Porto Alegre News
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The Ibovespa retreated from its strongest level since March amid speculation the gains that pushed valuations on the Brazilian stock benchmark to a four- month high may have been excessive.
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Brazil, the second-biggest producer of hydroelectricity, is seeking to increase the use of fossil fuels after the worst drought in 50 years depleted reservoirs, underscoring a limit to renewable energy.
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Gerdau SA, Latin America’s largest steelmaker, said first-quarter profit declined 60 percent, missing analysts’ estimates, after sales fell at its North American unit.
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Argentina’s Eurnekian family, after becoming billionaires from media and airports, is planning to become the government’s first shale oil and gas partner.
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The Standard & Poor’s GSCI Spot Index of 24 raw materials fell 0.3 percent to settle at 607.11 at 4 p.m. New York timed, led by coffee.
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A group of Brazilian soccer clubs say a proposal that would outlaw the sale of player transfer rights to investors will threaten the finances of South American teams.
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Brazil, the biggest ethanol exporter, will give tax deductions and extend low-cost credit to mills in a bid to lift output and reduce fossil-fuel imports.
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Arabica-coffee futures fell the most in seven weeks on speculation that ample supply in Brazil, the world’s leading producer and exporter, will compensate for production losses from a fungal disease in Central America.
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Gerdau SA, Latin America’s largest steelmaker, gained the most among global peers after Citigroup Inc. recommended investors buy the stock on expectation profits will climb.
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The Bovespa index advanced from a nine-month low after Brazilian policy makers raised borrowing costs less than some analysts had forecast, spurring speculation that monetary tightening will be limited.
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