Professional & Financial Sectors in Brazil
|
|
- Jayson Clark
- 5 years ago
- Views:
Transcription
1 Professional & Financial Sectors in Brazil Rio de Janeiro São Paulo Rio Grande do Sul Phone: / britcham@britcham.com.br BritchamBrasil 1
2 Professional & Financial Sectors - Considerations Brazil s GDP 2015: R$5,904 trillion: approximately 1,180 trillion Professional & Financial Sectors probably are underrepresented: Insurance sector is currently 6% of GDP versus a more usual 10% of GDP. Same probably is true of other sectors such as Audit, Accounting and Consulting. This suggests that above average growth may be expected in these sectors as the economy develops in size, diversity and complexity Existing players Tend to be well structured and competent. Financial sector (Banking & Insurance) is highly concentrated in 5 players (4 Brazilian + Santander) Citibank and HSBC exiting the market. UK insurers exited the market, though UK brokers & Lloyds of London are very active. Professionals usually have foreign affiliations of some sort. Exceptions: Engineering & Legal New market entrants Will need differentiating characteristics to stand out and prosper. 2
3 Professional & Financial Sectors - Current Entry Barriers Markets & Activities with non tariff barriers Government work for consulting engineers: Market is currently restricted: The industry itself is pressing to raise restrictions as an answer to the recent corruption scandals which have implicated the major players, in large part due to the absence of competition. All Professionally regulated activities (Audit & Accounting, Legal, Health, Architects, Engineers etc.) Practises looking to export services to Brazil are subject only to same requirements as local practitioners. i.e. Membership required of Professional Associations (Law Society, Certified Accountants, Medical Society etc) But: In practice, local recognition of non-brazilian qualifications is difficult to obtain. Note: Severe civil liability penalties may be applied for mal-practice: e.g. Olympic legacy missteps/ Samarco environmental disaster Financial services subject only to same rules as locally established entities In practice, this means compliance with Central Bank/ Insurance regulator s requirements which UK companies should have no difficulty in meeting. No real impediment in this sector. 3
4 Professional & Financial Sectors - Current Entry Barriers Tariff barriers: Affect imported services only Not an issue for locally provided services Taxes on imported services are complex and exorbitant: Combined total generally approximates 45%. They can reach up to 50% (case of offshore Data Centers). Equivalent taxes on locally provided services: Combined total approximates 8% Building up local delivery capability is rewarded, though it is difficult for existing players to have all of the specialisations which the market requires. 4
5 Professional & Financial Sectors - Entry Strategy for Professionals Acquire or build up businesses Companies for consulting engineers: e.g. Mott MacDonald In country track record of the Company is sometimes a requirement for winning larger jobs. In this case, you would have to buy a target with relevant experience. Integrated Global Practices for Professionals: e.g. Baker & McKenzie Acquisitions of firms can be costly and uncertain. Best way in is to hire a rain maker as the country leader. Works as another office, which just happens to be in Brazil. Franchise arrangements with non integrated practices: e.g. Big 4 firms This is a representative firm arrangement under which the local firm pays a royalty for membership in exchange for receiving use of global names, methodologies, and has to comply with enforceable standards of service. There is no global profit sharing. Correspondent firms: Local firms which are hired for their specialist knowledge or practice on a project by project basis with no other commitments. The objective here is to keep your clients happy with good service. In all cases you will need local professional qualifications to operate: Non Brazilian specialists may operate as consultants but cannot take legal responsibility for work done. This may have mal practice implications. 5
