A roundup of the week’s events on beyondbrics, featuring the most-read posts, five things we have learned and the week in a chart – this time, Rio Tinto.
Most read this week:
- Brazil’s monetary jeitinho
- Rio: $3bn lost in Mozambique
- Guest post: the fake conservatism of ‘centre-right’ Fidesz
- Chart of the week: how important is manufacturing to emerging markets?
- Mali conflict: watch the spillover
- Hello 2013: blame Nehru dynasty for India’s growth collapse
- Argentina: black market dollar hits new high
- Brazilian misery
- Slim Academy? Carlos Slim brings Khan Academy to LatAm
- L’Oréal, India & Aishwarya Rai
Five things we have learned
- China’s banks are about to start installing CCTV cameras in steel traders’ warehouses to make sure those traders are using their bank loans to actually trade steel.
- The Krugman vs Estonian President Toomas Hendrik austerity debate on twitter was high drama (at least, it was for those interested in economics), and now it’s being made into an opera.
- The current surge in the black market value of dollars against the peso is being driven not only by Argentinian’s diminishing faith in their country’s economy, but by the onset of holiday season.
- The Venezuelan state oil company PDVSA has helped turn the Chinese businessman Sun Weijie into a billionaire.
- Chinese search engine giant Baidu has its sights set on Africa, and will be launching a web browser for low-cost smartphones on the continent in collaboration with France Telecom-Orange.
The week in a chart: Rio Tinto
Rio Tinto’s announcement of $14bn worth of writedowns – including $3bn from a botched coal venture in Mozambique – came as a shock and caused its share price to dive on Thursday. However, with former chief executive Tom Albanese moved out and Sam Walsh installed in his place at the helm, the shares bounced back on Friday.