Share Name Share Symbol Market Type Share ISIN Share Description
JPM Brl LSE:JPB London Ordinary Share GB00B602HS43 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 64.875p 64.75p 65.00p 64.875p 64.875p 64.875p 18,058 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 0.5 1.0 67.6 24.40

JPM Brl Share Discussion Threads

Showing 251 to 275 of 275 messages
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DateSubjectAuthorDiscuss
26/7/2017
13:34
Brazil Is Settling In to a Period of Steady Economic Growth, and Many Industries Are Ripe for Private Equity Investments. Investors Need to Understand the Market and Apply the Right Strategies. As Brazil's economy takes important steps toward stabilization after a major boom and a two-year correction, it is becoming attractive to investors that want to diversify into emerging markets. The continuing recovery, probusiness reforms, and growth in key industries are combining to create a clear opportunity for investors. These key findings are presented by The Boston Consulting Group (BCG) in its report Private Equity Strategies for Brazil's New Economic Reality, which is being released today. Brazil's economy is more mature than those of other emerging markets. About one-third of Latin America's population lives in Brazil, yet the country attracted nearly half of all PE investments in the region from 2008 through 2015. Compared with developed markets such as the US, there is still significant room for growth. "That combination of factors puts Brazil in the sweet spot for companies willing to invest in emerging economies," says Heitor Carrera, a BCG partner and coauthor of the report. "Over the next decade, the country will offer a rare opportunity to both global firms that want to add emerging markets to their portfolios and local firms in Brazil that want to step up their investments there." Steady Growth and an Increasingly Friendly Business Climate: Most economists predict that, despite some volatility in the first half of 2017, Brazil's GDP will settle into a period of slower but steadier growth--about 1.8% a year through 2021, which is faster than that of the G7 countries. In addition, Brazil's government has introduced a series of economic reforms--such as reducing the paperwork required to file some taxes or start a new company--aimed at promoting a more business-friendly environment. Although the recent economic correction hit some industrial sectors hard, many others--particularly in consumer segments such as food and health--continued to expand at double-digit rates, and that growth will likely continue. These industries are now prime candidates for the kind of value creation strategies that investors can apply. "Brazil has given investors a wild ride over the past decade," says Carrera, "but as it now enters a period of slower growth, it presents investors with both challenges and strong opportunities. Investors that understand the local market, and adopt a long-term view will set themselves up to take advantage."
loganair
24/7/2017
16:02
Cheap trusts to back Brazil out of political crisis By Gavin Lumsden: ‘Never let a good crisis go to waste,’ was supposedly Sir Winston Churchill’s pithy response to the post-war conditions that led to the creation of the United Nations. For investors today, it can also apply to Brazil where political turmoil has created an opportunity in investment trusts exposed to Latin America’s largest economy. Until May it looked like Brazil was pulling out of a deep two-year recession, with the country stabilising under President Michel Temer who took power last year after his predecessor Dilma Rousseff was ousted and impeached for breaking budgetary laws. However, its financial markets plunged when Temer was accused of agreeing to hush money payments to a witness in the country’s vast ‘Car Wash’ corruption probe. Since then the Bovespa stock index, Brazilian bonds and the country’s currency, the real, have all recovered as President Temer, who denies the allegations, has resisted calls to resign. Although unpopular, his position is strengthened by the lack of any credible successor. The long-term investment case for Brazil is that it is a resource-rich nation with a rapidly growing and increasingly educated population. Investors were initially worried that Temer would be unable to push through the pension and labour reforms he promised to cut the country’s big budget deficit. However, most now believe that while the pace of change will slow, the reforms will be made. Investor optimism was buoyed this month by another astonishing twist as former left-wing president Luiz Inacio Lula da Silva – once described as ‘the most popular politician on earth’ by US leader Barack Obama – was sentenced to nearly 10 years in jail on corruption and money-laundering charges. Lula, 71, remains free pending an appeal but is unlikely to make a comeback in next year’s election to challenge the reform programme. Brazil has been a tough place for UK investors in the past 10 years but the rebound in the real since January 2016 has improved matters. Investment trusts offer routes in, starting with JPMorgan Brazil (JPB), the only trust dedicated to the country. Its shares trade at a discount of 18% below asset value, potentially attractive