I must apologize to all readers and internet surfers who have arrived at China South America in recent days to find that no updates had been made.
This blog was started in response to my personal interests in the following:
1- Sino-Latin American Foreign Policy; Economic and Political
2- Commodity Investment
3- Mining in South America
4- International Investment Opportunities
5- Microfinance in Peru, Bolivia and Colombia
Since graduating from American University in May 2008 with a degree in Economics I have been on a post-collegiate journey to find a greater purpose in life that can one day encompass some these interests.
Opportunity came a'knockin' and I now find myself a international businessman selling South American wines in China and Singapore.
Recent weeks have been particularly hectic with a few deals looming in the horizon this summer.
I promise to get back to the usual flow this weekend.
Thank You -- Gracias -- 谢谢
Showing posts with label BRIC. Show all posts
Showing posts with label BRIC. Show all posts
Thursday, June 18, 2009
Wednesday, June 10, 2009
Russia to host summit of BRIC countries
[South-South Cooperation]Russia will host the first summit of leaders from the BRIC countries of Brazil, Russia, India and China - the largest four emerging economies of the developing world.
The meeting represents a important milestone for the BRIC countries which have been at the forefront of global growth and foreign direct investment in emerging market in recent years.
As developed nations work to repair the crumbling global financial system, the BRIC countries will be financing their deficits, this is especially the case for the United States. Naturally, the BRIC countries are demanding a bigger role in the process of rebuilding the global financial system.
''This trip will expand mutual trust, work toward solutions on how to tackle the financial crisis, and solidify economic ties among the BRIC nations,'' Li said, using the common term that is an acronym of the first letters of the four countries' names.
"Goooooooo Team!" -- BRIC LeadersOther highlights in the realm of South-South Cooperation which will come to pass in Russia next week during this little get together of the BRIC countries include:
- The 60th Anniversary of China-Russia Cooperation
- China and Russia will sign a variety of economic, trade and cultural cooperation deals during the visit
- The Shanghai Cooperation Organization, a China and Russia led organization of Central Asian States. The group includes the nations of Kazakhstan, Tajikistan, Kyrgyzstan and Uzbekistan.
Western observers, as reported by AP in this article, assert the group has served as a vehicle for Moscow and Beijing to limit Western influence in energy-rich Central Asia.
Personally, I don't think Kazakhstan and Uzbekistan or any of those other countries mentioned above in Central Asia where at the top of the U.S. "to-do" list to woo until the war in Afghanistan. The comment no less holds true considering that times have changed.
- Leaders from Afghanistan, Mongolia, Pakistan and India have been invited and will attend the Shanghai Cooperation Organization as "observers"
That pretty much sums it up. Check back next week for more updates on this topic as the meet and greets begin in Russia. ChinaSouthAmerica will be keeping up to date and bring you all the drama as it unfolds.
Thursday, May 21, 2009
Brazil, India - Bilateral trade to reach $10 bil by 2010
[South-South Cooperation] -- Brazil, India -- ChennaiVision
Mumbai, The bilateral trade between India and Brazil is targeted to reach USD 10 billion by 2010 in view of the new dynamics of South-South cooperation, accelerated by recession hitting the West, CII International Trade Panel Chairperson Harshbeena Zaveri said today.
”The bilateral trade between the two countries has grown from a mere 500 million US dollars in 2000 to 3.12 billion US dollars in 2007 and is targeted to reach USD 10 billion by 2010”, Ms Zaveri, who is also president of NRB Bearings Pvt Ltd said during a conference with the Brazilian industry delegation, that is visiting the to give an impetus to trade and investment.
Click here to access the complete article from ChennaiVision
Mumbai, The bilateral trade between India and Brazil is targeted to reach USD 10 billion by 2010 in view of the new dynamics of South-South cooperation, accelerated by recession hitting the West, CII International Trade Panel Chairperson Harshbeena Zaveri said today.
”The bilateral trade between the two countries has grown from a mere 500 million US dollars in 2000 to 3.12 billion US dollars in 2007 and is targeted to reach USD 10 billion by 2010”, Ms Zaveri, who is also president of NRB Bearings Pvt Ltd said during a conference with the Brazilian industry delegation, that is visiting the to give an impetus to trade and investment.
