Merger activity in banks still an investment theme

The Italian, Spanish and Portuguese markets are offering a play on Latin American growth potential. All have strong economic and cultural ties to the massive but underdeveloped markets across the Atlantic. For fund managers looking to buy into telecom and internet stocks at an earlier development stage than is available in Europe, businesses with Latin American tie ups offer one solution. Not only is internet penetration low in Latin America but the economic prospects seem to be positive. In Brazil, the region's largest economy, Wal-Mart is looking to raise its staffing levels by 9% in 20...