DOCSLIB.ORG

Emerging Markets Monthly Highlights

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Emerging Markets Monthly Highlights Credit Research Economic Research Emerging Markets Jose Perez Gorozpe Tatiana Lysenko Xu Han Elijah Oliveros Monthly Highlights Sudeep Kesh Vishrut Rana Vincent Conti A Brighter 2021, From Afar Dec. 17, 2020 Contents Key Takeaways Economic And Credit Conditions Highlights Macro-Credit Dashboards GDP Summary Monetary Policy/FX Financing Conditions Highlights Ratings Summary S&P Global Ratings believes there remains a high degree of uncertainty about the evolution of the coronavirus pandemic. Reports that at least one experimental vaccine is highly effective and might gain initial approval by the end of the year are promising, but this is merely the first step toward a return to social and economic normality; equally critical is the widespread availability of effective immunization, which could come by the middle of next year. We use this assumption in assessing the economic and credit implications associated with the pandemic (see our research here: www.spglobal.com/ratin gs). As the situation evolves, we will update our assumptions and estimates accordingly. 2 Key Takeaways Still a long path to the pre-pandemic GDP levels.Despite a strong third-quarter economic rebound across most -pandemic GDP levels, except for China and Turkey. The rising COVID-19 cases in many EM economies are undermining mobility, despite the absence of official restrictions. Surging cases in many developed economies, along with additional social-distancing measures, are holding back global economic activity over the short run. Recovery prospects look brighter for 2021, but the sequence of the recovery matters. The recent endorsement of the COVID-19 vaccine in the U.S. and other countries supports a potentially faster economic recovery in 2021. However, the vaccine still needs to be effectively distributed and immunization needs to take place before the pandemic fades. Consequently, the short-term outlook still looks challenging, especially for those EM economies where cases are surging again. The recent slowdown in economic activity will probably extend into the first quarter of 2021. This sequence is especially stressful for those governments facing the rising debt and fiscal pressures and for corporations with depressed revenues and limited room to further cut expenses. Financing conditions continue improving driven by investors' strong appetite for EM assets amid low interest rates in key developed markets and positive news about the COVID-19 vaccine. More recently, financing conditions for lower rated corporations to access the markets have improved despite persistent revenue challenges. Consequently, issuers with lower credit quality could consider distressed debt exchanges, leading to increasing defaults among lower rating categories. While a debt exchange might solve immediate liquidity hardships, their solvency remains at risk as the pandemic- 3 New COVID-19 Cases Surging Again In Several Countries New Daily Reported COVID-19 Cases Per Million Population (7-Day Moving Average) End-June End-July End-August End-September End-October End-November Several countries are seeing record-high numbers of new COVID-19 cases. Turkey 500 stands out, with cases among the highest in 450 per capita terms. Russia, Turkey, Brazil, Colombia, and Mexico have also experienced 400 a large uptick in new cases in the last month. 350 300 But most governments are resisting imposing new lockdowns. The unpopularity 250 of new mobility restrictions is discouraging 200 most governments in EMs to announce new lockdown measures. However, some 150 governments have postponed the relaxation 100 of lockdowns. Poland stands out as one of the only EMs that has tightened its lockdown 50 measures in the past month. Cases in Poland 0 have started to come down since those new measures were put in place. India Chile Brazil Turkey Russia Poland Mexico C Median Thailand Malaysia Colombia Argentina Indonesia Philipines South Africa South Saudi Arabia Saudi Notes: We use 2019 population estimates to calculate per capita numbers. EM Median refers to 16 EMs excluding China. Source: Bloomberg, Oxford Economics, and S&P Global Ratings. 