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Financial Times
beyondbrics



Further reading: all Brics & no mortar

Five Brics try to build a development bank; Malaysian election fever rises, testing time for prime minister; Yemeni fears of a proxy conflict between Riyadh and Tehran. Plus: the Brics and Mozambique's resource curse; China's management of cross-border capital flows; China and Iraqi oil; and Nigeria, foreign direct investment and privatisation.

From FT:
South Africa should forget the Brics era, Comment
Too early to bank on a Brics lender, Global Insight
Malaysia PM faces test as tight poll looms, World
Nigeria hopes for railways' resurrection, World
Unfinished uprising, Analysis

From elsewhere:
Brics will seal Mozambique's fate as a resource-cursed country, BusinessDay
Why Putin Will Miss Berezovsky, The Moscow Times
The Temptation of China's Capital Account, Project Syndicate
Iraqi oil: Once seen as U.S. boon, now it's mostly China's, McClatchy
Getting privatisation right, Punch Nigeria
The Geopolitics of the Modern Resource Boom, Americas Quarterly



New York headlines

* Cyprus braced for outflow of money

* Stocks mixed as eurozone worries linger

* China wealth management rules hit shares

* India's Exim Bank in AUD debut

* Western funds seeks a passage to India

* South Korea cuts economic forecast

* Shares in TNK-BP offshoot fall

* Standard Life: calling time on Brazil property

* Tele2 sells Russian arm to VTB

* Brazil hits growth 'stumbling block'

* Peru intensifies currency fight

Markets: mixed

Cyprus braced for outflow of money
Cypriot banks reopened on Thursday for the first time in almost two weeks under a regime of strict capital controls and with officials bracing for a huge outflow of deposits.
http://on.ft.com/16juwqJ

Stocks mixed as eurozone worries linger
Thursday 09:30 GMT. Global stocks are mixed as the Cypriot banking crisis, alongside political instability in Italy, highlight the eurozone's debt difficulties and again damp investor sentiment.
http://on.ft.com/YVrBOY

China wealth management rules hit shares
Chinese shares fell sharply on Thursday after the country's banking regulator tightened restrictions on so-called "wealth management products" in a bid to reduce risks to the economy posed by shadow financing.
http://on.ft.com/YH3GcR

India's Exim Bank in AUD debut
The Export-Import Bank of India has become the first Indian institution to issue bonds in Australian dollars, opening up a new market.
http://on.ft.com/16ZsHR1

Western funds seeks a passage to India
Western fund houses with a presence in India are failing to persuade locals there to buy equity funds – an unfortunate development that throws a spanner into their business models.
http://on.ft.com/16jG1P4

South Korea cuts economic forecast
South Korea has cut its economic growth target for this year and announced a plan to draw up a supplementary budget to kick-start the stalled economy as the export-driven country battles the weaker yen and fragile global economic recovery.

http://on.ft.com/YKKuVs

Shares in TNK-BP offshoot fall
The share price of TNK-BP Holding has fallen nearly 40 per cent over the past five trading days amid uncertainty about new owner Rosneft's commitment to minority shareholders.
http://on.ft.com/11N8ZIk

Standard Life: calling time on Brazil property
The sale of two office buildings in central São Paulo may sound like a rather insignificant event in the scale of things. However, Standard Life's decision to sell the two properties, marking an exit of the British insurer's real estate fund from Brazil, could be a bad omen for the country's property market.
http://on.ft.com/1008CpL

Tele2 sells Russian arm to VTB
Swedish telecoms group Tele2 is to sell its Russian mobile operator Tele2 Russia to local bank VTB for $3.55bn, in one of the largest deals in the region since the financial crisis.
http://on.ft.com/10bgJit

Brazil hits growth 'stumbling block'
Brazil's slowing economy and fiscal stimulus efforts are weighing on its sovereign credit rating, Fitch said on Wednesday, in the first such note of caution over a country that has been a star of rating agencies.
http://on.ft.com/10QKgQD

Peru intensifies currency fight
For the eighth time in 10 months, Peru's central bank has raised deposit requirements on dollar-denominated accounts to stem the flow of hot money into its fast-growing economy and dampen currency appreciation.
http://on.ft.com/16YQoZR

Emerging Markets
MSCI Emerging Market Index down -0.14% at 1,031

Europe
FTSE up +0.53% at 6,421
RTS up +0.33% at 1,451
Warsaw Wig down -0.40% at 45,068
FTSE 300 Eurotop up +0.47% at 1,190

Americas
DJIA down -0.23% at 14,526
S&P 500 down -0.06% at 1,563
Bovespa up +0.65% at 56,034

Asia
Nikkei 225 down -1.26% at 12,336
Topix down -0.93% at 1,037
Hang Seng down -0.74% at 22,300
Shanghai Composite down -2.82% at 2,236
MSCI Asia ex-Japan down -0.35% at 473.80
S&P CNX Nifty Index up +0.73% at 5,683

Currencies
€/$ 1.28 (1.28)
$/¥ 94.21 (94.43)

Commodities
Brent Crude (ICE) up +0.06 at 109.75
Light Crude (Nymex) up +0.18 at 96.76
100 Oz Gold (Comex) down -3.40 at 1,603

 

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