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What Happened? - Americas

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Please see below selected pre-2016 intelligence about the Americas. This is a synthesis of major recent developments at corporates, business schools, thinktanks, media, commentators, and other key influencers.

 

December 2015

 

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  • PwC Canada acquired Cinovate, a leading Canadian Salesforce.com consultancyPwC says the deal enhances its ability to deliver a suite of cross-industry, cloud-based Salesforce solutions to the marketplace for implementation by the firm’s more than 420 Salesforce-Certified technology consultants. Cinovate was founded in 2009 by Ron Caruso and Matthew Fidler, the firm’s Managing Partners. Cinovate’s operations will be integrated within PwC’s Salesforce Consulting operation, led by PwC’s Justin Wortley.

 

 

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  • The Federal Reserve raised rates for the first time in 9 years. The FOMC announced rate lift-off by raising the target range on the fed funds rate by 25 basis points to 0.25% - 0.5%. Moreover, in line with expectations, the FOMC and Chair Yellen delivered dovish forward guidance regarding the future path of rate hikes. Past episodes of first rate increases in a U.S. monetary policy tightening cycle were often accompanied by a flattening U.S. yield curve, and currency depreciations and/ or monetary policy rate increases in emerging markets. The close correlation with emerging market borrowing costs suggests that lift-off in 2015 may increase global financing costs, especially for vulnerable countries.

 

 

 

 

 

November 2015

 

 

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  • PwC Canada bolstered its presence in British Columbia by combining practices with RHB Schmitz de Grace, a local chartered accounting firm based in Prince George, B.C. RHB is a full service tax and assurance firm with a team of 21 people who have been working in Prince George since 1976. The firm is led be Allison Beswick and Norm Hildebrandt, who have become partners at PwC. RHB specialises in helping private companies with financing, risk mitigation, accounting, audit and tax compliance, business evaluation, wealth management and succession planning. The firm also provide assistance with bookkeeping, personal tax and retirement planning, and financial management.

 

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  • The US economic growth rate was revised upwards to 2.1% in the third quarter at an annual rate, from 1.5% in an earlier estimate. The revision was mostly because businesses held higher levels of inventories than had been thought. The growth in consumer spending was revised down a bit but was still robust at 3%. Third-quarter U.S. GDP was revised upwards to 2.1% from a previously reported 1.5% gain. The revision was driven mostly by a boost to inventory levels. Consumer spending was revised slightly lower. Corporate profits were off 1.1% in the quarter. The US meanwhile generated 271,000 new jobs in October, pushing the unemployment rate down to a seven-year low of 5%. Many market watchers speculate that this unexpectedly high number means the Federal Reserve is likely to raise interest rates in December.

 

 

 

October 2015

 

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September 2015

 

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August 2015

 

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  • US GDP figures showed a first estimate for the June quarter of 2.3% growth (annualised), while a restatement of the March quarter figures showed growth of 0.6% (annual), instead of the fall of 0.2%. Consumption growth accounted for nearly all the increase in real GDP while business investment disappointed.

 

 

  • The US economy added 215,000 jobs in July. The unemployment rate held at a seven-year low of 5.3%. Wages edged up month to month and are up 2.1% year over year. Hours worked also increased in the month. Analysts said the figures meant a US interest rate rise in September remained a possibility.

 

 

 

 

 

July 2015

 

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