Brasil Pharma SA, the drug chain controlled by billionaire Andre Esteves’s Banco BTG Pactual SA, sank the most on record after reporting an unexpected quarterly loss and saying it breached covenants on local bonds.
Grupo BTG Pactual, the Brazilian investment bank founded by billionaire Andre Esteves, ended its pursuit of JPMorgan Chase & Co.’s physical commodities business, two people with knowledge of the matter said.
Not even Andre Esteves, the Brazilian billionaire who orchestrated a sixfold increase in the value of a discarded UBS AG investment-banking unit, can save Eike Batista’s crumbling empire, according to bond traders.
Argentina scrapped some of its currency controls a day after devaluing the peso as policy makers sought to stem a financial crisis and restore investor confidence by reversing measures that drove foreign reserves to a seven-year low.
Brazilian billionaire Andre Esteves’ Banco BTG Pactual SA is buying a controlling stake in Banco Panamericano SA by assuming 3.8 billion reais ($2.3 billion) of debt to cover the bank’s losses, according to the nation’s deposit insurance fund.