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Russia ends nuclear cooperation with Norway
RUSSIA / FSU POLITICS · In Brief · 03 Jun 2022

On June 2 the Russian nuclear agency (Rosatom) said it will no longer work with Norway. Norway and Russia have been cooperating since 1993. Norway paid EUR 2 billion to Russia to help Norway secure nuclear dumps and upgrade safety at icebreaker factories and power plants. Norway ended financing f...

Russian political/pandemic update: coronavirus retreats, politicians advance
RUSSIA ECONOMICS · Report · 02 Jun 2022

A hundred days ago, on February 24, Russian troops entered Ukraine, and this day became a historical milestone that marked the beginning of a rapid rupture of economic, political, and cultural ties between Russia and the West. Since then, the EU has announced six packages of sanctions against Rus...

Russia: a brief market watch
RUSSIA ECONOMICS · In Brief · 02 Jun 2022

As the oil prices remain high (be it Brent or Urals which differ from each other by around $35/bbl) while Russia’s imports have seemingly collapsed on the back of western restrictive sanctions and shrinking domestic demand, the ruble strengthened and fluctuated around R/$60, which is a too strong...

Russia mulls new court
RUSSIA / FSU POLITICS · In Brief · 02 Jun 2022

On June 1 the head of the Association of Russian Lawyers said that Russia is coming up with an alternative to the European Court of Human Rights (ECHR). ECHR was set up by the Council of Europe in 1950. Russia was expelled from the Council of Europe due to the invasion of Ukraine. Russia wants to...

Sterilisation rate hike as promised, and an unexpected new conflict with the EU
HUNGARY · In Brief · 02 Jun 2022

Today's 30 bps sterilization rate hike, to 6.75%, was announced by the MNB already two days ago, and it was of the same size as the monthly increase following the previous rate-setting meeting one month earlier. So the immediate market impact was understandably small: the forint has strengthened ...

The PSDB postpones its decision on Senator Tebet’s candidacy, oil workers threaten to strike if the government sends a bill to privatize Petrobras, and Minister Mendonça holds a conciliation hearing on collection of the single-phase ICMS tax
BRAZIL POLITICS · Report · 02 Jun 2022

The PSDB should decide next Thursday, June 9, whether it will support Senator Simone Tebet’s presidential candidacy. Regional alliances are holding back these negotiations. And, once again, the party is considering launching its own candidacy. Today, oil workers are mobilizing across the country ...

Pandemic statistics update - June 2, 2022
CHINA ADVISORY · Report · 02 Jun 2022

China film box office revenue remains substantially below year-ago levels, although the variability over the past several weeks shows the confused situation of the Covid control measures. Traffic data for Shanghai and Beijing is inconsistent.

Economy contracts in April m-o-m, albeit unevenly by sectors and not as much as was expected earlier
RUSSIA ECONOMICS · In Brief · 01 Jun 2022

Rosstat reported that Russian industrial output contracted in April by 1.6% y-o-y, while it was still up by 3.9% y-o-y in 4M22. The mining sector was down in April by 1.6% y-o-y as well, and it was up by 5.9% in 4M22. The same figures for manufacturing are minus 2.1% for April and plus 3.2% for 4...

President Jair Bolsonaro only intends to participate in the run-off debates, the fuel price issue remains a priority for Bolsonaro, and Lira created a special committee to discuss the bill to modernize the energy sector
BRAZIL POLITICS · Report · 01 Jun 2022

President Bolsonaro said yesterday that he shouldn't participate in the first-round debates because all the other candidates will target him and he won't have time to respond. There are currently at least nine debates scheduled in the first round. He also stated that Petrobras cannot continue usi...

Bank lending to households shrinks in April
RUSSIA ECONOMICS · In Brief · 01 Jun 2022

The CBR reported that total outstanding household debt to banks decreased in April to R26.8 trln (including an insignificant part of credits in FX) from over R27.0 trln as of April 1, 2022 (i.e., by 0.9% m-o-m). It implied that banks granted fewer new credits than households repaid in April. In M...

​Increase of 100 basis points in the monetary policy rate
DOMINICAN REPUBLIC · In Brief · 01 Jun 2022

The Central Bank decided yesterday to increase the monetary policy rate from 5.5% to 6.5% per year. Since November 2021, the rate has increased 350 bp, as part of the Central Bank's policy decisions to counter rising inflation. The rate of the permanent facility for liquidity expansion (1-day Rep...

Colombia slide presentation: Political pendulum and economic consequences
COLOMBIA · Report · 01 Jun 2022 · 1 response

Access the pdf fil​e of the presentation​ from the GlobalSource Partners' webinar "Colombia: Political pendulum and economic consequences​". ​Following the first round of Colombia's round of presidential elections, which has sent Gustavo Petro and Rodolfo Hernández to the run-off, Juan Carlos Ech...

​Opposition Front: 2nd declaration for democracy leaves a lot to be desired
TURKEY · In Brief · 31 May 2022

The leaders of six parties constituting the Nation Alliance gathered a fourth time on 29 May, in a meeting that lasted over 7 hours. The end-result was a second declaration for restoring democracy in Turkey. While the declaration is a reasonable and thoughtful road map for re-democratization, it ...

Politics: Healthcare – more policy improvisation that worsens the situation
MEXICO · Report · 31 May 2022

President López Obrador’s latest effort to recruit doctors on loan from Cuba has stoked outrage within the medical sector and sparked intense debate on the deepening problems plaguing the country’s health system. These problems have been greatly magnified by the series of improvised “solutions” t...

Russians enter Severodonetsk
RUSSIA / FSU POLITICS · In Brief · 31 May 2022

On May 31 Russia announced that its troops had entered the city on Donbas. Ukraine confirmed this. Ukraine says 1,500 of its civilians have been killed in the assault on the city and 12,000 remain trapped in the city. It seems inevitable that Ukraine will withdraw from the city. It does not have ...

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