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Oct 2011With thanks from the FT Tilt Team: The End
FT Tilt is closing. -
Oct 2011Ukraine back on devaluation path
Last month Ukraine’s foreign exchange reserves fell by the largest monthly amount since October 2008, and the central bank sold $2bn of FX to prop up the hryvnia. Is Ukraine back on the road to devaluation? -
Oct 2011Sarees, sandals offer luxury brands a way into Asia
Hermes has launched a limited edition collection of silk sarees in India in time for the festival season, while LVMH, which recently bought into a Singapore sandal maker, has acquired a crocodile skin tanner in the country, signalling a wider presence of global luxury brands in Asia. -
Oct 2011As Blackberry crumbles...
Here's a video you might relate to from the UK's comedic finest, Ronnie Corbett and Harry Enfield, inadvertently exploring the Blackberry outage. How do you like them Apples? -
Oct 2011Apple wins a Samsung Galaxy Tab ban in Oz
The iPhone and iPad maker is celebrating a victory in Australia, where a court has agreed to its request for an injunction banning the sale of Samsung's Galaxy Tab 10.1, in the latest stage of a worldwide patent battle with the South Korean electronics maker. -
Oct 2011Strike at Maruti Suzuki halts production of best-sellers
Top carmaker Maruti Suzuki has stopped production of some of its best-selling models including the Alto and Swift hatchback, as a strike at one of its plants -- the second this year -- has dragged on for nearly a week. -
Oct 2011Quick View: South Korea holds interest rates
South Korea has held interest rates steady at 3.25 per cent for the fourth month in a row, as economists had forecast. -
Oct 2011Beware Chinese telecom vendors, India tells BSNL
India's telecom department has warned state-owned BSNL about selecting Chinese vendors ZTE and Huawei for a $1bn GSM contract, joining the US in citing security concerns against the Chinese telecom equipment makers. -
Oct 2011China moves to ease pain of small businesses
China has unveiled a series of measures to expand financing support for cash-starved small businesses as a wave of bankruptcies threatens to spoil the growth story. But the measures stop short of any monetary easing. -
Oct 2011Lenovo overtakes Dell to be world's No. 2 PC maker
The Chinese computer maker, which is pushing its cheap PCs in emerging markets, has become the world's second largest PC maker for the first time, with a 17.7 per cent share, according to data from Gartner. It is now second only to HP. -
Oct 2011The King has spoken - HSBC on EMs' policy bind
by Sid Verma & Alastair Marsh, FT Tilt CommentTrade volume growth will remain weak in the coming months while emerging markets are unlikely to embark on a gigantic stimulus programme that will offset subdued growth in the G7, HSBC's chief economist Stephen King has said. Global currency wars are seemingly here to stay. -
Oct 2011BRICS exchanges forge global alliance
Exchanges in China, Brazil, Russia, India and South Africa have just formed an alliance that will allow them to cross-list stock index futures and other derivatives. The unprecedented partnership will bring together 9,481 listed companies, with $9,000bn in market cap. -
Oct 2011Sberbank considers Turkey entry
Sberbank’s chief executive has confirmed reports that his bank, the biggest in Russia, is considering making an offer for the Turkish operations of troubled European lender Dexia. The Russian bank is looking to expand outside of its domestic market with the goal of generating 5 per cent of its profits overseas by 2014. -
Oct 2011Profitable purgatory for Zain
Zain, the Kuwait-based regional telco, once aimed to be one of the world's ten telecom majors, and was one of the Gulf's most successful multinationals. But with the key shareholders looking to cash out - and no deal on the horizon, the diminished company is running on autopilot. -
Oct 2011Passage of Nigerian oil bill key to FX stability - CBN
The passage of the Petroleum Industry Bill and the elimination of subsidies would boost the Central Bank of Nigeria's official reserves by $10bn annually, a boost for the beleaguered naira, the monetary authority has claimed. While the bill lies in the doldrums, expect a lack of investment in the sector and fiscal pressure. -
Oct 2011Sinopec back in Indonesia with Chevron deal
A unit of Sinopec has bought an 18 per cent stake in Chevron's Indonesian deep-water project for $680m, marking an uptick in energy deals by Chinese companies, as well as the state-owned firm's return to the southeast Asian country. -
Oct 2011Putin brandishes pro-business credentials
The presence of Vladimir Putin at the signing of a multi-billion dollar investment agreement with China is a demonstration of the pro-business line likely to be adopted by Russia’s next president. -
Oct 2011Esprit: from bad to worse
Retailer Esprit, the Hang Seng's worst performer this year, fell even further on Wednesday after a report said the retailer had overstated the number of stores it operated in China. -
