Tony Volpon News
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Latin America’s two largest nations are vying for economic and diplomatic clout as their candidates face off as finalists to head the World Trade Organization.
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Brazil’s swap rates headed for the biggest weekly drop in 11 months after policy makers raised borrowing costs less than some analysts had forecast and signaled that increases this year may be limited.
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Brazil’s central bank President Alexandre Tombini and Finance Minister Guido Mantega signaled that policy makers will raise the benchmark rate soon as inflation accelerates above the bank’s target range. Swap rates jumped.
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Dilma Rousseff may take “bold and unexpected policy actions,” including budget cuts to allow for lower interest rates, if she holds onto a “commanding” lead and is elected Brazil’s president, according to a Nomura Securities International Inc. report.
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They arrive every week, in ones and twos and groups of 10, some of them coming straight from Sao Paulo’s Guarulhos International Airport. These investors head for the dark-wood halls of Credit Suisse Hedging-Griffo as supplicants, asking to put their millions of dollars into one of the world’s top-performing hedge funds.
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Brazil is likely to keep its key interest rate at a record low for the third straight meeting, as policy makers are caught between a fragile economic recovery and faster-than-expected inflation.
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Brazil’s swap rates climbed to a six-month high as a report showed annual inflation accelerated in February, fueling speculation the central bank will lift borrowing costs this year.
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Luciano Coutinho oversaw a surge in lending as president of Brazil’s development bank that increased the country’s debt during the global financial crisis. Now he may need to help Dilma Rousseff restrain government spending when she becomes president.
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Brazil’s inflation in mid-February exceeded economists’ forecasts for the eighth consecutive month, adding pressure on the central bank to raise interest rates. Swap rates rose.
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Itau Unibanco Holding SA’s first overseas Brazilian real-denominated bond sale in more than three years is highlighting the cost advantage of borrowing abroad versus issuing debt locally.
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