Thursday, February 26, 2009

Mitsubishi Shifts Production from Japan to Brazil, Itau Reports


Japanese auto giant Mitsubishi will shift some of its production to Brazil. The move is in part to mitigate the effects of the higher Japanese Yen, according to the Nikkei newspaper. Mitsubishi's objective is to install in Brazil its base for exports in all of Latin-America. Another reason is to take advantage of special tax and duties that are in effect between Brazil and the rest of Latin-America.

The company also intends to increase production in Brazil.


In banking news, Itau/Unibanco reported today, symbol ITU on the NYSE. Net profits were R$7.8B. This includes provision sof R$3.0B for bad loans. Without this provision, the net profits would have been R$10.6B, an increase of 9.1% over the previous tear.

ITU shares dropped 3.4% today.

These numbers would certainly be the envy of many banks in North-America!

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