Latest articles from Americas

Rule challenges NYSE tech plans

January 3, 2005

The US securities & Exchange Commission’s (SEC) late proposal to alter rules on stock trading has caused concern at the New York Stock Exchange (NYSE) that the proposed hybrid electronic/voice trading model would be made inoperative.

Foreign banks must cherry-pick less to avoid Latin American wrath

January 3, 2005

Foreign banks in Latin America are failing to help its economies by extending private credit. If they do not act now to moderate their behaviour, they may find host governments legally obliging them to do so.

Bradesco lags behind in value and efficiency

December 1, 2004

Banco Bradesco, Brazil’s largest non-government bank in asset terms, is enjoying impressive income growth. But it cannot afford to rest on its laurels if it wants to keep up with the competition.Bill Hieronymous in Săo Paulo explains why.
Márcio Cypriano, president and CEO of Banco Bradesco SA, appears confident yet relaxed as he talks to The Banker at the bank’s headquarters in Osasco, Săo Paulo. His contentment may be due to the bank’s announcement a few days earlier that its third-quarter net income has soared to R$752m ($263m) from R$564m a year ago – growth of 33%.
Yet Bradesco has some way to go to catch up with its rival Banco Itaú, a fact that Mr Cypriano appears to shrug off. “This [larger market capitalisation for Itaú] is a function of its higher profitability in the last four years, higher than that of Bradesco,’’ he says. “This doesn’t bother us because we aren’t going to sell Bradesco.’’

Brazil’s central bank takes over at Santos

December 1, 2004

Brazil’s central bank assumed control of the operations of struggling Banco Santos on November 15 after the latter was ordered to provide R$700m ($251m) to cover defaulted loans, a sum that exceeded its ability to pay by R$100m.

A model economy for South America?

December 1, 2004

Chile may outshine its regional rivals with an economy that has matured since its democratisation in 1990, but there is still work to be done to raise the living standards of the general population, as Jason Mitchell reports.
Chile, the most successful economy in South America, needs major structural reform if it is to enjoy the kind of economic growth seen in the countries of east Asia.

E-paradise found

December 1, 2004

Bermuda has made great strides since the late 1990s on the e-commerce front. Michael Scott, the island’s telecommunications minister, outlines his policy vision.
Bermuda’s recently appointed minister of telecommunications and e-commerce, Michael Scott, is not banking on another dot-com gold rush, predicting that the growth of e-business will be a gradual process. He also believes that it is the government’s responsibility to create an environment that is conducive to private sector development and fosters customer appetite for products and services.

A fair exchange

December 1, 2004

Bermuda’s stock exchange is tightening regulation to fit in with international guidelines.

Changes are afoot

December 1, 2004

Relaxation of Bermuda’s foreign ownership laws is boosting the island’s bank sector, reports Mairi Mallon.

Steady in the storm

December 1, 2004

Bermuda’s insurance market remains buoyant despite huge payouts after the hurricane season. This is just one of many reasons why the country is so attractive to financial services firms, reports Mairi Mallon.

Brazilian bank unions call off strike

November 4, 2004

BRAZIL’S LONGEST EVER banking strike came to an end last month, four weeks after it commenced, as workers heeded their union bosses’ call to return to their jobs. Nearly half of the country’s 400,000 bank employees had walked off the job on September 15, when Brazil’s banks refused to give them a 25% salary increase.