Click here to access the complete article from ChennaiVision
Tuesday, May 19, 2009
China and Brazil seal $10 billion deal
[South-South Cooperation] -- China, Brazil
Lula da Silva & Hu Jintao
Chinese President Hu Jintao and his Brazilian counterpart, Lula da Silva, finished writing the latest chapter in Sino-Brazilian Cooperation earlier today in Beijing.
ChinaSouthAmerica has been following this story for a few months now, and I must say, it is nice to see a classic example of South-South Cooperation / Emerging Market Cooperation (whatever you want to call it) develop and eventually get finalized.
Here are a few excerpts from a WSJ article that a great job of summing up the details.
State-owned Brazilian oil giant Petroleo Brasileiro SA said it finalized a $10 billion loan agreement from China in return for a long-term supply of oil, another victory for China's new strategy of using its cash-rich banks to help secure the natural resources the country needs to keep its economy growing.
...
Petroleo Brasileiro, known as Petrobras, said under the terms of the 10-year loan from China Development Bank, which has been at the center of China's resources policy, Brazil would supply China Petrochemical Corp., known as Sinopec, 150,000 barrels of oil a day for the first year, rising to 200,000 barrels a day for another nine years.
...
Mr. Gabrielli said the loan's interest rate was under 6.5%, and the loan used oil revenue as collateral but would be repaid in cash -- not oil. Although the deal didn't include guarantees to buy Chinese products or services, other deals will work on exploring closer cooperation, such as moving Chinese equipment factories to Brazil.
...
China's mission to secure commodities does not stop with Brazil--as you are well aware if your a frequent reader at this site.
Beijing has struck similar agreements with energy producers world-wide in recent months, including a $10 billion deal with Kazakhstan and a $25 billion deal with Russian oil and pipeline companies.
...
Stay tuned for further developments and ChinaSouthAmerica's analysis this deal and growth of Sino-Brazilian Cooperation.
Lula da Silva & Hu JintaoChinese President Hu Jintao and his Brazilian counterpart, Lula da Silva, finished writing the latest chapter in Sino-Brazilian Cooperation earlier today in Beijing.
ChinaSouthAmerica has been following this story for a few months now, and I must say, it is nice to see a classic example of South-South Cooperation / Emerging Market Cooperation (whatever you want to call it) develop and eventually get finalized.
Here are a few excerpts from a WSJ article that a great job of summing up the details.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
State-owned Brazilian oil giant Petroleo Brasileiro SA said it finalized a $10 billion loan agreement from China in return for a long-term supply of oil, another victory for China's new strategy of using its cash-rich banks to help secure the natural resources the country needs to keep its economy growing.
...
Petroleo Brasileiro, known as Petrobras, said under the terms of the 10-year loan from China Development Bank, which has been at the center of China's resources policy, Brazil would supply China Petrochemical Corp., known as Sinopec, 150,000 barrels of oil a day for the first year, rising to 200,000 barrels a day for another nine years.
...
Mr. Gabrielli said the loan's interest rate was under 6.5%, and the loan used oil revenue as collateral but would be repaid in cash -- not oil. Although the deal didn't include guarantees to buy Chinese products or services, other deals will work on exploring closer cooperation, such as moving Chinese equipment factories to Brazil.
...
China's mission to secure commodities does not stop with Brazil--as you are well aware if your a frequent reader at this site.
Beijing has struck similar agreements with energy producers world-wide in recent months, including a $10 billion deal with Kazakhstan and a $25 billion deal with Russian oil and pipeline companies.
...
Stay tuned for further developments and ChinaSouthAmerica's analysis this deal and growth of Sino-Brazilian Cooperation.
Monday, May 18, 2009
Brazil's president arrives in Beijing
[South-South Cooperation] -- China, Brazil -- Al Jazeera
Brazil's president has arrived in China for three days of talks expected to focus on broadening ties between two of the world's largest developing economies and moves to decrease their dependency on the US dollar.
The visit by Luiz Inacio Lula Da Silva is his second in 12 months, highlighting the importance of China which recently overtook the US as Brazil's most important trading partner.
On Tuesday Lula will hold talks with his Chinese counterpart, Hu Jintao, as well as host a bilateral business forum and visit an aircraft factory.
Speaking ahead of the visit he said he was looking to the trip to promote "a new economic order", while an official from the country's foreign ministry said a theme of the talks would be a "reorganisation of the international scene".
...
Al Jazeera's Tony Cheng reporting from Beijing says the main point of discussion during Lula's visit will be on Brazilian energy resources which Beijing, with reserve funds to spare, was keen to exploit.
...
