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KUWAIT: Government proposes large annual sovereign wealth withdrawals to part-finance deficits
GULF COUNTRIES · In Brief · 22 Feb 2021 · 1 response

The government has proposed an amendment to the 1976 law on the Future Generations Fund (FGF) that would permit the withdrawal of up to KD5bn ($16.5bn) annually to finance deficits (Qabas-Arabic). During the last year, the government has been in a bind because it is not able to withdraw from the ...

Labor productivity surges in 2020
ISRAEL · Report · 22 Feb 2021

GDP numbers surprised on the upside in 2020, and labor productivity surged by 6.8%. Despite recent weak economic indicators, rapid vaccination and the opening of the economy will support strong household demand. Inflation surprised on the upside as prices of housing (rental) and durable goods mov...

Accelerating the Covid vaccinations has become critically urgent
HUNGARY · Report · 22 Feb 2021

The development of the Covid new infections curve has changed for the worse lately. Following the spectacular reversal of a second wave, the situation stopped improving in late January and the daily number of new infections has been increasing again ever since. The authorities have announced the ...

Nornickel will pay USD 2 billion fine and not appeal
RUSSIA / FSU POLITICS · In Brief · 22 Feb 2021

On February 18 the mining giant announced that it accepted the fine imposed for a diesel spill in 2020. The company will not contest the fine in court.The owner of the company is Vladimir Potanin. On February 15 Forbes estimated his wealth at USD 30 billion making him the richest Russian.

GDP surprises on the upside, labor productivity surges in 2020
ISRAEL · In Brief · 21 Feb 2021

GDP contracted by 2.4% in 2020 GDP per capita contracted by 4.1%, relatively modest in light of extended periods of closures. Israel enjoyed two drivers: Hi-tech service exports (software, etc.) expanded by 18% in 2020, and a strong net negative tourist account. Lack of flights abroad supported d...

Words vs. deeds
TURKEY · Report · 21 Feb 2021 · 1 response

At home, President Erdogan ordered gradual and locale-by-locale re-opening of the Turkish economy in March, which is an extremely risky gamble in the face of 7.5K new cases per day and still not enough vaccines at hand. He is counting on 105 million doses of some type of vaccine to become availab...

Moscow constructed more skyscraper housing than ever in 2020
RUSSIA / FSU POLITICS · In Brief · 21 Feb 2021

On February 16 a report by Capital Group showed that construction boomed in Moscow in 2020. Construction was allowed for all but the first few weeks of lockdown.860 000 square meters of housing was builty in skyscrapers. That is 17 200 ordinary apartments. A residential skyscraper is defined as 3...

CORRECTION: Telegram trying to raise capital
RUSSIA / FSU POLITICS · In Brief · 20 Feb 2021

The messaging app seeks to raise USD 1 billion through the issuance of 5-year bonds to a restricted number of investors. Kommersant newspaper reported on February 18 that Telegram set the minimum investment value USD 50 million. The company might cut it to USD 10 million if needs be. The aim is t...

Ukraine short of energy
RUSSIA / FSU POLITICS · In Brief · 20 Feb 2021

Ukraine is struggling to produce sufficiently electricity. Coal stocks are very low. Nuclear power plants cannot work at full capacity owing to long overdue repairs.A severe winter resulted in power usage 6.5% higher than usual in February 2021. DTEK (an energy company) blamed market manipulation...

Georgian PM replaced and protests erupt
RUSSIA / FSU POLITICS · In Brief · 19 Feb 2021

On February 18 Prime Minister Georgi Gakharia resigned. The president appointed Irakli Garibashvili. However, this has yet to be ratified by Parliament.On February 19 irate oppositionist crowds gathered in front of Parliament: 20 arrests followed. Protestors said the 2020 election was fixed.The l...

Downbeat near term, but vaccine rollout offers upside
PERU · Report · 19 Feb 2021

Less than two months before Election Day on April 11th, calling the results remains challenging. Although 16 political parties successfully registered their candidates on time for the presidential and congressional elections, the Jurado Nacional de Elecciones (JNE, the National Election Tribunal)...

​GULF WEEKLY: US open to EU-Iran mediation, Sharjah nears junk status, Kuwait suspends parliament
GULF COUNTRIES · Report · 19 Feb 2021

A skimmable summary overlaid with our analysis and links. Headlines include: * The US welcomed an EU proposal to mediate with Iran. This comes days before Iran is planning to limit nuclear inspections and after an attack on a US base in Iraq by an Iran-linked militia. * Oil hit $65 and could ...

European Court of Human Rights demands Navalny's release
RUSSIA / FSU POLITICS · In Brief · 19 Feb 2021

On February 18 the ECHR said that Alexey Navalny should be set free because he is in peril in custody. Russia has refused to comply with the court order. The Russian Constitution states that domestic law trumps international law. Russia is a member of the Council of Europe, a signatory of the Eur...

Russia acclaims Myanmar coup
RUSSIA / FSU POLITICS · In Brief · 19 Feb 2021

On February 17 Moscow voiced its approval of the new military regime in Myanmar (Burma). China by contrast has registered its anxiety about the situation. There is unrest in Myanmar since Aung San Suu Kyi was deposed. Defense Minister Shoigu visited Myanmar days before the coup d'etat. He was rum...

​Economic activity continues to rebound in January
RUSSIA ECONOMICS · In Brief · 18 Feb 2021

Rosstat reported that retail sales were down by a mere 0.1% in January, while in 4Q20 and 2020 as a whole they were down by 2.8% and 4.1% y-o-y. Food retail sales were down in January by 1.0% y-o-y (by 3.9% and 2.6% in 4Q20 and 2020 as a whole). Non-food retail was up by 0.9% in January y-o-y (an...

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