LONDON (Reuters) – Developed world mining and energy companies operating in Africa should pay more taxes to help the world’s poorest continent climb out of poverty, the president of the African Development Bank said on Sunday.
“The reality is, Africa is being ripped off big time,” African Development Bank president Donald Kaberuka told Reuters, a day after attending a meeting in London with other African representatives ahead of the G8 summit of rich countries on the “triple-T” agenda of trade, transparency and tax.
LONDON, June 13 (Reuters) – Emerging market stocks dropped
on Thursday and local currencies came under pressure as
investors piled into the relative safety of the Japanese yen,
driven by a host of doubts over central bank moves around the
Central banks from India to Turkey have acted this week to
stem currency losses, and on Thursday the Indonesian rupiah was
boosted by a surprise central bank rate hike.
LONDON, June 12 (Reuters) – Emerging equities hit 9-month
lows for a second day on Wednesday on a continuing flight from
high-yield assets before recouping some losses, bolstered by a
slight recovery in Turkey and Russia.
Emerging market assets have been hard-hit by expectations
the U.S. Federal Reserve will scale back quantitative easing,
encouraging money to return home to the United States, and by
lower growth in key commodity export market China.
LONDON, June 11 (Reuters) – The transformation of Turkey in
less than a month from newly-minted investment grade darling to
market struggler has again put the role of ratings agencies
Turkey won a coveted second investment grade rating from
Moody’s in mid-May, a decision which swept Turkish bond yields
to record lows and stock markets to all-time peaks.
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.