Brazil's two-way trade with China, one of the few economies still growing strongly despite the global crisis, reached $3.2bn in April, surpassing the $2.8bn trade total with the US.
So far this year, government data showed that Brazilian exports to China grew 65 per cent over the same period in 2008, rising from $3.4bn to $5.6bn.
Click here to access the complete article from Al Jazeera
Brazil's president has arrived in China for three days of talks expected to focus on broadening ties between two of the world's largest developing economies and moves to decrease their dependency on the US dollar.
The visit by Luiz Inacio Lula Da Silva is his second in 12 months, highlighting the importance of China which recently overtook the US as Brazil's most important trading partner.
On Tuesday Lula will hold talks with his Chinese counterpart, Hu Jintao, as well as host a bilateral business forum and visit an aircraft factory.
Speaking ahead of the visit he said he was looking to the trip to promote "a new economic order", while an official from the country's foreign ministry said a theme of the talks would be a "reorganisation of the international scene".
...
Al Jazeera's Tony Cheng reporting from Beijing says the main point of discussion during Lula's visit will be on Brazilian energy resources which Beijing, with reserve funds to spare, was keen to exploit.
...
Brazil's two-way trade with China, one of the few economies still growing strongly despite the global crisis, reached $3.2bn in April, surpassing the $2.8bn trade total with the US.
So far this year, government data showed that Brazilian exports to China grew 65 per cent over the same period in 2008, rising from $3.4bn to $5.6bn.
Click here to access the complete article from Al Jazeera
Monday, May 4, 2009
Newswire -- Testing out mobile posting (Go blackberry)
"Argentina’s 2008/09 crop exports forecasted to drop 56%"
Argentina’s cereals and oil seeds exports are forecasted to drop to 13.8 billion US dollars in this 2008/09 crop which means 56% less compared to the 31.9 billion of the 2007/08 crop according to a paper from the Argentine Agrarian Federation, FAA.
Mercopress
"China and India post manufacturing gains"
Surveys of industry executives registered positive results for the first time in months in April, offering evidence the global economy may be through the worst of its sharpest slump in six decades.
FT - Asia Pacific
"China becomes main destination of Brazilian exports ahead of US"
China has become the main purchaser of Brazilian exports during the first quarter of this year displacing United States which held the position undisputed for decades, according to reports in the Sao Paulo press based on the latest statistics.
MercoPress
"China denies anti-Mexican discrimination"
Foreign ministry insists confinement of scores of Mexican nationals over fears of the H1N1 flu are correct procedure, not bigotry.
FT - Americas
"Japan in $100bn aid offer to neighbours"
Japan offered $100bn yesterday in financial help to Asian states hit by the financial crisis in a move aimed at shoring up its regional economic leadership, despite...
FT - Asia Pacific
Argentina’s cereals and oil seeds exports are forecasted to drop to 13.8 billion US dollars in this 2008/09 crop which means 56% less compared to the 31.9 billion of the 2007/08 crop according to a paper from the Argentine Agrarian Federation, FAA.
Mercopress
"China and India post manufacturing gains"
Surveys of industry executives registered positive results for the first time in months in April, offering evidence the global economy may be through the worst of its sharpest slump in six decades.
FT - Asia Pacific
"China becomes main destination of Brazilian exports ahead of US"
China has become the main purchaser of Brazilian exports during the first quarter of this year displacing United States which held the position undisputed for decades, according to reports in the Sao Paulo press based on the latest statistics.
MercoPress
"China denies anti-Mexican discrimination"
Foreign ministry insists confinement of scores of Mexican nationals over fears of the H1N1 flu are correct procedure, not bigotry.
FT - Americas
"Japan in $100bn aid offer to neighbours"
Japan offered $100bn yesterday in financial help to Asian states hit by the financial crisis in a move aimed at shoring up its regional economic leadership, despite...
FT - Asia Pacific
Saturday, March 28, 2009
Positioning your energy in the global market - Russia to supply more oil to China
The two will find strength in working with one another.
Russian Deputy Prime Minister Alexander Zhukov told reporters in China that "Russia is fully capable of becoming the biggest energy supplier for China in the upcoming 15 years."
Zhukov made the remarks at the annual China-Russia Investment Forum and stressed the two nations should work together in many areas, but that energy cooperation was especially important and should be expanded.
The financial crisis has definitely affected the two nations. Russia being especially hard hit because of declining oil revenues and China because of plummeting demand for exports.
