Archive for July, 2010
Vale’s earnings up 369% to US$3.71bn in Q2
Brazilian iron ore giant Vale (NYSE: VALE) posted net income of US$3.71bn in Q2, up 369% year-on-year, according to the company’s quarterly results released late Thursday after markets closed. Read more: Vale’s earnings up 369% to US$3.71bn in Q2
Tags: EBITDA, iron ore, net income, operational revenue, vale | Posted under Stock & Bond Market News | No Comments
Repsol closer to IPO of Brazil upstream assets
Spain’s Repsol (REP.MC: Quote) is close to choosing to float part of its reserve-rich Brazilian upstream assets rather than sell a stake to finance development of the oilfields, a company executive said on Thursday. Read more: Repsol closer to IPO of Brazil upstream assets
Tags: barrels of oil, ipo, petr4, petrobras, repsol | Posted under Stock & Bond Market News | No Comments
Brazil’s Redecard Q2 net up 9 pct, beats estimates
Redecard (RDCD3.SA), Brazil’s second-largest charge card operator, said on Friday its second-quarter profit rose 9 percent, slightly beating analysts forecasts, due to a surge in debit and credit card usage. Read more: Brazil’s Redecard Q2 net up 9 pct, beats estimates
Tags: credit card, debit card, itau unibanco, redecard | Posted under Stock & Bond Market News | No Comments
Brazil Traders Wager Meirelles Ending Rate Increases Too Soon
Brazilian traders are betting central bank President Henrique Meirelles will end increases in borrowing costs too soon to keep inflation in check. Read more: Brazil Traders Wager Meirelles Ending Rate Increases Too Soon
Hornbeck’s Brazil vessels to idle longer; shares fall
Marine-transportation firm Hornbeck Offshore Services Inc (HOS.N) said it expects five vessels in Brazil to be out of service longer than expected and the resulting increase in costs would lead to a third-quarter charge, sending its shares down 7 percent. Read more: Hornbeck’s Brazil vessels to idle longer; shares fall
Tags: brazil, deepwater drilling, gulf of mexico, Hornbeck Offshore Services Inc, petr4, petrobras | Posted under Stock & Bond Market News | No Comments
Foreign firms sink teeth into Brazil mobile market
Multi-billion-dollar deals by Spain’s Telefonica and Portugal Telecom in Brazil’s booming cellphone market this week underline the growth potential of Latin America’s biggest economy, analysts say. Read more: Foreign firms sink teeth into Brazil mobile market
Tags: America Movil, Claro, oi, Portugal Telecom, Telecom Italia, telefonica, University of Industrial Engineering, vivo | Posted under Stock & Bond Market News | No Comments
Vale Says Global Steel Demand to ‘Heat Up’ as Profit Quadruples
Vale SA, the world’s largest iron- ore producer, sees continued “strong” demand for the steelmaking raw material this year as Chinese economic growth accelerates. Read more: Vale Says Global Steel Demand to ‘Heat Up’ as Profit Quadruples
Tags: BHP Billiton Ltd, brazil, BSG Resources, china, Clarkson Plc, Europe, iron ore, net income, Norsk Hydro ASA, Paranapanema SA, Rio Tinto Group, U.S., vale sa | Posted under Stock & Bond Market News | No Comments
Brazil’s Pao de Acucar Cut to ‘Neutral’ at JPMorgan on Earnings
Cia. Brasileira de Distribuicao Grupo Pao de Acucar, Brazil’s biggest retailer, was cut to “neutral” from “overweight” at JPMorgan Chase & Co., which said second-quarter earnings fell short of expectations. Read more: Brazil’s Pao de Acucar Cut to ‘Neutral’ at JPMorgan on Earnings
Usiminas Cut to ‘Neutral’ at BTG Pactual on Domestic Exposure
Usinas Siderurgicas de Minas Gerais SA, Brazil’s second-biggest steelmaker, was lowered to “neutral” from “buy” at Banco BTG Pactual SA, which cited its dependence on the domestic market. Read more: Usiminas Cut to ‘Neutral’ at BTG Pactual on Domestic Exposure
Tags: Banco BTG Pactual SA, Usinas Siderurgicas de Minas Gerais SA | Posted under Stock & Bond Market News | No Comments
Brazil’s TAM orders 25 Airbus aircraft
European jet maker Airbus says Brazil’s TAM Airlines has placed an order for 25 planes, including five of its A350-900 widebody aircraft being developing to compete with Boeing Co.’s 787. Read more: Brazil’s TAM orders 25 Airbus aircraft
Tags: A320 single aisle aircraft, A350-900, Berlin Air Show, Boeing 787, Farnborough International Airshow, TAM Airlines | Posted under Stock & Bond Market News | No Comments