6 Professional & Financial Sectors - Potential flexibility in the market Likely increase in the use of PPPs in public concessions: Should free up space for Government work by non-brazilian firms, especially in the area of engineering/technical consulting. TiSA Trade in Services Agreement Brazil has signalled its interest to enter the TiSA negotiations: But: It needs approval from its own Chamber of Foreign Trade; and It still has to demonstrate that it is like minded with the other 23 countries engaged in the negotiations. One of these 23 countries is the EU which currently represents 28 countries. Brazil probably will be accepted only after Phase 1 of the negotiations is complete, which may happen by November 2016 (so that President Obama may tick it off as another achievement before he leaves office.) Doubt: Will Brexit distract the EU negotiators from this treaty? All this will take time One encouraging sign: TiSA is based on the WTO's General Agreement on Trade in Services (GATS), which involves all WTO members (Brazil is a member). The key provisions of the GATS scope, definitions, market access, national treatment and exemptions are also found in TiSA. 6
7 Professional & Financial Sectors - Opportunities in the Brazilian Market Professional services should see increased demand from Government disposal of assets in the short to medium term: - Federal Government sees foreign investment in PPPs and Concessions as a means to kick start the economy. - Airports, toll roads, railroads, ports etc. - Privatisations by State Governments, especially in sanitation (this is a novelty in Brazilian privatisation as well as being a huge program, and specialist expertise is needed) - Privatisations by Federal Governments, especially in power sector. - Disposal of assets by Government controlled enterprises (especially Petrobras which has a US$14 billion disposal program underway). Financial services opportunities: - The privatisation program should also benefit Financial Services - Few market entry opportunities exist in the banking sector due to the dominance of the major players: this is a sector which UK companies have exited. But it is a sector which is open to investment. - The Insurance sector has some specific opportunities: - IRB (Brazilian Reinsurance Institute) privatisation - Caixa Seguridade: Federal Savings Bank retail insurance operations: IPO planned - Private Equity funds are turning over investments in certain insurance operations: - Austral - Terra Brasis Opportunities are reported in Britcham Brazil s weekly local Market News: check our site or subscribe to receive this brief newsletter via 7
8 Is the Brazil-UK bilateral market your target? Achieve your goal Consult Britcham! MEMBERSHIP & SERVICES Fabrício Soares EVENTS Adriana Kanhan Rio de Janeiro Branch Av. Graça Aranha, 01 6º andar +55 (21) São Paulo Branch Rua Ferreira de Araújo, 741-1º andar +55 (11) Rio Grande do Sul Branch +55 (51)
Virtual Trade Mission to Brazil
Virtual Trade Mission to Brazil U.S. Department of Transportation Federal Transit Administration, American Public Transportation Association, and U.S. Commercial Service Fabio Ferreira Kujawski September
More informationOVERVIEW. Doing Business in Brazil Practical Business and Legal Considerations. Fabiano Gallo September, 2016
OVERVIEW Doing Business in Brazil Practical Business and Legal Considerations Fabiano Gallo September, 2016 Impeachment of President Dilma Roussef I m p e a c h m e n t of P r e s i d e n t D i l m a R
More informationAdvantageBC. September 19, Don Campbell
AdvantageBC September 19, 2017 Don Campbell CETA: What is the Agreement? Gold Standard Economic Partnership Agreement between Canada and European Union Most Comprehensive agreement ever negotiated model
More informationBRAZILIAN GOVERNMENT CONCESSIONS Q&A ON THE NEWLY ISSUED BID NOTICES (FEDERAL GOVERNMENT)
BRAZILIAN GOVERNMENT CONCESSIONS Q&A ON THE NEWLY ISSUED BID NOTICES (FEDERAL GOVERNMENT) DECEMBER 2018 On November 30, 2018, the Brazilian Federal Government issued bid notices in order to transfer the
More informationPPPs in Brazil: a brief overview
THE PPP X-CHANGE, The GOI-ADB PPP Workshop, January 2010 PPPs in Brazil: a brief overview Isaac Pinto Averbuch Program Director Mumbai - Jan/2010 About Brazil Map of Brazil Brazil is located in Eastern
More informationTerra Report. Report on the Brazilian Reinsurance Market. Issue. March number 19. Index:
Issue number 19 March 2016 Publication Date: July 11 th, 2016 Index: Introduction... 2 Brazilian General Insurance Market... 3 Brazilian Reinsurance Market 7 Results of Local Reinsurers. 13 Results by
More information(Re)insurance Claims in Brazil
(Re)insurance Claims in Brazil Marcelo Mansur Haddad London November 2, 2017 Agenda Importance of local expertise Impacts of Car Wash investigations Main local issues Litigating claims 2 Importance of
More informationTaxation of Individuals: What to be expected in 2017?
