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Politics: Sharp debate erupts on the character of free school textbooks, reflecting the political divide
MEXICO · Report · 14 Aug 2023

A major controversy has erupted in Mexico concerning the free textbooks for primary and high school students. The debate is taking place on several levels. On the legal front, there are questions as to whether educators, parents, teachers, were consulted, as mandated by the General Law on Educati...

Airlines in Russia face technical trouble due to sanctions
RUSSIA / FSU POLITICS · In Brief · 14 Aug 2023

On August 14 Red Wings Airlines had to delay a flight from Turkey to Russia for a second day due to a breakdown. The airline said that it has three Boeing 777 planes, and two of them are unflyable at the same time. Turkey is the only NATO country that has placed no restrictions on flights to and ...

Ministerial reform focuses on the House and other weekly topics
BRAZIL POLITICS · Report · 14 Aug 2023

President Lula may announce changes to his ministerial team. In the Senate, Eduardo Braga should present his work schedule for Tax Reform. The House may vote on the new fiscal framework and the urgent status of the payroll tax exemption bill. This week's Talking Points:  * Differences ...

Despite Deceleration, GDP Will Grow by 2.3% in 2023
BRAZIL ECONOMICS · Report · 14 Aug 2023

After expanding by 1.9% in the first quarter, spurred by the 1.5 percentage point contribution of agriculture, GDP began decelerating in the second quarter. However, the result is better than expected, and reflects not only a still robust labor market, with growth of the occupied population in th...

Inflation Untamed
VENEZUELA · Report · 14 Aug 2023

Inflation is not abating. We have revised up our inflation forecasts for the remainder of 2023, and for 2024 also. The Central Bank of Venezuela (BCV) is not managing to contain the upward pressure on the exchange rate. Public spending has been growing strongly, increasing the fiscal incidence...

President Lula should make changes to his ministerial team this week, the new fiscal framework should be put to a vote, and the CDE may vote on Deputy Ortiz’s report on the payroll tax exemption bill
BRAZIL POLITICS · Report · 14 Aug 2023

President Lula may meet this week with the president of the House, Arthur Lira, to discuss ministerial reform. The PP and Republicanos expect a decision in the coming days. This week, the House may vote on the new fiscal framework. Today, the rapporteur, Deputy Cláudio Cajado (PP-BA), will meet w...

Country Garden: further stress in China’s property market
CHINA ADVISORY · Report · 14 Aug 2023

Country Garden, China’s second-largest property developer, has exhibited several signs of stress. It failed to inject additional funds into its developments and did not make payments on two bonds. Country Garden's June contracted sales at 17 billion yuan, according to CRIC's preliminary estimates...

Shekel depreciation increases the likelihood of further tightening
ISRAEL · Report · 14 Aug 2023

1. Pressure for shekel depreciation continues, increasing the likelihood of further monetary tightening. 2. We expect July’s CPI to reach 0.5% m/m on seasonal factors; Q223 GDP is expected to reflect growth of 2.8% saar. 3. The elevated risk premium for Israel has been translated into a we...

Kyrgyzstan: New military doctrine in a shifting Central Asia
RUSSIA / FSU POLITICS · Report · 14 Aug 2023

Given the shifting geopolitical environment in the world, Kyrgyzstan is drafting a new defense policy for the country. Clashes with Tajikistan in 2021 left the country feeling exposed. And long gone are the days of leasing the Manas airbase to the US – with the latter having beaten a much-critici...

Economic growth in 2Q23 slightly exceeded expectations
RUSSIA ECONOMICS · In Brief · 14 Aug 2023

Rosstat reported that the country's GDP grew by 4.9% y-o-y in 2Q13. It was a flash estimate with no details. In a few weeks Rosstat will provide more color on 2Q23 economic growth, including nominal GDP numbers, including its sectoral structure, etc. Moreover, it may even update the aforementione...

Shekel depreciation increases the likelihood of further tightening
ISRAEL · In Brief · 13 Aug 2023

Shekel weakening continues Last week, the shekel declined by 0.9% against the basket and 4% YTD. The BoI views the shekel as critical for inflation, and sees the FX passthrough at 10%-20% having increased in recent months. In June, Israeli institutions were net purchasers of 0.8bn USD and 5.2bn i...

Russian Defense Minister inspects nuclear weapons
RUSSIA / FSU POLITICS · In Brief · 13 Aug 2023

On August 12 Shoigu went to the Russian Arctic. The Defense Ministry was eager that the media should report that he was looking at a nuclear arms test site. Sometimes Russia likes to remind the world of its nuclear deterrent. Russia has been expanding its bases in the Arctic for several years. Th...

UK announces new business-busting sanctions on Russia
RUSSIA / FSU POLITICS · In Brief · 12 Aug 2023

On August 9 London said this was the largest ever action it had taken to prevent Russia from obtaining military supplies. Businesses and individuals in Switzerland, Slovakia, Turkey and the UAE have been sanctioned. A Slovak has been sanctioned for allegedly attempting to broker an arms deal betw...

Russian moon mission
RUSSIA / FSU POLITICS · In Brief · 12 Aug 2023

On August 11 Russia launched its first lunar mission since 1976. Russia's space sector has been sputtering for several years. Because of the war Roscosmos will not receive Western cooperation. The European Space Agency ended collaboration in 2022. The mission underscores Putin's claim that there ...

What to look for in Sunday’s primary elections?
ARGENTINA · In Brief · 11 Aug 2023

Contrary to previous primaries ahead of presidential elections, which, more often than not, were mere national polls with hardly any impact on who would be the main candidate, this time around, the primaries will have a more significant role in deciding Argentina’s electoral offer and with it, th...

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