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Tuesday, 22 October 2013

Daily chart: Waiting for work | The Economist

Daily chart: Waiting for work | The Economist:

"Long-term unemployment increasingly plagues Europe and America

MORE than a third of unemployed people in rich countries have been out of work for over a year. Since the financial crisis began the number of long-term unemployed people has doubled to almost 17m, according to data from the OECD, a think-tank. In Spain a staggering 3m people have been out of work for more than 12 months, about the same number as in America, whose labour force is considerably larger. The problem can be self-sustaining. Skills deteriorate when they are not used; the jobless become discouraged and employers are less inclined to hire them. Yet a few European countries have seen a decline in long-term joblessness. In Germany, an economic recovery and labour-market reforms means that there are almost 1m fewer people out of work now than at the end of 2007. And Switzerland, where the jobless rate barely edged above 4%, found work for those lingering on the dole. For most OECD countries, however, the high and growing proportion of long-term unemployed is a threat to their economic growth.

"

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Poland’s recovery: still on track? | beyondbrics

Poland’s recovery: still on track? | beyondbrics:

"The numbers are not head-turners, but the latest retail sales data out of Poland show the country continuing a steady, if unspectacular, economic revival – which means continued support for current low interest rates.

Retail sales in September grew by an annual 3.9 per cent, below analysts expectations of 4.7 per cent but still enough to show that the economy is rebounding from a sharp slump in the first half of the year.

Katarzyna Rzentarzewsa of Erste Group wrote:"

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Poland’s recovery: still on track? | beyondbrics

Poland’s recovery: still on track? | beyondbrics:

"The numbers are not head-turners, but the latest retail sales data out of Poland show the country continuing a steady, if unspectacular, economic revival – which means continued support for current low interest rates.

Retail sales in September grew by an annual 3.9 per cent, below analysts expectations of 4.7 per cent but still enough to show that the economy is rebounding from a sharp slump in the first half of the year.

Katarzyna Rzentarzewsa of Erste Group wrote:"

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MIDEAST STOCKS-Egypt surges on stimulus plan increase; Gulf mostly soft | Reuters

MIDEAST STOCKS-Egypt surges on stimulus plan increase; Gulf mostly soft | Reuters:

"* Egypt at highest level since January 2011

* Charts point up to peak hit before Mubarak's ouster

* Some still concerned by financial burdens on government

* SABIC rises again after unit's earnings beat estimates

* Industries Qatar falls 1.0 percent after Q3 profit drop

By Nadia Saleem

DUBAI, Oct 22 (Reuters) - Egypt's bourse surged on Tuesday after the government announced plans to increase spending in an economic stimulus package by a third to 29.6 billion Egyptian pounds ($4.3 billion), and to implement a minimum wage scheme in January.

Cairo's benchmark index rose 1.8 percent to 6,201 points, its highest level since January 2011; it posted its sixth consecutive daily gain.

This week the index broke above major technical resistance at 6,025 points, the September 2012 peak; that leaves no major chart barrier before 7,248, the January 2011 peak hit before the revolution which toppled Hosni Mubarak. The market is up 74 percent from its post-revolution low, reached in late 2011."

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WIG Ukraine scores third rise while banks pull UX down - Business - News - Ukraine Business Online

WIG Ukraine scores third rise while banks pull UX down - Business - News - Ukraine Business Online:

"Analysis of Ukrainian equities Monday markets

Concorde Capital provides more information on Monday trading in its daily market report:

“Ukrainian equities extended their gains on Monday, October 21 in line with the European markets. The WIG Ukraine Index of Warsaw-traded stocks rose 1.9%, or 4.2% in three straight winning sessions. The leading gainers were grain trader Kernel (KER PW +4.2%), KDM Shipping (KDM PW +2.5%) and sugar maker Astarta (AST PW +1.7%), which has advanced 7.8% in three straight positive sessions. In London, egg producer Avangard (AVGR LI +4.0%) has surged 13.0% in four straight winning sessions. Iron ore miner Ferrexpo (FXPO LN +2.2%) rode the wave of mining sector gains from increasing metal prices. The Ukrainian Exchange (UX) Index of Kyiv-traded stocks declined 1.1%, pulled down by banking components Raiffeisen Bank Aval (BAVL UK -2.3%) and Unicredit’s Ukrsotsbank (USCB UK -2.5%). Beyond the Index, Stakhanov Railcar (SVGZ UK) tumbled 7.7% after revealing plans to reduce output, while chemical maker Stirol (STIR UK) plummeted 7.8%.”"

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Guest post: why Poland wants Ukraine in the EU | beyondbrics

Guest post: why Poland wants Ukraine in the EU | beyondbrics:

"By Piotr Koscinski and Maya Rostowska of PISM

Why is Poland so keen to draw Ukraine closer to the European Union? One answer might invoke lofty ideals such as Ukrainian-Polish friendship and Slavic brotherhood. But it would be wrong.

Poland’s support for Ukraine’s European ambition is actually based on a simple conviction: that it would be good for Ukrainians, for Poles and for the EU as a whole.