Nevertheless, the two BRIC countries have managed to a strengthen their level of economic and trade cooperation. Last month, China agreed to loan Russia $25 billion in exchange for 300 million tonnes of oil through pipelines to China from 2011 to 2030.
A new pipeline is already well into the planning stages from Russia's Skovorodino in its far-eastern Amur region to China's northeastern city of Daqing.
In 2008, China ranked as Russia's second largest trading partner behind the European Union. On the flip side, Russia came in as China's 9th largest trading partner, down 2 spots from 7th in 2007.
Volatile markets, record high commodity prices followed by record drops in prices mixed with separate agendas in both countries may have hindered the growth of bilateral cooperation in the past.
With two very different economies and complementary attributes, Sino-Russian Cooperation will continue to grow. Russia has the fuel and resources which China need to develop. China has the cheap manufactured goods Russian's are learning to love. More importantly, China also has the cash Russia needs to finance it's growth.
The two will find strength in working with one another.
Russian Deputy Prime Minister Alexander Zhukov told reporters in China that "Russia is fully capable of becoming the biggest energy supplier for China in the upcoming 15 years."
Zhukov made the remarks at the annual China-Russia Investment Forum and stressed the two nations should work together in many areas, but that energy cooperation was especially important and should be expanded.
The financial crisis has definitely affected the two nations. Russia being especially hard hit because of declining oil revenues and China because of plummeting demand for exports.
Nevertheless, the two BRIC countries have managed to a strengthen their level of economic and trade cooperation. Last month, China agreed to loan Russia $25 billion in exchange for 300 million tonnes of oil through pipelines to China from 2011 to 2030.
A new pipeline is already well into the planning stages from Russia's Skovorodino in its far-eastern Amur region to China's northeastern city of Daqing.
In 2008, China ranked as Russia's second largest trading partner behind the European Union. On the flip side, Russia came in as China's 9th largest trading partner, down 2 spots from 7th in 2007.
Volatile markets, record high commodity prices followed by record drops in prices mixed with separate agendas in both countries may have hindered the growth of bilateral cooperation in the past.
With two very different economies and complementary attributes, Sino-Russian Cooperation will continue to grow. Russia has the fuel and resources which China need to develop. China has the cheap manufactured goods Russian's are learning to love. More importantly, China also has the cash Russia needs to finance it's growth.
The two will find strength in working with one another.
Friday, January 30, 2009
Emerging Markets' Presence Grows at Davos Economic Forum -- Bloomberg
Jan. 29 (Bloomberg) -- Emerging markets are gaining attention at the
World Economic Forum in Davos, Switzerland, as developed nations flounder and seek a solution to the global financial crisis.
The financial meltdown has undermined western-style capitalism as an economic model, leading some to question whether emerging markets are willing to listen follow western advice for their economic development as they did in the 1990s. (Source: Bloomberg)
For more Bloombergcoverage from Davos see http://www.bloomberg.com
Wednesday, January 28, 2009
Does Brazil have a cash flow problem?
Brazil seems to be having some money troubles by the looks of the press. It's not good news for Latin America when its largest economy slows, especially when until just recently it seemed Brazil (the depreciation of the Real aside) was well relatively well poised to weather the storm.
Like its fellow BRIC country's, Brazil is far from immune to the global crisis. The country is still heavily dependent on commodity exports, which was the main engine of growth for both the Brazilian economy and stock market the past few years.
Despite reports that consumer spending is still holding up and that Brazil's big state conglomerates like Petrobras are increasing spending (see MercoPress article here), it simply won't be enough to keep the economy afloat forever—and it definitely will not be enough to maintain growth levels of 4-5%.
Poor Ronaldo seen here losing at the French World
Now... for the grim news. While just days earlier Petrobras reported it will be increasing spending, yesterday things did not go its way when it went shopping in international markets to raise money. The company was forced to put off plans to sell bonds because the cost of borrowing to finance the bonds in dollar denominated debt was simply too high (see Bloomberg article here)
Moving on. Brazil's government also had some bad news to bring to the table, announcing plans to freeze roughly 6% of its planned spending budget for 2009 because slow economic growth is eroding tax collection ( see bloomberg article here)
To round up the negative news is one last story concerning loan defaults in Brazil. Credit card spending may be surging, people may be packing the stores but they aren't paying their bills. Loan defaults surged last month to their highest since September 2002 (see Bloomberg article here).
Not good news people...
