Christine Lagarde, the International Monetary Fund’s managing director, will still send a report on Argentina to the IMF board on Monday, as planned. But the board itself, which would have to approve the start of a formal censure if that is what she recommends, is not expected to meet until January – the IMF has set no date yet. Continue reading »
Peru has cashed in from tourism in recent years thanks to a clever strategy of exploiting its biodiversity, exquisite food and Inca legacy.
Now hotels chains, with Hilton Worldwide and Marriott International in the lead, are to invest as much as $1.76bn over the next three years as tourism is skyrocketing in the Andean country. Continue reading »
From its distilleries in deepest Scotland, Diageo has got one eye on Africa. The world’s biggest drinks company has been pushing its Scotch whisky brands on the continent and its efforts are paying dividends.
Buoyed by a series of marketing campaigns featuring local celebrities – including Ethiopian Olympic champion Haile Gebrselassie – Diageo’s sales of the spirit in Africa grew by 20 per cent in the last financial year, led by its famous blended Scotch brand Johnnie Walker, which shot up by a whopping 40 per cent over the period. Continue reading »
To date, the story of China’s growing presence in Africa has been mostly narrated by western media, African newspapers, and a universe of blogs, websites and social media outlets. Often, it is framed in the context of land-grabbing, resource-snatching, neocolonialism and invasion.
Russia has talked a lot about economic diversification over the past two decades but it has made little progress in weaning itself off revenues from natural resources. A new report by the European Bank for Reconstruction and Development sets out recommendations that might stimulate industrial modernization and tries to make sense of Russia’s abiding addiction to oil. Continue reading »
More bad news for the Polish economy – now the central bank feels that foreign direct investment for 2012 is likely to plummet far below the level of 2011, another sign of the impact of the eurozone crisis and of Poland’s slowing economy.
Pawel Michalak, deputy director of the bank’s statistical department, told a conference this week that FDI this year would come to about €5bn – that compares to €13.6bn last year and €10.5bn in 2010. Part of the problem is a one-time outflow of capital – without that the total of new investments would come to €9bn – but that still marks a disappointing total. Continue reading »
Something does not feel right in Kiev, with a new-old prime minister back in place.
Brawls broke out in parliament ahead of Thursday’s vote by lawmakers to re-instate Mykola Azarov as Ukraine’s prime minister. Then on Friday, an influential oligarch resigned as deputy prime minister in protest at President Viktor Yanukovich’s decision to bring Azarov back. Continue reading »
Generationally low bond yields in the developed world have driven investors to the developing world’s debt. But do we now have an emerging markets bond bubble? Bhanu Baweja, head of emerging markets fixed income strategy at UBS, discusses the outlook for EM bonds with Robin Wigglesworth, capital markets correspondent.
The dim sum bond market is one where “firsts” seem to come along with alarming regularity. It’s hardly surprising – the market is only three years old. But many of those firsts are either technical, incremental or, frankly, not that interesting.
However, here’s a potential new thing that looks well worth some attention: the first non-Chinese government body to raise money with a dim sum bond. Continue reading »
Friday’s picks from the beyondbrics team: a less dominant ANC would be good for South Africa; François-Henri Pinault has high hopes for the Brics; and Egypt’s political uncertainty affects the markets. Plus: can Foxconn improve margins now cheap hands are scarce? Russia’s food consumption reflects changes in society; and launching the Karnataka Janata Party. Continue reading »
China’s benchmark stock market jumped more than 4 per cent on Friday, its biggest one-day gain since 2009, ahead of a key Communist party conclave during which the economic agenda will be set for the coming year, writes Josh Noble.
The Shanghai Composite index closed up 4.3 per cent to 2,150 points, its highest level since August. The CSI 300, which includes stocks listed in both Shanghai and Shenzhen, rose 5.1 per cent, while the HSCEI, an index of Chinese companies trading in Hong Kong, rose 1.5 per cent. Equity market performance elsewhere in Asia was mixed. Continue reading »
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