Santander Second-Quarter Net Falls 8%, Hurt by Spain
Banco Santander SA, the biggest Spanish bank, said second-quarter profit fell 8 percent after a drop in earnings in its home market offset growth in Brazil. Read more: Santander Second-Quarter Net Falls 8%, Hurt by Spain
Telefonica Second-Quarter Net Rises on Latin America
Telefonica SA, Europe’s second- largest phone company, posted a better-than-expected 16 percent gain in second-quarter profit on units in Latin America, where it closed a 7.5 billion-euro ($9.8 billion) deal yesterday. Read more: Telefonica Second-Quarter Net Rises on Latin America
Tags: Brasilcel NV, Cesar Alierta, net income, Oibda, Operating income, Portugal Telecom SGPS SA, profit, Telecomunicacoes de Sao Paulo SA, Telefonica SA, Telesp | Posted under Stock & Bond Market News | No Comments
Brazil July IGP-M Price Index Slows for Second Month
Brazil’s monthly inflation as measured by the IGP-M price index rose 0.15 percent in July, the Getulio Vargas Foundation said in a statement on its website. Read more: Brazil July IGP-M Price Index Slows for Second Month
Tags: Getulio Vargas Foundation, IGP-M, inflation, Selic, Wholesale prices | Posted under Stock & Bond Market News | No Comments
Portugal Telecom Squeezes $2.3 Billion Out of Alierta
Telefonica SA called its initial bid for Portugal Telecom SGPS SA’s stake in Vivo Participacoes SA of Brazil “fair, full and final.” Chairman Cesar Alierta paid 1.8 billion euros ($2.3 billion) more to close the deal. Read more: Portugal Telecom Squeezes $2.3 Billion Out of Alierta
Bradesco Net Rises 23% in Second Quarter on Lending
Banco Bradesco SA, Brazil’s second- biggest bank by market value, said second-quarter profit increased 23 percent as lending expanded in Latin America’s largest economy. Read more: Bradesco Net Rises 23% in Second Quarter on Lending
Telefonica, Portugal Telecom Agree on Vivo Stake; Oi Deal Seen
Telefonica SA reached an initial agreement to buy Portugal Telecom SGPS SA’s stake in Brazil’s Vivo Participacoes SA after raising its bid a third time to 7.5 billion euros ($9.8 billion), people close to the talks said. Read more: Telefonica, Portugal Telecom Agree on Vivo Stake; Oi Deal Seen
Sugar May Drop as Brazil, India Have ‘Bumper’ Crops, Bajaj Says
Raw-sugar prices may tumble as much as 25 percent in the next two months as output exceeds estimates in Brazil and India, the largest producers, according to Bajaj Hindusthan Ltd., the Asian nation’s biggest producer. Read more: Sugar May Drop as Brazil, India Have ‘Bumper’ Crops, Bajaj Says
Tags: Bajaj Hindusthan Ltd, Balrampur Chini Mills Ltd, brazil, futures, ICE Futures, india, intraday trade, Mumbai, new york, Pakistan, Philippines, raw sugar, Sucden, sugar-cane | Posted under Stock & Bond Market News | No Comments
Pao de Acucar Second-Quarter Net Falls 53% on Taxes
Cia. Brasileira de Distribuicao Grupo Pao de Acucar, Brazil’s largest retailer, posted a 53 percent decline in second-quarter profit after a one-off tax payment. Read more: Pao de Acucar Second-Quarter Net Falls 53% on Taxes
Banco do Brasil Unseats Itau in Corporate Debt Underwriting
State-run Banco do Brasil SA is overtaking traditional Brazilian bond underwriting leaders Banco Bradesco SA and Itau Unibanco Holding SA after acquiring four rivals and boosting lending to a record. Read more: Banco do Brasil Unseats Itau in Corporate Debt Underwriting
Tags: Banco BTG Pactual SA, banco do brasil sa, Banco Santander SA, Banco Votorantim SA, Bank of America Corp., BCP Securities, Brazilian Association of Financial and Capital Market Institutions, brazilian debt, Brazilian government dollar bonds, corporate debt sales, Default Swaps, Deutsche Bank AG, Fitch Ratings, HSBC Holdings Plc, interest-rate futures, Itau Unibanco Holding SA, Luiz Inácio Lula da Silva | Posted under Stock & Bond Market News | No Comments
Brazil Financials ETF to Trade in New York, Global X Says
The first Brazilian exchange-traded fund tracking financial shares will begin trading in New York on July 29, said the chief executive officer of Global X Management Company LLC, the asset manager overseeing the fund. Read more: Brazil Financials ETF to Trade in New York, Global X Says