A special report on business and finance in Brazil: Survival of the quickest  

Oleh:

The Economist

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 393 no. 8657 (Nov. 2009), page 52+6.
Topik: Brazil; Economy; Companies; Foreign Competitors
Fulltext: Survival of the Quickest.pdf (48.21KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.58 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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BRAZILIAN businessmen often say that the country’s recent economic past has strengthened companies, and especially banks. The argument goes like this: you need to be good, or at least inventive, to survive and make money when you have no idea whether inflation next year will be 50% or 500%. Bankers and finance directors have had to be particularly nimble. One example is Souza Cruz (a subsidiary of BAT), Brazil’s largest tobacco company, which in the days of high inflation did no better than break even on its cigarette sales. Its profits came from the interest on the cash it held between being paid by retailers and paying tax fortnightly. Companies used to operating in such unusual circumstances flourished when life became more predictable. There is some truth to this argument, even though it brushes aside the fact that until the 1990s Brazilian companies did not have to worry about foreign competitors. No big companies went bust in the recent financial crisis, despite losses on foreign-exchange derivatives that the Bank for International Settlements estimates at $25 billion. Moreover, no big banks wobbled, let alone had to be rescued, though there were some mergers.

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