Taxation of Individuals: What to be expected in 2017? Nicole Najjar Prado de Oliveira December, 2016 Overview Tax Burden Composition When it comes to composition, Brazil s tax burden is similar to developing
More informationCompany Presentation 1Q2018
Company Presentation 1Q2018 HIGHLIGHTS 1Q2018 2 R$370.1mm Net Profit R$202.8mm BDF R$257.8mm Share of Profit of Investees 80.4% Net Profit Margin 38.5% ROE 10.2% Market Share INTERNAL STRUCTURE 3 General
More informationThe Firm. Mission. Clients
The Firm Souto, Correa, Cesa, Lummertz & Amaral Advogados - Souto Correa comprises experienced lawyers who share common principles and values. The firm has qualified experts with outstanding professional
More informationBrookfield Infrastructure Partners L.P. LETTER TO UNITHOLDERS OVERVIEW
Brookfield Infrastructure Partners L.P. LETTER TO UNITHOLDERS OVERVIEW In the second quarter we maintained our momentum and posted another period of strong performance. We generated funds from operations
More informationThe Transatlantic Trade and Investment Partnership (TTIP) TTIP explained
1. Overview The transatlantic trade and investment partnership (TTIP) is a free trade agreement currently being negotiated between the European Union and the United States. The aim of the agreement is
More informationObservations on US LNG Export Prospects in Latin America Eduardo Carvajal, Hogan Lovells US-Americas LNG Forum I, Rio de Janeiro, Brazil May 23, 2018
Observations on US LNG Export Prospects in Latin America Eduardo Carvajal, Hogan Lovells US-Americas LNG Forum I, Rio de Janeiro, Brazil May 23, 2018 Discussion Map Hogan Lovells and LNG Capabilities Delfin
More informationBUILDING THE FUTURE A LOOK AT THE ECONOMIC POTENTIAL OF EAST AFRICA
BUILDING THE FUTURE A LOOK AT THE ECONOMIC POTENTIAL OF EAST AFRICA REPORT HIGHLIGHTS: BUILDING THE FUTURE A LOOK AT THE ECONOMIC POTENTIAL OF EAST AFRICA Building the Future: A Look at the Economic Potential
More informationLessons learned on business in Brazil
UK ENERGY IN BRAZIL - Mission Briefing March 2013 Lessons learned on business in Brazil Ian Wilkinson Petrolink Serviços Ltda Ian Wilkinson - Profile 28 years in the oil and gas industry 15 of them in
More informationInvestor Presentation May/June 2012
Investor Presentation May/June 2012 Queiroz Galvão Group Oil&Gas Experience QGEP Overview Asset Portfolio Financial Review 2 Queiroz Galvão Group Overview Segments Operations Highlights Exploration and
More informationBrexit. Triggering Article 50: what now?
Brexit Triggering Article 50: what now? www.freshfields.com/brexit 29 March 2017 Triggering Article 50: what now? The UK Prime Minister, Theresa May, has today formally triggered the process of the UK
More informationBrexit. Effects on the markets. Daniel Revilla Lloyd s Head of Latin America
Brexit Effects on the markets Daniel Revilla Lloyd s Head of Latin America Lloyd's 2017 What is Brexit? And what can we expect from the negotiations Brexit is a withdrawal of the UK from the European Union.
More informationPublic-Private Partnership
Public-Private Partnership Agenda - Concessions in Brazil - Surety insurance for concessions - Guarantee underwriting for concessions /Underwriting of concession guarantee s 2 History of concessions in
More informationInsurance and Pensions Sector Report
Insurance and Pensions Sector Report 1. This is a report for the House of Commons Committee on Exiting the European Union following the motion passed at the Opposition Day debate on 1 November, which called
More informationBrazil-Canada Chamber of Commerce
Brazil-Canada Chamber of Commerce Business Development Opportunities KMA Kawartha Manufacturers Association i May 26 th, 2014 Copyright 2014 - Brazil Canada Chamber of Commerce. All rights reserved Brazil
More informationGLOBAL CITIES - ATTRACTIVE TO CORRUPT CAPITAL
9 June 2017 GLOBAL CITIES - ATTRACTIVE TO CORRUPT CAPITAL 1. Global cities are appealing destinations for the money laundering of international corruption corrupt capital. 2. Widespread risks of corrupt
More informationBrexit Quick Brief #1
Brexit Quick Brief #1 1 Implications of leaving the EU single market s are a series of short papers intended to inform readers about key commercial, regulatory and political considerations around Brexit.
