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Lula questions China on TikTok and digital harms, Senate hears minister on INSS fraud and unauthorized deductions, and nearly half a million retirees file complaints over benefit irregularities
BRAZIL POLITICS · Report · 15 May 2025

Yesterday, May 14, during a conversation with journalists, President Lula said that he questioned Chinese President Xi Jinping about TikTok. According to him, First Lady Janja da Silva spoke during the dinner to explain what is happening in Brazil, “especially against women and children,” in rela...

May 12 elections: A wake-up call to BBM and an audience for progressive thoughts
PHILIPPINES · Report · 15 May 2025

A quick glance at the results of the Philippines’ May 12 mid-term elections shows initial signs that the Filipino electorate has started repudiating movie stars and game show hosts, political dynasties, deadwood, and those suspected of plunder and corruption. The formula of name recall, political...

Economic growth in 4M25 looked strong y-o-y amid a low base effect
KAZAKHSTAN · In Brief · 15 May 2025

The Bureau of National Statistics announced that the short-term indicator (a monthly proxy of economic activity that includes industry, agriculture, construction, transportation, trade, and IT/communication segments) grew by 8.5% y-o-y in 4M25. To remind the m-o-m statistics are unavailable for t...

Israel’s April CPI due today: we expect 0.6% rise—ceasefire progress may influence BOI policy
ISRAEL · In Brief · 15 May 2025

The Central Bureau of Statistics is expected to release April’s Consumer Price Index (CPI) data today, and our expectation is for a 0.6% monthly rise, bringing the annual inflation rate to around 3.1%. Seasonal drivers behind the headline figure While 0.6% may appear elevated, April is traditiona...

Peru: Cabinet crisis
PERU · In Brief · 14 May 2025

Under pressure from Congress, last night President Dina Boluarte sacked two ministers, the highly respected Finance Minister, José Salardi, and the Interior Minister, Julio Diaz. Apparently, she was looking for support from political groups to avoid an impeachment of her loyal Prime Minister Gust...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 14 May 2025

Apr 30 Energy Ministry: Kazakhstan is considering an increase of oil supplies to Germany to 2.2 mln tons in 2025 (vs initially planned 1.5 mln tons). Parliament: The Lower Chamber has approved a new Tax Code, which assumes VAT increases up to 16%. Ministry of Foreign Affairs: Kazakhstan introduce...

Blow hot and cold
BRAZIL ECONOMICS · Report · 14 May 2025

The minutes from last week’s Copom (Monetary Policy Committee) meeting sounded more ambiguous than the statement released at the time. The tone of the original document, which by design is much less detailed than the minutes, suggested a high probability that the Committee would opt to maintain t...

Lula defends alternative to dollar during China visit, Congress prepares for income tax reform debate amid fiscal constraints, and US-China trade truce begins impacting global markets
BRAZIL POLITICS · Report · 14 May 2025

President Lula begins his return trip to Brazil today, after making official visits to Russia and China. In the final leg of the trip, Lula advocated for countries to find “a currency or a basket of currencies that allows business to be conducted without depending on a single currency,” referring...

Powerful growth rebound in March shouldn’t raise expectations
DOMINICAN REPUBLIC · Report · 14 May 2025

Economic activity growth in March was notably better than in the previous four months. The Central Bank reported a y/y increase of 5.4% in the monthly level of economic activity. But this figure should not raise hopes that the economy will experience a significant growth acceleration in the comin...

Slide Presentation - Panama in Focus: US Relations, Canal Strategy and Fiscal Discipline
PANAMA · Presentation · 14 May 2025

How will US-Panama relations and US tariffs impact Panama’s economy? What strategy will be applied to the Panama Canal amid disruptions in global commerce? What's ahead for fiscal policy? Will Panama be able to navigate these challenges and protect its growth and investment grade? Get insight int...

Lula secures Chinese investments during the CELAC forum, Brazil negotiates a TikTok data center project tied to energy infrastructure, and the opposition files a request for a Joint CPI on the INSS fraud
BRAZIL POLITICS · Report · 13 May 2025

President Lula continues his official agenda in China. Yesterday, May 12, Apex Brasil announced that R$ 27 billion in investments in Brazil were secured from Chinese companies. The government highlighted investment commitments from automaker GWM and the Chinese delivery platform Meituan. The Mini...

Economics: First quarter public finances surprisingly favorable yet unsustainable for the rest of the year, with scant room to contain spending
MEXICO · Report · 13 May 2025

Mexico's public finances delivered favorable results in the first quarter of 2025, driven by a substantial increase in non-oil tax revenues (real annual +17.8%) and a contraction in public spending (real annual -5.9%), a performance facilitated by calendar effects. But despite such a positive sho...

Israel’s April budget data support deficit target; bond issuance pace expected to slow
ISRAEL · In Brief · 13 May 2025

The Ministry of Finance reported a fiscal deficit of NIS 11.15 billion ($3.145 billion) in April, with the trailing 12-month deficit improving to 5.1% of GDP, down from5.2% in March and a peak of 8.5% in September 2024. The improvement reflects strong tax revenues in January and February—partly d...

Brazil edges toward the Russia-China axis and other weekly topics
BRAZIL POLITICS · Report · 12 May 2025

The Lower House will have a lighter week, with remote sessions. The bill reforming the legal framework for public concessions may arrive in the Senate. Meanwhile, the Supreme Court is set to analyze tax-related matters and the Direct Action of Unconstitutionality (ADI) concerning the allocation o...

Politics: The current state of democracy in Mexico
MEXICO · Report · 12 May 2025

There is rising concern in Mexico that the country’s democracy is in danger. The current debate was sparked by a magazine article and interview granted by Ernesto Zedillo in which the former president declared that Mexican democracy is dead and that the country is moving toward an authoritarian a...

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