BRAZIL - Fears that investments in Latin America would be hit after Brazil elected a leftwing president have subsided, fund managers say.
Prior to the election, Luiz Inacio (Lula) da Silva’s radical proposals to help the poor had been expected to come at the expense of big business.
But Gartmore UK’s head of pacific and emerging markets Philip Ehrman said that while Lula had commitments to his roots, his main priority was to get the country moving again.
“The reality is that there will be a lot of fiscal responsibility going forward and he is better positioned to deal with the unions,” he said.
Brazil’s unemployment rate has rocketed in the last few years, but the new president stressed he would address the concerns of investors, who have been on tenterhooks for months at the prospect of country’s economy turning socialist.
Ashmore Investment Management head of research Jerome Booth added that Brazil had suffered from the cut back of bank credit from the US, but was positive about the country’s prospects.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
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