According to a World Bank study, Morocco and Egypt have carried out the most privatisations in the Middle East and North Africa over the last decade. Morocco ’s privatisation programme overtook Egypt ’s privatisation in 2000 following the privatisation of its telecommunications sector. The World Bank report said that in the past 15 years, around 310 privatisations were finalised in the region, worth about $20 billion.
The number of foreign life insurance companies in Vietnam will increase rapidly despite fierce competition from other investment channels including banks and the stock market, according to UNDP analysis. With the entry of US-based ACE and South Korea's Korea Life this year, Vietnam now has 15 foreign-invested insurance companies and 25 representative offices of international insurance companies offering a combined total of nearly 100 life insurance products. Six years after opening in Vietnam, UK-based Prudential has developed a 40 percent share in the nation's life insurance market.
The Inter-American Development Bank will enhance its partial credit guarantees for Latin American and Caribbean debt issuers. Under the new guidelines, the bank will be able to denominate reimbursement claims, fees and other charges in local currencies. Previously, the institution's policies required that these items should be denominated in US dollars. Partial credit guarantees “Strengthen the credit rating of securities denominated in local currencies, reducing foreign currency exposure for issuers and creating new investment opportunities in the region’s capital markets,” said Hans Schulz, head of the private sector department’s financial markets team.
The Hungarian forint continued to weaken along with other regional currencies this morning, trading at 270.10 against the euro on the inter-bank market, 2.70 forints higher than on Monday afternoon. It is the first time since January 2004 that the forint-euro rate has passed the 270 mark. Traders reported that Tuesday morning's higher-than-expected May inflation data contributed to the forint's weakening
EU Enlargement commissioner Olli Rehn said that the signing of an association agreement is a cornerstone on Albania ’s road to EU integration. The document was endorsed yesterday in Luxembourg. The agreement signifies commitment on both sides to pursue the policies to meet EU standards. The agreement entails deep reforms in Albania: Rehn highlighted the fight against trafficking, organised crime and corruption. The agreement must be ratified by the parliaments of the 25 member states but the free trade provisions are in force immediately.