to bargain hunters but reflecting the fact that performance has lagged Brazil’s stock market for several years with a 3.7% gain over one year and an 18% decline over five years. For a regional approach, Aberdeen Latin American Income (ALAI), with 46% invested in Brazil, and BlackRock Latin American (BRLA), with 62%, also look cheap on discounts of around 14%. Both captured the one-year rally with respective gains of 22% and 19%, although their more modest five-year returns of 6.5% and 6.9% show how tough emerging markets have been. BlackRock, managed by William Landers, is bigger and less expensive with 1.2% ongoing charges versus Aberdeen’s 2% similar to that of JP Morgan's Brazilwhich is a little under 2%. For a broader tack, Austin Forey’s JPMorgan Emerging Markets (JMG) invests 12% in Brazil, nearly half its weighting to Latin America. Its shares have returned 64% over five years and trade at a 13% discount. Rival Templeton Emerging Markets (TEM) has 10% in Brazil: its five-year return of 42% is less impressive but new manager Carlos Hardenberg has revived performance with a one-year gain of 33%. Its shares stand on a 14% discount, which also looks good value. Utilico Emerging Markets (UEM) offers a different approach, specialising in infrastructure and utilities to tap into the urbanisation of the developing world. It has 20% invested in Brazil, over 4% of which is a stake in Ocean Wilsons Holdings (OECWL), owner of one of Brazil’s largest port and marine services operators. Manager Charles Jillings has run Utilico since its 2005 launch and is unfazed by developments. ‘We think there’s enough momentum to continue the changes. It’s hard to see how much more bogged down it could be,’ he said. Utilico has produced a 61% five-year total return and its shares offer a 3% dividend yield on a 9% discount. A fly in the ointment though is a performance fee which lifted investors’ ongoing charges to a high 2.8% last year. My favourite for an out-of-the-way bet on Brazil is Hansa Trust (HANA), an eclectic £310 million global fund that combines a diversified portfolio of specialist funds and shares with a 30% position in Ocean Wilson, the company that owns Brazilian port operator Wilson Sons, and in which Utilico co-invests. Hansa trades on a whopping 32% discount, a dismally low rating that partly reflects the weight of its big Brazil exposure. Moreover, the Salomon banking dynasty controls all the voting shares, which means non-voting ‘A’ shareholders have no power to effect change. As a result long-term performance looks awful with shareholders making just 5% over ten years. However, a 24% leap in the past year indicates a dramatic turnaround could be possible if Brazil makes a sustained recovery and if changes to the funds portfolio by chief investment officer Alec Letchfield, who joined three years ago, bear fruit. If you’ve money and the patience to spare, this could be a long-term winner as wide discounts like this rarely last forever.
loganair
18/7/2017
20:21
A report released on Monday (July 17th) by the World Trade Organization (WTO) says that the Brazilian economy will have a gradual recovery in 2017, but growth will be weak for an extended period of time. The international trade entity is currently reviewing Brazil’s trade policies and practices. Brazil, Brazil news,The World Trade Organization is reviewing Brazil's trade practices and forecasting the country's economic future this week, The World Trade Organization is reviewing Brazil’s trade practices and forecasting the country’s economic future this week, photo by Jay Louvion/WTO. “Despite Brazil’s mainly solid economic fundamentals, downside risks to the economic outlook remain,” says the report issued by the WTO adding, “The economy remains vulnerable to a re-intensification of political uncertainty, as well as to delays in addressing fiscal imbalances.” According to the international entity ‘future prosperity and sustainable growth depend on the implementation of productivity-enhancing structural reforms in several areas’ “These reforms would increase the resilience of the Brazilian economy, thus enabling it to continue to meet its broad-based economic and welfare objectives, including inclusive growth and a narrower wealth divide,” concludes the report. The WTO assessment says that Brazil entered a severe recession in 2015 and 2016, triggered by deteriorating trade relations and increased by political uncertainty. The decline in the country’s GDP was accompanied by rising inflation and unemployment. The WTO report comes days after the International Monetary Fund (IMF), released a document that reiterates the overall international feeling that Brazil’s economic woes may be coming to an end, despite the political turbulence. “Recent indicators suggest Brazil’s economy is close to a turning point,” says the IMF report released last week. The international organization, however, warns that ‘while the end of the recession appears to be in sight, a recent rise in political uncertainty has cast a shadow over the outlook’. The report goes on to say that the government’s ability to deliver on social security reform has become more uncertain, and with general elections scheduled for 2018, the opportunity for legislative action is ‘closing’;.