4 Mobility Deteriorated In Countries With Rising Cases Mobility Index, Seven-Day Moving Average, End Of Period (Deviation From Pre- Pandemic Levels) Q1 Q2 Q3 Early-December 0 Signs of weakness in Q4 for several economies. Turkey, Russia, Poland, and -10 Malaysia experienced a setback in mobility this month, compared with the end of the -20 third quarter. These countries also experienced a significant uptick in new (%) -30 COVID-19 cases this quarter. Given the absence of new lockdown measures in most -40 cases (except for Poland), suggests that -50 populations are voluntarily cautious by staying at home, a behavior that could -60 -70 -80 -90 C Argentina Brazil Chile Colombia India Indonesia Malaysia Mexico Poland Russia Saudi South Africa Thailand Turkey EM Median Arabia Note: The index is an equally-weighted index of retail and recreation, transit, and workplaces. The baseline is the median value, for the corresponding day of the week, during the five-week period Jan. 3 Feb. 6, 2020. Note: Early-December is as of the 7th. Source: Google LLC "Google COVID-19 Community Mobility Reports", S&P Global Ratings. 5 Still A Long Path To Pre-Pandemic GDP Levels In Many Cases GDP Gap As A Share Of The Pre-Pandemic Level (Q4 2019), As Of Q3 2020 Solid rebound in the third quarter.The median EM saw q/q GDP growth of 8% in Q3, compared 6 with the 13.5% contraction in Q2.Growth rates 4 varied widely across countries. Key factors for 2 this were the following: the magnitude of the drop in activity in Q2 (generally the economies 0 with severe GDP contraction saw higher growth (2) rates);the scale and effectiveness of policy (%) (4) support (ample stimulus programs helped (6) domestic demand to rebound in Brazil and (8) Turkey); different contributions from net (10) exports,reflecting different trade exposures, (12) but also variations in imports. (14) Still a long road to recovery to pre-pandemic (16) GDP levels. The median EM was still 6% below the pre-pandemic GDP level at the end of Q3. India Chile China Brazil Turkey Russia Poland Mexico Median Thailand Malaysia Colombia Argentina Indonesia measure as well. China and Turkey were above C Philippines South Africa South their pre-pandemic levels. Latin America (except for Brazil) was still 8%-10% below that Note: Median refers to median of all countries inthe chart. For China, India, and Indonesia there is no official seasonally-adjusted time series, therefore we just applied a standard ARIMA X13 method to the non-seasonally-adjusted series. For Argentina, we used the monthly proxy to level, and South Africa is in the middle of the calculate Q3 GDP growth. Source: Haver Analytics. Copyright © 2020 by Standard & Financial Services LLC. All rights reserved. pack. 6 EM FX Is Having A Good Year-End Exchange Rate Performance Versus The U.S. Dollar YTD Since end-Q3 ZAR Most EM currencies appreciated in COP November. Capital inflows, and in some MXN cases, rising prices for export commodities BRL propelled EM currencies in the past month. CLP THB evident in capital flows data. EM assets IDR attracted $76.5 billion worth of capital PLN inflows in November, according to the RUB Institute of International Finance estimates, CNY with large inflows into both debt and equity. MYR PHP INR SAR TRY ARS -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% Note: Since end-Q3 is as of December 9. Source: S&P Global Ratings and Bloomberg. 