Brazil’s central bank raised the country’s base Selic interest rate a quarter-percentage point Wednesday to 11.25% in a move to rein in accelerating inflation. The move came as a surprise to most observers in markets, who by and large were expecting the bank to hold the rate steady at 11%. In a statement, the central…
Agribusiness Cutrale and the Safra investment bank have made a successful bid to buy North Carolina-based banana producer Chiquita in a deal valued at $1.3 billion, the companies said. Under an agreement approved by the Chiquita board of directors, Cutrale-Safra will acquire all outstanding common shares of Chiquita for $14.50 per share. The companies said…
The government-allied Democratic Movement Party, or PMDB, widened its control of state governments in the latest election, taking 7 of 27 state posts. The party previously held 5 state governments. The governing Workers’s Party, or PT, meanwhile, held on to 5 state governor’s seats, while states controlled by the opposition Social Democratic Party, or PSDB,…
Incumbent President Dilma Rousseff of the Workers’ Party defeated Social Democratic Party challenger Aécio Neves in a runoff vote Sunday to gain re-election for a second 4-year term. With more than 99% of ballots counted, Ms. Rousseff had 51.5% of the vote versus 48.5% for Mr. Neves. The vote brought to an end three months…
The latest polls ahead of a runoff presidential vote Sunday showed a tight race, with incumbent Dilma Rousseff still holding a slight lead over challenger Aécio Neves. Major polling institutes Datafolha and Ibope continued to show an advantage for Ms. Rousseff, of the Workers’s Party, but support for Mr. Neves, of the opposition Social Democratic…
Credit ratings agency Moody’s Tuesday cut its global and local ratings for state-owned oil company Petrobras, citing elevated leveraging by the company. Moody’s lowered its rating for the company to Baa2 from Baa1 and maintained a negative outlook. The agency said Petrobras has been negatively affected by declining oil prices, heavy investment commitments and a…
