LONDON (Reuters) – Poland’s transfer of privately-run pensions to the state will go ahead early next year, despite a legal opinion that the move could be unconstitutional, finance minister Jacek Rostowski told Reuters on Monday.
Rostowski, who is also deputy prime minister, said in an interview that the economy would grow by around 1.5 percent this year and 2.5 percent next year, helped by a recovery in the euro zone.
LONDON, Nov 1 (Reuters) – Kazakhstan will complete its
planned transfer of pension funds into a state entity in the
middle of next year, its central bank governor said on Friday, a
delay from the previous timetable of the end of 2013.
The oil-rich country wants to hold all its pension assets in
a single, state-run fund to allow the government to mobilise
billions of dollars for large projects to help sustain fast
economic growth without raiding the strategic National Fund,
which manages windfall revenues from oil exports.
LONDON, Oct 30 (Reuters) – The United Arab Emirates central
bank governor said on Wednesday he was not worried about a new
house price bubble similar to one which burst in 2008, halving
property prices in the following two years and pushing Dubai
close to default.
Prices have risen again in the past year and the central
bank imposed limits on mortgage loans this week to prevent
another boom-and-bust cycle in the property market.
LONDON (Reuters) – Euro zone entry in January will likely boost Latvian inflation by 0.2-0.3 percentage points next year, its central bank governor said on Friday, after two dips into deflationary territory this year.
The Baltic country has been recording strong economic growth and has relatively low debt levels after a deep recession during the 2008 global credit crisis, when it slashed spending and encouraged lower wage costs to keep its currency pegged to the euro.
LONDON (Reuters) – Euro zone entry in January will likely lift Latvia’s flagging inflation rate by 0.2-0.3 percentage points next year, its central bank governor said on Friday.
The Baltic country has been recording strong economic growth and has relatively low debt levels after a deep recession during the global credit crisis, when it slashed spending to keep its currency pegged to the euro.
LONDON (Reuters) – The global community should fear the worst over the U.S. debt crisis and shore up its economic defences accordingly, South Africa’s finance minister said on Monday.
Financial markets are getting nervous that the budget deadlock in Congress may not be resolved before Oct 17, the deadline to raise U.S. borrowing limits. That could lead to an unprecedented technical default by the world’s largest economy.
LONDON, Oct 4 (Reuters) – With deep pockets and long time
horizons, and perhaps even a desire to do good, some of the
world’s wealthiest families are investing in risky African and
other frontier markets.
Family offices, which manage assets on behalf of wealthy
families in more developed markets, are generally tight-lipped
and seen as conservative in their approach to investing.
It’s been a good year for frontier markets, though some have done better than others. One success story has been Vietnam.
Hanoi’s domestic VNI equity index is up 17 percent. That compares well with stock markets in other Asian frontiers – Sri Lanka has gained only 3 percent, Bangladesh is down 1 percent on the year and Mongolia has plunged more than 20 percent, hurt by a restrictive foreign investment law.
LONDON (Reuters) – Standard & Poor’s and Fitch expressed concern on Wednesday about Ukraine’s falling foreign exchange reserves and its ability to refinance its debt, saying they were negatives for the country’s single-B rating.
Ukraine’s dollar debt and debt insurance costs have moved rapidly into distressed territory this week, after Moody’s downgraded the country to Caa1 from B3 late on Friday and put the rating on review for a further downgrade. Moody’s cited concerns over a drop in foreign currency reserves and potentially worsening relations with Russia.
LONDON (Reuters) – Turkey’s lira and India’s rupee rose 2 percent on Thursday and their stock markets surged as the Federal Reserve’s surprise decision to sustain its monetary stimulus granted a lifeline to embattled emerging markets.
The BRICS – Brazil, Russia, India, China and South Africa – and other emerging countries have complained in the past few months that the threat of the Fed running down the amount of new cash it is pumping into the economy each month is hurting their economies.