Guinea’s cabinet approved a recommendation to strip rights to part of the world’s biggest untapped iron-ore deposit from a venture of Vale SA and billionaire Beny Steinmetz’s mining company, BSG Resources Ltd., a government spokesman said.
Iron ore prices are set to slump in the second half as more steel companies in China will probably go bankrupt, hurting demand in the world’s largest user just as supply expands, according to Standard Chartered Plc.
Hong Kong’s Citic Pacific Ltd. agreed to pay 226.9 billion yuan ($36 billion) to buy Chinese banking and brokerage assets from its state-owned parent, underscoring China’s push to loosen control over the economy.
The Ibovespa rose after a two-day slump as raw-material producers rallied on speculation China will take further steps to maintain growth, boosting the prospects for exports to Brazil’s top trading partner.
Asian stocks rose for the first time in four days amid a rally in telecommunication shares and as investors weighed prospects for stimulus after China’s economic growth slowed to the weakest pace in six quarters.
Zimbabwe stocks, Africa’s worst performers in 2014, fell for a sixth day to the lowest since January 2013 as a slump in consumer spending cut company profits and uncertainty over government policy lingered.
The Ibovespa fell the most among major stock gauges in the Americas as exporters including iron- ore producer Vale SA tumbled after data showed a decline in a measure of new credit in China, Brazil’s top trading partner.