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Brazil markets continue surge
Foreign companies have increased their interest in the Brazilian market and domestic companies have finally found room to expand their activities overseas and become multinationals. Machado Associados started its activities in 1990, initially as a tax boutique. Its tax expertise came from the wide experience of its founders who had previously worked as partners in charge of tax departments of large international audit and consulting firms. As the years passed and due to the clients’ needs, the firm started to develop the corporate and M&A areas, which currently comprise almost one-third of the?personnel. Over two decades of activities,... -
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Autonomy sees upside to 2011 EPS consensus
British software firm Autonomy said it was confident there was upside for earnings consensus for 2011, even after organic growth slowed in the third-quarter as some contracts were delayed. The company, whose software searches and organises unstructured information such as emails, phone conversations, documents and video, reported a 10 percent rise in revenue to $211m, at the top of its own guidance. Autonomy warned earlier this month, however, that revenue for the full year would be three percent lower than it expected, sending its shares sharply down. Chief Executive Mike Lynch said that the downgrade was taken on “conservative assumptions... -
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World stocks hit two-year high, led by emerging markets
World stocks hit a two year high on Thursday, touching levels not seen since September 2008 just after the collapse of Lehman Brothers. Emerging market stocks led the way, touching levels not seen since June 2008. MSCI’s all-country world index, a leading benchmark used by professional investors, was up 0.8 percent in the day at around 319. This was the highest level since Sept. 22, 2008. The index was up around 0.8 percent on the day, some 85 percent above its financial crisis low in March 2009. MSCI’s emerging market benchmark was up more than one percent on the day. It has risen 14 percent this year.... -
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Japan questions South Korea G20 leadership over FX
Japan has called into question South Korea’s leadership of the Group of 20 forum because of Seoul’s interventions to stem the won’s rise and insisted its own currency action was qualitatively different. “As chair of the G20, South Korea’s role will be seriously questioned,” Yoshihiko Noda told a parliamentary panel when asked about South Korea’s currency interventions. Record low interest rates in rich countries have pushed global investors into emerging markets in search of higher yields, driving up their currencies. In response, several governments have stepped into foreign exchange markets or tried to curb capital inflows, ra... -
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HK stocks hit 2010 high on central bank easing hopes
Hong Kong stocks rose to a 2010 high on October 6 as investors poured money into local assets on expectations of another round of asset purchases by the US Federal Reserve to stimulate the economy weakened the dollar. Mainland banking shares, which have a large weighting on the benchmark index, joined the rally after sharply underforming throughout the year. The Hang Seng Index was up 1.08 percent at 22,884.65 at the midday trading break, moving further into technically overbought territory according to its relative strength index, currently at 78 and well above the threshold 70 level. With several large cap constituents on the Hang Seng Inde... -
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BOJ reverts to zero rates, pledges to buy more assets
The Bank of Japan has pledged to pump more funds into the struggling economy and keep interest rates at virtually zero, surprising markets and stealing a march on the Federal Reserve in providing a fresh dose of economic stimulus. For months, the central bank had eschewed government calls for more decisive action, such as buying more government bonds, focusing instead on a limited funding scheme. But in the face of growing evidence that the yen’s strength was hurting the economy, the Bank of Japan cut its overnight rate target to a range between zero and 0.1 percent from 0.1 percent and pledged to buy 5 trillion yen ($60bn) worth of assets.... -
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GM posts gain amid still-slow US auto market
General Motors Co posted an annual sales gain of 10.5 percent in September amid evidence that the U.S. auto market remained stuck in a slow-moving recovery at the start of the fourth quarter. GM was the first of the major U.S. automakers to report sales for the month. Analysts and industry executives expect auto sales near 11.5 million vehicles on an annualized basis in September, almost flat from August after adjusting for the typical early fall slowdown. GM said it expected industry-wide sales had fallen to a range of about 970,000 to 980,000 vehicles in September compared with sales of over 997,000 in August. “Consumers are sending a ver... -
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Iraqi banks need $10bn in three years
Iraq has signed multi-billion deals with oil firms to boost output capacity to 12 million barrels a day in seven years. This could give Iraq the money to rebuild after decades of war, sanctions and economic degradation, opening opportunities to the banking sector in financing projects. Today, Iraqi banks are hardly lending to private companies due to limited capital. “The banks so far have not been able to lend in any structured manner,” Eric le Blan, chief operating officer of boutique investment firm MerchantBridge, told reporters. MerchantBridge owns a majority stake in an Iraqi lender, Mansour Bank, which plans to raise its capital to... -
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Switzerland scrambling to keep wealth crown
Switzerland, at risk of losing its crown as the world’s top wealth management hub to Singapore, is seeking a deal on billions of dollars of untaxed money hidden at its banks, under pressure from cash-strapped foreign nations. Last year Europe and the US, hungry for tax revenues after numerous bank bailouts, forced Switzerland to weaken its prized bank secrecy and extracted promises from the placid Alpine nation to help fight tax evasion. That, together with a bitter US tax fraud probe into wealth management giant UBS, opened cracks into the rock-solid reputation of the $2trn Swiss wealth management industry. UBS paid a hefty $780m fine to s... -
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Nikkei up on window dressing, yen clouds outlook
The Nikkei average clawed up 0.7 percent on Wednesday on window-dressing before the end of Japan’s financial first half, but it pared earlier gains as the yen’s strength revived and resistance held strong. An additional boost came from a poor December outlook in the Bank of Japan’s “tankan” survey of business sentiment, which some market players said could increase expectations the central bank will discuss easing monetary policy further at a meeting next week. “The ‘tankan’ was as expected, showing improvement in the short term and a gloomy outlook going forward. That only increased expectations for further easing by the Bank...
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