GlobalSource Partners | Country Insights

US companies believe that cybercriminals operating in Russia do so with at least the connivance of the Russian state.The Russian government denies all knowledge of this. Moscow strives to control the internet very strictly. If these hackers operate out of Russia then it is hard to believe that th...

The House may vote on the “super salaries” proposal, the privatization of Correios faces political and judicial difficulties, and Roberto Ferreira Dias should testify in the CPI today

BRAZIL POLITICS · Report · 07 Jul 2021

The Prosecutor General of Brazil, Augusto Aras, decided that is unconstitutional to privatize the Correios through a bill. The Joint Budget Committee should be installed today. The president of the CPI, Senator Omar Aziz, said that the committee will continue to work during the recess, although S...

Lower bond issuance in July

ISRAEL · Report · 06 Jul 2021

Private consumption has softened in recent months, following previous pent-up demand. High-tech service exports continue to expand rapidly, supportive of shekel appreciation. The BoI maintained present policy rates at 0.1%, with the monetary statement generally upbeat in light of recent positive ...

Economics: GDP growth consensus forecast upwardly revised but investment outlook remains weak

MEXICO · Report · 06 Jul 2021

Economic growth estimates have been upwardly revised by authorities and analysts. The central bank boosted its growth projection to an annual 6%, up from the previous 4.25% projection. We at GEA, however, maintain our 4.5% growth projection for 2021. Growth in January-April was 2.6%. According...

South Africa Covid-19 update and the Jacob Zuma arrest

SOUTH AFRICA · Report · 06 Jul 2021

South Africa is in the grips of its third wave of the Covid-19 pandemic and it is proving to be quite severe, far more so than the first two waves as per the rate of infections. The seven-day rolling average cases were 12,584 during the peak of the first wave (July 2020) and were 19,042 during t...

Politics: Labor reform, at a snail’s pace, but bolstered by the USMCA

MEXICO · Report · 06 Jul 2021

Mexico’s 2019 labor reform is being implemented very slowly, but it is surely moving forward. The country’s moribund labor movement is indeed in need of a major overhaul. The majority of Mexican unions are company unions, with employer-worker relations underpinned by protection contracts. Union r...

Synthesis of the Brazilian Economy

BRAZIL ECONOMICS · Report · 06 Jul 2021

Since the death toll from Covid-19 exceeded the unenviable milestone of 500 thousand, positive signs have emerged due to the progress of vaccination. Fortunately, the threat of a third contagion wave did not materialize: the peak of daily deaths surpassed 2 thousand in the 7-day moving average on...

The government prepares to pay for the three extra months of emergency aid, privatization of Correios in the House, and Joint Budget Committee to be installed

BRAZIL POLITICS · Report · 06 Jul 2021

The government should announce a new social program to replace the Bolsa Família in October. The Correios auction is scheduled for March 2022. Regina Célia testifies in the Pandemic CPI today. Fernando Guardado’s appointment to the Central Bank was approved.

Inflation slows to 4.1%

PHILIPPINES · In Brief · 06 Jul 2021

The headline inflation rate continued to slow down in June, posting a 4.1% yoy increase vs 4.5% in the previous month. On a mom basis, a slight uptick to 0.2% was observed, mainly due to higher prices of energy-related items. The latter followed rising world oil demand that has pushed up crude oi...

The government is betting on a positive agenda and other weekly topics

BRAZIL POLITICS · Report · 06 Jul 2021

The Pandemic CPI will hear Deputy Luis Miranda (DEM-DF) on Tuesday, July 6, during a secret session. He has made accusations of corruption in the Ministry of Health related to the purchase of the Covaxin vaccine from India. The Senate will vote on some appointments, including that of Fernanda Gua...

Saudi-UAE OPEC+ disagreement tests their relationship

GULF COUNTRIES · Report · 06 Jul 2021

OPEC+ has failed to reach an agreement on tapering and extending its deal because the UAE is arguing for the right to produce more in line with its capacity. This dispute has focused attention on broader divergences between the UAE and its close ally Saudi Arabia. However, we expect a compromise ...

Rising tension in the Black Sea

RUSSIA / FSU POLITICS · In Brief · 06 Jul 2021

On July 5 Russia sent a warship equipped with a long range cruise missile to the Black Sea. A NATO exercise is ongoing in the Black Sea at the moment. The NATO exercise is called "Sea Breeze 2021". Russian ships that had been serving off the coast of Syria are also returning to the Black Sea. The...

A note on Turkey’s foreign policy dilemmas

TURKEY · In Brief · 06 Jul 2021

A series of minor health problems stayed my hand from updating our audience over the last three weeks. I have fully recuperated, and am proud to dispatch my first Market Brief. While a lot happened during my forced absence, most of it is in the nature of “smoke” rather than fire. Thus, I merely f...

Some monetary accommodation removed

ISRAEL · In Brief · 05 Jul 2021

Some monetary accommodation removed The rate hold decision came as no surprise, as well as the unchanged forward guidance: “The Committee will therefore continue to conduct a very accommodative monetary policy for a prolonged time, using a range of tools as necessary, including the interest rate ...

The Senate should hold a series of confirmation hearings this week, Dep. Lira Miranda and Dep. Ricardo Barros’ meetings in the COVID CPI have been postponed and Dep. Arthur Lira sets up an ambitious agenda

BRAZIL POLITICS · Report · 05 Jul 2021

The Senate Economic Committee will hold a confirmation hearing for economist Fernanda Guardado today. The Ministry of Health’s supervisor of the Covaxin contract, Regina Célia Silva Oliveira, will testify in the COVID CPI on Tuesday. Dep. Miranda and Dep. Barros’ meetings have not yet been resche...