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Aug 8, 2011

Smartcompany News and Analysis: Australian shares plunge 5%, 10 practical ways to respond to the turmoil, How to keep cash flowing, Therese Rein’s business comeback.

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Top Story
Five management scandals: What you can learn
Look behind every business debacle, and you will find one of three time bombs: culture failure, systems failure and brain failure. BY LEON GETTLER.
Five management scandals: What you can learn

Top Story
The US waves goodbye to AAA rating: What it really means
Contrary to expectations that the ratings downgrade will result in a big increase in borrowing costs for Americans, the actual impact is likely to be minor. BY SHANE OLIVER.
Goodbye AAA

Aunty B
My new employee is dominating and manipulative. Help!
Just a second. Let me get this straight. You have taken someone into the bosom of your company who is a culture breaker, a bully, a dominator and a manipulator?
Aunty B

People problems
Eve Ash
It is easy to look around your workplace and know who the problem people are. But have you ever put yourself under the same scrutiny?
Eve Ash

Franchise tips and trends
Jason Gehrke
How the South Australian Government has introduced franchise legislation by stealth.
Jason Gehrke

Brand
Michel Hogan
There is a time for brand defence and a time when it just serves as a distraction for what you should really be focused on.
Michel Hogan

Enterprise Leadership
Dennis Roberts
The key to prudent economic management is to ensure you remain at the wheel of your vehicle and keep your lights on.
Dennis Roberts

Entrepreneur Watch
James Thomson
Unlike the US, we have plenty of ammunition to fight a slowdown.
James Thomson

The Australian Business Briefing: Fundies stick to their equities guns.




Fundies stick to their equities guns
Superannuation Andrew Main SUPER fund managers still have more than half of their money in shares.
 
Mint humming in rush for gold
Mint is humming as investors rush gold Andrew Burrell AS soon as the Perth Mint opened for business yesterday, the phones started running hot.
 
Fear blots JB Hi-Fi profit record
Fear blots JB's profit growth record Blair Speedy RETAILER JB Hi-Fi has reported its first fall in same-store sales since listing on the stockmarket in 2003.
 
Bendigo not stressed over arrears
Bendigo and Adelaide Bank manager director Mike Hirst Richard Gluyas BENDIGO and Adelaide Bank has eased concerns about mortgage stress, saying its arrears rates have remained steady and are below 2009 levels.
 
Full speed ahead for operator
ConnectEast Damon Kitney THE largest shareholder in ConnectEast is confident its $2.4 billion takeover bid for the toll-road operator will not be derailed.
 
Rio in joint bid for coalminer
Rio Matt Chambers RIO Tinto and Mitsubishi are being pressured to offer a dividend to seal a $1.49 billion attempt to mop up Hunter Valley miner Coal & Allied
 
Companies brace for funding cost rise
Australian currency Scott Murdoch and Damon Kitney AUSTRALIAN companies are calculating the expected increase in borrowing costs as a result of the financial market volatility.
 
Financial Markets
Euro suffers on 'haven' $US
euro Andrew Johnson THE euro bore the biggest hit and the Australian dollar has fallen below $US1.02 as investors flee risky bets.
 
Wall St sinks more than 600 points
Bears tighten market grip
 
Financial Markets Coverage
 
Mining & Energy
Gold shines at record $US1720
Gold Tatyana Shumsky GOLD has reclaimed its title as the ultimate safe haven.
 
Copper drops nearly 4pc
Oil price falls 6.4pc
 
More Mining & Energy

Standard & Poors Selected Reports: United States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks, Rising Debt Burden; Outlook Negative

Standard & Poor's LatinAmerica Highlights

Selected Reports

Standard & Poor's baja calificación soberana de largo plazo de Estados Unidos a ‘AA+' por riesgos políticos y creciente nivel de deuda; la perspectiva es negativa

Nueva York, 5 de agosto de 2011.- Standard & Poor's Ratings Services bajó hoy su calificación crediticia soberana de largo plazo de los Estados Unidos de América a ‘AA+' de ‘AAA'.

Portuguese Version
English Version

Industry Report Card: Growing Domestic Demand Benefits Electric Utilities In Latin America

After facing slowing demand due to the global economic crisis in 2009 and adverse hydrological conditions in some countries during the past year, the general operating environment for Latin American electric utilities is positive in most countries

Latam Sovereign Rating Actions

Standard & Poor's sube calificaciones soberanas de Uruguay a 'BB+'; la tendencia es estable

Nueva York, 25 de julio de 2011.- Standard & Poor's Ratings Services subió sus calificaciones soberanas de largo plazo en moneda extranjera y local de la República Oriental de Uruguay a ‘BB+' de ‘BB'.

