"Everybody's looking at Brazil", expert says
Date added: 18th April, 2011 at 10:27
(view all articles from April, 2011)
Categories: Economy
Banks appear keen to invest in Brazil, as they are confident about the country's growth potential, it has been argued.
The Financial Times reported that JP Morgan is planning to employ more workers in Latin America's largest economy.
Elsewhere, BNP Paribas has been increasing its headcount in the country for the past four years.
Brazil chief executive for JP Morgan Claudio Berquo told the news provider the company plans to increase the number of people on its payroll in the nation to up to 1,200.
Louis Bazire of BNP Paribas also spoke to the information source, stating that the French bank now has almost 2,500 employees in the country.
"Everybody's looking at Brazil," he said.
JP Morgan currently has 630 workers in Latin America's biggest economy and Mr Berquo explained that the firm wishes to increase its operations over five cities rather than three.
"Then we will have a footprint that covers 80 per cent of the gross domestic product of Brazil," he explained.
Established more than 200 years ago, JP Morgan is part of JP Morgan Chase & Co, which holds $2.2 trillion (£1.35 trillion) in assets.
For anyone wishing to invest in the full potential of Brazil, Property Bond Brazil has an excellent array of opportunities for investment in Brazil.
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Numbers of hotels for sale in Brazil to rise?
Hotel Interactive reported on the comments of senior vice-president of Lodging Econometrics Bruce Ford, who explained at the BITAC luxury event that the World Cup and the Olympic Games, which are soon to be hosted by the nation, will give the industry a boost.
"They have some tremendous events coming up in Brazil over the next several years … and they will need to build hotels and they will need to become more branded," he said.
In 2014, the World Cup will be played over 12 cities in the country, while the Olympics will be held in Rio de Janeiro in 2016.
Mr Ford said that developers' plans are "largely unannounced" at the moment but he predicted that 30,000 rooms could be under construction by the end of next year.
"The more branded that they become the more that banks are going to get interested, the more that international investors are going to get interested," he asserted.
Currently, there are around 11,000 rooms being built, the news provider noted, with another 15,000 more announced as part of new projects this year.
Hotel Interactive stated that changes in the Brazilian population may also be positive news for the sector.
Indeed, the Brazilian Institute of Geography and Statistics (IBGE) recently revealed that usual real income among its people had reached R$1,540.30 (£588.57) in February compared with R$1,485.94 at the same point a year earlier, representing a 3.7 per cent annual increase.
This may reflect the increasing number of individuals in work in the country, as the figures also showed the unemployment rate dropped to 6.4 per cent last month, compared with 7.4 per cent 12 months previously.
In February, there were around 10.7 million people with jobs with formal contracts – a 6.9 per cent rise on statistics from a year earlier, or an extra 687,000 roles.
Other positive changes in Brazil reflected in statistics from the IBGE include a 1.2 per cent increase in retail sales in January compared with the month before, the ninth hike seen in as many months.
Meanwhile, nominal revenue in the sector grew by 1.1 per cent, rising for the 13th consecutive month....
Date added: 31st March, 2011 at 10:03
(view all articles from March, 2011)