7 Rating Actions | Defaults Year-End Global Corporate Defaults By Reason Bankruptcy-Related Distressed Exchanges / Out-Of-Court Restructuring As credit spreads have Missed principal/interest payments and default on financial obligations Regulatory Intervention compressed nearly 50% for Confidential 300 low-rated issuers, the 250 combination of lower costs 200 150 and revenue pressure is 100 causing many issuers to 50 complete distressed debt 0 Number Of Defaults Of Number exchanges (tantamount to 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD default). *Data as of Nov. 30, 2020. Data has been updated to reflect confidential issuers. Excludes sovereigns, includes Greater China, and Red Chip companies. Sources: S&P Distressed debt exchanges can delay the inevitable without a Year-End EM 16 Corporate Defaults By Reason meaningful improvement in Bankruptcy-Related Distressed Exchanges / Out-Of-Court Restructuring balance sheets and revenue Missed principal/interest payments and default on financial obligations Regulatory Intervention generation, potentially default Confidential prospects elevated. 25 20 15 10 5 0 Number Of Defaults Number Of 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD *Data as of Nov. 30, 2020. Data has been updated to reflect confidential issuers. Excludes sovereigns, includes Greater China, and Red Chip companies. Sources: S&P 8 Financing Conditions | Despite Generally Lower Capital Costs, Debt Growth Remains Relatively Flat EM Corporate Debt Growth Eases Slightly Despite Low Financing Costs Emerging Markets (ex. China) Greater China − Despite the lower financing 50% costs in 2020, thanks to EM 45% 44% (excluding China) debt growth eases year-over-year 40% with new debt primarily aiding 35% in refinancing activity, rather 32% 31% than M&A and corporate 30% growth in past years. 27% 28% − 25% marginally higher than the 20% 2019 level, though it remains 16% 16% substantively lower than the 15% 13% 13% 14% one in 2016, before deleveraging initiatives took 10% hold. 5% 0% 2016 2017 2018 2019 2020 YTD Corporate debt growth computed as total cumulative corporate (financial and non-financial bond issuance divided by bond debt outstanding from beginning of the year. Data as of Nov. 30, 2020. Source: Refinitiv and S&P Global Ratings. 9 Non-Financial Corporates | Leverage Rises Modestly Non-Financial Corporate Leverage By EM And Median Rating Median Debt-EBITDA Ratio (Most Recent) − Leverage rose modestly for Median Debt-EBITDA Ratio (2019) most EMs, though Latin America saw the biggest increases.
Load more

Recommended publications
  • Bright Spots Among the Gloom
    MARKET UPDATE Research Poland | Financial Services | Small & Mid Cap | 25-March-2013 KRUK Bright light among financials BUY 11% upside Fair Value PLN 70.00 Kruk presented very solid 2012 results, in line with our expectations, with net profit of PLN 81.2m. We believe that unlike most Polish Bloomberg ticker KRU PW financial stocks we cover, KRUK will deliver net profit growth for the Share Price PLN 63.00 Market Capitalisation PLN 1,064.72m second year in a row in 2013. New portfolio purchases, good cost Free Float 64% discipline and supportive macroeconomic conditions with a stable level of non-performing consumer loans in the Polish banking system and PLN m Y/E 31-Dec 2012A 2013E 2014E 2015E significantly lower market interest rates lead us to forecast double- Debt portfolios purchases 309 375 393 418 Cash repayments 451 557 657 737 digit growth this year. The company wants to grow and is seeking new Revenues 343 394 443 483 opportunities. Management is analysing the possibility of entering new Cash EBITDA 292 368 440 497 markets: Spain and Turkey are its main preferences, Russia less so. We EBITDA 137 155 170 183 Net Income 81.2 96.6 108.1 117.3 do not incorporate any new market into our model, so confirmation of foreign expansion could be a strong catalyst for the stock. Although Y/E 31-Dec 2012A 2013E 2014E 2015E Kruk is up by 43% YTD, outperforming the broad index by almost 50%, P/E (x) 13.1 11.0 9.9 9.1 P/BV (x) 3.4 2.6 2.2 1.8 we still see some room for growth.
