Bank of America predicts a 28% return on the Bovespa’s main index this year, reports Brasil Econômico!
I read a study recently that reviewed the prognostication success rate of headlines of this kind and concluded that betting against the press will make you money more often than not.
The tip sheet Relatório Reservado says that BofA-Merrill Lynch intends to install the “nerve center” of its South American private banking operation in Brazil. Antonio Costa, currently heading Brazilian operations, will be promoted to head of Latin America, the unsourced report has it.
Ongoing, the Portuguese-Brazilian media group behind Brasil Econômico, is said to be looking to acquire a TV network that it is not the troubled SBT of Sílvio Santos.
Eight of the 12 directors of the foods group Sadia are fined a total of R$2.6 million over derivatives losses of R$2.6 billion dating to 2007. The CFO was suspended from practicing his profession for three years for investments contrary to the company’s stated financial management policy.
The Bovespa — the São Paulo Stock Exchange and Futures and Commodities Exchange — has sealed an MOU with the Santiago Mercantile Exchange in Chile to connect the two trading floors for cross-exchange transactions — order-routing and real-time market information. Source: Infomoney Brasil.
Valor reports that negotiations continue over the renewal of fixed-line telephony concessions.
The government governo decided to postpone the renewals until January 2.The minister of communications says the purpose of the postponement is to resolve an impasse over the PGMU III, the government’s fixed-line universalization plan, which is to be carried out between 2011 and 2015.
Oi, Embratel, Telefônica, CTBC and Sercomtel met recently with incoming cabinet members and promised to drop their lawsuits against the universalization plan. The new Minister of Communications, former planning minister Paulo Bernardo, is not the industry’s man in the ministry, unlike the last one — Hélio Costa, the former Globo executive.
The rumor is that SAAB’s decision to half its investment in a Brazilian R&D center is a sign that its pretended sale of fighters to the Brazilian air force is not going well. That leaves the French Rafale and the U.S. F-16 SuperHornet.
The new president of Brazil — previously the government’s top infrastructure wonk — is said to be less bullish on the Rio-Sampa bullet train than originally, according to the tip sheet Relatório Reservado. The government issued specs and a call for bids on Monday and the auction is scheduled for Friday, December 16. The project has has the backing of the World Bank, which provided an American consulting firm, and IDB.
In July, the outgoing president ha praised the project and said that putting the TGV into service by 2016 is “totally doable.”
Brazzil magazine pays $50 for a 5,000-word article, according to Writers Markets. No wonder it … but I shouldn’t speak ill of compatriots. It is pretty obvious from tody’s top headline that the magazine is skimping on its copy desk, put it that way.