Financial markets/All

September 2, 2010

China backs Karachi refinery

China, demonstrating its continuing financial commitment to Pakistan, is to invest US$535 million to restart a refinery project in Karachi abandoned by foreign investors and contractors after the assassination of former prime minister Benazir Bhutto in 2007.

- Syed Fazl-e-Haider (Aug 31, '10)

SKS sale draws negative interest

George Soros-backed SKS Finance, which makes money by lending small sums to India's poorest businesses, is raising US$347 million through an initial public offering. That offends critics who gibe at the profits created by up to 30% interest rates that go with such loans.

- Raja Murthy (Jul 29, '10)

HENRY C K LIU

Pegs, boards and the IMF curse

THE POST-CRISIS OUTLOOK, PART 12
The instability of unregulated financial markets poses great danger (and the risk of International Monetary Fund intervention) for developing countries, as already seen from Asia to Argentina. And while the Chinese currency is playing an increased role in the global economy, that does not inoculate Beijing's partners against trade disputes.

- Henry C K Liu (Jul 28, '10)

China tries realistic ratings

China's Dagong rating agency makes clear that it sees the world without the rose-colored glasses of its US-based counterparts, which failed so dismally in their work ahead of the world's recent financial crises. For a start, the Chinese outfit gives due recognition to the grim long-term outlook of the US and UK economies.

- Joergen Oerstroem Moeller (Jul 27, '10)

Pakistan's IMF payout delayed

Islamabad will have to wait a bit longer before getting hold of the next US$1.3 billion handout from the International Monetary Fund, with crucial talks postponed as officials try to put together figures for the overshooting fiscal deficit. The delay could lead to more inflation pressure.

- Syed Fazl-e-Haider (Jul 27, '10)

China pulls the strings

Private capital appeared to be shunning the financial markets this week, following the lead of governments that no longer seemed willing to support their economies. Then China spoke up and, as a global stock market rally immediately followed, demonstrated its role as the world economy's new paterfamilias.

- Julian Delasantellis (May 28, '10)

SPENGLER

Ignore that Keynes behind the curtain

Few forecasters expected the Greek debt problem to threaten the world financial system, yet it has. And yet again, governments will claim to have "fixed" the problem and halted the rot. Perhaps the fix will hold for a while, or maybe the panic will spread. Either way, the markets now recognize such Keynesian short-term fixes are no solution to deep-rooted problems.

- Spengler (May 10, '10)

SINOGRAPH

Give us back the German empire

To stop the rot spreading from the Greek financial crisis, Germany should take over Europe - and do it fast. Unrest in Europe from the consequences of Berlin's failure to act would marginalize Europe and further decouple the Pacific's stellar growth from the Atlantic's. At present historical speed, Europe's decline to global irrelevance could take just a few years - just as China's rise was accomplished in two decades.

- Francesco Sisci (May 05, '10)

IMF further delays Pakistan cash

The International Monetary Fund has further delayed releasing funds for Pakistan as Islamabad drags its feet on steps that might bolster its financial position but could anger the business community and drive the nation's poor even further into poverty.

- Syed Fazl-e-Haider (Apr 26, '10)

Speaking Freely

EU-China bilateralism, sans the US

The European Union's economic malaise can be fixed by abandoning the Euro and reducing import dependence. China, on the other hand, must build a domestic market and cut down export reliance. A new complementarity between Brussels and Beijing can help achieve these compatible goals. For it to work, though, the EU must rid itself of the American alliance.

- Simon Bowring (Apr 03, '10)

Stocks ride out Erdogan offensive

Turkey's stock markets have reacted with apparent equanimity to Prime Minister Recep Tayyip Erdogan's moves to shake up Turkey's Constitutional Court while also confronting opposition within the military. That points to the strength of the economy, but a long-term provocative strategy by Erdogan may not be constructive.

- Robert M Cutler (Mar 18, '10)

MARKET RAP

Buyers beware

A third week of gains in Asian stocks suggests an air of optimism is emerging in the region. Relatively low volume and short-term technical indicators also point to a degree of overbuying. Caution, it appears, remains the watchword.

- Robert M Cutler (Mar 12, '10)

Pakistan risks IMF's $1.2bn

Disagreement between President Asif Ali Zardari and Prime Minister Yousuf Raza Gilani over who should be Pakistan's finance minister, more than two weeks after Shaukat Tarin resigned from the post, may force the International Monetary Fund to hold back US$1.2 billion the government desperately needs to plug widening deficits.

- Syed Fazl-e-Haider (Mar 10, '10)

MARKET RAP

Steady as they go

US jobs data and the prospect of a resolution to the Greek debt crisis encouraged strong and steady advances across Asia's stock markets last week. More gains, however, will be required before they break out of medium-term trading ranges, and risk appetite may yet prove fragile.

- Robert M Cutler (Mar 08, '10)

THE BEAR'S LAIR

US holds key to eurozone success

European proponents of a centralized finance minister for the eurozone should look instead to the United States for a lesson on how to avoid a repeat of the Greek market panic. Member countries should sign up to a balanced budget or quit the currency regime.

- Martin Hutchinson (Feb 23, '10)

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China backs Karachi refinery

SKS sale draws negative interest

HENRY C K LIU

Pegs, boards and the IMF curse

China tries realistic ratings

Pakistan's IMF payout delayed

China pulls the strings

SPENGLER

Ignore that Keynes behind the curtain

SINOGRAPH

Give us back the German empire

IMF further delays Pakistan cash

Speaking Freely

EU-China bilateralism, sans the US

Stocks ride out Erdogan offensive

MARKET RAP

Buyers beware

Pakistan risks IMF's $1.2bn

MARKET RAP

Steady as they go

THE BEAR'S LAIR

US holds key to eurozone success

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