    [Show full text]
  • Fidelity® Emerging Markets Index Fund
    Quarterly Holdings Report for Fidelity® Emerging Markets Index Fund January 31, 2021 EMX-QTLY-0321 1.929351.109 Schedule of Investments January 31, 2021 (Unaudited) Showing Percentage of Net Assets Common Stocks – 92.5% Shares Value Shares Value Argentina – 0.0% Lojas Americanas SA rights 2/4/21 (b) 4,427 $ 3,722 Telecom Argentina SA Class B sponsored ADR (a) 48,935 $ 317,099 Lojas Renner SA 444,459 3,368,738 YPF SA Class D sponsored ADR (b) 99,119 361,784 Magazine Luiza SA 1,634,124 7,547,303 Multiplan Empreendimentos Imobiliarios SA 156,958 608,164 TOTAL ARGENTINA 678,883 Natura & Co. Holding SA 499,390 4,477,844 Notre Dame Intermedica Participacoes SA 289,718 5,003,902 Bailiwick of Jersey – 0.1% Petrobras Distribuidora SA 421,700 1,792,730 Polymetal International PLC 131,532 2,850,845 Petroleo Brasileiro SA ‑ Petrobras (ON) 2,103,697 10,508,104 Raia Drogasil SA 602,000 2,741,865 Bermuda – 0.7% Rumo SA (b) 724,700 2,688,783 Alibaba Health Information Technology Ltd. (b) 2,256,000 7,070,686 Sul America SA unit 165,877 1,209,956 Alibaba Pictures Group Ltd. (b) 6,760,000 854,455 Suzano Papel e Celulose SA (b) 418,317 4,744,045 Beijing Enterprises Water Group Ltd. 2,816,000 1,147,720 Telefonica Brasil SA 250,600 2,070,242 Brilliance China Automotive Holdings Ltd. 1,692,000 1,331,209 TIM SA 475,200 1,155,127 China Gas Holdings Ltd. 1,461,000 5,163,177 Totvs SA 274,600 1,425,346 China Resource Gas Group Ltd.
    [Show full text]
  • Fidelity® Emerging Markets Discovery Fund
    Quarterly Holdings Report for Fidelity® Emerging Markets Discovery Fund January 31, 2021 EMD-QTLY-0321 1.931229.109 Schedule of Investments January 31, 2021 (Unaudited) Showing Percentage of Net Assets Common Stocks – 92.7% Shares Value Belgium – 1.1% Titan Cement International Trading SA 197,000 $ 3,433,036 Bermuda – 1.4% AGTech Holdings Ltd. (a) 10,044,000 330,341 Alibaba Pictures Group Ltd. (a) 1,875,844 237,104 Credicorp Ltd. (United States) 8,363 1,257,210 Shangri‑La Asia Ltd. (a) 2,942,000 2,504,395 TOTAL BERMUDA 4,329,050 Brazil – 7.2% Alupar Investimento SA unit 374,589 1,756,078 Atacadao SA 515,200 1,792,852 Azul SA sponsored ADR (a) (b) 13,040 286,228 Equatorial Energia SA 572,241 2,355,314 LOG Commercial Properties e Participacoes SA 206,000 1,261,286 Lojas Renner SA 303,000 2,296,562 Natura & Co. Holding SA 248,153 2,225,095 Notre Dame Intermedica Participacoes SA 140,851 2,432,726 QGEP Participacoes SA 445,600 932,507 Rumo SA (a) 799,400 2,965,936 Suzano Papel e Celulose SA (a) 190,800 2,163,823 Terna Participacoes SA unit 303,214 1,778,363 TOTAL BRAZIL 22,246,770 British Virgin Islands – 0.1% Mail.Ru Group Ltd. GDR (Reg. S) (a) 17,397 453,192 Cayman Islands – 17.9% Agora, Inc. ADR (a) (b) 700 39,543 Akeso, Inc. (c) 408,429 2,849,903 Archosaur Games, Inc. (a) (c) 234,000 609,654 Bilibili, Inc. ADR (a) (b) 38,631 4,399,685 Chailease Holding Co.
