Tag: state-owned enterprises

Guest post: Vietnam’s new focus and discipline should pay off

Feb 8, 2013 8:35am by beyondbrics

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By Dominic Scriven of Dragon Capital

It has been a hard time for investors in Vietnam in recent years. Sky high inflation, lax lending to unproductive sectors – especially state-owned enterprises, a depreciating currency and high levels of non-performing loans have caused foreign investors to think twice about buying into the country.

However, on Sunday the Lunar New Year will be ushered in with spectacular fireworks, wonderful flower markets, family banquets and colourful celebrations. The coming Year of the Snake, the 6th animal in the Chinese zodiac, is commonly associated with focus and discipline. Both will be needed if the government intends to carry on its promise of economic reform. Continue reading »

Tags: equities, guest post, reform, state-owned enterprises, Vietnam economy Posted in Asia, Vietnam | Permalink

Vietnam: banker’s arrest puts Agribank in the spotlight

Jan 24, 2013 7:30am by Jake Maxwell Watts

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Source: Agribank

By Jake Maxwell Watts and Nguyen Phuong Linh

Just when Vietnam’s weary investors were breathing a little easier amid improved economic data and an unexpected upturn in its stock markets, a long-simmering bank scandal burst back into the open with the arrest of another high-profile banker. Vietnam’s minister of public security announced on Wednesday that Pham Thanh Tan (pictured left), ex-chief of the state-owned Agribank, had been arrested for “irresponsibly causing serious consequences.” Continue reading »

Tags: Agribank, banking, state-owned enterprises Posted in Asia, Vietnam | Permalink

Morgan Stanley: public sector companies to lead Indian equities rally

Jan 9, 2013 9:39am by Avantika Chilkoti

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Morgan Stanley has proposed an unlikely candidate to lead Indian equity markets to recovery – the country’s much-maligned public sector companies (PSUs).

Generally, investors are wary of government control and sectors such as utilities and electricity. But in a note to clients this week, analysts from the American bank set out three reasons why Indian PSUs may be set to rally. Continue reading »

Tags: equities, India equities, state-owned enterprises Posted in Asia, India | Permalink

Fund file: are EM investors getting more than they bargained for?

Dec 9, 2012 4:00pm by Emma Boyde

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If investors were asked to give a chunk of money directly to emerging market governments, most would refuse. But in the stampede towards low-cost, index linked investment in emerging markets, many will effectively end up doing just that, according to a report in Monday’s FTfm.

Arjun Divecha, chairman of GMO’s board and manager of three of its emerging markets funds, says GMO research shows that about 35 per cent of the constituents of the widely benchmarked MSCI emerging market index are companies that are owned or controlled governments and that these companies actually account for about 70 per cent of the earnings generated by that index. Continue reading »

Tags: emerging markets, fund file, investing, passive investing, state-owned enterprises Posted in Global | Permalink

Chart of the week: who makes China’s exports – local companies or foreign?

Sep 10, 2012 9:40am by beyondbrics

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By Valentina Romei and Rob Minto

Another month of disappointing China trade data: on Monday, overall Chinese exports increased just 2.7 per cent in August from a year earlier, and imports dropped 2.6 per cent. Export growth was higher than July’s worrying 1 per cent, but it’s still far from the double-digit growth that was once the norm.

So which companies are providing China’s exports, and where will growth come from in future? Chart of the week takes a look. Continue reading »

Tags: Chart of the week, China economy, China exports, Chinese companies, exports, FDI, state-owned enterprises, trade Posted in Asia, China | Permalink

From The A-List April 18, 2012

YPF: the least of Argentina’s problems

Moisés Naím on the A-list asks – what have Pemex, PDVSA and YPF got in common, other than being state-owned in countries rich in hydrocarbons? Their most surprising similarity is that during a period in which oil prices are booming, these three companies are declining.

Tags: oil & gas, state-owned enterprises, YPF Posted in Global | Permalink

Sinopec: refining woes dampen profits

Mar 26, 2012 12:21pm by Leslie Hook

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Few companies embody the sheer size and ambition of the Chinese state-owned enterprise like Sinopec, China’s biggest oil and gas refiner. Not only is Sinopec one of the world’s biggest oil companies by asset size, it is also the single most acquisitive Chinese state-owned company, having invested more than $35bn in overseas deals since 2009.

