Russian companies this year have raised more money via the offshore renminbi debt market as compared to their Chinese counterparts, reported the Financial Times on Monday, highlighting the growing appeal of the dim sum bond market as a cheap source of funding for emerging market borrowers.
Foreign portfolio investments in Mexico doubled from $40.6 billion in 2011 to $80.2 billion last year, showed data from the central bank on Monday, following a pick up in investor confidence on optimism about reforms promised by Mexico’s new government.
The United States has taken further steps to ease restrictions on four major Myanmar banks allowing them access to the U.S. financial system. All four banks have faced U.S. sanctions and at least two of the institutions are controlled by people who have been on U.S. blacklists for having close ties to the former military regime.
Italy votes for the second day on Monday in one of the most closely watched and unpredictable elections in years. Any shock result or political stalemate could reawaken the threat of market instability, jeopardising investor confidence and hurting the eurozone’s economic recovery.
Monday, February 25
South Africa’s Justice Minister Jeff Radebe has promised to publish the names and details of all public service officials ever found guilty of corruption, reported AFP, in response to criticism that authorities had been too soft on graft despite a government-declared ‘war on corruption’.
Indian billionaires Kumar Mangalam Birla and Anil Ambani are among several corporate players keen to set up their own banks in the world’s second most populous nation, reported Bloomberg News on Monday, after the government announced changes to its banking license guidelines last week – in order to boost banking accessibility and credit growth in the nation’s rural areas.
Moscow has agreed to write off part of Cuba’s $30 billion debt and will offer a 10-year refinancing plan for the remaining amount, Russia’s industry and trade minister said today.
The preliminary agreement means Cuba will not have to shoulder the full burden of its Soviet-era debt, but details of the specific proportion of debt to be written off and restructured will only be finalised by the end of the year, said Russian industry and trade minister Denis Manturov at the sidelines of talks in Havana between Prime Minister Dmitry Medvedev and Cuba’s Raul Castro.
The German president of the European Parliament has warned Italians not to vote for former prime minister Silvio Berlusconi, citing worries that he will reverse Rome’s economic reforms if returned to power.
EU chief Martin Schulz is the latest in a line of German politicians to express fears about a possible Berlusconi comeback as Italy prepares to go the polls on Sunday.
Americans under the age of 35 are taking on less debt obligations than before the financial crisis, showed a study by the Pew Research Center on Friday, highlighting the efforts taken by young adults to curb spending amid one of the longest recessions in U.S. history.
The European Union’s legislative body, the European Commission (EC), has warned Greece to shut down several hundred illegal waste dumps across the country, or face daily fines of up to 71,193-euros ($93,925) until they do so, reported Kathimerini News on Thursday.
According to a statement by the EC, Greece had failed to live up to a 2005 ruling to protect the environment, while the government also ignored a letter of formal notice in April 2009 reminding it of its obligations.
