GlobalSource Partners | Country Insights

The Federal Government is expected to raise R$ 2.14 billion in order to fund the Auxilio Brasil program and remove the PIS/Cofins tax on corn imports. Arthur Lira may still decide to decrease the processing time of the court-ordered payments PEC by attaching it to another PEC that has already bee...

Prime Minister Hubert Minnis concedes election. Bahamas Government changes

JAMAICA / BAHAMAS · In Brief · 17 Sep 2021 · 1 response

Former Prime Minister Hubert Minnis has conceded the election to the PLP's Philip "Brave Davis". There does not appear to be a final seat count yet but the newspapers project the new Government will have a healthy majority, which is positive in this environment. Apparently it was not a good idea ...

Spending plan 2022

UKRAINE · In Brief · 17 Sep 2021

On September 15, MinFin submitted spending plan 2022 to the parliament, and yesterday it was finally released to the public. We saw nothing extraordinary in the proposed spending plan. However, there are several points we want to highlight for our readers. The proposed spending plan was developed...

President Abinader details constitutional reform content, but the content of the tax reform is pending.

DOMINICAN REPUBLIC · In Brief · 16 Sep 2021

Yesterday, in the dialogue of the political parties called by President Abinader to agree on an agenda of 13 reforms, only the government's proposal on the constitutional reform was presented, leaving for the next meetings the presentation of the content of the remaining reforms, including the fi...

The House CCJ may vote on the report on the court-ordered payments PEC today, the Special Committee on Administrative Reform is ready to vote on the proposal today, and Jerônimo Goergen to file an urgent status request for the payroll tax exemption bill

BRAZIL POLITICS · Report · 16 Sep 2021

Arthur Lira may decide to attach the court-ordered payments PEC to another matter that has already been approved by a Special Committee in order to shorten the processing time for the proposal. The opposition is against many of the measures included in the Administrative Reform proposal, and Maia...

A quick note on Evergrande

CHINA ADVISORY · Report · 16 Sep 2021

The Evergrande crisis appears to be accelerating. Although the dollar bonds rose Tuesday on hopes for a better recovery rate, the overall tone is very negative. The central government has hired outside advisors to assess Evergrande’s credit situation. Morgan Stanley and Fitch have downgraded thei...

Is the governing coalition falling apart? Alberto Fernández is the new De la Rúa?

ARGENTINA · In Brief · 15 Sep 2021

In our last market Brief, we pointed out that the harsh political defeat of “Frente de Todos” (FdT), in last Sunday´s primaries represented a severe blow in the relationship between the president (AF) and the vice-president (CFK).CFK was hardly able to hide her irritation after the primaries, all...

Russian macro forecast: Growth model to evolve – investment to play a greater role

RUSSIA ECONOMICS · Forecast · 15 Sep 2021

In 2021 as a whole, Russia's GDP will well exceed its pre-pandemic level as, having contracted by 3.0% in 2020, its growth this year can reach 4.2-4.3%. This will require a rather unusual and strong q-o-q growth in 3Q21 and 4Q21, which in not impossible as the services sector has potential to exp...

Merger of the DEM and the PSL could be finalized this month, the Special Committee on Administrative Reform will vote on the rapporteur’s report, and Rodrigo Pacheco returned the measure that would have changed the Civil Framework of the Internet

BRAZIL POLITICS · Report · 15 Sep 2021

The merger between the DEM and the PSL could have a direct impact on the 2022 elections. Some members of the PSL are waiting for Jair Bolsonaro to join a party before deciding whether they will stay or follow the President and join his party. The Administrative Reform proposal is likely to be app...

Russia encouraging electric vehicles

RUSSIA / FSU POLITICS · In Brief · 15 Sep 2021

As of 2022 electric vehicles will be able to access toll roads for free. The story appeared on the RBC website and followed the publication of a draft plan document by the government. On August 23 the Prime Minister signed the Development Concept for the Production and Use of Electric Automobile ...

Is Bahamas approaching a "Thunderball" moment with an election occurring during a Covid wave?

JAMAICA / BAHAMAS · Report · 15 Sep 2021 · 1 response

Most of the action in the James Bond movie “Thunderball” occurred in The Bahamas, where after two movies there, actor Sean Connery chose to live for the rest of his life. The term "Thunderball" refers to the mushroom cloud seen during the testing of an atomic bomb. Thunderball Grotto, shown in th...

No real surprises in the August CPI

ISRAEL · In Brief · 14 Sep 2021

The CPI in August rose by 0.3% m/m (in line with consensus, we were expecting 0.24%) and by 2.2% y/y, up from 1.9% last month. Core inflation rose by 0.2% and by 1.9% y/y, up from 1.7% last month.There were no real surprises in the various items. The main housing (rental) item increased slightly ...

The court-ordered payments PEC to be put to a vote in the CCJ, the Special Committee on Administrative Reform to vote on Arthur Maia’s report, and the PGR asked the STF to suspend Bolsonaro’s MP on content limitation on social media

BRAZIL POLITICS · Report · 14 Sep 2021

A request to review the text may postpone the vote on the court-ordered payments PEC unitl next week. President of the House Arthur Lira hopes to send the Administrative Reform proposal to the Senate by early October. The plenary of the House will resume voting on the Electoral Reform proposal. T...

Ukrainian gas controversy

RUSSIA / FSU POLITICS · In Brief · 14 Sep 2021

On September 8 three members of Naftogaz's board of supervisors resigned. The three members are all foreigners. Naftogaz sought Western board members to give it more credibility. The resignations came as the board members kept clashing with the CEO Yuriy Vitrenko.Years of mismanagement have meant...

OFZ: In stand-by mode

RUSSIA ECONOMICS · Report · 14 Sep 2021 · 1 response

The CBR’s hawkish message is likely to put a pause on the inflow of international investors’ funds into the OFZ market. The yields in the long end of the curve remain attractive in real terms, especially in anticipation of a potential cut of the inflation target by the regulator, but the moment t...