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Las acciones emergentes repuntaban desde sus mínimos en cuatro años el viernes en la sesión europea, ante los rumores de una nueva rebaja de las tasas de interés de China.

Pero las preocupaciones sobre la fragilidad de algunas economías en desarrollo mantenían elevados los diferenciales de riesgo de la deuda del sector.

En tanto, la mayoría de las monedas emergentes que se cotizan en Europa se recuperaban de las pérdidas de la jornada anterior.

El avance de las acciones de Asia, provocado por las especulaciones de que China bajaría pronto sus tasas, ayudó a que los inversores pasaran por alto las pérdidas de Wall Street que llevaron al índice Standard & Poor's 500 a su mínimo desde 1997.

"Está saliendo de Asia una sensación algo más positiva y Europa ha seguido eso. Hoy no hay datos en Estados Unidos, lo que podría hacer que mantengamos este repunte, pero la gente sigue muy cauta", dijo Nigel Rendell, estratega de mercados emergentes de Royal Bank of Canada.

A las 1150 GMT, el índice referencial MSCI de las acciones emergentes subía 2,52% a 475,99 puntos.

Los diferenciales de riesgo de la deuda emergente sobre la renta de los títulos comparables del Tesoro de Estados Unidos aumentaban 14 puntos base a 778 puntos básicos, de acuerdo con el Indice Plus de Bonos de Mercados Emergentes de JP Morgan (EMBI+).

Los bonos latinoamericanas estaban particularmente presionados por la amenaza de Ecuador, de incumplir pagos de su deuda

beta.americaeconomia.com/e-el-riesgo-de-deuda.note.aspx - Preview

Emerging Markets Equity

Bear Stearns Private Equity becomes J.P. Morgan Private Equity
08/09/2008.
Source: AltAssets.





JPMorgan Asset Management has announced that shareholders of London-listed
Bear Stearns Private Equity have approved the name change to J.P. Morgan Private
Equity.
Both the manager and the team currently running the company, led
by Gregory Getschow and Troy Duncan, will continue to be responsible for all of
the company's investment decisions and its other day-to-day activities,
according to a statement.
Getschow said, 'The name change reflects our
association with the JPMorgan brand and we believe that this is an extremely
positive event for JPEL as the company enters its fourth fiscal year. We look
forward to continuing to produce superior risk adjusted returns for our
shareholders as part of JPMorgan Asset Management.'
J.P. Morgan Private
Equity invests in private equity assets through secondary purchases and direct
investments in Europe, North America and Asia.

www.altassets.com/...nz14144.php - Preview

Private Equity

Private equity major DE Shaw is investing Rs 630 crore in Noida-based International Amusement Ltd (IAL), the promoters of Appu Ghar. This is the country's first private equity (PE) deal in an amusement park.

The deal values IAL, which is closely held by the Vijeshwar family, at Rs 3,000 crore. However, the exact equity stake picked up by DE Shaw is not known as the company has issued a convertible instrument.

3i, ICICI Ventures and Merrill Lynch also looked at the deal, sources familar with the developments said. Enam Securities was the sole advisor to the transaction.

When contacted, Robin Vijeshwar, managing director, IAL, said the company is in talks with several private equity funds, but declined to discuss the details of the transaction.

The company plans to use the funds for its 350-acre Jaipur amusement park, and some other ongoing projects.

"We are looking at bigger formats of entertainment parks ranging from 50 to 500 acres and are in talks with several state governments as we plan to have a pan-Indian presence. The funds raised will be used for acquiring land, procurement of rides and construction of parks," Vijeshwar added.

According to industry players, amusement parks are catching the fancy of PEs as they expect an IRR ( Internal rate of return) of 20 to 25 per cent over a three-year investment.

These entertainment initiatives, which are effectively considered social infrastructure, are a great revenue earner for the state governments in the form of entertainment tax, apart from creating indirect employment and big opportunities for SMEs (small and medium enterprises).

Subash Chandra-promoted Essel group, the promoters of Essel World and Fantasy Land, is another major player in the amusement parks business in the country.

DE Shaw, one of the world's largest alternative assets provider with over $36 billion in aggregate investment capital, has made considerable investments in the country, such as in a unit of realty developer DLF and in a renewable energy project.

business-standard.com/...storypage_c.php - Preview

Private Equity