More informationBrexit and the insurance industry
Contents What we know What we don t know Regulatory implications Passporting Prudential regulation and reporting Transfers of business Risk management actions Contacts Brexit and the insurance industry
More informationMEDIA WATCH. 12 October October October 2018 NO-DEAL BREXIT WOULD THREATEN POWER SUPPLIES IN NORTHERN IRELAND
MEDIA WATCH 12 October 2018 19 October 2018 12 October 2018 NO-DEAL BREXIT WOULD THREATEN POWER SUPPLIES IN NORTHERN IRELAND Northern Ireland faces the threat of electricity blackouts if the UK crashes
More informationLOCAL CONTENT. Botswana- Mining
LOCAL CONTENT Botswana- Mining The project 1 - background Resource-rich countries are increasingly inserting requirements for local content ( local content provisions ) into their legal framework, through
More informationInternational trade in goods and services in Jordan: overview
International trade in goods and services in Jordan: overview by Baha a Armouti, Armouti Advocates Country Q&A Law stated as at 01-Oct-2018 Jordan Recent trends Trade agreements Trade negotiations Supply
More informationBRAZIL ANNOUNCES NEW BID ROUNDS FOR 2018
BRAZIL ANNOUNCES NEW BID ROUNDS FOR 2018 On November 24, 2017, the Brazilian Official Gazette of the National Energy Policy Council ( CNPE ) published Resolution Nos. 17, 21, and 22. Resolution No. 22
More informationBARRIERS TO TRADE AND THE EFFECTIVENESS OF POTENTIAL TRADE ARRANGEMENTS AFTER BREXIT
ANALYTICALLY DRIVEN LTD APRIL 2017 BARRIERS TO TRADE AND THE EFFECTIVENESS OF POTENTIAL TRADE ARRANGEMENTS AFTER BREXIT Report for the City of London By Dr Rebecca Driver EXECUTIVE SUMMARY The purpose
More informationCanada Gazette, 12 April 2003; volume 137, no. 15
CONSULTATIONS ON ENHANCING CANADA-EUROPEAN UNION TRADE AND ECONOMIC RELATIONS MULTILATERALLY AND THROUGH A NEW BILATERAL TRADE AND INVESTMENT INITIATIVE Canada Gazette, 12 April 2003; volume 137, no. 15
More informationQuestionnaire on a free trade agreement with the Philippines. Feedback from Industry stakeholders
Questionnaire on a free trade agreement with the Philippines Feedback from Industry stakeholders Date: 29/07/2016 I. BACKGROUND OF THE QUESTIONNAIRE DG Trade launched a questionnaire on the future EU-Philippines
More informationTariffs and employment. A report for Britain Stronger in Europe
Tariffs and employment A report for Britain Stronger in Europe June 2016 2 Disclaimer Whilst every effort has been made to ensure the accuracy of the material in this document, neither Centre for Economics
More informationConference Call Transcript 4Q07 Results March 14 th, 2008
Operator: Good morning ladies and gentleman and thank you for waiting. At this time, we would like to welcome everyone to Banco Cruzeiro do Sul s 4Q07 earnings conference call. We would like to inform
More informationIFC S EXPERIENCE IN THE TRANSPORT SECTOR
APPENDIX D: IFC S EXPERIENCE IN THE TRANSPORT SECTOR The International Finance Corporation s (IFC s) IEG reviewed IFC s investments in the transport sector between 1990 and 2005. IEG found several things:
More informationAssociation of British Insurers Submission to the International Trade Select Committee inquiry: UK-US trade relations November 2017
Association of British Insurers Submission to the International Trade Select Committee inquiry: UK-US trade relations November 2017 Executive Summary 1. The Association of British Insurers (ABI) welcomes
More informationMARKET ENTRY BRAZIL SUCCESSFUL PLANNING AND IMPLEMENTATION
MARKET ENTRY BRAZIL SUCCESSFUL PLANNING AND IMPLEMENTATION IN AN INCREASINGLY CONNECTED WORLD, BEING IN THE RIGHT PLACE, AT THE RIGHT TIME, WITH THE RIGHT PARTNERS, CAN MAKE ALL THE DIFFERENCE. 2 In an
More informationThe Canada-EU Comprehensive Economic and Trade Agreement
European Union Centre of Excellence Policy Briefs University of Alberta Number 1, 2014 The Canada-EU Comprehensive Economic and Trade Agreement The European Union Centre of Excellence has been co-funded
More informationEvolution of the Brazilian insurance industry. Industry report partial free sample. Sao Paulo, April Copyright Falke Information
Evolution of the Brazilian insurance industry Industry report partial free sample Sao Paulo, April 2018 Copyright Falke Information Insurance companies assets in US dollars showed accelerated growth since
More informationPROGRAM 2017 ICC BRAZILIAN ARBITRATION DAY. Sao Paulo, 4 May 2017 (9:00 to 18:30)
