Enrique Peña Nieto’s clean-cut image is matched by his enthusiasm for transparency, a theme that ran through his election campaign and he has followed through while in power. The Mexican president and his Cabinet recently published audited statements of their personal income, properties and other assets. Continue reading »
Trying to understand what Guido Mantega is up to can be exhausting, especially when it comes to his favourite topic: currency wars.
The real weakened early on Wednesday after Brazil’s finance minister warned the government was ready to correct any excessive moves in the exchange rate, adding that a weaker currency makes domestic industry more competitive. Continue reading »
How much is the US’s expertise in developing shale gas and oil worth?
$1.7bn if you are Sinochem. The Chinese state-controlled oil and chemical conglomerate on Wednesday made its first foray into the US energy sector, snapping up a 40 per cent stake in a Texas shale oil and gas development from Pioneer Natural Resources. Continue reading »
At a tough time for global steel markets, Novolipetsk Steel (NLMK) has established itself as Russia’s largest steel producer after bringing on stream the country’s first new blast furnace since Soviet times.
But, with steel prices weak, the extra output isn’t generating as much cash as NLMK might have hoped. The group warned of an 8 per cent drop in fourth quarter revenues and a flat Q1 2013. Continue reading »
“How to spend it?” is the question which bothers many a billionaire (one suspects), but an increasing number are opting to give it away instead. South Africa’s richest black man, Patrice Motsepe, has joined the likes of Bill Gates and Warren Buffett in opting to give away a good deal of his money to the cause of philanthropy. Continue reading »
Algeria, with its population of 37m, its energy wealth and growing demand for modern infrastructure and consumer products, could have been a spectacular venue for foreign investment and a great economic player in the southern Mediterranean, writes Borzou Daragahi.
But because of its past and its location, Algeria is one of the toughest places to do business. Its tangled postcolonial history has enthroned a secretive leadership atop a Byzantine bureaucracy resistant to change. Continue reading »
UniCredit’s surprise announcement that it was selling a 9.1 per cent stake in Bank Pekao SA, its Polish subsidiary, went down like a lead balloon Wednesday on the Warsaw Stock Exchange.
The bank’s share price fell by more than 6 per cent before levelling out at a loss of 5.3 per cent, its worst performance in more than two years. Pekao’s Italian parent hopes to raise about $1.3bn in the sale, which would leave it with a 50.1 per cent stake in the Polish bank, the country’s second largest. Continue reading »
Imagine an app that talks you through your yoga routine. Or an app that allows you to unlock your car, start the engine and turn on the air-conditioning remotely.
These are just two ideas developed by young south Indian entrepreneurs for the new BlackBerry 10, which launches this week. Continue reading »
Iraqi telecoms firm Asiacell’s $1.3bn initial public offering is the Middle East’s largest in four years.
There are also hopes the issue will mark a turning point in the history of post-Saddam Iraq, with the authorities seeking to broaden public share ownership throughout the country. But the buzz around the landmark event has not travelled far. Continue reading »
As China, India and Indonesia become more wealthy, more of their consumers hard-earned cash could find its way overseas.
This is not about the most wealthy fleeing their homelands or investing their money abroad – but about what the massed ranks of an emerging middle class will buy for fun. Continue reading »
Pioneer computer maker Apple is now most famous for phones and tablets. We may say the same of Lenovo one day, but not yet.
Lenovo may have made in-roads in the mobile phone market, but it is also vying with HP to be the world’s biggest PC maker. The company posted a record quarterly profit, up by a third from a year earlier. Can it really do both? What does it want to be? Continue reading »
* Reliance issues $800m perpetual
* Emerging stocks head for best monthly streak in three years
* French troops enter last Mali rebel town Continue reading »
A Dutch court ruled on Wednesday that a Royal Dutch Shell subsidiary, SPDC, was partly responsible for oil pollution in the Niger Delta, but rejected four of the five charges against the Anglo-Dutch group.
It looks like a victory for multinationals trying to limit their exposure to legal claims in far-off countries, and a setback for emerging market activists attempting to bring foreign parent companies to book. Continue reading »