GlobalSource Partners | Country Insights

The Senate Tax Reform rapporteur, Eduardo Braga (MDB-AM), has postponed the submission of his report once again. The report was scheduled to be submitted on October 20, but should now be delivered on October 24. Despite the optimism surrounding Tax Reform, a delay in the schedule is a possibility...

The dog that didn't bark: a new mining contract without changes in the financial conditions

PANAMA · In Brief · 11 Oct 2023 · 1 response

The Cabinet approved a revision of the original contract between the Nation and Minera Panama yesterday, following a five-to-four vote against the initial version in the Commerce Committee of the National Assembly last month. Among the modifications included in the recent draft, the main topics t...

A season of offense or the eve of a deal?

VENEZUELA · Report · 29 Sep 2023

Having calibrated the political climate, the Maduro government has begun its campaign by launching a political offensive. Its weapon is the new National Electoral Council (CNE) board, which has started pursuing political aims. First, it is seeking to disrupt the opposition's primary election p...

UK Defense Minister in Kyiv

CIS POLITICS · In Brief · 29 Sep 2023

On September 28 Grant Shapps met Zelensky. The two discussed enhancing Ukraine's air defense capability. Zelensky expressed his gratitude to the British. Ukraine suffered many attacks on its energy infrastructure in the winter of 2022-23. It is possible that Russia may try this again but the att...

South Africa’s current account registers a deficit in Q2-2023 as the country’s terms of trade deteriorate

SOUTH AFRICA · Report · 07 Sep 2023

An unwelcome economic metric for South Africa came out today as data released by the South African Reserve Bank (SARB) indicates that the country’s current account balance recorded its fifth consecutive deficit during the second quarter of 2023. The deficit on the current account widened further,...

Lula will try to finalize Ministerial Reform by the end of the day today, the House approved the Desenrola bill yesterday, and the House also approved the urgent status of the ICMS compensation bill

BRAZIL POLITICS · Report · 06 Sep 2023

Ministerial reform remains stalled. The Ministry of Ports and Airports will be given to the Republicanos party. The PP, however, is reluctant to accept the Ministry of Sports. The party sees the offer as a consolation prize. Yesterday, the House approved a bill that creates the Desenrola program,...

A strong start for September: retail sales and ÁKK

HUNGARY · In Brief · 06 Sep 2023

To their credit, the government's various branches are not leaving much time for investors to feel bored about Hungary. First, July retail sales was reported this morning. In volume terms, on sda basis, sales fell by 0.2% mom and 7.8% yoy, after a 8.1% yoy drop in June. January-July was a rather ...

Kazakhstan to hold referendum on nuclear energy

CIS POLITICS · In Brief · 05 Sep 2023

On September 1 Tokayev delivered a keynote speech in which he said the country would decide whether or not to build nuclear energy. Nuclear energy is a controversial topic in former Soviet countries because of Chernobyl. Kazakhstan has plenty of oil, gas and coal so why does it need nuclear energ...

Firing across ceasefire line kills Armenians

CIS POLITICS · In Brief · 05 Sep 2023

On September 1 the exchange of fire killed 3 Armenian soldiers. A blockade of an Armenian controlled area has been ongoing for months. This has led to several people dying due to a lack of medicine. Azerbaijan is blockading the area. Russia denies that it has lost interest in Armenia. Armenia is...

Russian macro: The new reality—looking at what kind of economy emerges in Russia

RUSSIA ECONOMICS · Report · 05 Sep 2023

Rosstat reported that the output of the five basic sectors grew by 3.6% y-o-y in 7M23, and in July alone it was up 7.1% y-o-y. There numbers don’t look extraordinary amid last year’s low base effects but rather indicate that the economy is doing relatively well despite some signs of a deceleratio...

Politics: Criminal violence continues largely unabated, at a heavy cost to individuals and entire swaths of the economy

MEXICO · Report · 05 Sep 2023

Although the number of intentional homicides has been falling somewhat in recent years (from a peak daily average of 100.7 in 2020 to 94.8 at last count), the tally remains shockingly high. In fact, in the four and a half years since President López Obrador took office, and facing a little over a...

Pithy data commentary

CAUCASUS / CENTRAL ASIA · Report · 05 Sep 2023

We comment on key data and news events in the Caucasus and Central Asia: Armenia: Monthly economic indicator slows in Jul to 6.0 percent YoY, but remains consistent with our full-year 8.0 percent GDP forecast Armenia: S&P upgrades Armenia to BB- Armenia: Fresh tensions in Nagorno-Karabakh poi...

Cuba claims that Russia has recruited Cubans to fight in Ukraine

CIS POLITICS · In Brief · 05 Sep 2023

On September 5 Cuba announced that it has uncovered a network that persuades Cubans in Russian to volunteer for combat in Ukraine in return for Russian citizenship. Cuba has launched a criminal investigation. Cuba considers this mercenary activity, which is unlawful. Russia has not responded to t...

Lula is expected to finalize Ministerial Reform by tomorrow, the House approved the urgent status of the CMN bill, and the deadline for submitting edits to the investments MP ended yesterday

BRAZIL POLITICS · Report · 05 Sep 2023

President Lula is advancing in the negotiations on Ministerial Reform to give government positions to the PP and Republicanos parties. The PP should be given the Ministry of Sports and the Republicanos, the Ports and Airports Ministry. Yesterday, the House approved the urgent status of Bill 2685/...

Synthesis of the Brazilian Economy

BRAZIL ECONOMICS · Report · 05 Sep 2023

The approval of the fiscal framework and the first round of the tax reform have left “debts” that have been negotiated in a type of arm-wrestling match between Lula and Lira, with results increasingly favorable to the latter’s objectives, as expected. The retribution for the approvals has entaile...