A new era kicked off on December 31, 2015, for the 10 countries that are part of the Association of Southeast Asian Nations: The alliance launched the Asean Economic Community (AEC), a trade bloc aimed at creating a unified, cross-border market where labor, services and capital can flow without restrictions.
South Africa: After burning through two Finance ministers in 18 months—with the second having held the job for less than a week—South Africa’s president, Jacob Zuma, moved in mid-December to restore a measure of stability to the post.
The axe fell on Brazil heading into 2016 as it suffered a downgrade to junk status by Fitch Ratings, heightening the air of crisis as the beleaguered nation grapples with political turmoil and recession.
Corporate Governance | Management
Selling the assets could improve BTG’s net worth by 20 billion reais ($5 billion).
In November the European Investment Bank published its latest Bank Lending Survey for Central Europe and Southeastern Europe.
In Myanmar, Asia’s odd man out and a global pariah for decades, small signs of progress mean a lot. So the early December launch of the Yangon Stock Exchange (YSX) was a big deal—even if no stocks trade there yet.
The International Monetary Fund decided last month to alter its long-standing policy of not lending to countries with arrears to official creditors—national governments or agencies they sponsor—thereby enabling it to continue lending to Ukraine should it fail to repay on time a $3 billion bond due to Russia.
Unlike some of its Eastern European neighbors, the Czech Republic has shunned joining the eurozone and has surprised many with its stable and healthy levels of economic growth. However, progress is still needed on business transparency.
Foreign Exchange | Capital Markets
The renminbi’s entry into the International Monetary Fund’s basket of currencies, the Special Drawing Rights (SDR), will require China to have a more flexible exchange rate.
Bulgaria’s multilingual workforce attracts foreign investors, but corruption is a problem.
Tom Manning, affiliate partner at Waterstone Management, has been advising global companies on China, and vice-versa, for years. The onetime CEO of Ernst & Young Consulting Asia, Capgemini Asia, Cerberus Asia and Indachin, and former senior partner at Bain, sat down with Global Finance to discuss the nation’s quiet innovation revolution.
When the Justice and Development Party (AKP) swept elections in November, financial markets were focused neither on prime minister Ahmet Davutoğlu, nor on president Recep Tayyip Erdoğan. All eyes were on new deputy prime minister Mehmet Şimşek, the former Finance minister, who may be the only reformer within the largely statist AKP.
There’s been big change in the small country of Burkina Faso. On November 29, the West African nation of 17 million held its first free elections in almost three decades.
Riding a wave of government spending, Kuwait’s financial institutions are thriving despite the drop in petroleum revenues—for now.
The opposition party in Venezuela won the majority of seats in the National Assembly (Venezuela’s parliament) in national elections early in December.
The prospect of the lifting of economic sanctions against Iran has investors excited about the return of this market to the global economic community. But the message is: Proceed with caution.
The appointment of Alfonso Prat-Gay as Argentina’s new Finance minister was a clear sign to international investors that president Mauricio Macri, sworn in December 10, was serious about unraveling the populist policies of the previous government.
In the wake of falling commodities prices, Africa’s largest and oil-rich economies are now in damage-repair mode.