Like its fellow BRIC country's, Brazil is far from immune to the global crisis. The country is still heavily dependent on commodity exports, which was the main engine of growth for both the Brazilian economy and stock market the past few years.
Despite reports that consumer spending is still holding up and that Brazil's big state conglomerates like Petrobras are increasing spending (see MercoPress article here), it simply won't be enough to keep the economy afloat forever—and it definitely will not be enough to maintain growth levels of 4-5%.
Poor Ronaldo seen here losing at the French World Now... for the grim news. While just days earlier Petrobras reported it will be increasing spending, yesterday things did not go its way when it went shopping in international markets to raise money. The company was forced to put off plans to sell bonds because the cost of borrowing to finance the bonds in dollar denominated debt was simply too high (see Bloomberg article here)
Moving on. Brazil's government also had some bad news to bring to the table, announcing plans to freeze roughly 6% of its planned spending budget for 2009 because slow economic growth is eroding tax collection ( see bloomberg article here)
To round up the negative news is one last story concerning loan defaults in Brazil. Credit card spending may be surging, people may be packing the stores but they aren't paying their bills. Loan defaults surged last month to their highest since September 2002 (see Bloomberg article here).
Not good news people...
Monday, December 1, 2008
News Line:
Lima, Nov. 30 (ANDINA).- The China Development Bank (CDB) is interested in supporting infrastructure and agricultural projects in Peru as part of a cooperation agreement recently signed with Peruvian state-bank Banco de la Nación (BN).
"China Development Bank is very interested in infrastructure and agricultural projects that involve development of rural communities in Peru," BN general manager Julio del Castillo told Andina news agency...
Click here to access the full story from Andina.com
BRIC Shoppers Will “Rescue World” Says Goldman Sachs Economist – reports Bloomberg's William Mellor and Le-Min Lim
Dec. 1 (Bloomberg) -- The best hope to keep the global economy growing may be people like Wei Yufang. A peasant who farms a small plot beside the mud-brown Huaihe River in central China, Wei has a modest dream: to buy an air conditioner to give her family relief from the dusty heat that each summer envelops Xiaogang (Little Hill) village in Anhui province.
With economies from the U.S. to Japan in recession, Wei and the other 2.8 billion people in Brazil, Russia, India and China may provide the consumer demand needed to counter the slump.
Jim O’Neill, the Goldman Sachs Group Inc. economist who in 2001 coined the acronym BRIC from the initials of the four big emerging economies, says the faster growth investors have come to expect from these countries will survive this crisis. O’Neill, who is based in London, says the citizens of the BRIC nations are poised to spend more. “The BRIC consumer is going to rescue the world,” he says...
Click here to access the full story from Bloomberg LP
China, India Drop Inflation Controls as Economic Growth Slows – reports Bloomberg's Nipa Piboontanasawat and Thomas Abraham
Dec. 1 (Bloomberg) -- China and India lifted controls targeting prices of products from vegetable oil to natural rubber after inflation eased in the world’s fastest-growing major economies.
China today stopped requiring companies to seek approval for some food-price increases, the government said. India dropped a ban on futures trading in natural rubber, soybean oil, potatoes and chickpeas, the consumer affairs ministry said.
...
“For China, the main focus of the government is to boost economic growth and prevent deflation,” said Wang Qing, chief China economist at Morgan Stanley in Hong Kong.
In India, Prime Minister Manmohan Singh dropped a seven- month ban on futures trading in natural rubber, soybean oil, potatoes and chickpeas...
Click here to access the full story from Bloomberg LP
China's Manufacturing Contracts by Record on Exports – reports Bloomberg's Nipa Piboontanasawat
Dec. 1 (Bloomberg) -- China’s manufacturing shrank by the most on record and export orders plunged, adding to evidence that recessions in the U.S., Europe and Japan are dragging down the world’s fastest-growing major economy.
The Purchasing Managers’ Index fell to a seasonally adjusted 38.8 in November from 44.6 in October, the China Federation of Logistics and Purchasing said today in an e- mailed statement. A second PMI, released by CLSA Asia-Pacific Markets, also showed a record contraction...
Click here to access the full story from Bloomberg LP
Following visit Russian leader calls for bigger LATAM role
Russian president Dmitri Medvedev said he was very satisfied with his Latinamerican tour which took him to Peru, Brazil, Venezuela and Cuba because it enabled to re-establish strong links with the region.
...