PROGRAM 2017 ICC BRAZILIAN ARBITRATION DAY Sao Paulo, 4 May 2017 (9:00 to 18:30) Venue ICC Brasil Headquarters Rua Surubim, 504-9º andar, Brooklyn Novo, Sao Paulo, Brazil. Highlights The 6th edition of
More informationInstitutional Presentation. November 2018
Institutional Presentation November 2018 3 Over 40 years of history 2006 Acquisition of interest by Spinnaker 1974 abc investmob is founded 1999 ISO 9000 Cetification ERP system is implemented Even Rio
More informationEvolution of the Brazilian insurance industry. Industry report partial free sample. Sao Paulo, April Copyright Falke Information
Evolution of the Brazilian insurance industry Industry report partial free sample Sao Paulo, April 2016 Copyright Falke Information Insurance companies total assets in US dollars had an accelerated growth
More informationFrom HMO to IPO the Brazilian Experience. Luiz Kaufmann. IFC INTERNATIONAL HEALTH CONFERENCE 2007 April 2007
From HMO to IPO the Brazilian Experience Luiz Kaufmann IFC INTERNATIONAL HEALTH CONFERENCE 2007 April 2007 IFC INTERNATIONAL HEALTH CONFERENCE 2007 April 2007 From HMO to IPO The Brazilian Experience Luiz
More informationCurrent Issues IUMI Policy Forum
13. Cross-border trade Brief description Multinational marine insurers are affected by a wide range of barriers of doing business abroad; limited movement of data across borders, unfair competition from
More informationBUSINESS MEETING BRAZIL - CHINA. Brazilian Association of Infrastructure and Basic Industries. São Paulo May 13, 2011
Brazilian Association of Infrastructure and Basic Industries BUSINESS MEETING BRAZIL - CHINA São Paulo May 13, 2011 Ralph Lima Terra Executive Vice-President 1 ABDIB AND INFRASTRUCTURE 2 ABDIB AND INFRASTRUCTURE
More informationTrade in New England. Export-Supported U.S. Jobs (2014) Merchandise Exports (2015)
Trade in New England The majority of the world s consumers - 95 percent - can be found beyond America s borders. While interstate commerce among the states remains a significant avenue for business prosperity
More informationABOUT US PRIVATE NETWORK
ABOUT US Stirling Infrastructure Partners is an experienced investment advisor to institutional investors. We maintain trusted relationships with capital providers that are interested in allocating capital
More informationPascal Kerneis Managing Director ESF (European Services Forum)
Pascal Kerneis Managing Director ESF (European Services Forum) 90 «The voice of the European Service Industries for World Economy: Percentage of GDP by Sector - 2016 80 70 76.7 73.1 67.2 69.2 68.8 65 60
More informationTrade and Environment Briefings: Trade in Environmental Goods
POLICY BRIEF 6. JUNE 2012 Trade and Environment Briefings: Trade in Environmental Goods Introduction Liberalising trade in environmental goods can create new markets and export opportunities, thus supporting
More informationIR CONTACTS 3Q16 - EARNINGS RELEASE
São Paulo, November 3, 2016 TOTVS S.A. (BM&FBOVESPA: TOTS3), the leading developer of business solutions in Brazil and Latin America, announces today its results of the third quarter of 2016 (3Q16). The
More informationTHE BLACKROCK INFRASTRUCTURE EQUITY STRATEGY INTELLIGENT BY DESIGN
THE BLACKROCK INFRASTRUCTURE EQUITY STRATEGY INTELLIGENT BY DESIGN the equity infrastructure strategy WHY INFRASTRUCTURE? Infrastructure is one of the world s fastest growing sectors. It includes fundamental
More informationTrade in Services Agreement (TiSA) Services and Investment Unit, Trade Negotiations Division Ministry of Foreign Affairs and Trade
Trade in Services Agreement (TiSA) Services and Investment Unit, Trade Negotiations Division Ministry of Foreign Affairs and Trade MFAT Services and Investment Unit Carriage of WTO services policy and
More informationInternational Conference on Promoting PPP in the UNECE Region. 5-8 June 2007 Tel Aviv
International Conference on Promoting PPP in the UNECE Region 5-8 June 2007 Tel Aviv 1 Contents 1. Bank Leumi - Facts and Information 2. Bank Leumi and Project Finance in Israel 3. Significant Funding
More informationANNEX ONE SINGAPORE 1. INTRODUCTION
ANNEX ONE SINGAPORE 1. INTRODUCTION As described in section 2 of the position paper, following the pause in negotiations of the regional ASEAN-EU FTA in March 2009, the Council in December 2009 gave the
More informationDraft PPP Policy Outline
Note 7 May 2012 Draft PPP Policy Outline This note is the seventh in a series of notes on developing a comprehensive policy, legal, and institution framework for public-private partnership (PPP) programs.