Oct 2011US currency bill is "wrong medicine", China says
The Currency Exchange Rate Oversight Reform Act of 2011 has been passed by the US Senate and now awaits approval by the House of Representatives. If it does get passed, protectionism and the impact of retaliatory trade tariffs would weigh heavily on global economic growth, risk assets and risk sensitive currencies into 2012, analysts said. -
Oct 2011HSBC sees "worryingly soft" EM economies
In its third-quarter Emerging Markets Index, HSBC warns that while services industries are still growing - albeit at a slower rate than before - manufacturing across the emerging work is in a marked slowdown, and global trade is deteriorating, with new export orders falling to their lowest since mid-2009. -
Oct 2011India Inc Q2 earnings: Infosys beats estimates, cuts guidance
India's No. 2 software services company reported a better-than-expected second-quarter profit, but cut its full-year revenue guidance in dollar terms, warning that a slowdown in the US and Europe could hit client spending. -
Oct 2011China and Russia team up for $3bn-$4bn fund
China Investment Corporation, the sovereign wealth fund, is teaming up with Russian Direct Investment Fund to create a fund which will mainly invest in Russia -- looking at industries including agriculture, consumer products and green energy. -
Oct 2011US Senate passes yuan bill, China steps up lobbying
The US Senate has passed a controversial bill to punish China over its currency in an effort to save American jobs. It is not clear if the House of Representatives will also approve the bill, which has put China on the defensive and triggered greater lobbying. -
Oct 2011Tilt Populi »[VftG] The qualities one most needs to do business in China
by Winter Nie, IMD CommentMultinationals hoping to enter the Chinese market will need patience to understand Chinese regulations, market dynamics and customers, but patience alone will not be enough. -
Oct 2011Huawei woos US consumer, but government still wary
The Chinese telecoms equipment manufacturer is having some success selling its new smartphones in the United States. However, its traditional business -- of selling network equipment -- faced yet another setback, as its bid to build a wireless network for US first responders was blocked on national security grounds. -
Oct 2011Indonesia surprises with rate cut, others may follow
Bank Indonesia unexpectedly cut its reference rate by 25bp to 6.5 per cent on Tuesday, signalling a greater focus on growth amid a worsening global economic climate. Much of the rest of emerging Asia is likely to follow suit. -
Oct 2011Chinese corporates face higher funding costs
Chinese companies are battling higher funding costs as yields on their bonds continue to climb. Monetary tightening on the mainland has forced Chinese corporates to tap the debt markets, but investors are demanding higher yields amid an inflationary environment. -
Oct 2011Pão de Açucar 3Q sales soar but sector stumbles in August
Brazil's leading retail chain posted growth of 55 per cent year on year in August, including its recently acquired chain Casas Bahia chain. But overall the sector is showing signs of weakness, as August sales fell 0.4 per cent, the worst performance in 17 months. -
Oct 2011Egypt's finance minister resigns, cabinet stays for now - [Updated]
Hazem Beblawi, who took over as Egypt's finance minister in mid-July, has resigned in protest over the deaths of 25 demonstrators at the hands of army forces on Saturday night. The loss of Beblawi - Egypt's second finance minister since the revolution - is another blow to Egypt's struggling economy. -
Oct 2011Imara's top African stock picks for value investors
Here's a short teaser on some of the cheapest stocks on offer in frontier Africa for the bargain hunters out there, according to Imara Asset Management, who describes current valuations as uniquely compelling. -
Oct 2011Liberia's Johnson-Sirleaf faces uphill electoral battle
Liberia's opposition could dislodge incumbent president Ellen Johnson-Sirleaf from power in the first round of national elections held this week, a move that might entrench more statist economic policies. -
Oct 2011Burning bridges – a Ukrainian sport
The incarceration of former Ukrainian prime minister Yulia Tymoshenko could poison relations with Europe at just the time when Kiev is seeking to draw closer to Brussels. Ukraine risks becoming increasingly isolated. -
Oct 2011Emirates NBD gets the "good book" of Dubai Bank
Dubai's biggest bank, Emirates NBD, will acquire Dubai Bank, a troubled Islamic bank that was nationised by the Dubai government in May. The deal, which comes soon after the replacement of Emirates NBD's chairman with a senior Dubai royal, is another sign of progress in the cleanup up Dubai Inc. -
Oct 2011How to jumpstart SA's labour market