Warsaw’s attempts to bring Ukraine closer into the European fold were kick-started in 2005, when Poland became actively involved in Ukraine’s Orange Revolution. Poles sympathised with the thirst for democracy, civil rights and public involvement in politics that was being expressed across their eastern border.

Moved by the protests on Maidan Square, current and former Polish presidents jetted to Kiev and hundreds of Polish students and pensioners volunteered to serve as electoral observers across the country."

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UPDATE 1-UAE's Dana Gas consortium files case against Kurdish government | Reuters

UPDATE 1-UAE's Dana Gas consortium files case against Kurdish government | Reuters:

"The largest oil and gas investor in Iraqi Kurdistan has initiated the first major legal case against the regional government over payments and production rights, just as the autonomous enclave is on the cusp of becoming a major energy exporter.

Abu Dhabi-listed Dana Gas, leading a consortium of energy investors, has filed an arbitration case in London to clarify the amount of money they are owed for work already carried out in the area and on their rights to develop and market gas fields, the company said on Tuesday.

The Kurdish Regional Government is due to start its first crude oil exports via a new pipeline by end-2013, bolstering its long search for independence as it will soon earn more from its exports than it receives from the central government in Baghdad."

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▶ Reasons to avoid Argentina - YouTube

▶ Reasons to avoid Argentina - YouTube:

"Argentina's stock markets are rallying, as President Cristina Fernández's chances of a third term weaken. But John Paul Rathbone, Latin America editor, tells John Authers the country still faces problems and the next government will have a tough job

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▶ Return to the Washington consensus - YouTube

▶ Return to the Washington consensus - YouTube:

"How much of a worry is the lack of structural reform in emerging markets? Jonathan Wheatley, deputy emerging markets editor, talks to the FT's Daniel Garrahan about whether more aggressive changes should have been made when times were
good.

"

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Money talks: Main Street's revenge - YouTube

Money talks: Main Street's revenge - YouTube:

"The after-effects of America's government shutdown, JPMorgan's $13 billion settlement and the European Central Bank's asset-quality review

"

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Egypt remains a key expansion market, says Majid Al Futtaim Properties | The National

Egypt remains a key expansion market, says Majid Al Futtaim Properties | The National:

"Despite Egypt’s political instability, it remains one of three key expansion markets for Majid Al Futtaim Properties, the Dubai-based mall developer.

George Kostas, the company’s chief executive, made the comment yesterday. Media reports last month said the developer was waiting for the political unrest in Egypt to stabilise before making further investments.

“From our perspective, it’s all systems go and we’re not stopping,” Mr Kostas said. “Yes, the instability that’s occurred recently has been unfortunate, but we see it as something that will pass in time, and we’re there for the long haul.”"

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Potential developer of Dubai Legoland embarks on London IPO | The National

Potential developer of Dubai Legoland embarks on London IPO | The National:

"Merlin Entertainments, the leisure attractions operator that plans to build a Legoland in Dubai, will sell at least 20 per cent of its shares in an initial public offering in London.

The firm yesterday said it would raise £200 million (Dh1.18 billion) from the IPO on the London Stock Exchange and use the funds to pay down its debt.

The owners of Merlin – Kirkbi, a Danish investment company that controls The Lego Group, and the private equity firms Blackstone Group and CVC Capital Partners – will sell a portion of their equity stakes."

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Abraaj buys majority stake in Ghanaian firm | GulfNews.com

Abraaj buys majority stake in Ghanaian firm | GulfNews.com:

"Dubai-based private equity group Abraaj Capital on Monday said it purchased a majority stake in a Ghanaian mortgage provider, its latest foray into Africa. Ghana Home Loans was established in 2006 and primarily targets residential home buyers. Abraaj said real estate and finance are the two fastest-growing segments in West Africa. Financial details of the deal were not disclosed. Abraaj earlier this year acquired West Africa-based frozen dairy and juice company Fan Milk International. Back then, the private equity group said it had already invested $2.2 billion in 69 companies across Africa."

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BIITS Replacing BRICs as Emerging Markets Not a Blanket Buy - Bloomberg

BIITS Replacing BRICs as Emerging Markets Not a Blanket Buy - Bloomberg:



"Investors in these markets are becoming more discerning about where they put their money, shying away from countries such as Brazil (IBOV), India (SENSEX), Indonesia, Turkey and South Africa. Behind the discrimination is a new-found focus on current-account deficits and structural weaknesses exposed by the likelihood of less stimulus from the Federal Reserve and cooling demand in China, according to economists from HSBC Holdings Plc, JPMorgan Chase & Co. and International Strategy & Investment Group LLC.
That’s a break from the past four years, when emerging markets mainly moved in tandem, seen as either a blanket buy or sell, with little regard to their individual circumstances. Such a mindset was epitomized by the popularity of the BRIC acronym coined for Brazil, Russia, India and China to reflect their potential as future economic powerhouses.
“Investors will be far more choosy among emerging markets than they’ve been in the past,” said Donald Straszheim, head of China research at New York-based ISI. “There will be a natural inclination to seek out the ones that are the best positioned.”"

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