English Version

S&P confirma calificaciones soberanas en moneda extranjera de México; baja calificaciones en moneda local por actualización de metodología

Nueva York, 28 de julio de 2011.- Standard & Poor's Ratings Services bajó hoy su calificación soberana de largo plazo en moneda local de México a ‘A-'de ‘A' y la de corto plazo a ‘A-2' de ‘A-1'.

English Version

S&P revisa perspectiva de Guatemala a negativa; confirma calificaciones en moneda local de 'BB+' y 'B' y en moneda extranjera de 'BB' y 'B'

La perspectiva negativa refleja la probabilidad de que los déficits fiscales continúen excediendo el 3% del PIB y que la deuda aumente en los próximos años si no se implementan medidas para reforzar los ingresos e impulsar las expectativas de crecimiento.

Belize Ratings Lowered To 'B-/C' From 'B/B'; Outlook Stable

We believe that rising contingent liabilities, most recently through the takeover of a distressed electric utility, will lower Belize's fiscal flexibility, elevating its already-high public-sector debt burden.

Grenada 'B-/C' Ratings Affirmed; Outlook Remains Stable

Grenada's high levels of external and fiscal indebtedness continue to constrain the ratings. However, its favorable debt service structure and improved fiscal performance under an IMF (International Monetary Fund) program help to mitigate the risks a...

Standard & Poor's revisa perspectiva de Ecuador a positiva; confirma calificaciones de 'B-' y 'C'

Nueva York, 4 de agosto de 2011.- Standard & Poor's Ratings Services revisó hoy su perspectiva de la República de Ecuador a positiva de estable.

English Version

Trinidad & Tobago Foreign-Currency Ratings Affirmed; Long-Term Local-Currency Rating Lowered Due To Revised Methodology

Standard & Poor's Ratings Services has recently revised its methodology and assumptions for rating sovereign governments.
How S&P Updated Sovereign Criteria Affects Mexico's Ratings

Rating News

Argentina

Loma Negra Ratings Affirmed At 'B+' After Closing Of Cash Tender Offer; Outlook Stable

On July 26, 2011, Loma Negra announced the closing of a cash tender offer on approximately $55.2 million of its $100 million notes with final maturity in 2013.

Standard & Poor's asigna calificación raAAc (Nuevo) al fondo FIMA Ahorro Plus

Buenos Aires, 02 de agosto de 2011 – Standard & Poor's ha asignado la calificación ‘raAAc (Nuevo)' al fondo FIMA Ahorro Plus administrado por Galicia Administradora de Fondos S.A.S.G.F.C.I y que cuenta con el Banco de Galicia y Buenos Aires S.A. como sociedad depositaria.

Brasil

Demanda crescente beneficia empresas do setor elétrico da América Latina, segundo relatório

SÃO PAULO (Standard & Poor's) 29 de julho de 2011 – A Standard & Poor's Ratings Services disse, em relatório publicado no dia 25 deste mês, que o ambiente operacional das empresas do setor de energia elétrica na América Latina melhorou na maioria dos países da região, desde a crise econômica global.

Economia forte e índice de desemprego estável devem moderar aumento da inadimplência no Brasil, afirma relatório da S&P

SÃO PAULO (Standard & Poor's) 26 de julho de 2011 – A originação de empréstimos não imobiliários ao consumidor começou a desacelerar no Brasil, e isto pode ser um sinal positivo para a indústria de operações estruturadas do país, pelo menos enquanto o índice de desemprego continuar estável, de acordo com um relatório recente publicado pela Standard & Poor's Ratings Services.

Chile

Minera Escondida Ltda. 'BBB+' Ratings Affirmed On Strong Performance; Outlook Remains Stable

Record copper prices and continuing world-class efficiency on costs support Escondida's strong performance. We are affirming our ratings on the company at 'BBB+'.

Empresa Nacional del Petroleo

Very strong likelihood of extraordinary support from the Chilean government Strong dominant position in the domestic refining market Very good access to capital and financial markets.

Colombia

S&P coloca calificaciones de 'BBB-' de Grupo de Inversiones Suramericana en Revisión Especial con implicaciones negativas tras anuncio de adquisición

México, D.F., 27 de julio 2011.- Standard & Poor's Ratings Services colocó hoy sus calificaciones de la compañía controladora operativa con base en Colombia, Grupo de Inversiones Suramericana S.A.

Guatemala

Boletín: Calificaciones de Banco Industrial y Banco G&T Continental no se ven afectadas por revisión de perspectiva de calificaciones de Guatemala

México, D.F., 2 de agosto de 2011.- Standard & Poor's Ratings Services dijo hoy que sus calificaciones de los bancos comerciales guatemaltecos Banco G&T Continental S.A. y Banco Industrial S.A. (ambos calificados BB-/Estable/B) no se ven afectadas.

