GlobalSource Partners | Country Insights

On March 12 the foreign ministers of the two countries met in Antalya, Turkey. It is the same town where Russo-Ukrainian talks took place days ago.Ankara and Yerevan have concurred that they shall continue their endeavor to establish normal relations. This would mean an exchange of embassies and ...

Uzbek cotton can be marketed abroad again

CIS POLITICS · In Brief · 12 Mar 2022

On March 10, the Cotton Campaign said it no longer objects to people purchasing Uzbek cotton and textiles. The Cotton Campaign said that Uzbekistan has made huge headway in reducing forced labor.Previously the state forced millions of students and low paid public sector workers to do a couple of ...

Airlines not flying to Russia

CIS POLITICS · In Brief · 12 Mar 2022

On March 11 Air Astana and Pegasus Airlines said that they will not fly to Russia until further notice. The airlines said that this is because there are doubts that insurance will cover them. Air Astana is the national carrier of Kazakhstan and usually flies to 10 Russian cities and wishes to res...

Putin says he will start large-scale nationalization

CIS POLITICS · In Brief · 11 Mar 2022

On March 10 the president said the government shall take swift and firm action over the 250 foreign companies that have stopped operating in Russia. He said he would not allow local suppliers to lose out. The businesses are to be handed to those who wish to operate them and the law enables this. ...

Russia: a brief market watch

RUSSIA ECONOMICS · In Brief · 11 Mar 2022 · 1 response

As the oil price moved up, the ruble fell against major currencies amid massively increased demand for FX, while the supply of FX looked insufficient to match the demand. Even though the CBR reported that the current account surplus in 2M22 reached $39.2 bn and the trade surplus widened to $46.2 ...

A step towards financial consolidation

ARGENTINA · In Brief · 11 Mar 2022

As anticipated in our last report, with 202 votes in favor, 37 against, 13 abstentions, and 4 absentees, the Chamber of Deputies gave, at the early hours of today and after a 13-hour-long debate, a half sanction to the law that approves the financing of the recently negotiated Extended Fund Facil...

Webinar Replay - Russia-Ukraine War: What's happened and what's next?

CIS POLITICS · Report · 11 Mar 2022

Gain perspective on developments in the Russia-Ukraine war. Visit our events calendar page to watch the replay of our webinar featuring Alexander Teddy discussing the political implications of the Russia-Ukraine war for both countries as well as for the rest of the former Soviet Union.

The Senate approved both fuel bills last night, the National Fertilizer Plan will be launched today, and a committee of jurists will be installed in the Senate to update the Impeachment Law

BRAZIL POLITICS · Report · 11 Mar 2022

As a result of the price increase announced by Petrobras, the Senate approved both fuel bills. PLP 11 was also approved in the House yesterday, and President Bolsonaro has 15 working days to sanction it. PL 1472 still does not have an agreement in the House, and the rapporteur of the bill says it...

Russia and Ukraine trade WMD accusations

CIS POLITICS · In Brief · 11 Mar 2022

Moscow alleges that Ukraine is developing chemical, biological weapons with US assistance. Ukraine and the United States say this is an outright lie, and the US says that Russia is considering using tactical nuclear weapons or poison gas in Ukraine and will blame this on Ukraine. The US alleges t...

South Africa registers a record current account surplus in 2021

SOUTH AFRICA · Report · 11 Mar 2022

The current account data released yesterday by the South African Reserve Bank indicates that South Africa’s current account recorded a surplus of R120 billion in the fourth quarter of 2021. This represented another decline in the record surpluses since H2 2020; from R273 billion, R300 billion and...

Petro as an instrument of revenge

COLOMBIA · Report · 10 Mar 2022 · 1 response

Gustavo Petro's proposals seem inspired less by hope than by a spirit of revenge. His most notorious proposals are: 1) end oil exploration and export; 2) use primary money creation at zero cost to finance expenditure; 3) grab pension savings to pay for education and the elderly; 4) impose tariffs...

Counter sanctions by Russia as peace talks fail

CIS POLITICS · In Brief · 10 Mar 2022

On March 10 talks in Turkey between Ukraine and Russia ended in no agreement. Russia repeated its demand that Ukraine rule out ever joining NATO and the EU.On March 10 Russia announced counter sanctions. Russia will not sell timber, vehicles, electrical goods, or telecommunications equipment. For...

Sterilisation rate raised by another 50bps today

HUNGARY · In Brief · 10 Mar 2022

At today's usual weekly tender, the 1-week deposit rate was raised to 5.85%, using the authorisation provided by Tuesday's Monetary Council decision to raise the upper end of the interest rate corridor by 100 bps, to 6.4%. As well-known to the reader, the corridor ceiling is actually the O/N and ...

The vote on the fuel bills was postponed to today, the STF voted against the PDT’s case on the Clean Record Law, and Rodrigo Pacheco stated he will not be running for President of the Republic

BRAZIL POLITICS · Report · 10 Mar 2022

The vote on the fuel bills was postponed to today. The Amazon caucus asked for changes to be made to the decree that reduced the IPI to avoid damaging the Manaus Free Trade Zone, and the inclusion of a gasoline voucher for app drivers and motorcycle taxi drivers in PLP 11 was also discussed. The ...

External fundamentals remain exceptionally strong for the shekel

ISRAEL · In Brief · 10 Mar 2022

The current account surplus in Q421 increased to 6.6bn USD up from 4.9bn in Q321. In all of 2021, the surplus reached 22.5bn (similar to 2020) or 4.7% of GDP. In Q421 the service account surplus continued to expand on strong hi-tech exports by 1.2bn while the trade deficit remained stable. Net FD...