“Latinamerica is a region developing fast, which has a concentration of significant intellectual and natural resources, and most important the peoples of the region want to cooperate with Russia”, added Medvedev
...
“We are prepared to increase political, economic and military cooperation with Latinamerican countries and their leaders, particularly in a world with so many security problems and challenges.” ...
Click here to access the full story from Mercopress
Monday, November 3, 2008
News Line: BRIC Countries, US-Peru ties to grow stronger says presidential hopeful Barack Obama (special thanks to Bloomberg LP for this post)
1) India and China step up protection from global crisis -- courtesy of Bloomberg LP
Nov. 3 (Bloomberg) -- India and China are accelerating efforts to prop up growth as a global slump threatens the world's fastest-expanding major economies.
The Reserve Bank of India on Nov. 1 lowered its benchmark interest rate for the second time in two weeks, and for the first time in 11 years reduced the amount of money lenders are required to keep in government bonds. China's central bank removed temporary controls over loans to maintain ``relatively fast'' growth, Xinhua News Agency reported Nov. 1, three days after cutting its key rate for the third time in two months.
...
Emerging Asian economies that account for one-fifth of world growth are being dragged down as their main markets in the U.S. and Europe contract, increasing the likelihood of a global recession. Policy makers in India and China are also boosting spending to prevent their economies from going under.
...
China's Premier Wen Jiabao says sustaining economic growth is the government's ``first priority.'' China has already raised export incentives, cut costs for home buyers and pledged infrastructure spending.
India and China need to move fast to implement their stimulus plans, with growth already slowing in Asia's second- and third-largest economies amid weaker foreign demand.
China's stocks fell to the lowest in almost two years, led by industrial companies, after a report showed China's manufacturing contracted amid the worst financial crisis since the Great Depression.
...
The CSI 300 The CSI 300 has slumped 69 percent this year, making it Asia's worst-performing benchmark index. Stocks have fallen amid concern demand for Chinese products will decline as the global credit crisis drags the world's largest economies into recession.
...
Net income at the 487 companies listed on the Shenzhen Stock Exchange's main board rose 3.4 percent in the first three quarters, a fraction of the 89 percent increase a year earlier, according to data in a statement released by the bourse today.
Economy Slows
China's economy grew at the slowest pace in five years in the three months through September as export orders shrank and industrial production waned. The expansion cooled for a fifth straight quarter, to a 9 percent gain from a year earlier.
Nov. 3 (Bloomberg) -- Indian Central bank governor Duvvuri Subbarao has abandoned the "inflation vigil'' he outlined just 10 days ago in his inaugural monetary policy statement.
For the first time since 1997, the Reserve Bank of India on Nov. 1 deployed all three of its main tools to shore up growth after inter-bank lending rates climbed to 21 percent. Economists at Yes Bank Ltd. and Standard Chartered Bank predict more interest-rate cuts following the weekend reduction.
``India's central bank has no other option but to focus on economic expansion," said Shubhada M. Rao, chief economist at Yes Bank Ltd. in Mumbai. ``Global cues have turned against growth and it was surprising to see the hawkish tones on inflation'' last month.
Subbarao, less than two months into the job, has grappled with monetary policy at a time when inflation is double the central bank's target and a global downturn threatens to hit the economy. The central bank's renewed focus on growth aligns with Prime Minister Manmohan Singh's push to buoy the economy ahead of elections due by May.
The decision to cut rates on Nov. 1 was a U-turn from the stance Subbarao spelled out in his first statement. At that time, he said price pressures could come from lower farm production, volatile oil prices and a weaker rupee.
After a festive meeting with thousands of jubilant supporters dancing in the streets, Obama affirmed to RPP reporters that the relationship between the United States and Peru would grow closer and stronger.
RPP correspondents explained Obama made these statements as he was leaving his rally, which was compared by Peru reporters to the presentation of a famous show-business star.
Nov. 3 (Bloomberg) -- India and China are accelerating efforts to prop up growth as a global slump threatens the world's fastest-expanding major economies.
The Reserve Bank of India on Nov. 1 lowered its benchmark interest rate for the second time in two weeks, and for the first time in 11 years reduced the amount of money lenders are required to keep in government bonds. China's central bank removed temporary controls over loans to maintain ``relatively fast'' growth, Xinhua News Agency reported Nov. 1, three days after cutting its key rate for the third time in two months.
...
