…nflation pressure, but we see opportunities in the power and banking sectors. Strategic (1 to 2 years) e Rising consumption is the long-term trend in Asia ex-Japan that we expect will continue to play out. e In China, sectors that contribute to improved labor productivity or d...
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Table 19: S&P 500 companies with high (>35%) median 5-year effective tax rates and low (<10%) foreign sales Foreign Sales 5-Year Median Effective Tax Ticker Company Name Sector Industry % Rate % FE FirstEnergy Corp. Utilities Electric Utilities 0% 35.3 ZION Zions Bancorporation...
BofA Merrill Lynch Global Research Source: BofA Merrill Lynch Global Research estimates
regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Canada Inc
Ltd. regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International
regulated by Israel Securities Authority; Merrill Lynch (Russia): O00 Merrill Lynch Securities
regulated by the Capital Markets Board of Turkey; Merrill Lynch (Turkey Broker}: Merrill Lynch Menkul
regulated by the Capital Markets Board of Turkey; Merrill Lynch (DIFC): Merrill Lynch Intemational (DIFC Branch)
regulator): Merrill Lynch (South Africa): Merrill Lynch
regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch
regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited
regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch
regulated by Israel Securities Authority; Merrill Lynch (Russia): OOO Merrill Lynch Securities
regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana
regulated by Israel Securities Authority; Merrill Lynch (Russia): O00 Merrill Lynch Securities