GlobalSource Partners | Country Insights

On October 4 the Armenian controlled city of Stepankert was hit by rockets and artillery. The Armenians retaliated with artillery fire and rockets on Ganja which is Azerbaijan's second city. This is a serious escalation of the conflict over the disputed Nagorno Karabakh Region.Both nations have r...

Disputed Kyrgyz election results lead to protests

RUSSIA / FSU POLITICS · In Brief · 05 Oct 2020

On October 4 Kyrgyzstan held parliamentary elections. President Jeenbekov's allies won. A party needs 7% to get seats in Jororku Kenesh (parliament) Birimduk, Mekenim Kyrgyzstan and the Kyrgyzstan Party are the main pro-government ones. They favor greater integration with the Eurasian Economic Un...

Relatively orderly fiscal deficit reported for H1 2020

HUNGARY · In Brief · 05 Oct 2020

The main fiscal deficit ratio, put together by the EU's ESA-2010 methodology, came out as 9.1% of GDP for Q2 and 5.3% of GDP for H1 2020. Revenue went down by 5.5% yoy, whereas expenditure rose by 14% yoy in Q2, the corresponding figures being -1.4% yoy for revenue and +12.6% yoy for expenditure ...

A Brief Overview of Some Selected Sectors

TURKEY · Report · 04 Oct 2020

• In this first edition of our sectoral report, we have compiled some anecdotal evidence and data from key sectors/industries to add some tone and color to our macroeconomic analysis. • We kept our focus narrow on just 5 business lines/industries for now, to keep the presentation manageable. If ...

Mind the political fat tails

TURKEY · Report · 04 Oct 2020

Latest developments have shown that President Erdogan does retain enough flexibility to move in the right direction, when he has to. His recent actions proffer some evidence to partially support for the thesis, that has long been advocated by the politics author. The EU has delayed sanctions, ...

A more prolonged closure supports further accommodation

ISRAEL · In Brief · 04 Oct 2020

Highlights of the weekly Israeli macro wrap up:Recent economic indicators reflect growth deterioration:Credit card purchases declined sharply since mid-September (through end-month), especially for tourism, restaurants, leisure, and clothing/furniture/electronics, due to the renewed closure.The G...

EU and American sanctions on Belarus

RUSSIA / FSU POLITICS · In Brief · 04 Oct 2020

On October 2 the US and the EU imposed sanctions on top Belarusian officials. Lukashenka is not among those sanctioned. His exclusion is an attempt to encourage dialogue with the opposition. If this fails his name can be added to the list. EU sanctions require unanimity. Cyprus was the one hold o...

Ozon IPO

RUSSIA / FSU POLITICS · In Brief · 03 Oct 2020

On October 2 Ozon said it wanted to list on the US stock exchange. The company has experienced phenomenal growth. E commerce has burgeoned since coronavirus started. A draft registration has been sent to the Securities and Exchange Commission. There will be an IPO of ordinary shares. The number o...

China bans some Russian seafood

RUSSIA / FSU POLITICS · In Brief · 03 Oct 2020

On September 30 China forbade certain Russian seafoods claiming that coronavirus was found on the packaging. WHO says this is impossible. It is suspected that China is making a spurious claim as part of a trade war.60% of Russia's seafood exports go to China. 4 Russian companies are subject to re...

Bolsonaro honors Guedes, but noise persists in the government

BRAZIL POLITICS · Report · 02 Oct 2020

Despite the differences that arose this week between the political and economic groups in the government, the Minister of the Economy, Paulo Guedes remains prestigious in Brasília (DF). Today, Bolsonaro once again praised the Minister of the Economy by minimizing last week’s conflict between Gue...

Political temperatures shoot up

VENEZUELA · Report · 02 Oct 2020

After a relatively calm spell, political temperatures are again rising, as the government is bent on holding unfair parliamentary elections on December 6 to do away with Juan Guaidó’s Interim Government. The United Nations Human Rights Council’s recent release of its Independent International...

GULF WEEKLY: Kuwait’s emir mourned, Q2 GDP pain for Saudi & Bahrain, Oman bond delayed

GULF COUNTRIES · Report · 02 Oct 2020 · 1 response

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include: * Sheikh Nawaf became Kuwaiti emir, and the term of parliament was extended until October 20. * Speculation mounts about when a crown prince will be named, and who it will b...

Russian markets hit by multiple worries

RUSSIA / FSU POLITICS · In Brief · 02 Oct 2020

On October 2 Russian market slid. They had been faltering anyway but the news that Trump has coronavirus seems to have accelerated this trend. If Biden wins he is likely to be less friendly to Russia. The MOEX index fell by 2%. The USD denominated RTS Index lost 3%. That is its lowest since May 2...

The government announced new dollar-linked debt

ARGENTINA · In Brief · 02 Oct 2020

In a press conference, the Minister of Economy announced yesterday, accompanied by the Minister of Production Matías Kulfas, the Minister of Agriculture Luis Basterra, the head of the local IRS (AFIP) Mercedes Marcó del Pont and the Deputy Chief of Cabinet Cecilia Todesca new economic measures ai...

Mourão recognizes difficulties in sources of funding for Renda Cidadã

BRAZIL POLITICS · Report · 01 Oct 2020

Adopting the same position as the Minister of the Economy, Paulo Guedes, Vice President Hamilton Mourão said today that the government “probably” will not use resources from court order payments or Fundeb to finance the Renda Cidadã. According to the Vice President, there are only two alternative...