Brazil’s local corporate bond market is failing to provide the financing needed to help pay for 955 billion reais ($562 billion) of infrastructure projects, prompting the government to step up reforms to expand credit. Cash ‘Scramble’ Boosts Rate to 13-Month High: Argentina Credit Interest rates on Argentine deposits are climbing to the highest level in 13 months as banks seek to fulfill a year-end demand for cash that monetary authorities are trying to meet by printing pesos.
Former Sadia Chief Financial Officer Barred From Management Sadia SA’s former Chief Financial Officer Adriano Ferreira was barred from managing public companies for three years and board members were fined 2.6 million reais ($1.5 million) after securities regulators probed the Brazilian food company’s 2008 derivatives losses. Mexico Lawmaker, Accused of Cartel Ties, Stripped of Immunity.
Mexico’s Congress voted to revoke the political immunity of a federal congressman allegedly linked to a drug smuggling cartel, paving the way for his prosecution. One Firm Holds at Least 90% of LME Copper Stockpiles, Data Shows At least 90 percent of the copper in warehouses monitored by the London Metal Exchange is being held by one unidentified company, bourse data show. The metal traded about 1 percent below its record today.
Miners Dig for Deals as M&A Moves to Emerging Markets Mining takeovers, heading for the second best year on record, are shifting to emerging markets of Africa and Asia as BHP Billiton Ltd., Rio Tinto Group and Xstrata Plc look to seal cheaper deals in less-explored areas. Brazil Cocoa Output May Be Only 1.15 Million Bags, Hartmann Says
The cocoa crop estimate for the current season in Brazil was lowered to 1.15 million-1.2 million bags, according to analyst Thomas Hartmann. Shree Renuka Rises on Report of Sugar Mill Purchase in Brazil Shree Renuka Sugars Ltd. rose as much as 1.8 percent in Mumbai trading after O Estado de S.Paulo newspaper, citing Managing Director Narendra Murkumbi, reported yesterday that the commodity producer is in talks to buy a sugar mill from a Brazilian cane growers’ cooperative. The stock gained 1.4 percent to 89.05 rupees as of 9:27 a.m. local time.