The European Central Bank’s (ECB’s) latest interest rate cut, to 0.5%, is too little too late, and more will be needed, according to Neil Williams, Chief Economist for Hermes’ Global Government & Inflation Bonds, in his May Ahead of the Curve. In particular, the ‘raid’ on Cypriot bank deposits, no-confidence motion in Portugal’s coalition, extension of Ireland and Portugal’s bail-out loans, and Italy’s political void suggest complacency in bond markets following President Draghi’s promise of a bond-buying programme that has yet to be activated.
Following dialogue with leading investors and advisory groups, including Hermes Equity Ownership Services (Hermes EOS), Aberdeen Asset Management and F&C, Petrobras has become the first Brazilian company to publicly disclose the names of minority shareholder nominees for election to its board and the Conselho Fiscal at its forthcoming AGM, which sets a precedent in Brazil.
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