News

  • Poorer states warned of ‘original sin’ risk

    The IMF is concerned that the wave of international bond sales by many developing states could lead to a recurrence of dollar borrowing crises - Jan 31, 06:09pm

  • Pakistan to build $1.5bn Iran pipeline

    Islamabad move to buy gas from neighbour to address chronic power shortages risks alienating the US at a time of tight western sanctions on Tehran - Jan 31, 05:22pm

  • Rally stalls after US economy shrinks

    Markets ease gently after an unexpected fall in US fourth-quarter GDP provides excuse for profit-taking after recent rally - Jan 31, 04:42pm

  • Hagel pledges ‘world’s strongest military’

    The run-up to the confirmation hearing has been one of the most controversial in recent memory, with groups taking out adverts against him - Jan 31, 04:18pm

  • Row erupts in India over free speech curbs

    Reputation as a haven of free speech and the world’s largest democracy has been tarnished amid protests over controversial publications and films - Jan 31, 03:24pm

  • India seeks more ‘indigenous’ weapons

    In a bid to reduce its reliance on costly imports, India’s military chiefs are pushing hard to build up the country’s high-tech weapons industry - Jan 31, 12:20pm

  • Thai billionaire weighs options for F&N

    Charoen ponders how to integrate the businesses of his newly acquired Singapore-listed property and soft drinks conglomerate with existing portfolio - Jan 31, 10:02am

  • Chinese cities put tax heat on steel mills

    Cash-strapped Chinese local governments have begun demanding payments up to two years in advance as they try to meet their revenue goals - Jan 31, 07:58am

  • South Korea successfully launches satellite

    Seoul’s move comes a month after North Korea launches satellite of its own, drawing international condemnation amid concerns over missile development - Jan 30, 09:49pm

  • Wall Street resumes declines after Fed

    Some national benchmarks are approaching all-time highs, but some traders traders are holding fire ahead of a busy few days of US-based “headline risk” - Jan 30, 09:35pm

  • Pipeline marks scramble for Myanmar

    Naypyidaw will not abandon Beijing. It has far too much to gain from playing east off against west. Much is at stake is at stake, writes David Pilling - Jan 30, 05:21pm

  • Donors pledge $1.5bn in aid to Syrians

    Analysts warn that assistance to war-hit populations is slow to arrive and relief agencies say only a ‘tiny share’ ends up in devastated rebel-held areas - Jan 30, 02:52pm

  • Park’s promised fresh start falters

    South Korea’s incoming president has been forced to rethink her choice of prime minister after her preferred candidate was caught up in a property scandal - Jan 30, 11:01am

  • Beijing smog offers silver lining for some

    Vendors of face masks and air filters are struggling to meet demand as Beijing residents drive a more than threefold rise in sales of air purifiers in the past month - Jan 30, 10:07am

  • Reliance issues $800m perpetual

    The first Indian company to issue a ‘for life’ perpetual bond takes advantage of record low interest rates and strong demand for Asian credit - Jan 30, 09:52am

  • Stocks edge towards fresh highs

    Investors take more of a shine to equities and commodities as US data and a well-received corporate earnings season brighten the global economic view - Jan 29, 09:52pm

  • India’s finance minister draws red lines

    Palaniappan Chidambaram is clear on the boundaries that he will impose to cut India’s swelling deficit and is insistent that banking reform is coming - Jan 29, 06:28pm

  • India casts around for more outrage

    Recent events show that taking offence has become a newly powerful type of political power in the world’s largest democracy, writes James Crabtree - Jan 29, 05:37pm

  • Boko Haram leader declares ceasefire

    A leader of the group behind attacks that have killed hundreds in Nigeria in a quest for an Islamic state, urges security forces to reciprocate - Jan 29, 05:00pm

  • China averts local government defaults

    Chinese banks extend maturities on at least three-quarters of loans to local governments, indicating the challenge facing the country in working down its debt load - Jan 29, 01:55pm

  • Brazil opens prison doors to investors

    Move comes as São Paulo seeks private investors for three prison contracts worth R$750m as part of an overall infrastructure package worth R$40bn - Jan 29, 03:13am

  • Egypt clashes continue as curfew defied

    Violent protests continue for the fifth day in cities across the country as opposition declines to meet president for reconciliation talks - Jan 28, 11:11pm

  • Investors weigh Asian bond risks

    The level of issuances, particularly in Chinese properties, prompts some concerns after some deals struggle once they have begun trading - Jan 28, 09:05pm

  • Caterpillar sees stronger China growth

    Caterpillar, which generates two-thirds of its revenue outside North America, said the lowered revenue range ‘reflects the level of uncertainty’ seen globally - Jan 28, 08:39pm

  • NYSE deal drew interest from Buffett

    Berkshire made an ‘indicative proposal’ of interest but that was lower than a bid already offered by ICE and carried several conditions - Jan 28, 08:08pm

Blog

Filter by specific countries or regions

General Electric on Thursday announced plans to invest close to $1bn in factories for the energy industry in Nigeria. Speaking at a ceremony in Abuja, GE chairman Jeff Immelt claimed it would create 2,300 jobs in the local economy and make Nigeria a regional manufacturing hub. Continue reading »

What does Milos Zeman mean for business?

