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Pension Reform: Breaking down the vote
BRAZIL POLITICS · Report · 10 Jul 2019

The Lower House approved the main text for Pension Reform with 379 votes in favor and 131 against. The landslide vote represents another important victory for the government. It is also a win for Rodrigo Maia (DEM-RJ), who was responsible for securing support. Maia also voted in favor of the prop...

Rumor that Russian domestic shopping company will split
RUSSIA / FSU POLITICS · In Brief · 10 Jul 2019

Two years ago Sberbank and Yandex formed a partnership to promote e-commerce. They created an online market called Beru. Their platform for buying imported goods is called Bringly. Sberbank now considers this a failure but the decision to terminate the partnership is not yet final. In August 2017...

QATAR: Construction GDP contracted in Q1, but is no cause for alarm
GULF COUNTRIES · Report · 10 Jul 2019

Real GDP growth remained low at 0.9% y/y in Q1. Construction contracted by 1.2%, the first decline since 2005, but this was expected after a major development wave, and the contraction will deepen in the coming years. Other non-hydrocarbon sectors continue to experience modest, but not spectacula...

Russian PM says yes to road to Kazakhstan
RUSSIA / FSU POLITICS · In Brief · 09 Jul 2019

A new road called the Meridian Highway has been given the go ahead by Russian Prime Minister Medvedev. This will be a toll road that will run from the EU across Russian territory en route to Kazakhstan. The 2000 km long road will start in Belarus. The total cost is estimated at USD 9.4 billion by...

Mexico´s Minister of Finance Resigns: Goodbye Fiscal Discipline
MEXICO · In Brief · 09 Jul 2019

Carlos Urzúa quit surprisingly as Mexico’s Minister of Finance. His letter of resignation is short and tough. He mentions there have been many discrepancies on economic issues in AMLO’s government, and he disliked that some actions have been decided without enough foundation and particularly that...

The President’s hopes for the 4th Industrial Revolution to bring inclusive economic growth in South Africa
SOUTH AFRICA · Report · 09 Jul 2019

On February 16 2018, a day after assuming office as the 5th President of South Africa, Mr Cyril Ramaphosa delivered his inaugural State of the Nation Address (SONA), admitting that the country has had to function under difficult conditions. Poverty levels have been increasing in recent years afte...

​Ali Babacan quits AKP, launches new Movement
TURKEY · In Brief · 09 Jul 2019

Former Minister of Foreign Affairs and better known as economy czar under Erdogan, Ali Babacan formally submitted his resignation to AKP yesterday, at the same time announcing the formation of a new Movement. I consider his departure from AKP a significant milestone in the evolution of the conser...

Mostly good news on CPI-inflation in June
HUNGARY · In Brief · 09 Jul 2019

This morning's release of the June CPI-inflation data resulted in decreases by the yoy rates of three of the four key indicators, whereas the fourth one remained unchanged. Most importantly, the headline inflation rate fell to 3.4% yoy from the 3.9% yoy reported in May, and the MNB's main policy ...

Politics: Democratic perception paradox
MEXICO · Report · 08 Jul 2019

At a time when many political analysts, as well as social and economic agents, are growingly increasingly alarmed that aspects of President López Obrador's project and style of governing are leading to an excessive concentration of power that if left unchecked could lead to democratic regression,...

Economics: Changing job market and mood
MEXICO · Report · 08 Jul 2019

At first glance, the economic uncertainty and major policy overhauls that have characterized the first seven months of President Andrés Manuel López Obrador’s administration don’t appear to have led to changes in the country’s job market on a significant scale. However, there are some signs that ...

Optimism about Pension Reform before the recess
BRAZIL POLITICS · Report · 08 Jul 2019

Expectations surrounding the Pension Reform vote are growing. The speaker of the House, Rodrigo Maia (DEM-RJ), is working to conclude the process before the congressional recess begins, on July 18. The rapporteur of the LDO, Rep. Cacá Leão (PP-BA), presents his final report. On Wednesday, IBGE re...

NEW - GlobalSource Partners adds Gulf Cooperation Council (GCC) coverage
GULF COUNTRIES · Report · 08 Jul 2019

With the inclusion of GCC countries in the MSCI Emerging Markets Index and in the JP Morgan EMBI Index, and an anticipated $30-60 billion expected to flow into the region, we are pleased to announce the expansion of our emerging markets coverage to include Gulf Cooperation Council (GCC) countries...

Datafolha: After six months in office, the Bolsonaro administration divides public opinion
BRAZIL POLITICS · Report · 08 Jul 2019

The Datafolha survey released today, July 8, shows that after six months as president of Brazil, opinion regarding Jair Bolsonaro is divided. This result can be explained by Bolsonaro’s strategy of betting on controversial issues, such as legalizing the possession of firearms, which divide public...

Frustration over infrastructure and despondency regarding monetary easing
BRAZIL ECONOMICS · Report · 08 Jul 2019

The global economy is clearly decelerating its growth rate, but the prices of assets have been appreciating. The same pattern applies to Brazil, where there are no forces on either the aggregate demand or supply side to pull the economy out of the doldrums. The IBOVESPA has already risen above th...

Markets will react today to the BoI rate forecast
ISRAEL · Report · 08 Jul 2019

The fiscal deficit (LTM) moved higher in June to 3.9% GDP. The fiscal deficit is increasing and is likely to breach 4% GDP this year. Wage growth has moderated recently, up 3.0% y/y in April from 3.8% in March. Israeli saving institutions reduced their FX exposure in May to 16.5% from 17.2% in Ap...

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