    [Show full text]
  • The Top 20 Brazilian Multinationals: a Long Way out of the Crises Highlights
    The Top 20 Brazilian Multinationals: A Long Way Out of the Crises January 18, 2018 São Paulo and New York, January 18, 2018: The Center of International Financial Management Studies (IFM) of the São Paulo School of Business Administration (EAESP) of Fundação Getulio Vargas (FGV), Brazil, and the Columbia Center on Sustainable Investment (CCSI), a joint center of Columbia Law School and The Earth Institute at Columbia University in New York, are releasing today the results of their research report profiling the top 20 Brazilian multinational enterprises (MNEs),1 ranked in terms of foreign assets. The report is part of the Emerging Market Global Players (EMGP) Project, a long-term study of the rapid global expansion of MNEs from emerging markets. The present report, conducted in 2017, covers the 2016 annual year.2 Highlights In 2016, the top 20 Brazilian MNEs included in our survey had combined foreign assets of approximately US$ 106.7 billion, foreign revenue (including exports) of more than US$ 135.3 billion and 195,377 foreign employees (excluding outsourced, temporary and seasonal employees).3 On average, the foreign assets of the top 20 firms constituted 44.9% of those firms’ total assets in 2016; foreign sales accounted for 61.6% of the firms’ total net sales; and foreign employees accounted for 23.9% of their total employees, resulting in an average Transnationality Index (TNI) of 43.5% (Annex Table 1). Of the top 20 Brazilian MNEs, the Oil and Gas Extraction, Food Manufacturing, Mining, the Primary Metal Manufacturing, and the Paper and Allied Products industries comprised almost 90% of the foreign assets (eleven companies).
    [Show full text]
  • 20191220163719Upa779ed4e3
    Demonstrativo da Composição e Diversificação da Carteira Mês/Ano: 30 de setembro de 2019 Nome do Fundo: Bradesco Fundo de Investimento Multimercado Long Short CNPJ: 07.187.565/0001-79 Administradora: BEM - Distribuidora de Títulos e Valores Mobiliários Ltda. CNPJ: 00.066.670/0001-00 Aplicações - Especificações Espécie / Quantidade Cotação por lote Custo Mercado / % sobre o Forma de mil ou preço Total R$ Realização patrimônio unitário (*) – R$ mil R$ mil líquido Disponibilidades 2 0,03 Banco conta movimento 2 0,03 Aplicações Interfinanceiras de liquidez 344 344 4,07 Letras do Tesouro Nacional 409 344 344 4,07 Títulos públicos 6.698 6.701 79,34 Letras Financeiras do Tesouro 648 6.698 6.701 79,34 Ações 2.112 2.174 25,74 BRF Brasil Foods S.A. ON 7.900 38,20 245 302 3,57 São Martinho S.A. ON 15.800 18,95 294 299 3,54 Gerdau S.A. PN 21.300 13,16 290 280 3,32 Cia.de Saneamento Básico E.S.P.-Sabesp ON 3.800 49,60 184 189 2,23 Suzano Papel e Celulose S.A. ON 5.500 33,65 185 185 2,19 Cia. Brasileira de Distribuição PN 2.250 79,80 208 180 2,13 Totvs S.A. ON 3.100 57,74 134 179 2,12 Vale S.A. ON 3.200 47,75 156 153 1,81 CESP - Cia Energética de São Paulo PNB 5.300 28,50 138 151 1,79 Itaú Unibanco Holding S.A. PN 3.550 35,03 126 124 1,47 Banco do Brasil S.A.
    [Show full text]
  • Suzano Papel E Celulose S.A
    Suzano Papel e Celulose S.A. Financial Statements of December 31, 2018 and independent auditor's report on the parent company and consolidated financial statements. Page 1 of 110 Suzano Papel e Celulose S.A. Standardized Financial Statements At December 31, 2018 In thousands of Brazilian reais (R$), unless otherwise indicated MANAGEMENT REPORT MESSAGE FROM MANAGEMENT The year 2018 represents an important milestone in the history of Suzano, the company resulting from the integration between Suzano Pulp & Paper and Fibria Celulose. Concluded on January 14, 2019, the combination of two successful and globally relevant companies effectively creates opportunities to build a future with even greater capacity to create value and to share these accomplishments with all our related parties. The combination, announced in March 2018, became part of the organization's day-to-day routine throughout the year. The process of approval by the shareholders of both companies and by local and international regulatory agencies began soon after the announcement and was concluded in late November 2018, which enabled the combination of shareholdings to be consummated in January 2019. Meanwhile, the company’s team and structure were being prepared for this new phase. Internal processes and controls are being adjusted to comply with the Sarbanes-Oxley Act (SOX) since our ADSs would be traded on the New York Stock Exchange (NYSE), which was another important milestone for the company. The efforts to prepare the new company were made in parallel with various challenges and accomplishments. The year 2018 was marked by high volatility in the local exchange rate and a positive scenario for pulp prices in international markets, despite the uncertainty regarding the recovery of the Brazilian economy and the worsening of this situation by the nationwide truck drivers' strike in May.
