline for final bids in the sale of the 1,120 MW Hamitabat power plant from November to January 14 has come as little surprise.
The deadline has already been postponed once, from October 15 and the tender itself is the second attempt to sell the plant, the first having been postponed earlier this year after eliciting only a single bid. Continue reading »
As beyondbrics reported on Wednesday, Ryanair is to cut ten of its routes into Budapest. The low-cost airline will also reduce frequencies on nine of its remaining 20 routes into the Hungarian capital from January 10, 2013, chief executive Michael O’Leary confirmed on Thursday in Budapest, blaming rising fees imposed by Budapest Airport and the Hungarian Civil Aviation Authority. Continue reading »
Independent and small-scale oil companies like to be quick on their feet, beating the energy giants time and again in the exploration race. But in some of Africa’s more promising energy areas, regulatory hurdles and resource nationalism are starting to hold things up. Continue reading »
Dubai has been back for some time. The trade, tourism and transport that are the foundations of its economy have been thriving for a couple of years, bringing an air of optimism back to the city after its 2009 debt crisis.
A hundred years ago if a country was reluctant to pay its debts, gunboats might have steamed to its shores. Since then sovereign immunity has reigned but the latest development in a legal argument over Argentina’s 2001 defaulted debt could shift the balance toward creditors. Whitney Debevoise, former US executive director of the World Bank, explains to capital markets correspondent Robin Wigglesworth the implications of the US court case on sovereign debt markets.
As Americans tuck into their Thanksgiving dinners, Chinese internet users are also sending messages of gratitude online.
Thanksgiving was listed on Thursday as the hottest search word on Sina Weibo, the Chinese microblogging platform, which garnered over 22m posts under a theme to encourage bloggers to say “Xie Xie”. Continue reading »
Thursday’s picks from the BB team: the private sector drives Russia’s “innovation economy”; Israel cannot bludgeon the Palestinians into submission; and China’s exit from recession has reinforced imbalances. Plus: the new Turkish-Russian nuclear plant as a model for safe energy; interest in Africa’s consumer market; and US-Mexico convergence in incomes. Continue reading »
The Chinese coastal city of Wenzhou is notoriously clannish – especially so since the collapse of the city’s shadow banks. Once a symbol of its boisterous private sector, the number of shadow banks has fallen from a peak of 450 in 2007 to less than 50 today. Continue reading »
Argentina will have to pay $1.3bn to hedge funds that refused to restructure their debts after the country’s 2001 default when it makes regular payments to its restructured bondholders in December, a US court has ordered.
The ruling, made late on Wednesday in New York, raises the possibility that Argentina will default once more, and if upheld represents a major chink in the armour of sovereign immunity against creditors that has largely reigned in international law for almost a century. Continue reading »
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