The Czech president-elect does not have much direct power over his country’s economic policy – except for nominating members of the Czech National bank responsible for setting interest rates (the first seat there comes free only in 2014) – but his victory in last weekend’s elections does have implications for business. Continue reading »

It’s not often a story links Mexico and Azerbaijan. But here’s a hilarious tale of what went wrong when Baku put up a statue in Mexico City to its late lamented president, the former KGB boss Heydar Aliyev.

It comes courtesy of Slate. To read on, click here. Continue reading »

The Nigerian oil industry faces a difficult 2013 as shale oil in the US takes an increasing share of the north American market. Togo-based Ecobank has said that Nigerian crude oil exports to the US could fall by over a quarter this year, from 800,000bpd in 2012 to as low as 580,000bpd in 2013.

Continue reading »

The online retail revolution that has sent Blockbuster, HMV and Comet to the wall in the UK is nowhere near as pronounced in Russia where digital shoppers account for only 2 per cent of total retail sales. But as increasing numbers of Russian consumers hook up to the internet, online sales are soaring and are expected to reach $25bn by 2014, according to McKinsey, the consulting company. Continue reading »

By Andrey Kostin, CEO of VTB Bank

The risks and imbalances highlighted by the financial crisis prompted the introduction of Basel III. But as in Europe, in Russia this must be a gradual process.

Stricter regulation, even while constraining the “old” risks of imprudent lending, often creates new risks. Regulators must take care. Continue reading »

The slowdown in Russia’s economy has been even greater than was feared. GDP data published on Thursday show the economy grew at just 3.4 per cent in 2012, down from 4.3 per cent a year earlier, and well short of forecasts of around 3.6 per cent.

It’s the lowest rate recorded since Vladimir Putin (pictured, right) first became prime minister in 1999, except for the global crisis year of 2009. Russia has grown much richer in the past decade, but sustained broad-based economic development remain elusive, as even prime minister Dmitry Medvedev (left) admitted. Continue reading »

With confidence tanking across western economies, it’s no surprise that the world’s biggest consumer-facing industries have been looking elsewhere for growth. And it was more of the same for Diageo on Thursday, as it announced that its strongest sales and profits increases for the last half year came from developing countries.

The maker of Baileys and Guinness saw global sales grow 5 per cent to £6.04bn over the second half of 2012, with operating profits up 11 per cent to £2.05bn. But its fastest growth rates came from Africa and Latin America, as emerging consumers pour back its international spirit and local beer brands. Continue reading »

Latin America has just got three more reasons to beat its chest. Unemployment has fallen to new or near-record lows in Brazil (4.6 per cent), Chile (6 per cent) and Colombia (10 per cent). No wonder the region’s domestic economies are powering along: have job, will spend. No wonder, also, that so many Europeans are beating a path to the new world in search of a job. Unemployment levels in Spain and Portugal are 26 per cent and 16 per cent respectively. Eat your heart out former “colonial masters”! Continue reading »

By Justin Vela

With 4 per cent growth likely in 2013 and a young, educated population powering the economy forward, Turkey makes an attractive prospect for those seeking new horizons.

But entrepreneurs coming from abroad who don’t know how to navigate the market are likely to be frustrated. Two such arrivals tell beyondbrics their stories. Continue reading »

* S Korea court jails prominent tycoon

* Chinese steel mills face tax pressure

* Thai billionaire weighs options for F&N Continue reading »

A missed call from a friend is a coded request for you to ring back. From a daughter, a missed call could be an agreed signal that she is home safely. From a dabbawalla it means he’s arrived with your lunch.

This costless method of communication is used like a modern day Morse Code in India. And businesses are catching on – by some estimates, India’s missed call business is worth Rs5bn ($94m). Continue reading »

Mining hasn’t been the flavour of the month for investors, with big writedowns from Rio Tinto and Anglo American. But it’s still a shock to witness the poor stock market debut of Chinalco Mining Corporation International, the copper company spun out of state-run Chinalco, China’s biggest aluminium group.

The shares slumped by up to 11 per cent in Hong Kong on Thursday, even though the IPO was priced in the middle of the indicative range and cornerstone investors bought nearly half the $400m offer. The stock later recovered but still closed 6.3 per cent down. Clearly the recent equities rally has not restored investors’ appetites for IPOs. Continue reading »

For big emerging market companies, issuing perpetuals – bonds with no expiry – is rather trendy at the moment. Earlier this week, Reliance Industries became the first Indian company to raise capital this way, with a bond yielding under 6 per cent… forever.

But, a day later and markets seem not to like it much, suggesting that the unlove for Asian perpetuals may not be confined to Chinese property issuers. Continue reading »

Thursday’s picks from the beyondbrics team: Mexico emerges from Brazil’s shadow as a LatAm economic powerhouse; India needs structural reforms to get back on track; China gains a western seaboard; Brazilian coffee farmers tame the market; plus, can Turkey grow green? Continue reading »

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