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Rein: EU should follow Germany’s lead on reforms
European countries must implement the structural reforms that Germany has already carried out over the last couple of decades to ramp up competitiveness, the European Union’s top economic official said recently. Economics and Monetary Affairs Commissioner Olli Rehn said Germany’s economy entered the crisis on a stronger footing than others within the EU because it had adjusted to the new world order by carrying out broad structural reforms since the 1990s. “It is important for everyone that other countries now manage to do what Germany and a few other member states have already managed in past years,” Rehn wrote in a guest column in G... -
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Egypt has limited war chest to avert financial crisis
Egypt has substantial reserves to avoid an external payments crisis but these could be seriously depleted within weeks if political protests continue, while its banks may struggle to cope with a rush of withdrawals. In the days after the protests erupted, Egyptians and foreign investors transferred hundreds of millions of dollars out of Egypt, currency traders estimated. The government had $36bn in foreign reserves at end-December, central bank figures showed. According to a January 27 note by Citigroup, it also had $21bn of additional assets with commercial banks at end-October – its so-called “unofficial reserves”. These numbers sugge... -
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M&A is back as CEOs start to put cash to work
Dealmaking is back on the agenda as CEOs step up the hunt for ways to put a multitrillion-dollar cash pile to work, triggering the busiest January for M&A in 11 years. There is still plenty to worry about at this year’s meeting of the global elite in Davos, from fiscal deficits in the developed world to inflationary risks in emerging markets to new political risks like Egypt. But with economic recovery taking root in the United States and Germany, while China and India continue to barrel along, company bosses and dealmakers are no longer willing to sit pat. “We’re seeing our clients beginning to invest,” said Jim Quigley, CEO of ... -
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UK inflation leaps to eight month high, pressure on BoE
A record monthly jump in prices drove British inflation to an eight-month high in December, piling pressure on the Bank of England to raise interest rates and show it is not letting inflation get out of control. The Office for National Statistics said the annual rate of consumer price inflation rose to 3.7 percent from 3.3 in November – much higher than analysts’ forecasts for a steady reading, after prices rose a record one percent between November and December. The pound shot up more than half a cent against the dollar to an eight week high, gilt futures dropped to a contract low and interest rate futures fell sharply as investors rampe... -
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Henderson bags Gartmore, makes $122bn funds firm
Anglo-Australian funds house Henderson is buying troubled British rival Gartmore, to create one of Britain’s largest retail asset managers with £78bn ($122bn) under management. “By bringing across fund managers and integrating the (Gartmore) business onto our own platform we will be able to enhance margins significantly,” Henderson chief executive Andrew Formica said. “Its recent travails should not overshadow the fact that Gartmore is one of the best known managers in UK fund management and its assets are performing well,” he said. Gartmore, which listed at 220 pence per share in December 2009, suffered a litany of woes in its yea... -
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Renault spy case shows rising economic conflict
From what France calls “economic warfare” as it probes a Chinese link to industrial espionage at Renault to currency confrontation and commodity rivalry, economic conflict is increasingly impacting businesses. President Nicolas Sarkozy’s office has asked French intelligence to probe suspected industrial espionage at the car giant. Renault suspended three executives at the start of January including a member of its management committee, with a source telling reporters the firm was worried its flagship electric vehicle programme – in which Renault together with Nissan is investing €4bn – might be threatened. French industry minister... -
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All hands on deck
A provider of world class international shipping and transportation services, Qatar Navigation was named Best GCC Cargo Shipping Company 2010 as part of the World Finance GCC Trade & Industry Awards Programme for this year. When the firm was founded in 1957, the Qatari economy was in urgent need of an organisation that would cater to its growing shipping and transportation requirements. Originally, it focused solely on marine transport, shipping and travel agencies, but has grown its range of business operations considerably over the past 53 years. As well as these three original areas of operations, it now also works in offshore support... -
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Walmex bullish in operations merger
One thing that hasn’t changed though is Walmex’s rapid growth and impressive financials as it continues to spice up the retail market in Central America. The challenge for Scot now, is to keep this Latin American retailing success story on track. In a country famous for its chilli peppers, it is only fitting that giant Latin American retailer Walmart de Mexico – or Walmex – has been hot on the acquisition trail. In the twelve months to April 2010, Walmex was doing some shopping of its own, acquiring 519 retail stores spread across Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua, right through Central America. The stores we... -
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World Bank: Agriculture leads poverty reduction
There is enormous agricultural potential in many parts of Africa. All the necessary natural conditions – good soils and climate, plenty of land and water – are present in many countries. There is no reason why Africa cannot be a major producer of agricultural products on a scale equal to that of South America. But it will take heavy investment by the private sector to realise this potential, and the reality is that there has not been nearly enough of it. As a result the potential remains largely unrealised. Rapid growth of agriculture is the most effective means of reducing poverty in Africa. According to the World Bank the poverty reduct... -
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Mobilising impact finance
World population is estimated at 6.8 billion people, of which close to two billion live in poverty, 925 million are undernourished, 2.6 billion lack basic sanitation, about one billion can’t read a book or sign their name and 443 million school days are lost each year due to water-related illnesses. Yes, the percentage of population living in poverty has been substantially reduced in recent decades, but China alone accounts for most (close to 90 percent) of the world’s poverty reduction since 1981. What’s more, staple food prices are increasing, while income inequality is rising: the poorest 40 percent of world population account for fi...
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