The agreement between textile industry employers and their union representatives to slash wages for new workers by 30 per cent in return for new job creation plans is a watershed in South Africa's labour market debate. The link between unemployment and high wages has seemingly been recognised by some union representatives, which could lead to wage cuts elsewhere and kickstart job creation, economists have said. -
Oct 2011Now is the time for Russian oil
Russia’s oil companies are currently trading at unjustifiably low price/earnings ratios, and local investment banks Troika Dialog and Uralsib Capital say there is no time like the present to invest in the sector. -
Oct 2011Bakrie group - once more to the brink
Indonesia's wealthy and politically-wired Bakrie group may have to surrender its stake in coal venture Bumi Plc to Glencore in order to refinance a $1.35bn loan. -
Oct 2011Silver lining watch: food inflation calms in Egypt
September CPI data from Egypt showed a sharp fall in food price inflation, continuing a four-month trend of easing. The change contrasts with the months leading to the revolution, where food prices spiked. -
Oct 2011More gloom and doom for Chinese SMEs
Nearly three-quarters of companies with annual revenues of less than $4.7m said they would post either losses or fail to make a profit in the next six months, according to a new survey. The results add to an already-uncertain outlook for China's SMEs. -
Oct 2011Latest on India 2G telecom scandal (version 4.1)
Indian investigators have registered a criminal conspiracy and corruption case against former telecom minister Dayanidhi Maran and his brother for alleged improprieties in the Aircel-Maxis deal. -
Oct 2011New policy will shake up Indian telecoms
A draft telecom policy promises to shake up the sector in India, which has been plagued by allegations of corruption and a brutal price war that has hit profits for the more than dozen operators. Now, the government will let cellular carriers share airwaves and encourage consolidation. -
Oct 2011China rolls out nationwide resource tax
China will tax domestic sales of crude oil, coking coal and rare earths from Nov 1, as the government tries to control pollution and conserve resources. But the move will hurt China's largest oil and gas groups, and cost the likes of Cnooc, Sinopec and CNPC around $6.9bn per year. -
Oct 2011China's Golden Week still shining
Chinese consumers showed they were still shopping during the holiday last week, with retail sales rising 17.5 per cent year-on-year, only slightly slower growth than the year before. Shares in HK-listed retailers, which have suffered from fears that Chinese consumer confidence could falter, jumped on Tuesday. -
Oct 2011China SWF buys more shares in Big Four banks
Shares in Chinese banks jumped on Monday after Central Huijin Investment bought into the Big Four lenders. But the move is unlikely to help lift the valuations at Chinese banks in the short-term, analysts said. -
Oct 2011Some Walmart China stores shut on fake organic pork scare
The US retailer has been told to temporarily close seven stores in Chongqing, and store managers have been detained over allegations that employees labelled normal pork as organic. -
Oct 2011SinoTech fallout - E&Y quits another China firm
Ernst & Young has resigned as auditors of Singapore-listed Sky China Petroleum, following the trouble at SinoTech Energy, which announced last week the resignation of its independent director and legal counsels. -
Oct 2011Vale breaks ground on $1.4bn Asia distribution hub
The world's leading iron ore producer and second largest diversified miner has broken ground on a distribution center in Malaysia. The facility, which is slated for completion in 2014, will bring the company closer to its key consumers... and competitors. -
Oct 2011BTA recovery in danger? Fallout from Moscow
AMT Bank, a small Moscow lender, will be liquidated a Russia court ruled on Monday. The bank was only Russia’s eighty-third largest but it could put in jeopardy the asset recovery process at Kazakhstan’s much larger BTA Bank. -
Oct 2011Brazil's Renner slims its stores in order to grow
Brazil's largest publicly-traded clothing retailer is betting on smaller stores. The company isn't worried about inflation or the exchange rate, but it is keeping a close eye on credit growth trends. -
Oct 2011Nigeria hikes rate by 275bp to shore up naira
The Central Bank of Nigeria raised its benchmark rate by a larger-than-expected 275bp to 12 per cent in order to boost the naira, which is under pressure amid elevated dollar demand, high inflation and the CBN's weak reserves position. If the measure fails, the central bank might be forced to embark on a volte-face and officially alter the naira trading band. -
Oct 2011Nigeria to launch equity market reforms
The Nigerian Stock Exchange will launch a trio of reforms by year-end -- offering short-selling, a wider daily trading band and a listed ETF -- in order to boost liquidity and broaden the investor base, said securities' regulators. Meanwhile, moves are afoot to encourage new flotations despite the poor performance of the NSE year-to-date.
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