GlobalSource Partners | Country Insights

Tracking the Philippine economy’s progress under the Covid-19 pandemic is like watching a game of Snakes and Ladders. In the board game that originated in India, the race to the diagonal opposite of the board through a series of ladders to win the game can be thwarted by a throw of the die that l...

GULF WEEKLY: Abu Dhabi issues bonds, Omanis protest, Iranian candidates culled

GULF COUNTRIES · Report · 28 May 2021

A skimmable summary overlaid with our analysis and links. Headlines: * Coronavirus cases ticked up again across the Gulf, reversing a declining trend in most states. * Iran’s election has become a one-horse race, but this should facilitate a JCPOA deal soon. * Qatar pledged $500m to rebuild ...

Russian online video major received USD 250 million funding

RUSSIA / FSU POLITICS · In Brief · 28 May 2021

On May 25 Ivi's funding round received the funds from Russian state and private investors. The deal is one of the largest funding rounds in Russian tech in the last 10 years. It is also the biggest in the online streaming market.The investors are VTB Bank, Russian Direct Investment Fund, AG Inves...

6 Armenian soldiers captured by Azerbaijan as tensions rise

RUSSIA / FSU POLITICS · In Brief · 28 May 2021

On May 27 Azerbaijan seized the enemy soldiers on the ceasefire line. Armenia is holding elections in June 2021. The uptick in tensions could affect the outcome. There were shooting incidents earlier this week and one Armenian was killed.Armenia called for international observers to be placed on ...

OMAN: Unemployment protests are heated but the fiscal response is more muted

GULF COUNTRIES · Report · 27 May 2021

Unemployment protests this week have spurred the announcement of a package of employment measures by the government. However, it only totals around 0.5% of GDP, spread over two years, and is not yet too concerning for Oman's fiscal consolidation efforts, which should be well ahead of budget this ...

Sen. Rodrigues tried to summon President Bolsonaro to the CPI, Dimas Covas testifies in the CPI and private sector worried about Tax Reform

BRAZIL POLITICS · Report · 27 May 2021

A request to summon President Bolsonaro was denied in the COVID CPI. The Constitution implies that the President of Brazil cannot be summoned by a committee of Congress. The CPI should summon governors and mayors next week. A graudal approach to Tax Reform worries the private sector about increas...

Tourists allowed into Russia

RUSSIA / FSU POLITICS · In Brief · 27 May 2021

On May 26 Putin stated that tourists can come to Russia and remain for 6 months if they have hotel bookings. This applies to all nationalities. This will be music to the ears of the tourism industry. However, many countries will quarantine their citizens if they have been to Russia and returned h...

Ukraine bans flights to or from Belarus

RUSSIA / FSU POLITICS · In Brief · 27 May 2021

As of May 26 Ukraine will not allow its airliners to fly over Belarussian airspace nor shall it allow Belarussian airliners to enter Ukraine's airspace. This is in response to Belarus forcing a Ryanair flight to land in Minsk so that a journalist on board could be arrested. Belarus' only air corr...

Extraordinary growth in economic activity in April 2021

DOMINICAN REPUBLIC · In Brief · 26 May 2021

Today the Central Bank disclosed that the Monthly Indicator of Economic Activity grew 47.1% in April 2021 compared to April 2020. This expansion not only made it possible to reverse the drastic year-on-year drop of 29.8% experienced in April 2020 but also exceed the level of pre pandemic economic...

Oil exports set to fall regardless of Chinese tax

VENEZUELA · Report · 26 May 2021

China has announced a substantial levy on oil-related items that include Venezuela’s main oil export, the Merey 16 blend. Pdvsa sends just over 400,000 barrels per day of Merey 16 to China—60 percent of its total exports. If implemented as written, China’s planned tax would grind those exports to...

Administrative Reform proposal approved in the CCJ, mayors and governors should testify in the CPI next week and STJ adjudicates Eletrobras’s appeal

BRAZIL POLITICS · Report · 26 May 2021

A Special Committee to analyze the Administrative Reform proposal will be created by the President of the House. The CPI should schedule mayors and governors to testify in the Committee next week. Eletrobras’s R$ 11 billion case should be voted on in the STJ; two ministers have yet to cast their ...

Can China fund its semiconductor ambitions?

CHINA ADVISORY · Report · 26 May 2021

China has made investment in technology a key policy for the coming decade, with semiconductors as the centerpiece. However, there are questions about China’s ability to “decouple” from the global semiconductor chain by building its owns state giants. One major question concerns funding. The pol...

Essential CIS Politics: May 2021

RUSSIA / FSU POLITICS · Report · 26 May 2021

* Russia is struggling with inflation, and interest rates may rise again. * Belarus demands airliner land in Minsk, prompting heavy sanctions. * Russia and NATO countries expel several of each other’s diplomats. * Russia has tightened restrictions on foreign-owned med...

Russia fines Google

RUSSIA / FSU POLITICS · In Brief · 26 May 2021

On May 24 a court issued a fine to the internet giant for not taking down forbidden material. Google had been given a 24 warning to comply. As the company did not abide by the court ruling by the deadline the fine was imposed. About 5 000 links were supposed to be deleted.As a penalty Google traf...

Russia’s industrial growth gathers pace in April

RUSSIA ECONOMICS · In Brief · 25 May 2021

Rosstat reported that industrial output rose y-o-y by 7.2% in April and by 1.1% in 4M21. Mining was still down by 1.8% and 5.7% y-o-y in April and 4M21. Similar numbers for manufacturing looked more impressive – 14.2% and 4.5%. In May and June, y-o-y growth will become double-digit in the mining ...