Fitch Ratings affirmed the City of Moscow's long-term foreign and local currency ratings at 'BBB' with a stable outlook. The rating reflects continued improvements in Russia's economic environment in the last two to three years.
Georgian President Mikhail Saakashvili is certain that sales of Georgian wine will increase in Ukraine. He said the ban on imports of Georgian wine by Russia had made for good publicity on Europe. “Georgian wine has proved to contain too much freedom in it”, he said.
Industrial and Commercial Bank of China’s Chairman Jiang Jianqing confirmed that the bank’s flotation will take place this year. He did not say whether his bank would be listed in the domestic market, which has soared recently on improved market sentiment. Jiang said he expects the bank to rank among the world’s top ten by market value.
The IMF has forecast that the Indonesian economy will grow by 5.2% this year, a revision upwards on its previous estimates. The Indonesian government’s estimate is 5.9%. The IMF's Indonesia representative Stephen Schwart said consumer purchasing power could be affected by global oil prices in domestic interest rates in the second half of 2006.
Ali Rodriguez Araque, Venezuelan Minister of Foreign Affairs, confirmed that the country is to pull out of the G-3 group (Venezuela, Mexico, Colombia) for the same reason it has pulled out from the Comunidade Andina de Naciones (CAN): because country members have entered free trade agreements with the US.
The strength of the Brazilian real has hit investments in the country’s auto sector. Production costs are now 30% cheaper in neighbouring Argentina. Argentina’s vehicle output grew by 40% in 2006 to 450,000 units while Brazilian roduction grew by 4.5% to 2.5 million units.