Category Archives: Brazil

Standard & Poor’s cuts Brazil further into junk territory


Standard & Poor’s downgraded Brazil’s credit rating deeper into junk territory on Wednesday, citing its failure to curb its fiscal deficit, in a surprise blow to President Dilma Rousseff`s bid to haul the economy out of its worst recession in decades. The agency cut Brazil’s sovereign credit rating to BB from BB+ with a negative outlook.

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OECD sees Brazil’s recession deepening to 4 percent plunge this year

The OECD more than doubled its forecast for Brazil’s 2016 recession, projecting it will be even worse than last year. Brazil’s economy will contract 4 percent this year after a 3.8 percent recession in 2015, the organization said. “The recession in Brazil will likely be deeper than previously anticipated with ongoing political uncertainty and rising inflation,” according to the OECD report.

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X2 Resources to bid for Anglo mines in Brazil

X2 Resources, the private-equity firm founded by former Xstrata Ltd. chief Mick Davis, is among companies considering a bid for Anglo American Plc’s Brazilian niobium and phosphate mines, said two people with knowledge of the matter. Anglo hired Goldman Sachs Group Inc. and Morgan Stanley to sell the assets as a package valued at $1 billion, and is expecting to receive bids next week, the people said.

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America Movil quarterly profit grows five-fold

Billionaire Carlos Slim’s America Movil on Tuesday reported a five-fold increase in quarterly profit, helped by a smaller loss from currency fluctuations, but tougher regulations in Mexico continued to squeeze margins at home. However, operating profit at Latin America’s largest wireless and pay TV provider fell. Grappling with tough regulation at home and deepening recession in Brazil, America Movil’s share price slipped more than 15 percent in the last year.

Read the full article at Reuters.