    [Show full text]
  • Case M.8951 - SUZANO PAPEL E CELULOSE / FIBRIA CELULOSE
    EUROPEAN COMMISSION DG Competition Case M.8951 - SUZANO PAPEL E CELULOSE / FIBRIA CELULOSE Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) in conjunction with Art 6(2) Date: 29/11/2018 In electronic form on the EUR-Lex website under document number 32018M8951 EUROPEAN COMMISSION Brussels, 29.11.2018 C(2018) 8166 final In the published version of this decision, some information has been omitted pursuant to Article PUBLIC VERSION 17(2) of Council Regulation (EC) No 139/2004 concerning non-disclosure of business secrets and other confidential information. The omissions are shown thus […]. Where possible the information omitted has been replaced by ranges of figures or a general description. To the notifying party Subject: Case M.8951 - SUZANO PAPEL E CELULOSE / FIBRIA CELULOSE Commission decision pursuant to Article 6(1)(b) in conjunction with Article 6(2) of Council Regulation No 139/20041 and Article 57 of the Agreement on the European Economic Area2 Dear Sir or Madam, (1) On 9 October 2018, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (the 'Merger Regulation')3 by which Suzano Papel e Celulose S.A. ("Suzano") acquires sole control over Fibria Celulose S.A. ("Fibria"). Suzano is hereafter referred to as the "Notifying Party" and together with Fibria as the "Parties". 1. THE PARTIES AND THE TRANSACTION (2) The Parties are both publicly traded companies registered in Brazil, active in the production of wood pulp from eucalyptus trees. Both are vertically integrated upstream, with limited activities in wood procurement in Brazil, and in the production and supply of eucalyptus pulp.
    [Show full text]
  • Fidelity® Latin America Fund
    PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021 Fidelity® Latin America Fund Key Takeaways MARKET RECAP • For the semiannual reporting period ending April 30, 2021, the fund's The MSCI ACWI (All Country World Retail Class shares returned 25.01%, notably lagging the 33.98% result Index) ex USA Index gained 27.51% for of the benchmark, the MSCI Emerging Markets Latin America Index. the six months ending April 30, 2021, with international equities rising amid improved global economic growth, • Latin American markets benefited from a strong rebound for cyclical widespread COVID-19 vaccinations, fiscal stocks the past six months, most notably in the materials and energy stimulus in the U.S. and abroad, and sectors, amid optimism for a global economic recovery. fresh government spending programs. In addition, foreign securities were • Portfolio Manager Will Pruett's decision to underweight materials bolstered in part by general U.S.-dollar stocks hurt the fund's relative performance the most by far. weakness. The period began with a shift in momentum. In November, • Significantly overweighting stocks that primarily conduct business in international stocks shrugged off a two- Latin America, especially in the consumer discretionary and health month retreat by gaining roughly 13%. care sectors, also detracted, as did Will's picks in health care and The momentum continued in December, materials. as positive news on the effectiveness of vaccines provided a notable boost to international equities. In late December, • In contrast, security selection added value versus the benchmark, as vaccines were approved by especially in the consumer discretionary, industrials and information government regulatory authorities, technology sectors.