loganair
13/7/2017
19:23
Brazilian equities spiked higher on Wednesday after a court convicted former President Luiz Inacio Lula da Silva of corruption. The iShares MSCI Brazil Capped exchange-traded fund (EWZ) closed 2.98 percent higher after Lula's conviction. The Bovespa index, Brazil's benchmark stock index, also jumped, trading 1.6 percent higher. Lula, who was elected as Brazil 's president twice, was sentenced to nine and a half years in jail, making him the highest-profile casualty of "Operação Lava Jato" (Operation Car Wash), a sweeping corruption investigation that has rattled Brazil. Since its start in 2014, Operation Car Wash has led to hundreds of arrests. It also led to Dilma Rousseff's ousting as Brazil's president last year. Rousseff succeeded Lula in 2011. The operation has also implicated Brazil's current president, Michel Temer. On May 17, Brazilian newspaper O Globo reported that Temer gave his blessing to an attempt to pay a potential witness to remain silent in the country's biggest-ever graft probe. O Globo's report led to the Brazilian stock market plunging, with the EWZ shedding 16.3 percent. The report also led to Temer being formally charged with corruption on June 26. Larry McDonald, head of the U.S. macro strategies at ACG Analytics, said in an email investors should be cautious Brazilian equities short term, but noted they are a long-term buy. "They're still very cheap," he said. Lula was one of the most popular Brazilian politicians in recent memory. Former U.S. President Barack Obama once labeled him the most popular politician on earth. When he left office, Lula had an 83 percent approval rating. The former union leader won global admiration for transformative social policies that helped reduce stinging inequality in Latin America's biggest country.
loganair
11/7/2017
19:22
Thanks for the updates, Logan. Still reading them and appreciative of your ongoing posts and all your efforts. Thanks. QP
quepassa
11/7/2017
19:01
Brazilian stocks edged up on Tuesday as traders bet lawmakers would approve President Michel Temer's plans to revamp labor regulations despite an ongoing political crisis. The planned labor reform, which investors see as critical to boost long-term economic growth, is expected to clear a final Senate vote later in the day. Traders said the vote will serve as a gauge of lawmaker's support for Temer's reform platform, which came under pressure in recent months after he was caught on tape allegedly condoning bribes to silence a key witness in Brazil's largest-ever corruption scandal.
loganair
14/6/2017
09:46
Brazil's stocks and currency slipped on Monday as traders feared lengthy legal proceedings against President Michel Temer could further delay the implementation of his reform agenda. The top electoral court on Friday dismissed a case that threatened to unseat Temer, giving him some breathing room but potentially lengthening a political crisis. Temer is being investigated separately by federal prosecutors for corruption, obstruction of justice and racketeering. Brazilian markets have sold off since the scandal broke last month as questions grew over the future of Temer's planned reforms of the country's pension system and labor regulations. The Brazilian real slipped 0.6 percent on Monday after weakening nearly 5 percent since May 18, when reports emerged that Temer was caught on tape allegedly condoning bribes to silence a key witness in a corruption case. Also fueling caution was the Federal Reserve's policy meeting this week, when the U.S. central bank is expected to hike rates a notch.
loganair
07/6/2017
10:56
Alejandro Velez, UBS - Despite the current political uncertainty, Velez says he is positive about Brazil’s longer-term outlook. "In the current climate, we think Brazil’s reform process will be delayed but not derailed," he says and adds that the current easing cycle in Brazil – with the Brazilian central bank lowering the base rate to 10.25% from 11.25% at the previous meeting, is the key market issue for determining asset allocation strategies for clients.
loganair
07/6/2017
10:37
The World Bank reduced its forecast for Brazil’s economic growth this year to 0.3 percent in its latest World Economic Outlook report, released on yesterday (Monday, June 5th). The entity’s growth forecast is lower than the 0.5 percent growth forecast estimated by the market in Brazil’s Central Bank Focus Report. Brazil's Central Bank, Brazil's Central Bank Focus report shows financial market forecasts 0.5 percent growth for 2017, Brazil’s Central Bank Focus report shows financial market forecasts 0.5 percent growth for 2017, photo internet recreation. “Activity indicators have improved, including resumption of industrial output growth and export expansion, as well as confidence gains,” says the World Bank report. The report, however, stresses that Brazil should ‘slowly’ from the recession this year. “The country continues to struggle against the growth of unemployment and the considerable needs for fiscal adjustment,” concludes the report. The latest estimate by the World Bank is 0.2-percentage point lower than that reported in January 2017. In 2018, the international entity continues to forecast Brazil’s growth at 1.8 percent, the same forecast released in its January report. The financial market is more optimistic, forecasting economic growth at 0.5 percent this year, following the announcement last Friday that the country’s GDP increased by one percent in the first three months of the year. The estimate for inflation, according to the inflation index (IPCA), went from 3.95 percent to 3.90 percent. For 2018, the inflation forecast remained at 4.40 percent. For financial institutions, the Selic rate will close 2017 and 2018 at 8.5 percent per year. Currently, it is at 10.25 percent per year. The Selic is one of the instruments used to influence economic activity and, consequently, inflation.
