GlobalSource Partners | Country Insights

The forint has weakened somewhat over the last 24 hours, giving back from its impressive strength seen in recent weeks. Two reasons are widely mentioned: USD strengthening against EUR, and the upcoming Monetary Council meeting early next week (Tuesday, May 23), when many on the market think the M...

Ukraine claims to have shot down 6 hypersonic missiles

CIS POLITICS · In Brief · 18 May 2023

On May 17 Ukraine claimed it shot down Kinzhal missiles, which are Russia's latest. There was an overnight Russian missile attack on Kyiv. Russia also used conventional missiles, and Ukraine claimed to have shot down 12 ballistic missiles. Ukraine said that Russia also used Iranian Shahed drones....

The urgent status of the new tax regime was approved in the House, Haddad said that Tax Reform may be voted on in June and three CPIs were installed

BRAZIL POLITICS · Report · 18 May 2023

As expected, the Lower House approved the urgent status of the new tax regime bill by a wide margin. About the Tax Reform, Haddad said that in June the proposal of amendment to the Constitution (PEC) of the Tax Reform may be voted on. The rapporteur, Deputy Aguinaldo Ribeiro (PP-PB), should prese...

Key policy rate held at 6.25%

PHILIPPINES · In Brief · 18 May 2023

After raising its set of policy rates by 425bp since May last year, the Monetary Board decided today to pause monetary tightening, keeping the overnight RRP rate at 6.25%. The decision is based on the BSP’s forecast of a gradual decline in inflation to target by 4Q, inflation expectations for 202...

Moderate y-o-y GDP contraction in 1Q23 prompts decent economic growth this year

RUSSIA ECONOMICS · In Brief · 18 May 2023

Rosstat reported that GDP was down by a mere 1.9% y-o-y in 1Q23 which is not bad a result following the 4.5%, 3.5%, 2.7% y-o-y contraction in 2Q22, 3Q22, and 4Q22 and the high base in 1Q22. So far, Rosstat didn’t provide any breakdown of the GDP – just this flash-estimate, which is the usual prac...

Congress approves a new mining royalty

CHILE · In Brief · 17 May 2023

After working its way through the legislative maze for four years, Chile’s mining royalty law was approved today in Congress. The bill, which will become law once the president signs it, seeks to tax large-scale mining companies according to a differentiated schedule. The new rules will tax compa...

Russia and Iran sign transport deal

CIS POLITICS · In Brief · 17 May 2023

On May 17 the countries agreed to cooperate on a commercial transport system to connect the Persian Gulf and India. Both nations wish to circumvent sea lanes. It also relates to a 164-km-railroad in Iran due to be completed by the end of 2026. This will allow goods to travel by train from Russia ...

Four CPIs will be installed this week, the House may vote on the Fake News Bill today, and the STF will begin virtual analysis of the injunction that suspended the STJ decision on the use of ICMS tax credits

BRAZIL POLITICS · Report · 02 May 2023

Four Parliamentary Committees of Inquiry (CPIs) should be installed this week. The one on the January 8 attacks is a joint committee and will be composed of both deputies and senators. Three other committees will be installed in the House: on the Landless Workers' Movement (MST), the Americanas s...

Ukraine shelling Russia

CIS POLITICS · In Brief · 01 May 2023

On April 29 Russia said that five of its villages near the border had been shelled and left without electricity. The local administration stated that no one was killed or injured. Ukraine has repeatedly struck at the Belgorod Region, which is adjacent to Ukraine. However, it has seldom managed t...

The labor market remains strong, and economic growth steady (in Q1)

ISRAEL · In Brief · 01 May 2023

The labor market remains fairly tight The unemployment rate remained stable at 3.9% in March (similar to Feb), as 25k new job were created while labor participation increased as well. The BoI preferred category (ages 25-64) actually witnessed a decline in unemployment to 3.2% in March from 3.5% i...

A pre-election Q&A

TURKEY · Report · 24 Apr 2023 · 1 response

We tried to address some key questions in our as well as our readers’ minds, in a Q&A format. With less than three weeks left to the critical ballot date, polls are largely static. As it stands, Kemal Kilicdaroglu will likely become the next president of Turkey, as his Nation Alliance will hav...

The government will be put to the test and other weekly topics

BRAZIL POLITICS · Report · 24 Apr 2023

The request for the creation of a Joint Parliamentary Committee of Inquiry (CPI) into the January 8 attacks will be read on Wednesday. An intense negotiation is underway for the selection of its rapporteur and chair. The fiscal framework begins analysis in the House. In the Senate, the president ...

Boric announces plans for Chile's lithium

CHILE · In Brief · 23 Apr 2023 · 2 responses

In a nationally televised address to the nation on Thursday evening, President Gabriel Boric announced his much-awaited plan for the future exploitation of Chile’s vast reserves of lithium. The Boric plan has five main elements: The creation of a national lithium company, with the goal of having ...

GULF WEEKLY: PIF gets another 4% of Aramco, Kuwait calls elections, UAE-Qatar embassies to reopen, Sudan conflict raises concerns

GULF COUNTRIES · Report · 21 Apr 2023 · 1 response

A skimmable summary overlaid with our analysis and links. Headlines: * Gulf states called for an end to conflict in Sudan, where they have links to both sides of the military. * Saudi Arabia transferred 4% of Aramco to PIF, which will reduce central government annual fiscal revenue by 1%. * ...

Bi-Weekly Economic News Summary

KAZAKHSTAN · In Brief · 20 Apr 2023

Apr 10 KazTransOil: AD Ports Group (UAE) may contribute to an expansion of the production capacity of the Batumi Oil Terminal President: Azerbaijan and Kazakhstan have opportunities to increase mutual trade turnover to $1 bln (compared to about $0.5 bln in 2022) President: Mr. Tokayev discussed w...