Eike Batista’s oil company will get the first payment in a rescue plan as early as next week, said two people with knowledge of the transaction, offering a glimmer of hope it can salvage some value from Latin America’s biggest corporate debt debacle.
The government of Sao Paulo state said Cia de Saneamento Basico do Estado de Sao Paulo will cut the rate at which it withdraws water from its Cantareira system starting March 10 as levels reach record lows.
The Ibovespa gained as MRV Engenharia e Participacoes SA led homebuilders higher amid speculation back-to-back losses in the benchmark index that pushed its valuation to a one-week low may have been excessive.
Persistent dry weather in Brazil’s center south, the main sugar cane-growing region of the world’s top producer, will probably cut output for this year’s crop by 7.1 percent, according to Usina Alta Mogiana SA.
Controladora Comercial Mexicana SAB, owner of almost 300 supermarkets and restaurants, has put itself up for sale and is asking potential buyers to submit offers, three people with direct knowledge of the proposal said.