More informationThe Single European Market (SEM) EU Integration after Lisbon
(SEM) EU Integration after Lisbon Outline Intro History of European Market Integration 1960s - early 1980s The reform program Market integration policy Predictions, realities, problems Competition Effect
More informationDoing Business in Latin America Webinar Series Infrastructure Opportunities in Brazil and Colombia
Doing Business in Latin America Webinar Series Infrastructure Opportunities in Brazil and Colombia Glenn Faass, Co-Head of Brazil Practice Pablo Jaramillo, Senior Associate June 2015 A Picture of Brazil
More informationCorporate Presentation July New growth cycle and value innovation
Corporate Presentation July 2017 New growth cycle and value innovation Index 1 Dental benefits: an incipient sector in Brazil 2 Inside OdontoPrev 3 Strategic competitive advantages 4 Financial and Operational
More informationConsultation response
Response to House of Commons International Trade Committee Inquiry on Continuing application of EU trade agreements after Brexit AmCham EU speaks for American companies committed to Europe on trade, investment
More informationBrazilian Companies in China: Presence and Experience
Brazilian Companies in China: Presence and Experience October 2012 Claudio Frischtak, CBBC Consultant André Soares, Research Coordinator Context: CBBC s Research Program Chinese Investments in Brazil (2010)
More informationTerra Report. Report on the Brazilian Reinsurance Market. number 15. Issue. March Index:
Issue number 15 March 2015 Publication Data: June 16th, 2015 Index: Terra Report... 1 Introduction... 2 Brazilian General Insurance Market... 3 Brazilian Reinsurance Market 7 Results of Local Reinsurers.
More informationCommodities Trade & Export Finance under Basel III
Commodities Trade & Export Finance under Basel III Political and Credit Risk Insurance BASEL III ACCORD or discord? London, 30 March 2011 Geneva, 16 March, 2011 About Us Founded in 1927, World s 4 th largest
More informationCredit outlook is for longer-term investment
4 Credit outlook is for longer-term investment João Carlos Ferraz Chief Planning Officer of the Brazil s National Bank for Economic and Social Development Liliana Lavoratti, from Rio de Janeiro So far
More informationAlternative trading and price discovery mechanism: Call Market. Apr/2017
Alternative trading and price discovery mechanism: Call Market Apr/2017 We seek to represent all the different types of institutions that are active in Brazilian capital markets Asset Managers/ Administrators
More informationChina and the Evolving Geo-Economics: Preparing for a new trade and investment regime
December 2013 China and the Evolving Geo-Economics: Preparing for a new trade and investment regime Harsha Vardhana Singh 1 Introducing the issue We live in a rapidly changing world with evolving technologies,
More informationHow is Brexit Going to Affect European Financial Markets?
How is Brexit Going to Affect European Financial Markets? Milan Simacek Czech National Bank 27- th Economic Forum Krynica Zdrój, Poland, September 5 7, 2017 1 United Kingdom versus European Union What
More informationM&A and Private Equity in Brazil An overview
www.pwc.com.br M&A and Private Equity in Brazil An overview Introduction Brazil has developed into the largest market for private equity in Latin America, accounting for more than Mexico and Argentina
More informationInstitutional Presentation Caixa para descrição.
