GlobalSource Partners | Country Insights

Highlights of weekly macro review:November’s CPI (-0.2% m/m) was in line with expectations Headline inflation (-0.6% y/y) and core inflation (-0.2% y/y) reflect a low inflationary environment, mostly due to a steady shekel appreciation.Rental (equivalent) prices moderated to 1.1% y/y from 1.7% la...

US closing last consulates in Russia

CIS POLITICS · In Brief · 20 Dec 2020

On November 19 the US announced that it will close its consulates in Vladivostok and Yekaterinburg. The only US diplomatic mission left in Russia shall be the embassy. The US said the decision was taken for the sake of security.The decision emphasizes how Russo-US relations are at their lowest eb...

US accuses Russia of gigantic cyberattack

CIS POLITICS · In Brief · 19 Dec 2020

On December 19 the United States said that Russia had carried out a cyberattack on several government agencies.On December 17 Microsoft said 40 major customers were attacked with malware. This enabled the attackers to gain access to systems. Electric power grids were among the systems exposed. 80...

The IMF starts on-line mission to Ukraine

UKRAINE · In Brief · 19 Dec 2020

The IMF mission will start first review under current Stand-By Arrangement on Dec 21st, according to Interfax News agency, citing words of the IMF representative in Ukraine Gösta Ljungman. The meetings will be online. They will start next week and will resume in January 2021. Finally, Ukrainian a...

Russian National Guard to assist Belarus

CIS POLITICS · In Brief · 18 Dec 2020

On December 19 an agreement was signed empowering the Russian National Guard to operate in Belarus. The stated objective is to combat ''terrorism''.In August the two governments contemplated the deployment of the Russian Police to Belarus. Since then the situation seemed to become more placid. Ho...

Two-year sports ban for Russia

CIS POLITICS · In Brief · 18 Dec 2020

On December 17 the Court for Arbitration in Sport announced that Russia would be prohibited from taking part in international sports. This two-year ban will prevent Russia from participating in the Tokyo Olympics in the summer of 2021 and the Winter Olympics in 2022.The CAS had initially decided ...

Legislative update

PHILIPPINES · In Brief · 18 Dec 2020

Congress adjourns for the Christmas holidays starting tomorrow, having passed not just the P4.5 trillion 2021 budget but measures extending to end-2021 the validity of this year’s budget and the Bayanihan 2 Act. The latter means that government is expected to miss spending targets this year but w...

Putin urges food price cut as economy struggles

CIS POLITICS · In Brief · 17 Dec 2020

Putin called upon stores to reduce food prices. Unemployment was up to 6.3% in October. Salaries have been slashed by 5% in 2020.The price of sugar rose 70% from January to November 2020. Other basic foods have seen price rises only a little less drastic.The government has resisted a second lockd...

Demand-side reform and long-term GDP growth

CHINA FINANCIAL · Report · 17 Dec 2020 · 3 responses

Special points to highlight in this issue: * In its meeting last Friday the Politburo coined a new term, "demand-side reform", as something it would implement along with the “supply-side reforms” it has long promised. This is probably going to be a very important policy innovation that finall...

Nord Stream 2 construction hampered by technical difficulties

CIS POLITICS · In Brief · 16 Dec 2020

Russia is determined to complete the undersea gas pipeline to Germany in 2021. US sanctions have meant that most suitable ships cannot be hired for this.A Russian nuclear powered ship due to take part in the construction cannot participate in the project due to suffering damage. It needs repairs....

Budget 2021 approved with 5.5% of GDP deficit

UKRAINE · In Brief · 16 Dec 2020

Yesterday, on Dec 15, parliament voted in spending plan 2021 with 5.5% of GDP central budget deficit.The final document has not been released year but it is expected to be close to the one we analyzed recently. The authorities claim the spending plan was approved by the IMF but we did not see any...

November’s CPI in line with expectations

ISRAEL · In Brief · 16 Dec 2020

Inflation in November declined by 0.2% m/m and declined by 0.6% y/y (from -0.8% y/y in October). This was in line with market expectations (and mine). Core inflation (the CPI excluding energy and fresh produce) moved higher to -0.2% y/y from -0.4% last month, but remains in negative territory. We...

Muddling through a fiscal crisis

UKRAINE · Report · 14 Dec 2020

A fiscal crisis and desperate efforts by Ukraine’s leadership to eke out at least a tiny positive signal from the IMF have been the main topics of focus in recent weeks. Despite an improvement in budget collections, Finance Minister Serhiy Marchenko admitted that public coffers were missing at le...

The politicization of the vaccine and other weekly topics

BRAZIL POLITICS · Report · 14 Dec 2020

Despite the fact that the Congressional recess begins on December 23, this will be the final week of legislative activity this year. On Monday, the House may vote on the bill that deals with state debt and the new currency exchange law, among other proposals. Parliamentarians will also vote on th...

Russian and British coronavirus vaccines may combine

CIS POLITICS · In Brief · 12 Dec 2020

On December 11 it was announced that the maker of Sputnik V will join forces with AstraZeneca to try to make a join coronavirus vaccine. The British coronavirus vaccine is made at Oxford. The Gamaleya Research Center developed Sputnik V. The state run laboratory's vaccine has met with widespread ...