loganair
02/6/2017
09:25
Brazil's central bank cut interest rates to a more than three-year low on Wednesday despite a political crisis threatening government efforts to plug a widening fiscal gap that has plunged the country into recession. The bank's nine-member monetary policy committee, known as Copom, cut its benchmark Selic rate by 100 basis points for the second straight time to 10.25 percent. It was the lowest the Selic has been in more than three years.
loganair
02/6/2017
09:12
As always, challenges remain: While the long-term growth prospects for emerging markets are attractive, the nature of the asset class means that investors always need to be wary of downside risks. Corporate governance and political reform have been a bright spot in emerging markets of late, but one area with less positive newsflow in recent days has been Brazil. Thomas Smith, manager of the Neptune Latin America Fund, acknowledges that a potential lawsuit against President Michel Temer is a setback, but says it is too early to tell what impact it will have beyond the immediate short term, and remains open to potential buying opportunities. “The move in the market after the news broke suggests investors are pricing in zero chance of further reforms. While these allegations are likely to delay the reform agenda, it remains a key priority for Temer, and we believe this will be the case for the new government should Temer leave,” said Thomas. “Political reform is widespread across Brazil and Argentina and both are better placed to withstand short term political turmoil than they have been in recent years – the fundamentals in Brazil are considerably stronger than during the 2015/16 sell-off. Inflation has been falling fast and consistently, external accounts are in great shape (12-month rolling trade surplus is the largest on record), the global scenario is more supportive, companies are less leveraged, the banking system is solid, and economic activity is no longer in free fall.” “Finally, the Ministry of Finance and the Central Bank are led by very capable, seasoned technocrats that have a strong sense of public responsibility and are not likely to immediately leave the government if Temer falls. The growth prospects for Latin America are very encouraging, but as with any emerging economy you have to be cognisant of the potential for short-term blips, that is why we focus on downside protection by maintaining a diversified portfolio.”
loganair
31/5/2017
11:03
Thank you. Will take a look. QP
quepassa
31/5/2017
10:27
QP - I am also looking at JPMorgan Global Emerging Markets Income Trust (JEMI)
loganair
31/5/2017
10:12
Finance Minister Henrique Meirelles on Monday told reporters the economy likely grew by around 0.7 percent in the first quarter versus the previous one, with the incipient recovery evident in several sectors of the economy.
loganair
29/5/2017
18:04
Yes, I also see the Temer mkt sell-off as a good Buying opportunity. Thank you for your opinion. QP
quepassa
29/5/2017
10:28
At the moment I would recommend - Buy upto 70p then hold until at least over 100p.
loganair
29/5/2017
10:20
Question for you please loganair. Buy, Sell or Hold at this interesting point in time? Sorry for such directness and I fully understand if you should not wish/chose to respond. Regards, QP
quepassa
29/5/2017
09:52
Brazil's currency and stocks rose on Friday as traders hoped for progress on an ambitious reform agenda despite a growing political crisis ensnaring President Michel Temer. Efforts by Temer's administration to foster trust in plans to streamline Brazil's pension system and reform labor laws seem to have to borne fruit among investors. House Speaker Rodrigo Maia has said he expects the lower house to vote on pension reform by mid-June, clearing the way for a final Senate vote. That cautious optimism has rekindled bets that the central bank would cut interest rates by a brisk 100 basis points next week despite market volatility drive by political turmoil, driving yields on rate futures lower.