    [Show full text]
  • Appendix: Assessing Corporate Efforts to Address Forced Labor Risks in the Supply Chains of the Paper and Forestry and Home Furnishing Retail Sectors (November 2019)
    Appendix: Assessing Corporate Efforts to Address Forced Labor Risks in the Supply Chains of the Paper and Forestry and Home Furnishing Retail Sectors (November 2019) KnowTheChain assessed 39 of the largest publicly listed companies in the paper and forestry and home furnishing retail sectors across ten indicators on their efforts to address forced labor risks in their supply chains. The indicators are a subset of the full KnowTheChain benchmark methodology and reflect the key areas of the UN Guiding Principles on Business and Human Rights: policy commitment, due diligence, and remedy. Company Disclosure by Indicator 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Supplier Code of Conduct and Integration into Supplier 59% Contract Management and Accountability 13% Stakeholder Engagement 0% Supply Chain Transparency 0% Risk Assessment 8% Purchasing Practices 3% Recruitment Fees 8% Freedom of Association 0% Grievance Mechanism 23% Remedy Programs 5% The graphic captures the percentage of companies disclosing at least some information on each of the indicators. Overall, disclosure is poor. • Policies: While 59% of companies disclose a supplier code of conduct that includes the ILO core labor standards (i.e., protects the right to freedom of association and collective bargaining, and prohibits discrimination, child labor, and forced labor), only 8% of companies include provisions that prohibit worker-paid recruitment fees. • Due Diligence: Only 8% of companies disclose undertaking a supply chain risk assessment that includes forced labor risks, and only 3% disclose the risks of forced labor in different tiers of their supply chains. • Remedy: Only 5% of companies have a process for responding to the complaints and/or reported violations of their supplier code of conduct.
    [Show full text]
  • Fidelity® Variable Insurance Products: Emerging Markets Portfolio
    Quarterly Holdings Report for Fidelity® Variable Insurance Products: Emerging Markets Portfolio March 31, 2021 VIPEM-QTLY-0521 1.864819.113 Schedule of Investments March 31, 2021 (Unaudited) Showing Percentage of Net Assets Common Stocks – 93.9% Shares Value Shares Value Bermuda – 2.4% Korea (South) – 13.0% Credicorp Ltd. (United States) 133,600 $ 18,245,752 Hyundai Motor Co. 121,600 $ 23,654,963 Shangri‑La Asia Ltd. (a) 10,606,000 10,600,406 Samsung Electronics Co. Ltd. 1,558,560 113,174,433 Shinhan Financial Group Co. Ltd. 636,142 21,206,455 TOTAL BERMUDA 28,846,158 TOTAL KOREA (SOUTH) 158,035,851 Brazil – 5.1% B3 SA ‑ Brasil Bolsa Balcao 1,729,100 16,779,058 Mexico – 5.2% Natura & Co. Holding SA (a) 1,594,700 13,638,947 CEMEX S.A.B. de CV sponsored ADR (a) 2,441,000 17,013,770 Suzano Papel e Celulose SA (a) 2,630,481 32,036,007 Grupo Financiero Banorte S.A.B. de CV Series O (a) 2,390,768 13,466,529 Wal‑Mart de Mexico SA de CV Series V 10,357,200 32,668,543 TOTAL BRAZIL 62,454,012 TOTAL MEXICO 63,148,842 Canada – 2.5% Barrick Gold Corp. 1,526,200 30,218,760 Netherlands – 1.5% Yandex NV Series A (a) (b) 289,900 18,570,994 Cayman Islands – 18.7% Alibaba Group Holding Ltd. sponsored ADR (a) 229,300 51,989,189 Russia – 3.2% Baidu.com, Inc. sponsored ADR (a) 72,200 15,707,110 Lukoil PJSC sponsored ADR 294,763 23,834,536 JD.com, Inc.
