GlobalSource Partners | Country Insights

On October 1 the Mayor of Moscow ordered employers to return at least 30% of their workers to remote working. The rule takes effect on October 5 and will last until October 28 at least. There were 24 000 new coronavirus cases on October 1. People over 65 and those at high risk must work from home...

The pirates are circling

COLOMBIA · Report · 01 Oct 2020

The plunge in aggregate demand, coupled with reduced remittances of profits abroad, cut Colombia’s current account deficit by half a percentage point of GDP between Q1 and Q2. Since the downturn continued during Q3, the risk of worsening external imbalances vis-à-vis 2019 is low. With abundant l...

The MNB has chosen verbal intervention instead of a higher deposit rate today

HUNGARY · In Brief · 01 Oct 2020

Following some preliminary excitement on the market, the MNB has not raised the 1-week deposit rate any further at today's tender: it has been left at the 0.75%, exactly the same as one week ago. However, vice governor Virág spoke in the morning, sending the forint to significantly stronger level...

Russian tourism lost USD 7 billion

RUSSIA / FSU POLITICS · In Brief · 01 Oct 2020

On October 1 the Russian Tourism Union announced that the industry had suffered a huge loss this year. This might reach USD 9 billion by the end of 2020. The tourism industry has suffered even more though Russian than ever have vacationed inside the country. Foreign tourists spend more per head t...

The EU's rule-of-law mechanism remains a problem for Hungary

HUNGARY · In Brief · 01 Oct 2020

The rule-of-law mechanism, the intended new set of rules under which member countries' access to EU financial transfers (grants and loans) could be suspended in case of serious wrongdoings by their governments in the area of the domestic rule of law, is not on the agenda of the European Council's...

Russia accuses Azerbaijan of using Syrian rebels

RUSSIA / FSU POLITICS · In Brief · 01 Oct 2020

On September 30 Moscow said that Azerbaijan has used rebels from Syria and Libya to fight against Armenia. Russia is very troubled by this. The fighters are said to be Sunni extremists whom Russia finds outrageous. Moscow described these people as terrorists. This statement echoes Armenian statem...

Russian super hacker jailed in the US

RUSSIA / FSU POLITICS · In Brief · 01 Oct 2020

On September 29 Yevgeny Nikulin was given 7 years in federal prison in the United States. Nikulin has been dubbed the Putin of hacking. He hacked LinkedIn, Dropbox and other social media entities.Nikulin has spent 4 years in jail awaiting trial. He was arrested in the Czech Republic and was extra...

Echavarría cleared for another 4-year term at the Central Bank

COLOMBIA · In Brief · 30 Sep 2020

Even though Law 1821 states that 70 years is the mandatory retirement age for public (unelected) officials, the Constitutional Court ruled today that this restriction does not apply to the members of the Board of the Central Bank, including the Governor. The ruling was based on the fact that Banc...

Guedes shows optimism and seeks to soften criticism of Renda Cidadã financing

BRAZIL POLITICS · Report · 30 Sep 2020

Minister of the Economy Paulo Guedes spoke about the Renda Cidadã program for the first time since it was announced that it would be financed by resources used for court order payments. According to Guedes, “This will not happen, as this is not a healthy, clean, permanent and predictable source o...

The recession continues, but the September opening of the economy may help in 4Q; the MEF goes to the market successfully

PANAMA · Report · 30 Sep 2020

The figures through July show double-digit decreases in real activity in all sectors with the exception of the Canal and seaports. Central Government revenues (taxes and non-taxes) are following the same pattern. The MEF issued debt for US$ 2.575 million: (1) a re-tap of the 2060 bond for US$ 1 b...

Covid-19 weekly update – week ending September 28, 2020

CHINA ADVISORY · Report · 30 Sep 2020

Conditions generally remain positive although, following last week, there is a very mild softening on the retail side in theater attendance, auto sales, and property sales. It may be that economic activity has plateaued at levels 10-15% lower than in 2019 and will remain there until 2021.

UK sanctions Lukashenka

RUSSIA / FSU POLITICS · In Brief · 29 Sep 2020

On September 29 London announced that sanctions have been introduced on Lukashenka, his son Victor and six high ranking officials. The UK is following Canada's suit. The sanctions means an asset freeze and a travel ban. The sanctions are due to election rigging and human rights abuses.President M...

COVID’S variable impacts

CENTRAL AMERICA · Report · 29 Sep 2020 · 1 response

The COVID-19-driven global crisis is leading to the worst economic contraction since the Great Depression. The depth of the consequences, however, isn’t the same everywhere. It depends both upon a country’s economic health at the starting point, and the stringency of public health measures to cop...

Armenia-Azerbaijan fighting intensifies

RUSSIA / FSU POLITICS · In Brief · 29 Sep 2020 · 1 response

Fighting since September 27 has only spiraled up. Both countries have made outlandish claims about killing hundreds of enemy troops. Only 65 deaths are confirmed and some of these are civilians. Armenia broadcast images of what it said were destroyed Azerbaijani tanks and drones. This is the bloo...

KUWAIT: Emir has died - a loss for the region but likely credit positive for Kuwait

GULF COUNTRIES · In Brief · 29 Sep 2020

State media just announced the death of the emir (KUNA). He was being treated in the Mayo Clinic in Minnesota following bladder surgery in July. Despite frequent claims by state figures that he was "stable" or "improving", we had been consistently skeptical given the lack of disclosure about his ...