loganair
27/5/2017
10:15
Peter Donisanu, investment strategy analyst at Wells Fargo: "We believe that the sharp sell-off and continued weakness in Brazilian assets is reflective of the fragile underpinnings that had supported the recent stock, bond and currency rallies. We expect Brazilian equities, bonds and the real to face continued headwinds, given the reemergence of political uncertainties. ... We would expect uncertainty related to the political environment to act as a headwind to business and consumer sentiment, likely weighing on economic growth and challenging investor theses of improving growth and reforms. As a result, we maintain our unfavorable equity rating on the Latin American region (of which Brazil is the largest member). Instead, our emerging-market equity guidance favors exposure to Asia—where improvements in trade and growth remain positive contributors to equity-market performance there. For Brazilian local-currency bonds, we expect yields to face to upward pressure stemming from political developments and potentially weaker-than-expected economic data releases ... we expect the U.S. dollar to appreciate this year, putting downward pressure on the Brazilian real and likely leading the currency to 3.40 from 3.30 reais to the dollar ..." Ned Davis explains the conundrum for Brazil's economy: good demographics, bad pension obligations and now "slim chances" that pension reform will happen under President Temer. Ned Davis Economist Alejandra Grindal and Analyst Patrick Ayers write that Brazil's demographics are quite attractive. But they note Brazil has an Illinois problem: benefits to the elderly are high, in line with the developed world, because pension payouts are structured to rise with cost-of-living adjustments: "Despite the high levels of corruption, Brazil has a lot of things going for it. It remains the biggest economy in Latin America, with a large land and resource base. The workforce is becoming more educated, with almost half of its population ages 25-64 attaining at least an upper secondary education, much higher than China and Mexico, which are at 25% and 35% respectively. Adding to that, Brazil has an impressive demographic outlook. Thanks to a decline in its fertility rate over the past several decades, its dependency ratio has dropped dramatically ... Furthermore, Brazil's share of working-age population is projected to rise for at least another decade. This is a luxury that most of the developed world can't afford ... Temer knew the public pension program was unsustainable and was looking to make some major reforms, including requiring individuals to work longer and reducing payouts ..."
loganair
26/5/2017
08:49
Thanks Logan. QP
quepassa
26/5/2017
08:29
Brazil highlights the risks and rewards of emerging markets by GRAHAM SMITH: Ever since the lights dimmed on the Rio Olympics last summer, Brazil’s stock market has blossomed1. However, while the Games helped to shine a light on the impressive attributes of a country steeped in potential, with its young and vibrant population and deep cultural assets, shorter term economic and political considerations have been behind the market’s recent renaissance. The recoveries of oil and commodity prices last year have been key. The export of raw materials accounts for around 42% of Brazil’s annually traded goods2. When the world economy is doing well, so should Brazil. Another factor has been the tenor of the government, wedded to reforms and tough cuts in public spending at the tail end of a long recession. Michel Temer, who took over as president last August, promised to turn the economy round and restore the public finances. As a turnaround situation, Brazil seemed to be without peers among the world’s large developing nations. That position received a sudden and substantial jolt last week though, as the president found himself on the receiving end of corruption allegations, which he has denied. With memories of the demise of the previous government still fresh – Dilma Rousseff was impeached amid a hail of criticism about her management of the economy – Brazil’s stock market immediately relinquished a large part of its year-to-date gains3. There are other underlying problems too. Not unlike many Middle Eastern countries, Brazil remains highly dependent upon the demands of other nations as opposed to the requirements of its own industrial heartlands. That’s left the economy substantially tied to excess demand from China, which has been lacking over recent years. Growth has evaporated and the unemployment rate is now at 12.6% compared with 6.2% at the end of 2013. There are some bright spots. Commodities have stayed firm so far this year, partly down to pledges by OPEC to limit oil production and by Donald Trump to cut taxes and embark on a vast programme of infrastructure renewal. The central bank’s key economic indicator rose in February and March. Meanwhile, Brazil’s ports appear to be gearing up for real-world surges in demand. Works for a fourfold raising of the capacity of a large terminal in the north of the country are expected to be completed next month and follow bumper harvests of soy and corn. Then there’s Brazil’s technology sector and creative industries which are starting to take on more important roles in the economic landscape. Backed by government initiatives, entrepreneurship is in the ascendency promising substantial improvements in future wealth and productivity. Government moves to privatise parts of the state-controlled electricity company Electrobras and sell operating licences for some airports are also seen as positive steps in the right direction7. The programme promises to usher in more private investment and its associated expertise. Against that, other economic indicators have been mixed, highlighting a challenging road ahead. For instance, retail sales in São Paulo fell last month suggesting the country’s improved export prospects are at odds with consumer confidence. As of today, Michel Temer is stoutly defending his position, denying any wrongdoing. From a market perspective, that may be a good thing, since much needed reforms in Brazil – the eventual determinant of a sustainable economic recovery – currently lie in his hands9. However, the political tide against him could end up being too strong to resist. The latest episode in Brazil illustrates two things. First, that emerging markets can produce impressive returns but rarely without a hiccup along the way. Unforeseen shocks tend to deliver the sharpest downward market spikes. Second, that diversification is probably a growth investor’s best weapon against market fluctuations, even though that will not do away with the ups and downs completely. For longer term investors particularly, maintaining an exposure to countries with the potential to grow faster than the world economy as a whole is an attractive proposition. However, that potential usually comes with greater risks and from countries with less well established institutions or lax laws. The counterbalance is that emerging markets tend to benefit from growing populations – at variance with many developed countries in the west – and have large untapped natural resources and attractive business opportunities.
