The Black Sea has seen plenty of drilling for oil and gas over the last 100 years, but it has yet to realize its potential and now Romania may have killed its last, best hope
Value stocks in the emerging markets are the world’s most attractive asset class, according to Boston-based investment manager GMO. “We like cheap assets and emerging value is cheap on any metric,” says Peter Chiappinelli, a portfolio strategist at Boston-based GMO, which runs the (tickers: GMOEX and GEMNX), a broadly diversified mutual fund with a value tilt. “I just don’t mean a cheap P/E (price/earnings ratio), I mean cheap price to sales, cheap price to book, cheap price to cash flow, cheap to economic value,” he says.
Russia is looking to revamp its upstream oil taxation, cutting taxes for some while trying to close some commonly used loopholes for others