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Minister Silveira criticized Petrobras’s import parity price, tomorrow is a federal holiday (Good Friday), and the STF should issue a final decision next week on the transfer of ICMS tax credits between states
BRAZIL POLITICS · Report · 06 Apr 2023

The Minister of Mines and Energy, Alexandre Silveira, stated that Petrobras's import parity price, the PPI, is "absurd" and that he "has already made some changes". The statement caused repercussions in the market and the company. Next week will be hectic. In addition to the change that the gover...

Very poor industry and retail sales data in February
HUNGARY · In Brief · 06 Apr 2023

Industrial output fell 4.5% yoy in February, after -3% yoy in January. In Q4 2022, when GDP fell by 0.4% qoq (and expanded by 0.8% yoy), industrial output still grew by 3.9% yoy. The government and the MNB have been expecting positive GDP growth this year on hopes of growing net exports, which in...

Scale of China-Russia censorship collaboration revealed
RUSSIA / FSU POLITICS · In Brief · 05 Apr 2023

On April 5 Radio Free Europe published a report showing the extent to which the two countries have been sharing strategies to control dissent and the internet as part of their partnership. Meetings took place from 2017 on. The Cyberspace Administration of China (CAC) and Russian communications re...

Haddad said that the export tax on oil will end on June 30, Lula signed a decree on the sanitation framework, and Alckmin asked Pacheco to vote on the Legal Framework for Guarantees
BRAZIL POLITICS · Report · 05 Apr 2023

Yesterday, the Minister of Economy, Fernando Haddad, said that the export tax on oil will end on June 30 and, after that period, taxes on gasoline and ethanol will again be charged in full, making the extension of the tax unnecessary. President Lula signed a decree today to regulate the sanitatio...

Belarus training on nuclear capable missiles
RUSSIA / FSU POLITICS · In Brief · 05 Apr 2023

On April 5 Belarus announced that the training had started. This is pursuant to Russia's decision to deploy tactical nuclear weapons in Belarus. This is Russia's riposte to ongoing Western aid for Ukraine. That is why Russia is very keen that the world knows about it. Belarus published photos of ...

March inflation decelerates
PHILIPPINES · In Brief · 05 Apr 2023

The headline inflation rate was reported at 7.6% in March, down from 8.6% in February and is below the median analyst estimate of 8.1%. On a seasonally-adjusted basis, the price level was unchanged from a month ago, due largely to a 14% drop in the item “vegetables, tubers, cooking bananas and pu...

Potential growth slows. International reserves are solid in the face of the recent external financial turmoil. The dispute between Legislative and Executive continues, raising questions about the discussion of the Minera contract.
PANAMA · Report · 04 Apr 2023

The IMF March report projects 5% GDP growth for 2023 and 4% growth thereafter. Potential growth decreases to 4% from 6%, a result of the fall in total factor productivity in recent years. The weakness of taxation performance calls for a profound reform of the system and a revision of the size and...

Finland joins NATO and Russia threatens a response
RUSSIA / FSU POLITICS · In Brief · 04 Apr 2023

On April 4 Moscow said that Finland's accession will cause a buildup of Russian forces on the Finnish border. Putin's spokesman said that there would be countermeasures because what has happened is escalatory. Russia warned NATO not to place attack weapons in Finland. Finland has a 1,300 km borde...

Haddad spoke about the government’s remedial measures yesterday, the STJ will adjudicate a matter on ICMS tax incentives this month, and the TSE reviews a case against Bolsonaro’s ticket in the last election
BRAZIL POLITICS · Report · 04 Apr 2023

Haddad said that the country has R$ 400 billion in incentives and tax benefits. He said he only needs an increase in revenue between R$ 110.0 billion and R$ 150 billion for the fiscal framework. According to Haddad's calculations, taxation on gambling should generate R$ 12 billion in revenue. The...

Politics: AMLO, 4T and the economy score high in poll, despite discontent over security
MEXICO · Report · 04 Apr 2023

President López Obrador’s approval rating jumped to its highest since late 2020, perceptions of whether the country is on the right track were at their strongest since 2019, and support for prolonging AMLO’s governing project into the next presidential administration approached 50%, as did suppor...

Economics: Another month of mixed economic indicators alongside easing inflation
MEXICO · Report · 04 Apr 2023

Economic activity data for January and February delivered mixed results in the case of manufacturing and construction as have consumer and business confidence indicators, readings that reflect the extent of continuing momentum in some areas of the economy. At the same time, the country is faced w...

The politics of debt after the NPC
CHINA ADVISORY · Report · 04 Apr 2023

China is struggling with high debt. The weakest portion is concentrated in the local investment companies, Local Government Financing Vehicles (LGFVs), with an estimated 50 to 60 trillion yuan. They emerged from the 2009 financial crisis and have since become the principal support for the propert...

Massa prepares new measures amidst conditions set by the IMF Executive Board during the fourth review approval
ARGENTINA · In Brief · 03 Apr 2023

During the weekend the IMF Executive Board approved the fourth revision of the EFF, allowing an immediate disbursement of SDR 4bn (approximately USD 5.4bn). According to the IMF press release, “All quantitative performance criteria through end-December 2022 were met with some margin, supported by...

The OPEC+ April surprise
GULF COUNTRIES · Report · 03 Apr 2023 · 1 response

* Saudi Arabia, UAE, Kuwait and Oman are cutting production by -4.8% from May. * Four other OPEC+ members made similar commitments, and Russia extended its existing voluntary cut. * Overall, the actual cuts committed to are more than those announced in October. * Prices have rallied by about 6...

Russian general fired by Putin
RUSSIA / FSU POLITICS · In Brief · 03 Apr 2023

On April 3 several media source said that Rustam Muradov was dismissed because of failed attacks in Ukraine in Vuhledar in early 2023. The attacks resulted in considerable losses for Russia. In one battle at least 36 tanks and 67 other pieces of equipment such as artillery were destroyed because ...

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