John Welch News
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Credit Suisse Group AG and JPMorgan Chase & Co. are selling to investors through pass-through notes a $1.27 billion loan made to the Brazilian state of Minas Gerais, according to people familiar with the matter.
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Brazil’s central bank kept its benchmark rate at a record low for the third straight meeting, as policy makers seek to buoy the country’s economic recovery amid accelerating inflation.
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Brazilian central bank board member Carlos Hamilton so disagreed with a surprise interest-rate cut in August that he slammed phones and stomped through hallways, according to three bank officials familiar with his reaction.
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Brazil’s President Dilma Rousseff, at the midpoint of her term, faces a pivotal year as she seeks to revive economic growth in preparation for an election run in October 2014.
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Brazil’s central bank signaled it will keep borrowing costs at a record low this year as it tries to manage faster inflation amid a slower than expected recovery.
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Within months of the Fukushima nuclear disaster, the worst in 25 years, Germany, Belgium and Italy vowed to quit atomic energy. Twelve months on, the nuclear industry says it’s almost back to business as usual.
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Brazil’s consumer loan default rate rose to the highest in 30 months, reinforcing concerns that households struggling with debt could further dent Brazil’s credit-driven growth model.
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Macquarie Group Ltd., Australia’s largest investment bank, closed its Miami office and shut down its Latin America fixed-income business, according to a person familiar with the matter.
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Brazil’s interest-rate reduction last week will prop up domestic demand and prevent inflation from slowing from a six-year high, said John Welch, chief emerging-markets strategist at Macquarie Capital Inc.
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Brazil’s economy last year registered its second-worst performance since 2003 as higher borrowing costs and a currency that rallied to a 12-year high led it to underperform emerging-market peers China and India.
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