Batista controls EBX, an empire of interlinking commodity startups. The single most valuable company is publicly traded OGX, which started
producing oil in January 2012. Among his closely held ventures are Colombian gold explorer AUX, Rio de Janeiro real-estate developer REX and technology and sports-management firms.
Emerging-market stocks advanced for a second day after Iran agreed to limit its nuclear program, bolstering appetite for riskier assets. OAO Gazprom paced declines in energy producers as crude oil slumped.
The Ibovespa fell for a third straight day, with Banco do Brasil SA leading banks lower, on concern Brazil’s economy remains stalled and amid speculation government deficits will lead to a reduced credit rating.
Last month, the business empire of Eike Batista, once the world’s seventh-richest man and a mascot of economically resurgent Brazil, collapsed. The disaster ought to focus our minds on the perils of credit-fueled economic growth and highly leveraged corporations not just in Brazil but also in other BRICS countries.