Emerging Markets, Emerging Russia, Emerging Views
From the monthly archives:
Jerome Booth, Head of Research at Ashmore Investment Management comments on the global backdrop for emerging markets over the past year and forecasts an encouraging future for EM asset classes.
Reviewing some of the key themes in 2009:
· Whilst there was global disruption to cross-border finance, the main negative impact on selected emerging countries has been [...]
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By Marcus Williams
Research strategists at Goldman Sachs are going long on Russian equities in 2010 on the basis that the country’s growth rate will rebound sharply.
Goldman is forecasting that real GDP will rebound to +4.5% in 2010 and accelerate later in the year after a steep 9.5% decline this year.
Compared with other developed and emerging [...]
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By Marcus Williams
State-controlled VTB Bank has exercised a call option to acquire 31.5 % of property developer Sistema-Hals from the diversified conglomerate group Sistema for a symbolic price of just 30 roubles.
Sistema-Hals and its parent have been heavily indebted to VTB, and agreed earlier this year to give VTB a 19.5% stake and a call [...]
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By Ivan Anderzhanov in Moscow
Claus Korner, former head of Deutsche Bank Private Wealth Management in Moscow, has resurfaced at Third Rome.
Korner, who built Deutsche’s wealth business from scratch in Moscow to $1.5bn in assets under management, has joined Andrei Movchan’s fast-growing team at Third Rome as a partner.
A veteran of Russia and Eastern [...]
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By Marcus Williams
A roster of investment banking heavyweights are biting at the leash following the news today that aluminum producer Rusal has concluded a debt restructuring deal on $7.4bn owed to Western creditors.
The agreement should pave the way for an initial public offering of as much as $2.5bn, or 10% of the company. Investment banking [...]
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By Jason Corcoran in Moscow
Russia’s Renaissance Capital has parted company with its head of domestic equity sales Maria Shatalina and replaced her with Ruslan Babaev.
Babaev, who joined the investment bank from Goldman Sachs in May 2007, has been promoted with immediate effect to lead Rencap’s domestic equity sales personnel.
A source close to the group indicated [...]
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By Vladimir Osakovsky, Head of Strategy and Research for UniCredit Securities
We expect Dubai World’s debt problems to be successfully resolved in the not-too-distant future. We think that all outstanding problems with maturing debt likely to be settled either through restructuring the debt, or through repayment from sovereign funds or possibly IMF assistance.
On Sunday, the UAE [...]
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