GlobalSource Partners | Country Insights

The meeting of President Jair Bolsonaro with the Minister of Health, Luiz Henrique Mandetta, which took place this morning, may have sealed a momentary “truce” in the relationship between the two. When leaving the Planalto Palace, Mandetta declared to journalists, “I´m good, just work." In an int...

Russian economic policy: Searching for a pass between Scylla and Charybdis

RUSSIA ECONOMICS · Report · 08 Apr 2020

As the number of newly registered daily coronavirus cases in Russia exceeded 1,100 for a third day in a row, thus bringing the total number to 8,672 people as of April 8 (morning data), it looks increasingly likely that tighter lockdown measures are likely and they may last longer than was annou...

Ukraine banking bill stalled

RUSSIA / FSU POLITICS · In Brief · 08 Apr 2020

On April 7 politicians in the Ukrainian Parliament proposed 16 000 amendments to the banking law known as the 'anti-Kolomoisky bill'. The amendments seemed intended to stymie the legislative process. They will take at least weeks to debate. Ihor Kolomoisky used to own PrivatBank which was nationa...

GlobalSource Partners' Analyst Webinar Series: China - On the road to recovery? featuring Andrew Collier

CHINA ADVISORY · Report · 08 Apr 2020

Live from Hong Kong, Andrew Collier discusses the latest signals from China regarding its recovery from the coronavirus, as well as the prospects for the fiscal and economic measures the country is taking to spur growth.

CPI-inflation fell in March by less than expected, core inflation continued to rise

HUNGARY · In Brief · 08 Apr 2020

It was widely expected by analysts that the headline rate of CPI-inflation would fall sharply in March, due to collapsing fuel prices. The consensus expectation (Portfolio.hu) was 3.7% yoy, down from 4.4% yoy in February. However, the actual number was 3.9% yoy, as a result of a 0.2% rise of cons...

Some Russian internal borders closed due to coronavirus

RUSSIA / FSU POLITICS · In Brief · 08 Apr 2020

Some Russian regions have closed their borders to other regions. Murmansk and Chechnya are among those. Goods are allowed to be moved but passengers are not. This ban on inter-regional travel will hurt the economy even more. However, if a lockdown is strict then a region stands a better chance of...

Corona is not our only problem

TURKEY · In Brief · 08 Apr 2020

Turkey’s corona outbreak has now spread throughout the country, as the map published by the Ministry of Health illustrates (See below). In addition 135 townships and villages are completely quarantined, as I write these lines. When we issue our Monthly---the Gods we pray to permitting—this weeken...

EBRD financing a Russian company

RUSSIA / FSU POLITICS · In Brief · 08 Apr 2020

On April 7 it was announced that European Bank of Reconstruction and Development (EBRD ) was financing a Russian company for the first time since 2014. This finance is from its emergency coronavirus support fund. EBRD has always kept an office in Moscow because it has a portfolio with some compan...

Minister Carrasquilla on the flexible credit line with the IMF

COLOMBIA · In Brief · 07 Apr 2020

During a debate in Congress today, carried out using one of the many VC apps out there, Minister Carrasquilla addressed the question of increases in the fiscal package to face the negative effects of COVID-19 across different sectors of the economy. He mentioned four circles or areas of attention...

Payment of emergency aid to informal workers starts this week; lack of agreement on the Mansueto Plan

BRAZIL POLITICS · Report · 07 Apr 2020

The Minister of Citizenship, Onyx Lorenzoni (DEM-RS) announced that, as of Thursday, April 9, the government should start paying the emergency aid of R$ 600 for informal workers. According to the president of Caixa Econômica Federal, Pedro Guimarães, the benefit will be released this week for tho...

QATAR: Upsized issuance demonstrates confidence and could spur other regional borrowers

GULF COUNTRIES · In Brief · 07 Apr 2020

It was no surprise that Qatar began marketing its bond issuance today. Interest in further borrowing had been signalled back in December when the state held a wide-ranging roadshow, despite its $12bn issuance a year ago (which confused markets because the country was running a fiscal surplus and ...

More refinancing, bond purchases and selectively higher interest rates from the MNB

HUNGARY · In Brief · 07 Apr 2020

Well, no one can rightly accuse the MNB of not being inventive in these days. True, they have to reach different objectives at the same time, including: (a) providing enough liquidity under crisis circumstances, to keep water running in the pipe at all times; (b) to provide more refinancing, with...

Coronavirus: Turbulence in relationship with China; most are in favor of social distancing

BRAZIL POLITICS · Report · 06 Apr 2020

There was added tension in the Brazil-China relationship today (06) after the Minister of Education, Abraham Weintraub, used Twitter to post insinuations that China could purposefully benefit from the global crisis caused by the coronavirus. According to the minister, China’s goal is to “take ove...

Economics: Recalculating for oil and Covid-19

MEXICO · Report · 06 Apr 2020 · 1 response

Mexico has experienced five economic contractions over the past four decades including the slippage seen in 2019, but while the first four of these recessionary episodes led to a recovery the following year, it will be a very different story this time around. Even before the pandemic and oil war ...

Politics: Ambiguous, erratic handling of Covid-19

MEXICO · Report · 06 Apr 2020 · 1 response

Time will tell whether or not the results of the Mexican government’s unique coronavirus strategy, which relies on disease modeling combined with highly selective testing and targeted responses, will deliver positive results or something more akin to Italy’s nightmare. However, its implementation...