México

S&P asignó su calificación de deuda senior garantizada de 'mxAAA' a las emisiones propuestas por hasta MXN8,300 millones del Fideicomiso que será constituido por Sarre y Pápagos

México, D.F., 4 de agosto de 2011.- Standard & Poor's asignó su calificación de deuda de ‘mxAAA' a los certificados de deuda senior garantizada por hasta $8,300 millones de pesos (MXN) a tasa fija con vencimiento en aproximadamente 21 años.

Standard & Poor's confirma calificaciones de América Móvil y Teléfonos de México tras anuncio sobre adquisición; la perspectiva es estable

México, D.F., 3 de agosto de 2011.- Standard & Poor's confirmó hoy las calificaciones de riesgo crediticio y de deuda en escala global de largo plazo de ‘A-' y en escala nacional –CaVal– de largo y corto plazo, de ‘mxAAA' y ‘mxA-1+', respectivamente.

S&P baja calificación en escala global en moneda local de PEMEX y de algunas subsidiarias a 'A-' de 'A' tras baja de calificación soberana de México; la perspectiva es estable

México, D.F., 28 de julio de 2011.- Standard & Poor's retiró hoy su calificación de corto plazo en escala nacional –CaVal– de ‘mxA-1+' a las emisiones de certificados bursátiles de corto plazo de Volkswagen Bank

S&P revisa perspectiva de Grupo México y subsidiarias mineras a positiva por mejor desempeño financiero; confirma todas sus calificaciones

México, D.F., 27 de julio de 2011.- Standard & Poor's Ratings Services revisó a positiva de estable la perspectiva de Grupo México S.A.B. de C.V.

Panamá

ENA Sur Trust's $170 Million Class A Notes Are Rated 'BBB-'; Outlook Stable

MEXICO CITY (Standard & Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today it assigned its 'BBB-' senior debt rating to ENA Sur Trust's $170 million 14-year fixed rate notes.

Supranacional

Fundamento: Corporacion Andina de Fomento (CAF)

Corporación Andina de Fomento (CAF) se creó en 1968 para impulsar la integración económica de sus países miembros fundadores.

Uruguay

Standard & Poor's sube calificación a 'BB+' de 'BB' de Citibank N.A. (sucursal Uruguay) tras suba de calificación soberana de Uruguay; la perspectiva es estable

Buenos Aires, 1 de agosto de 2011.- Standard & Poor's Ratings Services subió su calificación de crédito de contraparte de largo plazo de Citibank N.A. (Sucursal de Uruguay) a 'BB+' de 'BB', y afirmamos la calificación de corto plazo de 'B'.

English Version

S&P sube calificación de Banco Bilbao Vizcaya Argentaria Uruguay a 'BB+' de 'BB' tras suba de calificación soberana de Uruguay; la perspectiva es estable

Buenos Aires, 1 de agosto de 2011.- Standard & Poor's Ratings Services subió su calificación de crédito de contraparte de largo plazo de Banco Bilbao Vizcaya Argentaria Uruguay (BBVA Uruguay) a 'BB+' de 'BB'.

English Version

S&P sube calificación de Discount Bank Latin America a 'BB+' desde 'BB' tras suba de calificación soberana de Uruguay; la tendencia es estable

Buenos aires, 1 de agosto de 2011.- Standard & Poor's Ratings Services subió su calificación de crédito de contraparte de largo plazo de Discount Bank Latin America S.A. (Discount Bank) a 'BB+' de 'BB'.

English Version

Boletín: Standard & Poor´s afirmó las calificaciones de Administración Nacional de Combustibles Alcohol y Portland (ANCAP) en ‘ BB-' luego de la suba de las calificaciones soberanas de Uruguay

Buenos Aires, 26 de julio de 2011. Standard & Poor's anunció ayer que las calificaciones de la compañía propiedad del Gobierno Uruguayo, Administracion Nacional de Combustibles Alcohol y Portland (ANCAP; BB-/Stable/--), no se ven afectadas

English Version

Oriental Republic of Uruguay : ANALYSIS

A stable political system with solid institutions and an orderly transfer of power. A prudent macroeconomic policy mix with support from a wide political consensus. A smooth government debt amortization profile.

The Economist | Selected New Articles: Free Exchange ( The ECB...) / Free Exchange ( S & P ) / Buttonwood / Johnson .. and more


Free exchange: The ECB goes shopping

Free exchange: S&P's credit-rating cut

Buttonwood: Negative reaction

Johnson: Changes in meaning

Daily chart: Good news bears

Upcoming debate: Is immigration endangering European society?