GlobalSource Partners | Country Insights

Consumer prices rose by 1.9% in June, markedly higher than the market consensus of around 1.4%, raising the 12-month rate to 17.5% from 16.6% in May. Producer prices also rose sharply once again, by 4%, m/m, with the 12-month rate jumping to 42.9% from 38.3% a month earlier, and the spread betwee...

Ukraine permits the sale of farmland for the first time in 20 years

RUSSIA / FSU POLITICS · In Brief · 05 Jul 2021

On July 1 a new law took effect which allowed people to buy and sell land. The law was demanded by the IMF as a condition for a loan. However, the land can only be sold to Ukrainians. A citizen can buy up to 100 hectares. As of 2024 auctions will take place allowing agribusinesses to buy up to 10...

Vaccine rollout in Russia as infections surge

RUSSIA / FSU POLITICS · In Brief · 05 Jul 2021

Russians are reluctant to get vaccinated. On June 30 only 16% of people had had at least one dose. In the UK, by contrast, the figure is over 80%. Russia has the highest number of doctors per capita in the world so it should be doing much better. People in Russia are being vaccinated at a rate of...

BoI likely to suggest that bond purchasing may not be extended

ISRAEL · In Brief · 04 Jul 2021

Highlights: Private consumption slows Credit card purchases declined by 3.6% in May following an 18% increase from January to April. We estimate that credit card purchases declined by 3% m/m (sa) in June, by looking at the weekly data provided through 29.6. Chain store sales declined by 6.6% in M...

Housing sector developments: a recap

TURKEY · Report · 04 Jul 2021

There is a well-established consensus among Turkey watchers that the Turkish economy went through a massive credit-fueled/construction-driven economic boom, which has accelerated --or become vividly patent-- after the Global Financial Crisis (GFC). In other words, Turkey is one of those countries...

The week in brief

TURKEY · Report · 04 Jul 2021

June PMI – both overall and the output subindex -- rose to over 50 in June. As we wrote last week for confidence indicators, we think this is primarily a temporary, post-lockdown rebound, and we should see a visible slowdown in economic activity during the second half. Trade data for May and J...

Belarus shuts border with Ukraine but encourages illegal immigration into Lithuania

RUSSIA / FSU POLITICS · In Brief · 03 Jul 2021

On July 2 Lukashenka announced that the border with Ukraine is being shut with immediate effect. He claimed that terrorists are infiltrating into his country from Ukraine and it is all a Western sponsored coup plot. He tried a similar trick in 2020 saying that Russian mercenaries who he had arres...

Reality bites

COLOMBIA · Report · 02 Jul 2021 · 1 response

The new MTFF, inconsistent with keeping investment grade in place, is proposing a drastic increase in fiscal space for the next decade. The central government deficit should fall from 8.6% of GDP in 2021 to 7% in 2022, and then converge, by 2027, to deficits of 2.5%-2.7%. But we show that the “b...

Taliban menace Central Asia

RUSSIA / FSU POLITICS · In Brief · 02 Jul 2021

On July 2 the US Secretary of State met the Tajik and Uzbek foreign ministers. Tajikistan and Uzbekistan border Afghanistan. They discussed their security.The Turkmen foreign minister was conspicuous by his absence. Turkmenistan borders Afghanistan. Why was the Turkmen foreign minister not invite...

The opposition submitted a criminal report on President Bolsonaro to the STF, as well as another impeachment request, the Tax Passport is no longer on the Senate agenda and the House is optimistic about its agenda

BRAZIL POLITICS · Report · 02 Jul 2021

Minister Rosa Weber rejected the PGR’s request to wait until after the conclusion of the COVID CPI before making a decision on the criminal report. The PGR will likely request more time to review the case. The House hopes to vote on Tax Reform before the parliamentary recess that should take plac...

Cautiously climbing the ladder, watching out for snakes

PHILIPPINES · In Brief · 02 Jul 2021

The Philippines appears to be on the mend. Yesterday, the Department of Health said the country can now be considered “low-risk” following decreases in active covid19 cases and hospital occupancy at the national level. (Chart 1) Vaccines have also begun to arrive in bulk and inoculation significa...

GULF WEEKLY: UAE delays OPEC+ talks, Kuwait’s foreign assets surge, Bahrain’s Q1 GDP recovery is weak

GULF COUNTRIES · Report · 02 Jul 2021

A skimmable summary overlaid with our analysis and links. Headlines: * OPEC+ talks dragged into today as the UAE argues it should be able to produce more. * US-Iran talks paused for a week as pressure builds due to non-cooperation with IAEA monitoring. * Covid continued to surge in Oman but ...

Russia sending 600 more military instructors to the Central African Republic

RUSSIA / FSU POLITICS · In Brief · 02 Jul 2021

On July 2 Moscow confirmed the move. This takes the total number of military instructors in the Central African Republic (CAR) to over 1,100. Some sources say that the real figure is over 2,000. The United Nations alleged that the CAR Army and its Russian confederates have committed many human ri...

QATAR: QP issues record bond to finance LNG expansion

GULF COUNTRIES · Report · 01 Jul 2021

In its first USD issuance since 2006, QP raised $12.5bn, enough to cover about 62% of its expected share of the North Field East LNG expansion. The issuance and the 2020 accounts revealed useful information about QP’s reserves, production, strategic vision and its role in financing the government...

Davati Medical Supply rep testifies in the COVID CPI today about his accusations, representatives of various parties submitted a “super impeachment request” against President Bolsonaro, and the Senate may vote on the Tax Passport bill

BRAZIL POLITICS · Report · 01 Jul 2021

Luiz Paulo Dominguetti Pereira, representative of the Davati Medical Supply company, should discuss being charged a fee by the Director of Logistics of the Ministry of Health in order to sign a contract with the Ministry. Next week, Deputy Luiz Miranda will participate in a closed meeting of the ...