Institutional Presentation 2016 Caixa para descrição. Disclaimer This presentation contains estimates and forward-looking statements regarding our strategy and opportunities for future growth. Such information
More informationZero rates and their impact on savings and growth
Zero rates and their impact on savings and growth TISA Conference, London 24 November 2016 John Greenwood Chief Economist, Invesco Ltd This presentation is for Professional Clients only and is not for
More informationEuropean Union Centre of Excellence Policy Briefs University of Alberta. Number 1, 2014
European Union Centre of Excellence Policy Briefs University of Alberta Number 1, 2014 The Canada-EU Comprehensive Economic and Trade Agreement: The Comprehensive Economic and Trade Agreement between Canada
More informationThe Financial Crisis and Implications for U.S.-Mexico Brazil s New Natural Gas Law
... as appeared in... Published by WorldTrade Executive, a part of Thomson Reuters Volume 17, Number 5 May 31, 2009 The Financial Crisis and Implications for U.S.-Mexico Brazil s New Natural Gas Law By
More informationFB-1048/2013 São Paulo, July 02, Ref.: IASB - Exposure Draft Financial Instruments: Expected Credit Losses - ED/2013/3
Tel.: 55 11 3244 9800 FB-1048/2013 São Paulo, July 02, 2013. International Accounting Standard Board 30 Cannon Street London, EC4M 6XH United Kingdom Ref.: IASB - Exposure Draft Financial Instruments:
More informationÉrica Gorga. Fundacao Getulio Vargas Law School at São Paulo. 5th International Conference on Corporate Governance in Emerging Markets
Is the U.S. Law Enforcement Stronger than that of a Developing Country? The Case of Securities Fraud by Brazilian Corporations and Lessons for the Private and Public Enforcement Debate Érica Gorga Fundacao
More informationJSL S.A. PUBLICLY-HELD COMPANY Corporate Taxpayer s ID (CNPJ/MF): / MATERIAL FACT
JSL S.A. PUBLICLY-HELD COMPANY Corporate Taxpayer s ID (CNPJ/MF): 52.548.435/0001-79 MATERIAL FACT Pursuant to article 157, paragraph 4 of Law 6404/76 ( the Corporation Law ) and Instructions 358, of January
More informationLatin American Roundtable
Latin American Roundtable Stock exchanges as an engine for corporate governance improvements: Reaching out to non-listed companies Patrícia Pellini Issuer Regulation and Guidance Manager November 30 th,
More informationGLOBO CABO REDUCES DEBT AND INCREASES MARGINS WHILE FACING SMALL DECLINE IN SUBSCRIBER BASE.
Globo Cabo S.A. Av. Rio Branco n o 1-6º Andar Centro - Rio de Janeiro - RJ CEP 20090-003 Tel: (55 21) 276-6055 Fax: (55 21) 276-6955 NEWS RELEASE Investor Relations Globo Cabo S.A. 55-21-276-6055 Curtis
More informationInvestment Map GUIDED TOUR
Investment Map GUIDED TOUR When you log into the Investment Map portal you will see four modules indicated by four tabs at the top of the page. By default, you will be directed to the first module: identify
More informationGreen trade liberalisation - Green Goods Initiative
Green trade liberalisation - Green Goods Initiative Civil society meeting, 11 June 2014 1. What are green/environmental goods and services? Term used in the Doha Ministerial Declaration/DDA negotiations
More informationChapter 1. Globalization and the Multinational Corporation Cambridge University Press 1-1
Chapter 1 Globalization and the Multinational Corporation 2018 Cambridge University Press 1-1 1.1 Introduction Globalization Increasing connectivity and integration of countries and corporations and the
More informationOLYMPIC CONTEXT FEDERAL TAX EXEMPTIONS FOR INDIVIDUALS AND CORPORATIONS
OLYMPIC CONTEXT FEDERAL TAX EXEMPTIONS FOR INDIVIDUALS AND CORPORATIONS Law 12.780 1. Introduction With the purpose of ensuring the feasibility of the events related to the 2016 Olympic Games and 2016
More informationBrazil s economic growth and use of the BNDES financing for strategic infrastructure projects. Tokyo June 21, Luciano Coutinho President
Brazil s economic growth and use of the BNDES financing for strategic infrastructure projects Tokyo June 21, 2011 Luciano Coutinho President Brazil begins a new development cycle The Brazilian economy
More information2019 USCIB Trade and Investment Agenda
2019 USCIB Trade and Investment Agenda The United States Council for International Business (USCIB) corporate members represent $5 trillion in revenues and employ 11.5 million people worldwide across a
More informationContents. HSBC Group in the world. HSBC in Brazil. New Economic Scenario / Macroeconomic Forecasts
HSBC GLOBAL & LOCAL STRATEGY IN A NEW ECONOMIC SCENARIO Conrado Engel CEO & President of HSBC Bank Brasil 26 March 2010 The British Chamber of Commerce and Industry in Brazil - São Paulo 0 Contents HSBC
More informationBrexit Monitor The impact of Brexit on (global) trade
Brexit Monitor The impact of Brexit on (global) trade The impact of Brexit on (global) trade The outcome of the UK s EU referendum and looming exit negotiations, are already affecting trade flows between
More informationInfrastructure Investments in Brazil
Infrastructure Investments in Brazil 2 Limited investment in infrastructure... Infrastructure investments have tended towards 2.1% to 2.3% of GDP in the last two-and-a-half decades. Sharp declines in energy
More informationThe CETA and British Columbia: Impacts and Opportunities
The CETA and British Columbia: Impacts and Opportunities Trade Policy and Negotiations Branch Ministry of International Trade University of Victoria, European Studies Feb 18.16 1 Overview Ministry of International
More informationBrexit: Deal or No Deal. Written Testimony for the UK House of Lords EU Select Committee Inquiry
Brexit: Deal or No Deal Written Testimony for the UK House of Lords EU Select Committee Inquiry Introduction 1. The U.S.-UK Business Council represents the interests of investors with significant equities
More informationNational Interest Analysis
National Interest Analysis Date of proposed binding Treaty action Scope Reasons for New Zealand to become party to the Treaty Impacts on New Zealand of the Treaty entering into force Obligations Economic,
More informationBrazil: a rising star for outsourcing
Brazil: a rising star for outsourcing by Andrew John Bellingall* and Silvia Boechat ** Introduction Outsourcing is the placement of a business process which was previously performed internally, to an outside
More informationInstitutional Presentation
Institutional Presentation October 2016 Caixa para descrição. Disclaimer This presentation contains estimates and forward-looking statements regarding our strategy and opportunities for future growth.
