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COUNTRY INSIGHTS

First indication on the possible loss of EU funds
HUNGARY · In Brief · 11 Sep 2022

It is the EU's ongoing rule-of-law procedure against Hungary again. Brief recap: On July 22, the EU Commission (the commissioner for budget affairs) wrote a letter to the government, summarising its standing problems with Hungary's way to use EU funds, and opening up the last round of the procedu...

Canary in the coal mine
PHILIPPINES · In Brief · 11 Sep 2022

Last week, the Senate Blue Ribbon Committee investigating the controversy surrounding the August 9 order of the Sugar Regulatory Administration (SRA) to import 300,000 metric tons of sugar concluded its public hearings. It recommended the filing of administrative and criminal charges against the ...

Ukraine claims it has made major advances around Kharkiv
RUSSIA / FSU POLITICS · In Brief · 10 Sep 2022

On September 10 the Ukrainian offensives to the east of Kharkiv continued. Kharkiv is Ukraine's second biggest city and has been in Ukrainian hands throughout the war. The Ukrainians claim to have driven the Russians back almost to the border. Russia is shelling Kharkiv still and doing significan...

Izyum cauldron: Russian frontline broken near Kharkiv
UKRAINE · In Brief · 09 Sep 2022

Over the last three days we have observed a breathtaking development at the front. While all eyes were on the South, the Ukrainian army unleashed a swift offensive near Izyum (close to Kharkiv). Recall, back in May, the Izyum direction was one of the key priorities for Kremlin to capture Luhansk ...

Current account and trade balance widen in August, albeit more slowly
RUSSIA ECONOMICS · In Brief · 09 Sep 2022

The CBR reported that the current account and the trade balance (including goods and services) widened to $183.1 bn and $213.6 bn in 8M22. In1H22 these figures were at $144.9 bn and 167.1 bn accordingly implying that in July and August combined the current account reached $38.2 bn and the goods a...

GULF WEEKLY: OPEC+ unexpectedly cuts, Saudi Q2 GDP is strong, UAE may double oil expansion plans
GULF COUNTRIES · Report · 09 Sep 2022

A skimmable summary overlaid with our analysis and links. Headlines: * OPEC+ cut its quota for the first time since 2020, by just 100k b/d, but Brent crude still dipped below $90. * The Iran nuclear deal may have lost momentum, even as its uranium stockpile reaches critical levels * The Saud...

Webinar Replay: Chile post referendum: What’s next
CHILE · Report · 09 Sep 2022 · 1 response

After Chileans overwhelmingly rejected the draft constitution proposed by the constitutional convention, visit our calendar page to watch the replay of our webinar "Chile post referendum: What’s next" featuring Robert Funk discussing the breakdown of the vote, the implications for the Boric admin...

Lula and Bolsonaro aim their campaigns toward low-income voters, the STF should begin trial on the lawsuit against the national nursing salary floor, and Minister Rosa Weber will assume the presidency of the STF on Monday
BRAZIL POLITICS · Report · 09 Sep 2022

President Jair Bolsonaro (PL) promised an extra R$ 200 in the Auxílio Brasil program payments for those who are looking for a job. With this additional payment, the Auxílio Brasil program could reach a total of R$ 800. Yesterday, former President Lula said that the minimum wage will increase as t...

Slide Presentation: Chile post referendum: What’s next?
CHILE · Report · 09 Sep 2022

Access the pdf fil​e of the presentation​ from the GlobalSource Partners' webinar "Chile post referendum: What's next?". After Chileans overwhelmingly rejected the draft constitution proposed by the constitutional convention, Robert Funk discussed the breakdown of the vote, the implications for ...

Putin pays tribute to the Queen
RUSSIA / FSU POLITICS · In Brief · 09 Sep 2022

On September 8 President Putin offered his condolences to King Charles III. The Russian President also said that the late Queen had ''courage and resilience''. It was a rare moment of rapprochement between Russia and the United Kingdom. The UK will be very focused on the funeral in 10 days time s...

South Africa’s current account records a deficit for the first time since Q2 2020
SOUTH AFRICA · Report · 08 Sep 2022

Another unwelcome economic metric for South Africa came out today as data released by the South African Reserve Bank (SARB) shows that after recording consecutive surpluses since Q3 2020, the country’s current account balance switched to a deficit in the second quarter of 2022. The balance on the...

Russia: a brief market watch
RUSSIA ECONOMICS · In Brief · 08 Sep 2022

The announced decision of G7 group to introduce price cap for Russian oil as well as further initiative from EU to do the same in relation to Russian pipeline gas had no impact on FX market yet. The oil price that fell in the past two weeks also didn't affect the ruble so far. The Russian currenc...

Ukraine advances east of Kharkiv
RUSSIA / FSU POLITICS · In Brief · 08 Sep 2022

The Russian Army is having difficulty as the Ukrainians have gradually moved forward from the eastern city. Ukraine claims to have moved forward 50 km which is unlikely. Ukraine has definitely retaken a few villages. Kharkiv is Ukraine's second largest city. Kharkiv had been largely ignored for w...

Yesterday’s demonstrations in support of the government were significant, the opposition will file a lawsuit against Bolsonaro for his actions during the events, and the latest poll shows a 6-point difference between Lula and Bolsonaro
BRAZIL POLITICS · Report · 08 Sep 2022

During his speech in Rio de Janeiro, Bolsonaro spoke about the Auxílio Brasil program, corruption, and his criticisms of the Supreme Federal Court (STF). When asked by the press, ministers of the Supreme Federal Court called Bolsonaro's speeches "measured". Senator Randolfe Rodrigues said that he...

Hungary has two CPI-inflation numbers for August
HUNGARY · In Brief · 08 Sep 2022

The release of the monthly consumer inflation data is rarely more interesting than now, given the structured increases of administratively controlled retail prices of fuel, electricity and pipeline gas, all in force since the start of August. For a base figure, headline CPI-inflation was 13.7% yo...

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