Sao Paulo News
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Updated 1 hour, 4 minutes ago
Brazil’s real headed for its first weekly decline in three after the government unveiled another currency measure late yesterday to tax some foreign loans for exporters and Finance Minister Guido Mantega laid out plans to stem the currency’s gains.
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Updated 2 hours, 28 minutes ago
Brazilian stocks, off to the best annual start since 1999, will extend their rally as overseas demand for the country’s commodities and interest-rate cuts push investors into equities, said Pedro Bastos, head of HSBC Global Asset Management in Latin America.
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Updated 2 hours, 14 minutes ago
A forecast sugar surplus may drop as much as 50 percent if millers in Brazil, the world’s largest producer, direct more cane to making ethanol in the season starting in April, according to Banco Itau BBA SA.
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Brazilian exporters will start paying a 6 percent tax on some foreign loans as the government tries to stem a rally in the real that Finance Minister Guido Mantega says is being fueled by a currency war.
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Brazil is ready to take more measures to stem a rally in the real, the world’s second-best performing major currency in 2012, after a decree broadened the scope of a tax on companies raising funds in the international market, Finance Minister Guido Mantega said.
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Vale SA and the Brazilian government are close to an agreement on a dispute over unpaid royalty payments that may reach 7 billion reais ($4.09 billion), Mines and Energy Minister Edison Lobao said.
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Klabin SA, Latin America’s biggest paper maker, headed to a record high after posting higher-than- expected profit in the fourth quarter.
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Pilgrim’s Pride Corp., the U.S. poultry producer controlled by Brazil’s JBS SA, raised $200 million in a rights offering to strengthen its finances after reporting losses for four straight quarters. JBS shares jumped.
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Brazil’s real rose after Finance Minister Guido Mantega said the government wasn’t considering taxes on foreign direct investments as he laid out a plan to stem the currency’s appreciation, easing investor concern policy makers would take stronger steps to limit capital inflows.
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Banco BTG Pactual SA, the Brazilian bank led by billionaire Andre Esteves, plans to sell new and existing shares in an initial public offering after pursuing about $1.5 billion of acquisitions in the past five months.
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