Brazil stocks extend rally as Fed boosts confidence

Reuters, 10/31/2008
Brazilian shares extended a rally into a third straight day on Thursday after emerging markets rebounded and investors welcomed support for Brazil from the U.S. Federal Reserve.
The main share index galloped more than 7 percent higher and Brazil’s currency, the real BRBY, strengthened about 1.5 percent a day after the country’s central bank said [...]

Brazil Shouldn’t `Underestimate’ Credit Crisis

Andre Soliani and Joshua Goodman-Bloomberg, 10/30/2008
Brazilian central bank President Henrique Meirelles warned the country “shouldn’t underestimate the dimension of the crisis” and said further measures may be needed to restore liquidity in the banking system.
Meirelles, in testimony before congress today, said the central bank is studying additional steps to help small and medium-size lenders hurt [...]

Brazil Plans to Sign Deal to Produce Oil in Cuba

VOA News, 10/30/2008
Brazilian President Luiz Inacio Lula da Silva visits Cuba Thursday to meet with President Raul Castro and preside over the signing of an agreement that would allow Brazil to produce oil in Cuba.

Cuba’s Communist Party Granma newspaper reported Thursday that Brazil’s state-run oil company, Petrobras, will sign the deal on deep-water exploration with [...]

TAM Named One of Brazil’s Most Memorable Brands

Market Watch-WSJ, 10/31/2008
TAM was a winner in the Folha Top of Mind 2008 survey, an award recognizing the most memorable brand names in Brazil. The company’s name was cited by 37% of those interviewed when asked what was the first brand name of an airline that came to mind. The Airline category returned this year [...]

Chevron Project Offers Glimpse Of Future: More Work, Less Oil

Russell Gold-Wall Street Journal, 10/30/2008
Chevron Corp. executive Ali Moshiri spent the past seven years scouring the globe for hard-to-get equipment, schmoozing foreign officials and taking billion-dollar risks to fast-track a new oil prospect off the coast of Brazil.
Despite the full-out effort, Mr. Moshiri concedes Chevron’s $3 billion Frade (pronounced Frah-jay) project is a mediocre prospect [...]

Fed supports emerging economies

Krishna Guha-Financial Times, 10/30/2008
The Federal Reserve’s decision to lend Mexico, Brazil, South Korea and Singapore $30bn each marks both the spread of the financial crisis to the emerging world and the increased global significance of these economies.
The move is a response to the intense demand for dollars on the part of banks and companies outside [...]

Brazil’s Bahia Government Removes Ocean Oil Slick, Estado Says

Joao Lima-Bloomberg, 10/30/2008
The government of the northern Brazilian state of Bahia removed 800 liters (211 gallons) of oil from the ocean near the coast, Estado de S. Paulo reported, citing an official from the Environment Institute of Bahia.
The oil probably came from a ship passing through, the Brazilian newspaper said, citing institute Director Beth Wagner. [...]

Brazil central bank seeks to draw on new Fed line

Reuters, 10/29/2008
Brazil’s central bank said on Wednesday it will adopt the necessary regulatory measures to allow it to draw on a new $30 billion currency swap line established by the U.S. Federal Reserve.
The central bank also stressed that Brazil’s National Monetary Council would set the conditions for it to take advantage of the new lending [...]

Argentine Pension Seizure Spurs Brazil Stock Sale

James Attwood and Fabio Alves-Bloomberg, 10/29/2008
Argentina’s planned nationalization of its retirement system will trigger a fire sale of Brazilian stocks this week as private pension funds are forced to shed foreign holdings.
The pensions must unload Brazilian assets within three days of “notification,” according to a resolution dated yesterday and distributed by e-mail today. Amado Boudou, [...]

Brazil c.bank sells $382 mln in 2nd swap auction

Reuters, 10/29/2008
Brazil’s central bank sold about $382 million in a second auction of dollar swap contracts on Wednesday.
The bank sold 7,800 of 15,700 contracts on offer, each worth about $50,000. It earlier sold 14,300 contracts in a separate auction.
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