LONDON, June 10 (Reuters) – Colombia’s economy faces its
greatest risks this year from instability in neighbouring
Venezuela and the slump in commodity prices, the country’s
finance minister said on Monday.
Growth forecasts for the Andean country are likely to be
downgraded, with 4.4-4.5 percent a likely rate for 2013,
Mauricio Cardenas told Reuters editors and Reuters Television.
LONDON, June 5 (Reuters) – International investors are being
tempted back into Egyptian stocks, after taking a breather this
year, viewing a selloff on renewed signs of political
instability and currency concerns as overdone.
The MSCI dollar-denominated Egypt index
jumped 4 percent last month, outperforming a 4 percent decline
in the broader MSCI emerging market index, of which
Egypt is a constituent alongside larger emerging economies such
as China, Brazil, Russia and India.
LONDON/RABAT, May 29 (Reuters) – Morocco’s possible demotion
to frontier market status next month may deter international
investors and put the country’s stock market, already suffering
from tumbling share prices and trading volumes, further at risk.
Index compiler MSCI, which has $7 trillion in global assets
benchmarked against its indices, put Morocco on review for
downgrade to its frontier index last year, and makes its
decision on June 11.
Middle East countries which are energy exporters have better investment ratings than oil importers in the region, Fitch says, and that gap is widening.
Paul Gamble, director in the sovereigns group at Fitch, told a briefing this week that the ratings gap has never been bigger and that:
First, some good news – eastern European banks are relatively profitable. Austrian bank Raiffeisen, which is heavily involved in the region, published a report at the weekend which showed:
In terms of growth and profit, the banking sectors in the CEE (central and eastern Europe) region continue to outperform their Western European counterparts.
ISTANBUL, May 11 (Reuters) – The European Bank for
Reconstruction and Development (EBRD) is considering ways to
help small businesses in emerging Europe, including through
direct lending, as the region suffers lacklustre growth, its
president said on Saturday.
The European Central Bank and the International Monetary
Fund have also expressed concern about the reluctance of banks
to lend, so delaying a longed-for recovery in Europe.
ISTANBUL (Reuters) – Europe’s development bank slashed its 2013 growth forecasts for emerging Europe and North Africa on Friday by almost a full percentage point, saying a sharp slowdown in Russia would drag down the regional economy.
The European Bank for Reconstruction and Development (EBRD) said Russia’s problems should galvanize the region to pull down barriers to new businesses and investment.
TRIPOLI/ISTANBUL (Reuters) – Bombs exploded outside two police stations in Libya’s eastern city of Benghazi on Thursday and Britain temporarily cut staff at its embassy in Tripoli because of security fears.
The blasts, which caused damage but no casualties, were the latest signs of insecurity in Benghazi, the birthplace of the uprising that toppled Muammar Gaddafi in 2011.
ISTANBUL, May 10 (Reuters) – Serbia’s budget deficit this
year could be as much as 4.5 percent of national output, wider
than previously forecast, Finance Minister Mladjan Dinkic said
Serbia had originally targeted a shortfall of 3.6 percent of
gross domestic product for 2013, although the International
Monetary Fund and economists warned the projection was too
LONDON, May 8 (Reuters) – Stuck between sluggish economies
in the west and rising geopolitical risks in the Middle East,
emerging European countries are struggling to attract investment
and boost growth.
The European Bank for Reconstruction and Development will
discuss ways of “Innovating for Growth” at its annual meeting
this weekend in Istanbul – seen as the cornerstone of its region
of operation of central and eastern Europe and North Africa.