    [Show full text]
  • Redalyc.Os Efeitos Do Disclosure Ambiental Negativo Involuntário
    Red de Revistas Científicas de América Latina, el Caribe, España y Portugal Sistema de Información Científica English version Mendes Fernandes, Sheila Os efeitos do disclosure ambiental negativo involuntário: um estudo de evento nas companhias brasileiras com alto índice de poluição Revista de Contabilidade e Organizações, vol. 7, núm. 17, 2013, pp. 59-72 Universidade de São Paulo São Paulo, Brasil Available in: http://www.redalyc.org/articulo.oa?id=235230526007 Revista de Contabilidade e Organizações, ISSN (Printed Version): 1982-6486 [email protected] Universidade de São Paulo Brasil How to cite Complete issue More information about this article Journal's homepage www.redalyc.org Non-Profit Academic Project, developed under the Open Acces Initiative 56 RevistaS. M. de Fernandes Contabilidade / Rev. e OrganizaçõesCont Org 17(2013) 17 (2013) 56-68 56-68 Revista de http://dx.doi.org/10.11606%2Frco.v7i17.56668 Journal of Contabilidade e Accounting and Organizações Organizations www.rco.usp.br www.rco.usp.br The effects of involuntary negative enviromental disclusure: an event study in brazilian companies with a high pullution index. Sheila Mendes Fernandesa aFucape Business School - Vitória - ES Article Info Abstract Article history: The aim in this study was to identify the influence of involuntary negative environ- mental disclosure on abnormal returns in sectors with high pollution indices: Exploi- Received: 28 September 2012 tation, Refining, Metallic Minerals, Paper and Pulp and Iron and Steel. To achieve the Accepted: 1 March 2013 proposed objective, the event study method was used, based on the Efficient Market Hypothesis. The sample selected totals 29 events, referent to the period from 2007 till 2012.
    [Show full text]
  • SUZANO S.A. Companhia Aberta De Capital Autorizado CNPJ/ME Nº 16.404.287/0001-55 NIRE Nº 29.300.016.331
    SUZANO S.A. Companhia Aberta de Capital Autorizado CNPJ/ME nº 16.404.287/0001-55 NIRE nº 29.300.016.331 Proposta da Administração – AGOE de 22 de maio de 2020 PROPOSTA DA ADMINISTRAÇÃO ASSEMBLEIAS GERAIS ORDINÁRIA E EXTRAORDINÁRIA DA SUZANO S.A. A SEREM REALIZADAS CUMULATIVAMENTE EM 22 DE MAIO DE 2020 1 SUZANO S.A. Companhia Aberta de Capital Autorizado CNPJ/ME nº 16.404.287/0001-55 NIRE nº 29.300.016.331 Proposta da Administração – AGOE de 22 de maio de 2020 ÍNDICE I. Informações sobre as matérias objeto de deliberação ........................................................... 3 II. Comentários dos Diretores (Seção 10 - Instrução CVM nº 480/09) .................................... 12 III. Administração (Seções 12.5 a 12.10 - Instrução CVM nº 480/09) ...................................... 79 IV. Remuneração dos Administradores (Seção 13 - Instrução CVM nº 480/09) ...................... 99 Anexo A – Informações sobre a Incorporação (Anexo 20-A da ICVM 481) ........................... 160 Anexo B – Protocolo e Justificação de Incorporação com Laudo de Avaliação e .................... 171 Balanço Patrimonial e Primeiro Aditamento ao Protocolo. ...................................................... 171 Anexo C – Atas das Reuniões do Conselho de Administração ................................................. 220 Anexo D – Atas das Reuniões do Conselho Fiscal ................................................................... 227 Anexo E – Informações sobre o avaliador (Anexo 21 da ICVM 481) ...................................... 232 Anexo F – Proposta de trabalho e remuneração do avaliador ................................................... 233 Os itens acima são parte integrante desta Proposta da Administração (“Proposta da Administração” ou “Proposta”) e atendem ao disposto na Lei 6.404, de 15 de dezembro de 1976 (“Lei das S.A.”) e na Instrução CVM nº 481/09, conforme alterada (“ICVM 481”). 2 SUZANO S.A. Companhia Aberta de Capital Autorizado CNPJ/ME nº 16.404.287/0001-55 NIRE nº 29.300.016.331 Proposta da Administração – AGOE de 22 de maio de 2020 I.
    [Show full text]