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BP's difficulties in the deal with Rosneft. In mid-January 2011 BP signed a deal with Rosneft with each company investing in the other through a stock swap of 5% of BP and 9.8% of Rosneft. They also agreed to jointly explore oil fields in the Russian Arctic. This sidelines BP's former partners in the TNK-BP venture. Robert Dudley, who headed the Russian operations of BP, is now CEO of the company. From 2003 to 2008, Dudley headed the TNK-BP joint venture. BP's partners in that venture, known as the AAR group of oligarchs, have sued BP over the BP-Rosneft deal. An arbitration tribunal in Sweden ruled that the Rosneft venture violates a shareholder agreement BP has in the TNK-BP venture. BP was under the impression that support from Igor Sechin, deputy prime minister and head of Rosneft, would ensure there would be no litgation by AAR, but this has not happened. It shows the uncertainties in Russian politics. Russian President Medvedev has asked political leaders to give up corporate positions, which would mean Sechin would have to give up his position in Rosneft. BP continues to benefit from access to new resources in Russia even with these difficulties. BP contributed $6 billon in cash in 2003 to the TNK-BP joint venture. BP has made $14.3 billion in dividends since 2003 on this investment and holds 50% of the assets in that venture. ...

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The changing face of Hangzhou, ancient cultural and spiritual centre of China.

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Australia's treasurer Wayne Swan blocked the proposed takeover of Australia's main stock market operator ASX Ltd by Singapore Exchange Ltd. He said that "this deal is not in the Australian national interest." He said there was a risk of Australia losing control of its clearing and settlement systems with such a takeover. He described the merits of the takeover as offering access to Asian capital flows as "overstated." Australia's exchange is the 11th largest exchange by market value and Singapore's exchange is shown at 21. In plain language he said the deal wasn't a merger, "its a takeover that would see Australia's financial sector become a subsidiary to a competitor in Asia." Investment in Australia is reviewed by the Treasury Department's FIRB, with the final decision made by the Treasurer. In this case the response was swift as FIRB pointed to major obstacles for the deal.

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Brazil shifts stance on the appreciation of its currency, the Real, as it approaches $1.60 to the dollar in April 2011. With inflation at 6.3% in March 2011, Finance Minister Mantega is seeing the benefits of a stronger currency in reducing the cost of imported goods. Brazil's currency, the Real, is appreciating as foreign money pours into Brazil because of growth prospects and because of the overnight interest rates of 11.75%. This will limit the use of capital controls that Mantega has used in the past. Since October Brazil triple taxes on foreign investment in local bonds.