Argentina - 01

Argentina: Dismissal of Central Bank Official Heightens Opposition Ire Against Macri

Last week Macri issued a decree firing Biscay (please see our Personality of the Week) for “poor conduct and violation of the obligations of prudence and responsibility in the position he occupies.” In addition, the decree – also signed by chief of staff Marcos Pena and Minister of Economy Nicolas Dujovne – stressed that Biscay’s

Brazil 6

Brazil: Arrest of Former CEO Unlikely to Slow Petrobras’ Recovery

Aldemir Bendine, the former CEO of state-owned oil company Petrobras and state-owned bank Banco do Brasil, was arrested last week within the context of the Lava Jato Federal Police investigations. Bendine (see our Personality of the Week) is suspected of having received $3mn reais (roughly $1mn) in bribes from business executives of the construction conglomerate

Kazakhstan - 03

Kazakhstan: UK Delegation Visit: Interest in Astana Investments; Skepticism over IPOs

A high-level UK government delegation visited the Astana Expo 2017 last week to advance several strategic investment plans. UK International Trade Minister Greg Hands met with Prime Minister Bakytzhan Sagintayev, Minister for Investments and Development Zhenis Kassymbek and Minister of Energy Kanat Bozumbayev, as well as representatives of Kazakh and British businesses. Minister Hands hosted

Argentina - 02

Argentina: Stubbornly High Inflation Undercuts Central Bank Targets

As October midterms loom, inflation remains one of Argentines’ most pressing concerns. At the outset of 2017, some estimates projected inflation in Argentina to decline to 22% by the end of the year (compared to over 30% in recent years). At the same time, the central bank set an aggressive target of 12–17% by the

Turkey - 05

Turkey: Daax Corporation Eyes a Piece of the Domestic Gas Market

Daax is appearing more frequently in discussions on Turkey’s gas sector. The company and its CEO, Umit Sonmez Inanc (see our Personality of the Week), featured in Genel Energy’s last four shareholder transactions. On 12 April and 26 May 2017, Inanc personally acquired around 5.08% of Genel’s shares, and Daax purchased another 26.90% on 31

Libya - 04

Libya: “Historic” Serraj-Haftar Meeting Viewed With Skepticism on the Ground

A blaze of publicity from Macron’s office accompanied the 25 July meeting between Serraj and Haftar at the Chateau De La Celle-Saint-Cloud outside Paris. However, while Macron spoke of “historic progress” in getting the two men in the same room for only their third meeting together (the previous one, several months ago in Abu Dhabi,

Mozambique - 01

Mozambique: Donor Freeze Remains as IMF Demands Full Transparency

After the executive summary of Kroll’s independent audit into Mozambique’s sovereign debt was published, the IMF sent a mission to the country from 10-19 July. The leader of the mission, Michel Lazare, stated that the Kroll report was missing “critical information” and that therefore a resumption of IMF financial support is out of the question

South Africa - 05

South Africa: Zwane’s Proposed Mining License Moratorium: Warning Sign for Investors

On 19 July, Minister of Mineral Resources Mosebenzi Zwane provided a notice of intention to implement a moratorium on processing new and renewed prospecting and mining rights. This represents a significant escalation in tensions with the mining sector, even though there are major doubts over the legality of Zwane’s proposal. The moratorium appears to be

Mexico - 01

Mexico: Zama-1 Raises Expectations and Political Stakes: Implications for Round 2.4

Zama-1, the first well explored with private capital in the Gulf of Mexico, has exceeded all expectations. In the medium term, Zama-1 will provide Mexico with profits fluctuating between 68.99% and 80%. According to SENER, Zama-1 will ultimately provide about $36bn to the national treasury. Meanwhile, there is great optimism among the consortium operating Zama-1.