Caixin | Until recently, Chinese officials could rest assured that their path on the bureaucratic ladder went only upward, unless they were punished for some reason, usually corruption. No more. A policy passed in June 2015 by the Communist Party’s second-highest decision-making body, the 25-member Politburo, stipulated that officials should be demoted for failing to meet the requirements of their post.
Icelanders are catching their breath after an eventful week that it started with an infamous interview where the then PM Gunnlaugsson failed to tell the truth. The question is what more the Panama papers will expose of Iceland, the most offshorised country in the world. The political effects aren’t yet clear but the popularity of the Pirate party has grown.
In the last few months, three leading Spanish companies, Parques Reunidos, Telepizza and Cortefiel, have announced plans to list on the stock market. This wouldn’t have been so odd if it weren’t for the fact that the trio were already in the market some years ago, and were then later delisted.
F. Barciela / F.G. Ljubetic | The bios about Carlos Slim, the third richest man in the world according to Forbes, are very clear about the origins of his fortune. He made the most of his money during the peso crisis by acquiring several blocks of shares in the biggest Mexican companies at a bargain prices. This is how he will acquire FCC, one of the biggest Spanish construction firms, for just…7.6 euros per share.
Nick Malkoutzis via MacroPolis | In its first period in government, between January and September 2015, SYRIZA did not experience any general strikes. Since the September elections there have been three, making the number of such protests one of the few things in Greece that is heading upwards. The other rising indicator is the number of pressing problems Prime Minister Alexis Tsipras faces.
Yiannis Mouzakis via MacroPolis | Last July the conditionality of Greece’s third programme included savings of 1 percent of GDP from pensions. It did not require any major fortune telling skills to anticipate that this would soon lead the government of Alexis Tsipras into an extremely tense situation.
Nick Malkoutzis via MacroPolis | For some years now, and especially over the last 12 months, Greece has acted as Europe’s lifeguard, first aid provider and gravedigger. It seems, though, that the strain of the refugee crisis means Greece’s European partners also want it to serve as a prison warden.
Low oil prices can be good for the drivers, but they are simply catastrophic for the oil companies and the markets. Many top oil firms have seen their earnings sharply reduced and their credit ratings cut. It is expected that prices will rise again, but not before late this year or 2017. The big question is whether the industry will be able to survive until then.
Li Yuqian and Yang Gang via Caixin | The offshore yuan market in Hong Kong has been shaken to the core by weeks of volatility that analysts blame on strong intervention by China’s central bank. Wild fluctuations for yuan-based interbank lending rates as well as onshore-offshore yuan spreads in Hong Kong began in January and could continue indefinitely while the People’s Bank of China defends its currency against short sellers.