Credit supply in Brazil has been a little puzzling recently. While private-sector banks have been much more careful, state banks have responded to government pressure to keep credit flowing.
No wonder then that government-controlled Banco do Brasil is turning to the international debt markets for help. Continue reading »
The shoe industry in Brazil has been going through a difficult moment but not for all manufacturers. It is not hard to figure which one has been doing well. Just walk down the street in São Paulo and see what type of shoes people are wearing – those cool ones made from rubber are likely to be from Brazilian manufacturer Grendene’s “Jelly” range. The remainder? Probably Chinese. Continue reading »
ICICI Bank’s earnings report, out on Friday, met expectations. Yet the stock fell after the announcement – down 3 per cent to Rs1,142.2 by 3.45pm in Mumbai.
That bucked the trend in the sector which has seen a rally in recent weeks. Why? Continue reading »
As news broke Tuesday that the Mexican government was postponing its long awaited banking-reform bill for political reasons, the country’s biggest domestically-owned bank was preparing to report a tidy 27 per cent rise in first-quarter profits.
Banorte, Mexico’s third-biggest lender and the largest domestic bank in a sector dominated by foreign names, said that profits climbed between January and the end of March to 3.1bn pesos ($253m). It didn’t give the peso figure for the comparable quarter of 2012. Continue reading »
After acquiring a small French company last week, Tata Consultancy Services (TCS) says it is looking to make further acquisitions in Germany and Japan.
The plans were mentioned during a press conference after the Indian IT bellwether published its full-year earnings report, meeting expectations and confirming that the highly disappointing results posted by Infosys last week were not indicative of the state of India’s broader IT services sector. Continue reading »
In January, unexpectedly positive results from Infosys sent the company’s stock soaring and set the tone for a good run of quarterly earnings for India’s information technology sector.
One quarter later and Infosys has kicked off the full fiscal year earnings season with news that has sent its share price plunging right back to where it used to be. Is this, once again, a sign of what’s to come? Continue reading »
2012 was a tough year for Gol, Brazil’s second-biggest airline. The company went through a series of job cuts, suffered net losses and was subject to rumours
that it was about to be sold. The latter proved unfounded but what has not changed is that Gol’s financial results continue to disappoint. Continue reading »
Shares in Indian generic drugs group Ranbaxy Laboratories dropped 4.2 per cent on Wednesday to Rs399.20, having lost 4 per cent in the previous session, after the company posted disappointing financial results.
The numbers caused analysts to question the company’s expenses and launch of new drugs, given the performance. Continue reading »
It is not often in the world of Carlos Slim that things go wrong. The Mexican businessman and the world’s richest man has built his huge fortune on astute decisions, calculated risk-taking and, above all, impeccable timing.
So it is hardly surprising that comments started flying on Wednesday when the share price of América Móvil tanked. The stock ended the day’s trading at 14.16 pesos in Mexico City, a loss of more than 10 per cent and the steepest one-day fall in at least four years. Continue reading »
Absa Group, the Barclays-owned South African bank, has promised to tread carefully in South Africa’s booming unsecured lending market as it announced an unexpected 9 per cent decline in full-year earnings on Tuesday.
While the drop in earnings was caused by mortgage impairments and bad property loans, the Johannesburg-based bank also said in its 2012 results that it had seen “significant losses in market share” for personal loans, but was “cautious of an aggressive expansion” to win it back. Continue reading »
The cash-strapped Indian government’s plans to sell a chunk of the Steel Authority of India (SAIL) in the next few weeks as part of a fund-raising disposal of state-owned assets is running into headwinds.
The country’s biggest steelmaker, where New Delhi holds an 86-per-cent stake, on Tuesday posted disappointing quarterly results, increasing expectations that the government will have to offer the shares at a chunky discount – or delay the offering. Continue reading »
Grupo Modelo, Mexico’s leading brewer, whose $20.1bn acquisition by Anheuser-Busch InBev has hit a stumbling block in the United States, reported modest quarterly results as earnings were hit by a higher tax bill and the relative strength of the Mexican dollar to the US dollar. Continue reading »
According to its vice-president of finance, Fernando González, “2012 was a year of recovery for Cemex”.
It was, but the recovery still faces a long slog, judging by the fourth quarter results reported on Thursday by the Mexican cement and building materials giant. Continue reading »
For some months now Cognizant Technology Solutions, the US company which operates mostly in India, has been providing stiff competition for the big names in Hindustani IT services.
But following a string of unexpectedly good earnings reports from the likes of Infosys and Wipro, Cognizant published its figures on Thursday. And this time, it’s not so far ahead. Continue reading »