Here is a rundown of selected developments that have come across our emerging markets desks in the past day.
EUobserver: “Centre-left wins in Croatia, scores well in Slovenia” – Elections on Sunday (4 December) brought to power a left-leaning coalition in Croatia, as predicted, but delivered a surprise result in neighbouring Slovenia, where a new centre-left party led by a businessman mayor exceeded all expectations.
Warsaw Voice: “Polish cabinet passes 2012 budget draft” – Poland’s cabinet passed a revised 2012 budget at the Tuesday sitting, confirming plans for a PLN 35 billion deficit on economic growth of 2.5 percent.
Bloomberg: “Lithuanian Finance Ministry Sees 3% Budget Deficit in 2012” – The new estimate is higher than an initial plan to cut the shortfall to 2.8 percent of GDP next year. The ministry also lowered its 2012 economic-growth forecast to 2.5 percent from 4.7 percent last week.
Nuclear Engineering International: “Westinghouse develops Czech supply chain” – Westinghouse Electric Company has signed a Memorandum of Understanding (MOU) with Czech company Vitkovice a.s., in preparation for the potential construction of its AP1000 nuclear power plants in the Czech Republic.
NYT: “Chinese Bank Pairs Up With Private Equity” – The state-owned China Development Bank announced strategic agreements on Tuesday with the private equity firms K.K.R., TPG Capital and Permira as it continued its international expansion.
Reuters Breakingviews: “Pharma center of gravity shifts eastward” – Merck is going to invest $1.5bn over 5 years in China, where growth rates are 20% per year, compared to 2% growth last year for the United States.
Bloomberg: “Three Vietnam Banks to Merge to Boost Liquidity, Cut Costs” – Three Vietnamese banks plan to merge to bolster their liquidity and cut costs as a single entity, the country’s central bank said.
MercoPress: “Uruguay filed to issue up to 2 billion dollars in new 2028 global bonds” – Uruguay announced on Monday filed to issue up to two billion dollars in new global bonds maturing in 2028 and to conduct a series of liability management transactions designed to further improve its external debt profile, including an exchange offer and a cash tender offer for certain of its outstanding debt securities.
Buenos Aires Herald: “Opposition leaders blast Lorenzino’s designation as Economy Minister” – Former CB governor Alfonso Prat Gay said that “evidently, the President’s decision has been to give continuity to what has been done until now, no matter who’s in charge. The Government has done exactly the opposite of what it should have done to face the crisis: it raised the interest rate, froze the dollar and increased taxes.”
O Globo País: “Senate approves new forest bill” – The new bill, which loosens preservation requirements, passed 59-7 in the Senate, despite opposition from activists.
Reuters Africa: “Egypt’s new PM says army to give him extra powers” – Egypt’s new prime minister said on Tuesday the ruling army would grant him extra powers, and appointed a finance minister along with most other cabinet members, state media reported.
Vanguard: “More spectrums to generate $82b in GDP in Sub-Saharan African-GSMA” – If governments in sub-Saharan Africa allocate more spectrums for Mobile Broadband over a 10-year period from 2015, this would result in US$235 billion of additional GDP and US$50 billion in additional tax revenue.