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Best of the Blogs, Emerging Markets: Corruption Also Worrisome in Indian Pharmaceutical Practices


Plus, effects of eurozone crisis on global emerging markets

Minyanville's daily roundup of some of the best financial commentary on emerging markets from around the Web.

Bloomberg: Business Week
India's top drug regulatory agency violated laws and colluded with pharmaceutical companies to approve medicines without clinical trials, a parliamentary panel said in a report. The Central Drugs Standard Control Organization which oversees clinical trials and India's 10,000 drugmakers, approved medicines from companies including Novartis AG (NOVN.VX), GlaxoSmithKline Plc (GSK) and Mumbai-based Cipla Ltd. (CIPLA.NS) without clinical trials required to be done in the country, the standing committee on health and family welfare said in a report tabled in parliament on May 8. (Also read Inside the Tasmanian Opium Industry.)

Wall Street Journal: China Real Time Report
Link: Meet China's Best 2011 Stock Analysts

For many investors last year, buying into Asian companies was a painful move. A number of stock markets got battered across the continent, dropping by as much as 38% in India. Still, as the release of the Wall Street Journal's "Asia's Best Analysts" survey shows, some stock analysts managed to keep their clients' heads above the water-mostly by telling clients when to sell. In mainland China, where financial information can be patchy and opaque, getting away from the desk was key. (For related content, see ETFs: Looking for Strength in All the Right Places.)

New York Times: The Caucus
Link: Obama to Skip Economic Summit in Russia

As the White House pondered the meaning of President Vladimir V. Putin's abrupt decision to skip next week's Group of Eight summit meeting at Camp David, the Russians took note of the fact that President Obama was skipping an Asian summit meeting in Russia later this year. Russian officials told the Russian media that American officials had notified them that Mr. Obama would not attend the Asia-Pacific Economic Cooperation forum to be held in the far east city of Vladivostok in early September. The event will be the first time the summit meeting has been hosted by Russia, a point of pride for the Kremlin.

Financial Times: Beyond BRICS
CEE: Bearing the Brunt of the Storm
While emerging markets as a whole are suffering in the latest storm in the eurozone crisis, central and eastern Europe have been hit particularly hard. On Monday, the $-denominated MSCI index of central and east European equities was down a full 4.6 per cent, more than double the 1.9 per cent decline in global EMs. Stocks, bonds and currencies were all sold off in the flight to safety. With CEE economies more exposed to the Greek crisis than other EMs, investors' reactions should not come as a surprise. (Also read For High Yields, Buy Global Stocks Locally.)

Latin Daily Financial News
Colombian Gilinski group buys business HSBC in Paraguay, Uruguay and Peru
The British group announced today through the Financial Superintendence of Colombia the Colombian group Gilinski acquisition of HSBC's (HBC) business in Colombia, Uruguay, Paraguay and Peru for a total cost of $ 400 million. The Superintendence issued a report which specifies that HSBC Latin America Holdings (UK) Limited and other subsidiaries, reached an agreement with Colombia's Gilinski owner of GNB Sudameris Bank SA, the agreement specifies the sale of the HSBC Group's businesses in Peru, Uruguay, Paraguay and Colombia.

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