Guinea’s cabinet approved a recommendation to strip rights to part of the world’s biggest untapped iron-ore deposit from a venture of Vale SA and billionaire Beny Steinmetz’s mining company, BSG Resources Ltd., a government spokesman said.
The Ibovespa rose after a two-day slump as raw-material producers rallied on speculation China will take further steps to maintain growth, boosting the prospects for exports to Brazil’s top trading partner.
Emerging-market stocks dropped the most in a month after data showed a decline in Chinese lending and the weakest money-supply expansion on record, adding to concern about a slowdown in the world’s second-largest economy.
The Ibovespa fell the most among major stock gauges in the Americas as exporters including iron- ore producer Vale SA tumbled after data showed a decline in a measure of new credit in China, Brazil’s top trading partner.
Billionaire Beny Steinmetz approved millions of dollars in payments to a wife of the former president of Guinea as he fought to keep part of the world’s largest iron-ore deposit, a suspect in a U.S. graft investigation said in conversations secretly taped by the FBI.
Queensland’s premier urged residents to remain vigilant as a weakened Cyclone Ita moved across the Australian state’s north with winds of 120 kilometers (75 miles) an hour. No deaths or injuries have been reported.