Emerging Markets Weekly News

Due to the holiday period, the next Market Updates will be w/c 5th January 2009.

Week ended 12 December 2008

Brazil: Vale will further cut its nickel operations in Canada because of falling metals demand. Renner said that the flood in Santa Catarina would cause some delays, but stores were well stocked.

India: Godrej Consumer Products will buy back shares worth up to 149m rupees.

Mexico: ASUR’s passenger traffic rose 3.1% year-on-year in November, owing to a large increase in international travellers.

Sri Lanka: The Supreme Court suspended all payments to banks engaged in an oil-hedging deal with government-owned Ceylon Petroleum Corp, in which Commercial Bank of Ceylon has a US$8.9m exposure.

Taiwan: TSMC revised its fourth-quarter revenue and margin guidance lower, as weak global conditions are expected to hurt wafer shipment; operating profit for the full financial year is also likely to fall.

Thailand: Electricity Generating is buying a 23% stake in Quezon Power in the Philippines. Thai Beverage again cancelled its secondary listing on the local exchange following renewed protests.

We hold all the above companies highlighted.