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Federal Budget Law should be put to a vote on July 13, Omar Aziz requested the arrest of Roberto Dias in the Pandemic CPI, and the urgent status of the “super salaries” bill was approved
BRAZIL POLITICS · Report · 08 Jul 2021

Senator Omar Aziz has stated that the Pandemic CPI will continue to function through the parliamentary recess but Senate regulations state that temporary committees cannot work during a recess. Senator Aziz created tension with the Armed Forces by accusing them of being involved in the vaccine co...

Audacious Ukraine legislative reform package
RUSSIA / FSU POLITICS · In Brief · 08 Jul 2021

In the first week of July the Ukrainian Parliament passed a bold series of laws. Some ethnic minorities are now classified as indigenous peoples of Ukraine. These include Tatars, Karaites and Krymchaks. This guarantees them language rights. Russians are not so classified much to Moscow's ire and ...

A painful surprise in the June CPI-inflation data
HUNGARY · In Brief · 08 Jul 2021

This was exactly the way Portfolio.hu characterised this morning's data release by KSH, and it was wholly correct. The yoy headline rate went further up to 5.3% yoy in June, from May's 5.1%. Analysts expected this rate to fall to 4.9% (median expectation), and we were essentially part of the crow...

​Russia’s inflation remains elevated
RUSSIA ECONOMICS · In Brief · 08 Jul 2021

Rosstat reported that in June, inflation m-o-m and y-o-y reached 0.69% and 6.5% accordingly, which remains above expectations. Several factors keep inflation elevated. A too rapid rise in nominal wage, tight labor market, rapidly expanding consumer credit are just a few of them. On top of that, R...

South Africa's x-President Zuma now behind bars
SOUTH AFRICA · In Brief · 08 Jul 2021 · 2 responses

After a day and night of legal and political high drama, x-President Zuma handed over himself to the police minutes before midnight yesterday. South Africa's constitutional democracy and its entire paradigm of 'equality before law' was on trial in full view of the nation all day and night. Zuma i...

China’s regulatory crackdown
CHINA ADVISORY · Report · 07 Jul 2021

China appears to be increasing the pace of state regulation of the country’s technology companies beyond what most analysts had originally expected. The latest intervention came in the form of a probe by the country’s cybersecurity administration into Didi Chuxing’s data policy – just two days af...

Finance Ministry expects about 14% yoy real GDP growth for Q2
HUNGARY · In Brief · 07 Jul 2021

This morning, finance minister Varga came forward, on his Facebook site, with the following chart, adding a few lines of explanation, full of good spirit and optimism:The chart presents actual yoy real GDP growth in a quarterly breakdown (see the horizontal white lines), against the historical ac...

US increasingly concerned by cybercrime emanating from Russia
RUSSIA / FSU POLITICS · In Brief · 07 Jul 2021

US companies believe that cybercriminals operating in Russia do so with at least the connivance of the Russian state.The Russian government denies all knowledge of this. Moscow strives to control the internet very strictly. If these hackers operate out of Russia then it is hard to believe that th...

The House may vote on the “super salaries” proposal, the privatization of Correios faces political and judicial difficulties, and Roberto Ferreira Dias should testify in the CPI today
BRAZIL POLITICS · Report · 07 Jul 2021

The Prosecutor General of Brazil, Augusto Aras, decided that is unconstitutional to privatize the Correios through a bill. The Joint Budget Committee should be installed today. The president of the CPI, Senator Omar Aziz, said that the committee will continue to work during the recess, although S...

Lower bond issuance in July
ISRAEL · Report · 06 Jul 2021

Private consumption has softened in recent months, following previous pent-up demand. High-tech service exports continue to expand rapidly, supportive of shekel appreciation. The BoI maintained present policy rates at 0.1%, with the monetary statement generally upbeat in light of recent positive ...

Economics: GDP growth consensus forecast upwardly revised but investment outlook remains weak
MEXICO · Report · 06 Jul 2021

Economic growth estimates have been upwardly revised by authorities and analysts. The central bank boosted its growth projection to an annual 6%, up from the previous 4.25% projection. We at GEA, however, maintain our 4.5% growth projection for 2021. Growth in January-April was 2.6%. According...

South Africa Covid-19 update and the Jacob Zuma arrest
SOUTH AFRICA · Report · 06 Jul 2021

​South Africa is in the grips of its third wave of the Covid-19 pandemic and it is proving to be quite severe, far more so than the first two waves as per the rate of infections. The seven-day rolling average cases were 12,584 during the peak of the first wave (July 2020) and were 19,042 during t...

Politics: Labor reform, at a snail’s pace, but bolstered by the USMCA
MEXICO · Report · 06 Jul 2021

Mexico’s 2019 labor reform is being implemented very slowly, but it is surely moving forward. The country’s moribund labor movement is indeed in need of a major overhaul. The majority of Mexican unions are company unions, with employer-worker relations underpinned by protection contracts. Union r...

Synthesis of the Brazilian Economy
BRAZIL ECONOMICS · Report · 06 Jul 2021

Since the death toll from Covid-19 exceeded the unenviable milestone of 500 thousand, positive signs have emerged due to the progress of vaccination. Fortunately, the threat of a third contagion wave did not materialize: the peak of daily deaths surpassed 2 thousand in the 7-day moving average on...

The government prepares to pay for the three extra months of emergency aid, privatization of Correios in the House, and Joint Budget Committee to be installed
BRAZIL POLITICS · Report · 06 Jul 2021

The government should announce a new social program to replace the Bolsa Família in October. The Correios auction is scheduled for March 2022. Regina Célia testifies in the Pandemic CPI today. Fernando Guardado’s appointment to the Central Bank was approved.

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