But for Sinopec Group’s Hong Kong-listed subsidiary, which is majority-owned by Sinopec Group, the past year has not been smooth sailing. Continue reading »

Tags: oil & gas, Sinopec, state-owned enterprises Posted in Asia, China | Permalink

Vietnam: anyone for state-owned debt?

Mar 16, 2012 10:45am by Ben Bland

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Vietinbank, one of Vietnam’s biggest state-owned banks, will next week embark on a global roadshow to promote a dollar bond issue – a test of international investor appetite at a time of ongoing economic turbulence.

Can Vietinbank succeed where other state-owned companies have failed in trying to issue international bonds? Continue reading »

Tags: bonds, state-owned enterprises, Vietinbank, Vinashin Posted in Asia, Vietnam | Permalink

Vietnam state companies: stay core

Feb 6, 2012 12:47pm by Ben Bland

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Vietnam’s Communist rulers have finally accepted, at least rhetorically, the need to restructure the large, inefficient state-owned enterprises (SOEs) that many economists believe are largely to blame for recent economic turbulence.

Now there are tentative signs that the government may be starting to walk the talk, trying to ensure that SOEs stop wasteful spending on karaoke bars, taxi companies and grandiose building projects. Continue reading »

Tags: state-owned enterprises Posted in Asia, Vietnam | Permalink

India’s state behemoths told to join battle for growth

Jan 31, 2012 8:21am by James Lamont

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Manmohan Singh, India’s prime minister, has lit a proverbial fire under the country’s big state-owned companies. He has ordered a $35bn wave of public sector investment – that he will personally oversee – to reverse a decline in the fast-growing economy’s growth rate.

But his top bureaucrats can do much more to get better value out of a state sector that represents a considerable chunk of the Bombay Stock Exchange’s market capitalisation. Continue reading »

Tags: GDP, infrastructure, investment, state-owned enterprises Posted in Asia, India | Permalink

China: curious December profit hike for state-owned companies

Jan 20, 2012 5:48pm by Leslie Hook

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Amid the raft of data released in China on Friday, as the country rushes toward the Chinese New Year holidays, one set of number went relatively unnoticed: the profits and revenues of state-owned enterprises (SOEs) during 2011.

While these numbers don’t get as much attention as the annual results of top individual SOEs (think Sinopec or Minmetals), they paint an interesting picture of the Chinese economy. Continue reading »

Tags: state-owned enterprises Posted in China | Permalink

Jetstar looks for closer ties with Vietnam Airlines

Oct 18, 2011 1:35pm by Ben Bland

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Jetstar, the low-cost arm of Australian flag carrier Qantas, has had a turbulent time in Vietnam, afflicted variously by a police investigation into senior executives and disputes over payments for fuel and the use of its brand, which have culminated in the need for a cash injection.

But things could be looking up: Jetstar is in advanced talks that would see it tie up with state-owned monolith Vietnam Airlines, according to three people familiar with the situation. Continue reading »

Tags: aerospace, state-owned enterprises Posted in Asia, Vietnam | Permalink

Codelco: a quick buck on Anglo?

Oct 12, 2011 10:04pm by Jude Webber

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Anglo American has known for nearly a decade that this day might come. When it bought its southern Chilean assets in 2002, the company inherited an agreement with the Chilean government dating back to 1978 under which Codelco, the state-run copper company, has an option to buy 49 per cent of those assets.

The option runs until 2027 but Codelco only has a bite at it every three years. In 2009, the world financial crisis and plunging markets convinced Codelco that taking out debt to exercise the option was a very bad idea. But now things are looking much rosier as the window to exercise the option – January 2012 – comes round again. Continue reading »

Tags: Anglo-Codelco, mining, state-owned enterprises Posted in Chile, LatAm | Permalink

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Tag: state-owned enterprises

Guest post: Vietnam’s new focus and discipline should pay off

Vietnam: banker’s arrest puts Agribank in the spotlight

Morgan Stanley: public sector companies to lead Indian equities rally

Fund file: are EM investors getting more than they bargained for?

Chart of the week: who makes China’s exports – local companies or foreign?

YPF: the least of Argentina’s problems

Sinopec: refining woes dampen profits

Vietnam: anyone for state-owned debt?

Vietnam state companies: stay core

India’s state behemoths told to join battle for growth

China: curious December profit hike for state-owned companies

Jetstar looks for closer ties with Vietnam Airlines

Codelco: a quick buck on Anglo?

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