Pedro Galdi News
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Centrais Eletricas Brasileiras SA, Brazil’s largest electric utility by revenue, rallied after reporting a first-quarter loss that was less than some analysts had estimated.
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The Ibovespa climbed as consumer stocks gained after Brazilian retail sales increased more than analysts forecast in March, easing concern that the economic recovery is faltering.
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Gol Linhas Aereas Inteligentes SA, Brazil’s second-biggest air carrier by market share, surged the most this year as investors speculated a reduction in fuel taxes could help the company reduce costs.
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The Bovespa index rose to a two- week high as homebuilder MRV Engenharia & Participacoes SA led gains by companies that sell locally amid speculation that policy makers will keep borrowing costs at record lows.
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Uncertainties of U.S. economic recovery are generating “panic” in the markets, Pedro Galdi, head strategist at Sao Paulo-based brokerage SLW Corretora, said in a telephone interview.
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Centrais Eletricas Brasileiras SA, Brazil’s biggest power utility by sales, rose the most in four months after announcing dividend payments and a plan to return to profitability.
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Cia. Siderurgica Nacional SA rose the most among global steelmakers after profit exceeded analyst’s estimates and the the company denied making a binding offer for ThyssenKrupp’s CSA mill.
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The 54 percent tumble in Centrais Eletricas Brasileiras SA that has made the state-run Brazilian company the cheapest electric utility in the world is failing to persuade analysts to abandon their sell ratings.
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Gol Linhas Aereas Inteligentes SA, Brazil’s second-biggest airline, is accelerating reductions in jobs and flights to avoid falling further behind Tam SA, whose pending acquisition will create the world’s largest carrier by market value.
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Gol Linhas Aereas Inteligentes SA’s turnaround plan is faltering as the airline flies the emptiest jets in Brazil.
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