Emerging Asian economies that account for one-fifth of world growth are being dragged down as their main markets in the U.S. and Europe contract, increasing the likelihood of a global recession. Policy makers in India and China are also boosting spending to prevent their economies from going under.
...
China's Premier Wen Jiabao says sustaining economic growth is the government's ``first priority.'' China has already raised export incentives, cut costs for home buyers and pledged infrastructure spending.
India and China need to move fast to implement their stimulus plans, with growth already slowing in Asia's second- and third-largest economies amid weaker foreign demand.
2) China's stocks drop to a two-year low -- courtesy of Bloomberg LP
China's stocks fell to the lowest in almost two years, led by industrial companies, after a report showed China's manufacturing contracted amid the worst financial crisis since the Great Depression.
...
The CSI 300 The CSI 300 has slumped 69 percent this year, making it Asia's worst-performing benchmark index. Stocks have fallen amid concern demand for Chinese products will decline as the global credit crisis drags the world's largest economies into recession.
...
Net income at the 487 companies listed on the Shenzhen Stock Exchange's main board rose 3.4 percent in the first three quarters, a fraction of the 89 percent increase a year earlier, according to data in a statement released by the bourse today.
Economy Slows
China's economy grew at the slowest pace in five years in the three months through September as export orders shrank and industrial production waned. The expansion cooled for a fifth straight quarter, to a 9 percent gain from a year earlier.
Nov. 3 (Bloomberg) -- Indian Central bank governor Duvvuri Subbarao has abandoned the "inflation vigil'' he outlined just 10 days ago in his inaugural monetary policy statement.
For the first time since 1997, the Reserve Bank of India on Nov. 1 deployed all three of its main tools to shore up growth after inter-bank lending rates climbed to 21 percent. Economists at Yes Bank Ltd. and Standard Chartered Bank predict more interest-rate cuts following the weekend reduction.
``India's central bank has no other option but to focus on economic expansion," said Shubhada M. Rao, chief economist at Yes Bank Ltd. in Mumbai. ``Global cues have turned against growth and it was surprising to see the hawkish tones on inflation'' last month.
Subbarao, less than two months into the job, has grappled with monetary policy at a time when inflation is double the central bank's target and a global downturn threatens to hit the economy. The central bank's renewed focus on growth aligns with Prime Minister Manmohan Singh's push to buoy the economy ahead of elections due by May.
The decision to cut rates on Nov. 1 was a U-turn from the stance Subbarao spelled out in his first statement. At that time, he said price pressures could come from lower farm production, volatile oil prices and a weaker rupee.
...
Nov. 3 (Bloomberg) -- Forget last week's record 20 percent gain in emerging-market stocks. Hard times are ahead for equities in Brazil, Russia, India and China, some of the world's biggest money managers say.
Even with developing-nation shares trading at their cheapest levels in a decade, financial crises in Hungary and Pakistan that required international rescue packages and concern that economies from Turkey to Argentina are also teetering prompted investors to pull out of emerging-market funds at a record pace.
RBC Capital Markets cut its estimates on Oct. 23 for 2009 economic growth in Brazil to 2.5 percent from 4 percent and Russia to 4 percent from 6 percent. That may undermine analysts' forecasts for a 14.5 percent increase in earnings at a time when the global credit crunch seized up lending from Sao Paulo to Seoul and a slump in 24 of 25 developing-nation currencies last month inflated the costs of repaying dollar-denominated debt.
RPP Noticias, a local news agency in Peru had the chance to speak with Barack Obama after his final campaign stop in Colorado on Saturday November 1.4) BRIC see no relief even as rally lures stock bulls -- courtesy of Bloomberg LP
Nov. 3 (Bloomberg) -- Forget last week's record 20 percent gain in emerging-market stocks. Hard times are ahead for equities in Brazil, Russia, India and China, some of the world's biggest money managers say.
Even with developing-nation shares trading at their cheapest levels in a decade, financial crises in Hungary and Pakistan that required international rescue packages and concern that economies from Turkey to Argentina are also teetering prompted investors to pull out of emerging-market funds at a record pace.
RBC Capital Markets cut its estimates on Oct. 23 for 2009 economic growth in Brazil to 2.5 percent from 4 percent and Russia to 4 percent from 6 percent. That may undermine analysts' forecasts for a 14.5 percent increase in earnings at a time when the global credit crunch seized up lending from Sao Paulo to Seoul and a slump in 24 of 25 developing-nation currencies last month inflated the costs of repaying dollar-denominated debt.
