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Zelenskiy nominated ‘flexible’ Head of the NBU
UKRAINE · In Brief · 16 Jul 2020

President Zelenskiy nominated Kyryl Shevchenko, the Head of state-owned bank Ukrgazbank for the position of the Head of the NBU according to Verkhovna Rada web-site. Mr. Shevchenko is the person who will be very sensitive to the requests of the President Office. Most likely there will be a pause ...

Bolsonaro sanctions new sanitation framework with vetoes
BRAZIL POLITICS · Report · 15 Jul 2020

President Jair Bolsonaro sanctioned today, with vetoes, the new legal framework for basic sanitation. There were 11 vetoes made to the text approved by the National Congress. The new law aims to expand the presence of the private sector in the sector. According to Minister of the Economy Paulo Gu...

President Martin Vizcarra reshuffles his Cabinet
PERU · In Brief · 15 Jul 2020

This morning President Martin Vizcarra swore in 10 new members of his new Cabinet and two reshuffles out of a total Cabinet of 19 ministers. This is the largest reshuffle President Vizcarra has made since taking office in March 2018. The new Prime Minister, Mr. Pedro Cateriano, is perhaps the mos...

Panama moves backward (a bit) on its re-opening strategy
PANAMA · Report · 15 Jul 2020

The government of Panama announced a new quarantine schedule on Tuesday sine die, adding to the restrictions already in place (men could only leave home three times a week for two hours each day and women likewise, with a daily curfew after seven o`clock). Sundays are in total lockdown. Now, the ...

Russia sells more gold than gas
RUSSIA / FSU POLITICS · In Brief · 15 Jul 2020

On July 14 it was reported that for the first time since 1994 Russian gold exports were worth more than gas exports. This statistic was true of Q2 2020 but not Q1 2020. Gold exports were worth USD 3.6 billion in April and May never mind June. Gas sales for April, May and June were USD 3.5 billion...

​Inflation remains low in June
ISRAEL · In Brief · 15 Jul 2020

The CPI in June came in at -0.1% (-1.1% y/y from -1.6% in May) similar to our forecast and similar to the Bloomberg consensus, although local forecasters were expecting an index of zero m/m. June’s CPI was impacted by a 8.6% increase in petrol prices (contributing 0.25% to the CPI), which was off...

Russian national airline plans major expansion
RUSSIA / FSU POLITICS · In Brief · 15 Jul 2020

On July 13 Russian business newspaper RBK reported that Aeroflot intends to increase passenger numbers by 30 million. The business plan goes up to 2028. The airline plans to slash prices by 30% thereby cutting profit margins to the bone. Due to coronavirus there is less disposable income than bef...

Off air
PHILIPPINES · In Brief · 15 Jul 2020

Since its franchise to operate expired in May, broadcast giant ABS-CBN had been fighting a losing battle to secure a new franchise from congress. After a series of hearings by the committee on legislative franchises of the House of Representatives, the members finally voted last Friday to deny th...

A new chapter in the conflict between the Supreme Court and the military
BRAZIL POLITICS · Report · 14 Jul 2020

The conflict between Minister of the Supreme Federal Court (STF) Gilmar Mendes and the military continues to resonate in Brasília (DF). After the statement made yesterday by the Ministry of Defense that it will sue Gilmar at the Attorney General’s Office (PGR) because the minister associated the ...

Parliament has authorised PM Orbán to veto the 2021-2027 EU budget and the Next Generation instrument
HUNGARY · In Brief · 14 Jul 2020

In a resolution proposed by Fidesz and approved earlier this week, parliament decided the following:'...the National Assembly calls Hungary' Government to act upon the following principles in the process of adopting the Next Generation EU instrument and the EU's Multiannual Financial Framework (M...

China virus check – week ending July 13
CHINA ADVISORY · Report · 14 Jul 2020

Our latest data for economic activity in China shows a general improvement in trends with a steady increase in several factors, including the freight index and traffic indicators, while property sales continue to skyrocket: 1) Coal usage in the power industry declined moderately. 2) ...

Abinader announced key figures of his economic cabinet
DOMINICAN REPUBLIC · In Brief · 13 Jul 2020

The president-elect Luis Abinader has announced who will make up his economic cabinet. The head of the Central Bank, Héctor Valdez Albizu, will be ratified in his post for two years. Miguel Ceara Hatton, renowned economist with a long history of work in economic development, will be the Minister ...

New tension between the STF and the military
BRAZIL POLITICS · Report · 13 Jul 2020

​After a period of less tension between the Supreme Federal Court (STF) and the military, an event that occurred last weekend could bring new developments. When participating in a live stream last Saturday, STF minister Gilmar Mendes said that the Army was associated with “genocide” in referen...

Russian national projects to be postponed by up to 6 years
RUSSIA / FSU POLITICS · In Brief · 13 Jul 2020

On July 13 President Putin announced that major state infrastructure projects will be delayed because of coronavirus and the economic situation. The delay will be by 6 years in the worst cases. The projects had already been behind schedule and overbudget before coronavirus.The projects commenced ...

Russia’s growth and finance: dependence on oil price muted, growth trajectory unclear, balance sheets little shaken
RUSSIA ECONOMICS · Report · 13 Jul 2020

As the oil price rebounded in May, hovered around $40/bbl in June, and ascended a bit more in early July, the debate as to whether economies can return to their pre-pandemic growth trajectories was renewed in many countries despite high uncertainty. In some sense, Russia is lucky as this debate o...

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