GlobalSource Partners | Country Insights

The Huarong near default was important because a) it is the largest of the country’s Asset Management debt workout firms; b) it is 61 percent owned by the Ministry of Finance, making it directly owned by the central government; and c) it is has a significant amount of outstanding bonds, both dome...

Covid-19 eases its grip and the growth outlook improves

PANAMA · Report · 30 Apr 2021

So far this year the IMAE is showing a decrease of 9.73% for February and 12.2% during the first two months of the year. We must take this information cum granus salis because, during the first quarter of 2021, most commercial activities were shut down because of the pandemic. In contrast, in 202...

Mobility restrictions for the holiday

INDONESIA · Report · 30 Apr 2021

Indonesia is in the midst of the fasting month, the Ramadan. In the second week of May 2021, the holidays will start and they are usually full of celebrations, among families and in communities. Prior to the holidays, millions of people will go back to their hometowns and villages to see their pa...

Russia bans US from hiring most Russian staff

RUSSIA / FSU POLITICS · In Brief · 30 Apr 2021

On April 30 the United States announced that it is obliged to reduce services drastically at its Moscow Embassy. Non-emergency services will no longer be available. The change shall take effect from May 12, 2021. That is because Russia has limited the number of Russians allowed to work for the em...

Russia dispatches medical supplies to India

RUSSIA / FSU POLITICS · In Brief · 29 Apr 2021

On April 28 Russia said that transport planes will fly to India bearing 22 tons of aid. India is struggling under a huge outbreak of coronavirus. Medicines, ventilators, oxygen and other items have been dispatched.Russia said the aid was a matter of fraternal compassion. Sputnik is due to arrive ...

Economic growth in March 2021 was 10.6%, compared to March 2020

DOMINICAN REPUBLIC · In Brief · 29 Apr 2021 · 1 response

The recovery of the Dominican economy strengthened last March. The growth of the Monthly Index of Economic Activity (IMAE) was 10.6%, compared to the same period in 2020. This is the second consecutive month where economic activity in 2021 continues to expand, exceeding the existing levels in Feb...

Brazil bans Sputnik V as contaminated

RUSSIA / FSU POLITICS · In Brief · 29 Apr 2021

On April 29 Brazil's health regulator said that the Russian vaccine carried a virus that causes the common cold. Brazil doubted the integrity of the manufacturing process. It seems the problem is one of quality control and not all doses of Sputnik V are defective.Russia vigorously disputed the al...

Naftogaz CEO Andriy Kobolev replaced with his ex-colleague Yuriy Vitrenko, one more concern for the IMF prospects

UKRAINE · In Brief · 29 Apr 2021

We have another discouraging piece of news from our leadership. The Cabinet fired CEO of Naftogaz Andriy Kobolev, openly ignoring the independence of the supervisory board of the company. The Cabinet leveraged a legal trick to remove Kobolev. The head of the management board could be fired only w...

Inflation report: optimistic and elusive

TURKEY · Report · 29 Apr 2021 · 2 responses

The CBRT has released the second Inflation Report of the year, which, of course, was Governor Sahap Kavcioglu’s first report presentation, where he read prepared remarks including, oddly enough, during the Q&A session. In the report, the Bank, raised its inflation forecast for end-2021 by 2.8 ...

Tajik and Kyrgyz soldiers open fire on each other

RUSSIA / FSU POLITICS · In Brief · 29 Apr 2021

On April 29 soldiers fired at each other across the Tajik-Kyrgyz Border. There have been clashes between local civilians for years. 4 Kyrgyz soldiers have been wounded.Tajik Ministry of the Interior troops were accused of using mortars. There is a Tajik water distribution facility called Golovnoi...

The Covid CPI to discuss Health Minister testimony, and the STF to discuss tax and patents cases

BRAZIL POLITICS · Report · 29 Apr 2021

Today, the Senate’s Covid Parliamentary Committee of Inquiry (CPI) meets to discuss several motions to summon people to testify before the Committee. Testimonies should begin next week, with former Ministers Henrique Mandetta and Nelson Teich on Tuesday, Eduardo Pazuello on Wednesday and current ...

Lockdown watch (5)

PHILIPPINES · In Brief · 29 Apr 2021

Last night, President Rodrigo Duterte extended the quarantine status of NCR+ (mECQ) by two weeks to May 15. The decision followed two weeks of improving covid19 statistics that saw active cases falling by half since mid-April to less than 70k, albeit still over 2.5x pre-surge levels in February. ...

Ukrainian oil and gas company

RUSSIA / FSU POLITICS · In Brief · 29 Apr 2021

On April 28 the head of Naftogaz was fired. Nafotgaz had a poor 2020. The company lost USD 684 million in 2020. This was due to low prices but also debt problems. In 2019 it made a profit of USD 94 million. Bizarrely, the company paid USD 5 billion in tax in 2020, making it the country's single b...

Apple fined USD 12 million by Moscow

RUSSIA / FSU POLITICS · In Brief · 28 Apr 2021

On April 28 the IT company was fined in a case where Kaspersky was the plaintiff. Kaspersky is a Russian cybersecurity company.Apple was declared to have exploited its market dominance in the manner in which it distributed mobile apps on the iOS operating system. This led to an unfair advantage f...

Provisional measures published, and Covid CPI installed

BRAZIL POLITICS · Report · 28 Apr 2021

Today, the president’s provisional measures (MPs) were published in the Official Gazette of the Federal Government (DOU). The Pronampe (which helps small and medium-sized companies) and BEm (which allows for the reduction of wages and working hours of private sector employees) programs should be ...