...
Nov. 3 (Bloomberg) -- Brazil's central bank may provide signals on the outlook for interest rates after halting six months of increases to weigh an economic slowdown against inflationary pressure from a weakening currency.
Economists will be closely reading the minutes from the bank's Oct. 28-29 meeting, to be published Nov. 6, to gauge whether its unanimous decision to pause rate increases herald a change in policy.
5) Brazil central bank to signal interest rate outlook: week ahead -- courtesy of Bloomberg LP
Nov. 3 (Bloomberg) -- Brazil's central bank may provide signals on the outlook for interest rates after halting six months of increases to weigh an economic slowdown against inflationary pressure from a weakening currency.
Economists will be closely reading the minutes from the bank's Oct. 28-29 meeting, to be published Nov. 6, to gauge whether its unanimous decision to pause rate increases herald a change in policy.
...
6) After Colorado rally Obama says U.S. - Peru ties to grow stronger -- courtesy of Living in Peru
After a festive meeting with thousands of jubilant supporters dancing in the streets, Obama affirmed to RPP reporters that the relationship between the United States and Peru would grow closer and stronger.
RPP correspondents explained Obama made these statements as he was leaving his rally, which was compared by Peru reporters to the presentation of a famous show-business star.
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Thursday, July 10, 2008
Leaders of the BRIC Countries show signs of solidarity at the G-8 meeting in Hokkaido, Japan
China's foreign media is reporting Hu Jintao's participation in the G-8 summit this week as a milestone, calling it a "major diplomatic move which produces important achievements in many aspects for China."
Click here to access the full story from Xinhua-- China's State Media
Through the G8 outreach session in recent years, communications between the world's developed and developing countries have been conducted on key issues to coordinate stance and seek solutions to key issues, a move deemed conducive to the South-North cooperation and the settlement of global problems reports Xinhua.
It is interesting how China's state media describes Hu Jintao's presence at the G-8. Western press has been very critical as to why China, India and other emerging markets are not included in the some of the more important meetings which only the actual G-8 member countries can attend.
It is clear developing countries have gained some influence in the international arena. The global food crises, energy crises, climate change and other important issues can no longer be left to debate soely amongst the world's industrialized and wealthiest nations.
Described both in this upate and in my post yesterday, developing countries are increasingly forming their own strong connections with one another. The leaders of the BRIC countries; Brazil, Russia, India and China can be seen below expressing their solidarity at the end of the G-8 summit. These four emerging market giants want to make it clear that on certain issues they stand united and that when united their voice should not and can not be ignored.
After all, accounting for only the populations of the BRIC countries, these four nations represent roughly 2.7 billion people...
Chinese President Hu Jintao (2nd R), Russian President Dmitry Medvedev (2nd L), Indian Prime Minister Manmohan Singh (1st L) and Brazilian President Luiz Inacio Lula da Silva (1st R) pose for a photo as they meet at Toyako in Hokkaido, north Japan, on July 9, 2008. (Xinhua Photo)
Click here to access the full story from Xinhua-- China's State Media
Through the G8 outreach session in recent years, communications between the world's developed and developing countries have been conducted on key issues to coordinate stance and seek solutions to key issues, a move deemed conducive to the South-North cooperation and the settlement of global problems reports Xinhua.
It is interesting how China's state media describes Hu Jintao's presence at the G-8. Western press has been very critical as to why China, India and other emerging markets are not included in the some of the more important meetings which only the actual G-8 member countries can attend.
It is clear developing countries have gained some influence in the international arena. The global food crises, energy crises, climate change and other important issues can no longer be left to debate soely amongst the world's industrialized and wealthiest nations.
Described both in this upate and in my post yesterday, developing countries are increasingly forming their own strong connections with one another. The leaders of the BRIC countries; Brazil, Russia, India and China can be seen below expressing their solidarity at the end of the G-8 summit. These four emerging market giants want to make it clear that on certain issues they stand united and that when united their voice should not and can not be ignored.
After all, accounting for only the populations of the BRIC countries, these four nations represent roughly 2.7 billion people...
Chinese President Hu Jintao (2nd R), Russian President Dmitry Medvedev (2nd L), Indian Prime Minister Manmohan Singh (1st L) and Brazilian President Luiz Inacio Lula da Silva (1st R) pose for a photo as they meet at Toyako in Hokkaido, north Japan, on July 9, 2008. (Xinhua Photo)
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