loganair
11/5/2017
10:11
Brazil's economy is starting to "breathe" again and show signs of growth after two years of recession, while slowing inflation will allow interest rates to come down further, President Michel Temer said on Wednesday. Speaking after enacting new rules aimed at attracting more than 20 billion reais ($6.3 billion) in private investments to modernize Brazil's ports, Temer said Brazilians are showing more optimism about the future of Latin America's largest economy. "The economy is starting to show signs of growth, in the retail sector and in agribusiness," Temer said, adding that polls show Brazilians are more optimistic today about the future of Latin America's largest economy. Temer signed a decree that will lengthen contracts for operating public ports to 35 years from 25, and allow them to be repeatedly extended for up to 70 years. The decree allows investment outside contracted port areas and ends a limit on the expansion of private terminals, he said. Brazil's annual inflation rate fell in April to its lowest level in nearly 10 years, bolstering the view of a steep interest rate cut by the central bank at the end of this month. Consumer prices rose 4.08 percent in the 12 months through April, slightly below market forecasts for a 4.10 percent increase and compared with an increase of 4.57 percent in the year to March, the national statistics bureau IBGE said on Wednesday. It marked the lowest annual inflation rate in Brazil since July 2007. It was also below the government target of 4.5 percent. "With headline inflation now below target, COPOM's main focus will be the on the progress of fiscal reforms through Congress," wrote Edward Glossop, emerging markets economist at Capital Economics. A major investor focus is the prospect of congressional approval of a pension reform bill, the cornerstone of a government plan to curtail a gaping budget deficit.
loganair
08/5/2017
09:52
The Brazilian government is considering the possibility of auctioning off distributors' energy surpluses, enabling the government to achieve its fiscal target by turning a profit of up to R$ 27 billion (US$ 8.5 billion). Today, distributors can only sell in a regulated market, with pre-determined prices. The sector is currently putting up with a lack of demand ever since the recession led to an oversupply. The Government is considering the possibility of freeing up the market, setting aside the use of pre-determined prices and enabling sellers to conduct business with big industries. The funds would help the government build up revenues in order to tackle a R$ 129 billion (US$ 40 billion) deficit and achieve its 2017 fiscal target.
loganair
26/4/2017
09:05
Latin America’s largest economy is estimated to have grown 0.5 percent to 0.7 percent quarter-on-quarter in the three months ending in March, Finance Minister Henrique Meirelles said. He expects the economy to expand 2.7 percent in the fourth quarter from a year earlier. He also said that the government had not much room for further concessions on its key pension reform bill currently being discussed in Congress. "We’re at the limit or very close to the limit," he said, adding that the government wants to ensure the pension overhaul results in savings of at least 600 billion reais ($190 billion). If the bill passes as it currently stands the government estimates savings of 630 billion reais. Meirelles ruled out any tax increases, saying that revenue was more likely to surprise on the upside. He said the extraordinary income will include fees from oil and gas tenders. President Michel Temer’s administration is in an uphill battle to convince investors it can dig the economy out of recession while bolstering public finances through austerity. That task has proven far from easy as policy makers slash growth estimates and confront stiff resistance to their flagship pension overhaul. Companies that were deleveraging last year exacerbated the country’s slump, he said, but were now bouncing back. Economists surveyed by the central bank forecast gross domestic product to expand 0.4 percent this year.
loganair
26/4/2017
08:59
I think many of the banks in Brazil are going to report an increase in profits as they are poised to benefit from a new lending cycle, lower funding costs and a fall in provisions/cost of risk. When the macro-cycles for emerging markets banks turns, this sector is a license to print money.
loganair
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