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Friday’s best web

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Friday's best web covers the new Turkey-Tunisia development cooperation agreement, Reliance Industries' Chevron sale, Gazprom maneuvering for access to Brunei resources, investor confidence in Mexico, and the emergence of the renminbi as the "anchor" currency of Asia.

[caption align="alignright" caption="Tunisia is seeking an investment boost"] Image Courtesy Svetlana Grechkina: http://www.flickr.com/people/womeos/ [/caption]

The Hurriyet Daily News reports Turkey and Tunisia have created a development cooperation agreement

Best web: Tunisia and Turkey ( TUR , quote ) have signed an agreement that will allow the two nations to collaborate together to mutually improve development. As part of the deal, Turkey will loan $400 million and grant an additional $100 million to the North African country. Together, the two countries will work to improve local industry, agriculture, fight poverty, and more. Turkey will also help develop a more stringent economic structure that will enable investments to be made without the fear of excessive graft.

The Times of India covers Reliance Industries' sale of its stake in Iraqi oil fields to Chevron

Best web: India's Reliance Industries Limited will sell its 80% stake in two oil blocks in Iraqi Kurdistan to Chevron ( CVX , quote ). Reliance is in the process of reducing exposure to exploration blocks to focus instead on blocks already producing hydrocarbons. Further complicating Reliance's stake was the fact the company paid money to the Kurdish regional government despite not being authorized to bid by the Iraqi government. The sale amount was not disclosed, but analysts estimate the payment was in the range of $200 million.

RT.com posts a story about Gazprom's interest in acquiring more resources in Asia

Best web: Russian oil and gas giant Gazprom ( OGZPY , quote ) is in the market for Asian gas reserves to supplement gas exported from Russia. The country expects to rely primarily on homeland production to fulfill its obligations to fuel Asian nations. However, the Shtokman project in the Barents Sea field remains largely untapped as Gazprom and its partners, Total ( TOT , quote ) and Statoil ( STO , quote ), have been unable to develop an effective extraction method. The government of Brunei and Gazprom signed a Memorandum of Cooperation last month and will look to finalize a sale to take effect in 2013 when existing contracts for the Brunei fields expire.

Ken Rapoza of Forbes Magazine discusses investor enthusiasm for Mexico

Best web: There are many reasons for an investor to be excited about Mexico's ( EWW , quote ) economic prospects. The population is younger than China ( FXI , quote ) or Russia ( RSX , quote ), wages have remained level while rising in other emerging economies, and the close proximity to the U.S. provides an immediate trading partner. Further, many Mexican companies give investors exposure to all of Latin America. The country's new political leadership is saying all the right things to attract more private investment. Hopefully recent economic performance will continue.

The Economic Times of India reports the renminbi is becoming the "anchor" currency of Asia

Best web: According to the Asian Development Bank, more transactions in Asia are being settled using the renminbi ( quote ). This gradual rise will likely lead China to open up its currency markets to allow the renminbi to be more freely available for trade. It is the goal of Chinese policymakers to get ASEAN countries ( ASEA , quote ) to use the renminbi instead of other currencies. Becoming an anchor currency does not necessarily mean it will also become a reserve currency however. The Chinese government needs more liberalizing reforms to take hold before that will happen. Currently, only the Malaysian central bank is able to purchase renminbi bonds. Given time, however, the renminbi appears to be moving in that direction.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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