More informationBRAZIL MEANS BUSINESS. Presentation by: Igly Serafim Senior Commercial Specialist São Paulo, Brazil
BRAZIL MEANS BUSINESS Presentation by: Igly Serafim Senior Commercial Specialist São Paulo, Brazil Brazil s future is today 1. Inflation control 2. Development of policies focused on social assistance.
More informationSelect Can foreign investors sue the UK for Brexit? Markus Burgstaller. 4 October 2017
Select 2017 Can foreign investors sue the UK for Brexit? Markus Burgstaller 4 October 2017 Framework for investment claims What is investment protection? The rise of investment arbitration Scope of investment
More informationPlurilateralism: A New Way of Trade Liberalism?
Plurilateralism: A New Way of Trade Liberalism? E-Leader Vienna 6 8 June, 2016 Ludmila Sterbova University of Economics, Prague Historical Background of Trade Liberalism/1 20 th Century 1929-30 Great Depression
More informationANZ Submission to the Department of Foreign Affairs and Trade White Paper Public Consultation
ANZ Submission to the Department of Foreign Affairs and Trade White Paper Public Consultation February 2017 A. INTRODUCTION 1. ANZ welcomes the opportunity to contribute to the Department of Foreign Affairs
More informationMATERIAL FACT. 1. Merger by Braskem of Stock Issued by Quattor Petroquímica
BRASKEM S.A. Corporate Taxpayer ID (CNPJ/MF): 42.150.391/0001-70 Publicly Held Company QUATTOR PETROQUÍMICA S.A. Corporate Taxpayer ID (CNPJ/MF): 04.705.090/0001-77 Publicly Held Company MATERIAL FACT
More informationACKNOWLEDGMENTS. Gabriel Rico - CEO, Amcham Brazil
ACKNOWLEDGMENTS The American Chamber of Commerce for Brazil is the largest Amcham outside of the United States, and it is constantly working to serve its members through building bridges for Brazilian
More informationThe economic Impact of EU membership on the UK. David Bailey Aston Business
The economic Impact of EU membership on the UK David Bailey Aston Business School @dgbailey Economic Impact of EU membership on UK? Costs and benefits of EU membership Trade & Investment à Jobs Regulation
More informationStructural transformation in the era of international production: Risks, Opportunities and Policy Challenges
Structural transformation in the era of international production: Risks, Opportunities and Policy Challenges Piergiuseppe Fortunato WTO, Aid-for-Trade workshop, November 218 Trade and Structural Change
More informationSUSTAINABLE STOCK EXCHANGES 2012 GLOBAL DIALOGUE 18 JUNE 2012, RIO DE JANEIRO MARIA HELENA SANTANA KEYNOTE ADDRESS
SUSTAINABLE STOCK EXCHANGES 2012 GLOBAL DIALOGUE 18 JUNE 2012, RIO DE JANEIRO MARIA HELENA SANTANA KEYNOTE ADDRESS I WANT TO THANK THE SSE INITIATIVE S SPONSORS FOR THE INVITATION TO BE HERE TODAY. IT
More informationABSTRACT. Nivedita Haldar (FP/08/11)
ABSTRACT of the dissertation titled BILEVEL PROGRAMMING BASED MODELING FOR PRICING DECISIONS IN OFFSHORE MANUFACTURING CONTRACTS INVOLVING GREEN TAX Submitted by Nivedita Haldar (FP/08/11) Thesis Advisory
More informationCCH Tax Basic. For further information:
CCH Tax Basic For those that need a comprehensive and concise source of tax information, CCH Tax Basic is the ideal choice. Including the full range of Tax Guide titles together with CCH s Red and Green
More information