Brazilian billionaire Eike Batista is borrowing credibility from the nation’s most influential businessman to arrest a decline in his commodities and energy companies that wiped out $25 billion of his wealth.
Vale SA, the world’s largest iron- ore producer, probably lost money for the first time in a decade in the fourth quarter after Chief Executive Officer Murilo Ferreira dropped unprofitable projects and wrote down assets.
Eike Batista is counting on executive changes at his commodities and energy companies to boost shareholder confidence after earnings disappointments and output delays wiped out $15 billion in market value this year.
Egyptian companies are delaying expansion plans, driving debt levels to the lowest in almost two years and dimming prospects for the Arab country’s economic recovery as it struggles with a transition to democracy.
Brazil’s Bovespa stock index rallied, rising the most among the world’s 20 biggest equity markets, as real-estate companies and commodity producers climbed after the measure fell to the cheapest level in more than a year.
Tam SA climbed the most in more than two weeks after Brazilian Finance Minister Guido Mantega said Lan Airlines SA’s planned purchase of the carrier satisfies foreign ownership rules, easing concern it would be blocked.