GlobalSource Partners | Country Insights

On April 6 the company, Kosmokurs, closed. It intended to send tourists to space via a private cosmodrome. The company said it was too difficult to coordinate its business plan with local government. The regulations were also impossible to comply with.The company was founded in 2014. Its aim was ...

Zoom backs down on ban on Russian State

RUSSIA / FSU POLITICS · In Brief · 08 Apr 2021

On April 8 Kommersant reported Zoom retracted its policy of not selling to the Russian government. Moscow has urged Russian companies to boycott Zoom in reprisal for the sale. Zoom has therefore revoked the ban.

Pork tariffs lowered

PHILIPPINES · In Brief · 08 Apr 2021

President Duterte on Wednesday signed an executive order substantially reducing tariffs on imported pork products for one year. The order immediately lowers tariff rates from 30% to 5% for imports within the quota or minimum access volume (MAV) effective for three months, increasing to 10% in the...

China’s monetary policy and U.S. rates

CHINA ADVISORY · Report · 08 Apr 2021

“China’s odd monetary transmission mechanisms are largely function of distortions to the Chinese economy, particularly in the Chinese commercial banking system.” John Fernald, Federal Reserve Bank of San Francisco. Rising interest rates in the U.S. could increase capital flight pressure on Chi...

Turkey-Gulf re-engagement: Both stand to benefit but it won’t be easy

TURKEY · Report · 08 Apr 2021

This is a joint report, co-written by GlobalSource Partners Turkey Political Analyst Atilla Yesilada and GCC Country Analyst Justin Alexander. * Amid its latest crisis, Turkey could benefit from financing, trade and tourism from the Gulf, particularly if it can patch up relations with the UAE...

Turkey-Gulf re-engagement: Both stand to benefit but it won’t be easy

GULF COUNTRIES · Report · 08 Apr 2021

This report was co-written by GlobalSource Partners GCC Country Analyst Justin Alexander and GlobalSource Partners Turkey Political Analyst Atilla Yesilada. * Amid its latest crisis, Turkey could benefit from financing, trade and tourism from the Gulf, particularly if it can patch up relations...

Enemy at the Gates: Russia shows muscle on the border of Ukraine

UKRAINE · In Brief · 08 Apr 2021 · 1 response

Over the recent weeks we have seen regular reports about the growing number of Russian troops on the border of Ukraine. That was a logical and quite predictable development after Joe Biden called Russian President Vladimir Putin a “killer” and after Ukrainian President Volodymyr Zelenskiy ambushe...

Tapering in FX intervention appears to be already here

ISRAEL · In Brief · 08 Apr 2021

Tapering in the FX market appears to be already occurring. In March, the BoI purchased 2.0bn USD, following 4.9bn in February and 6.8bn in January. The shekel appreciated by 1% in March (against the basket), and has appreciated by 0.5% in the first week of April. Although the BoI has purchased 13...

Russia's Central Bank urges an end to price controls

RUSSIA / FSU POLITICS · In Brief · 07 Apr 2021

On April 7 the bank chief said that government caps on comestible prices have a delterious effect on the economy. The price limits were introduced in 2020. Market distortion has resulted. Opinion polls show that the Russian Number 1 concern is the cost of living. The government will be loath to r...

Zoom forbids sales to Russian State

RUSSIA / FSU POLITICS · In Brief · 07 Apr 2021

On April 7 Kommersant reported that the video conferencing platform banned its distributors from selling services to the Russian government and parastatal entities in Russia and some other former Soviet nations. Zoom's partner in Russia is RightConf. Sales licenses have been revoked from state ag...

Russian currency sliding

RUSSIA / FSU POLITICS · In Brief · 07 Apr 2021

On April 7 the RUB continued to lose value. It has lost 2% of its value since the beginning of the week and trades at 77.7 to the USD. That is its lowest since November 2020.The probable explanation for the RUB's fall is the heating up of the Ukrainian Conflict. This could lead to more Western sa...

Inflation slows down in March

PHILIPPINES · In Brief · 07 Apr 2021

The headline inflation rate eased from 4.7% in February to 4.5% in March, below the median analyst forecast of 4.8%. The disinflation mainly reflects a drop in food prices following normalizing fish and vegetable supplies as well as artificially steady meat prices with the two-month price freeze ...

Turkmen currency falling drastically

RUSSIA / FSU POLITICS · In Brief · 06 Apr 2021

On April 3 the Turkmen Manat (TMT) fell precipitously, losing 5% in one day. It is 40 to the USD on the black market. That is 50% lower than in January 2021. The TMT has slid since March 2020. Turkmenistan is heavily dependent on remittances from Turkmens who are guestworkers in other countries. ...

Inflation peaked in March

RUSSIA ECONOMICS · In Brief · 06 Apr 2021

Rosstat reported that inflation in March reached 0.66% m-o-m, which is a deceleration compared to m-o-m in February. Even though y-o-y inflation reached 5.79% it is only slightly higher than y-o-y inflation in February. Overall, in the second half of March inflation w-o-w started to decelerate. I...

Foreign share of Russia's debt is lowest since 2015

RUSSIA / FSU POLITICS · In Brief · 06 Apr 2021

Statistics published by the National Settlement Depository on April 6 showed that less than 30% of public debt is foreign owned. Foreign investors have sold their holdings of Russian public debt in 2021 because they fret that a tightening of sanctions might impact them. The reduction of foreigner...