Chinese local government financing vehicles, which have been breeding ground for shadow banking, are staging a comeback. If the current trend continues, it could raise concerns over the country’s fiscal health. The value of issuances for LGFV bonds for the January-March quarter reached at least $90 billion. Source: Nikkei Asian Review
GEFIRA provides in-depth and comprehensive analysis of and valuable insight into current events that investors, financial planners and politicians need to know to anticipate the world of tomorrow; it is intended for professional and non-professional readers.
The Gefira bulletin is available in ENGLISH, GERMAN and SPANISH.
The Iraqi Kurdish Regional Government’s (KRG) economic power, propelled by oil exports via Turkey, is potentially at risk if the autonomous administration in northern Iraq insists on independence considering Ankara’s objection to the referendum, an energy expert has said. Source Hurriyet Daily News
Official figures published last week found that oil production increased by 2.9 per cent last year following a recovery in the price. However, capital expenditure dropped by around 20 per cent and it has emerged there were 60,000 job losses in the industry last year, 20,000 more than expected. Source The Telegraph
Bilateral trade between China and Russia over the course of the first seven months of this year has increased by almost 25 percent, compared to the same period of 2016, Chinese ambassador to Russia Li Hui said Monday. Source: Sputnik