It’s all about patriotism. Well, and a bit of fishing.
On Monday, Peru and Chile started their oral arguments before the International Court of Justice in The Hague concerning a maritime dispute. Peru filed the case with the ICJ in January 2008, arguing that the maritime border was never established. Chile argues that a fishing agreement from the 1950s works like a treaty and that it already defined the zone. Continue reading »
It’s days like today when it’s hard to take the Brazilian authorities seriously when they say the real is a free-floating currency.
The country’s central bank intervened on four separate occasions on Monday to halt sharp declines in the real against the dollar, calling two currency swap auctions and two dollar auctions in the spot market. Continue reading »
Things are heating up between the US Securities and Exchange Commission and some of the US’s leading accounting firms.
The SEC on Monday charged the Chinese affiliates of Ernst & Young, PwC, KPMG, Deloitte Touche Tohmatsu and BDO with violating US securities law after the five firms allegedly refused to turn over audit work papers and other documents related to nine Chinese companies that are currently being investigated for potential accounting fraud. Continue reading »
The latest emergency motion in the legal ping-pong that is the fight between Argentina and the “holdouts” reads like a Thesaurus and is another example of sophisticated legal argument. Continue reading »
Alrosa, Russia’s state diamond producer, has held back rough diamond supplies this year in a bid to shore up sagging world prices for luxury sparkling gems. With no end to the downturn in sight, the company is taking a new tack, securing long term diamond sales contracts with global jewellery retailers willing to guarantee purchases even in challenging times. Continue reading »
Russia is famous for freezing winters but it appears to be losing its legendary ability to cope with the snow that blankets the country for at least five months in the year. An epic traffic jam that paralyzed traffic on a major highway between Moscow and St Petersburg for most of the weekend has drawn a stream of complaints from citizens and spurred the authorities to react. But with forecasters warning of more heavy snow ahead, officials will struggle to find a quick fix. Continue reading »
Hank Paulson knows a thing or two about managing a complex economy. So what does the former Treasury Secretary, who is visiting Beijing this week, make of the current state of China’s economic growth?
Paulson, who now heads the Paulson Institute, a think thank, gave a frank assessment of the world’s second-largest economy in a recent interview in Beijing. If China’s new leadership goes too slow on reform, it could create a “risk to stability”, he said. Continue reading »
Fancy a bit of east African power? Umeme, the Ugandan power company, was successfully floated on Friday by Actis, a private equity group. So far, it’s been a hit, with the IPO oversubscribed and shares jumping 9 per cent on Monday.
But despite the investor thumbs-up, the stock is already rated by one analyst as a sell. Continue reading »
It’s not common for news about a government’s resignation to be seen as positive, let alone an opportune moment for a country to tap the Eurobond market. But Ukraine is not your average country.
With a widening budget deficit and the economy sliding into recession, news that President Viktor Yanukovich had accepted the resignation of Prime Minister Mykola Azarov’s government is welcome news for investment banks and investors. Continue reading »
Slovenia’s president Danilo Turk has become the latest European politician to be voted out of office amid tension over the handling of the eurozone crisis.
Turk was defeated in Sunday’s presidential election by the opposition candidate Borut Pahor, the former prime minister, who followed his surprising lead in the first round with a sweeping victory in the second, taking 67 per cent of the vote against Turk’s 32 per cent. Continue reading »
* Asian stocks rise on China manufacturing
* Ukrainian government resigns
* Egypt’s constitutional court halts work Continue reading »
It seems late in the year to be changing your mind but that hasn’t stopped the 100 or so economists surveyed each week by Brazil’s central bank sharply reducing their consensus forecast for 2012 GDP growth: just 1.27 per cent, they say on Monday, down from 1.5 per cent a week ago.
Not only that, they expect a weaker economy in 2013 – 3.7 per cent growth, down from 3.94 per cent last week – and a weaker real by the end of this year (in four weeks’ time): R$2.07 against the US dollar, from R$2.03 a week ago. Continue reading »
Monday’s picks from the BB team: the Gulf investment in green energy; regulating China’s murky shadow banking system; and Brazil economic wake-up call. Plus: Mexico’s cabinet of young technocrats and familiar faces; continuity in Chinese politics and the effects on India; and Brazil’s police live cheek by jowl with organised criminals. Continue reading »
Indonesia posted a record trade deficit of US$1.54bn in October as the country continued to struggle with weak demand for its commodities exports and rising fuel imports. Continue reading »