News - Mantega Says Moody’s May Upgrade Brazil’s Rating

Aug. 26 (Bloomberg) - Brazil’s Finance Minister Guido Mantega said Moody’s Investors Service may raise the country’s credit rating to investment-grade status as soon as next month.

“It’s good that this happens right after this international crisis because they had a chance to see Brazil being tested by the crisis,” Mantega told reporters in Brasilia today. Brazil passed “the test and therefore will receive a higher grade.”

Brazil’s credit ratings were put on review for an increase to investment grade by Moody’s on July 6, which cited the country’s “demonstrated resilience to shocks” in the global economy. Moody’s is the only one of the three major rating companies that has Brazil below investment grade. Both Standard & Poor’s and Fitch Ratings raised Brazil to BBB-, the lowest investment grade rating, last year. Moody’s ranks Brazil Ba1.

If you enjoy our post, feel free to subscribes to our rss feeds

News - Squarestone May Invest 400 Million Pounds in Brazil, Valor Says

Aug. 26 (Bloomberg) — Squarestone Property Investment Management Ltd., a U.K. real-estate fund manager, may invest as much as 400 million pounds ($652 million) in Brazil, Valor Economico reported, citing James Morse, a fund shareholder.

Squarestone, based in London, plans to invest in the construction of shopping centers in Brazil and is in talks to buy at least eight developments, the Sao Paulo-based newspaper said.

Source: Bloomberg.

Popularity: 4%

If you enjoy our post, feel free to subscribes to our rss feeds

News - Brazil Fin Min: Brazil GDP Expanded 6% On Year In 2Q

BRASILIA (Dow Jones) - Brazil’s economy rebounded strongly in the second quarter, with gross domestic product expanding at an annual rate of 6%, Finance Minister Guido Mantega said Wednesday.

GDP also rose between 1.6% and 1.7% from the first quarter, Mantega said. That would be a stunning turnaround from Brazil’s first recession since 2003.

The Brazilian central bank has slashed interest rates by 500 basis points so far in 2009, cutting the benchmark Selic base rate to an all-time low of 8.75% in an effort to stimulate economic activity.

If you enjoy our post, feel free to subscribes to our rss feeds

News - Brazil’s president to push Rio bid in Copenhagen

BERLIN — Brazil’s president will attend an Olympic meeting in Copenhagen to push Rio de Janeiro’s bid for the 2016 games.

Rio bid officials announced Friday that President Luiz Inacio Lula da Silva would lead the delegation at the International Olympic Committee session on Oct. 2.

Rio is competing against Chicago, Madrid and Tokyo. The winner will be selected in a secret ballot by IOC members.

Rio state governor Sergio Cabral says Silva will meet with IOC members and lead the formal presentation ahead of the vote.

Rio is seeking to bring the Olympics to South America for the first time.

If you enjoy our post, feel free to subscribes to our rss feeds

News - Brazil’s June Retail Sales Rise More Than Expected

Aug. 13 (Bloomberg) - Brazil’s retail sales rose more than expected in June from the previous month, reinforcing analyst expectations that surging domestic demand is lifting Latin America’s largest economy from its first recession since 2003.

Retail sales rose 1.7 percent from the previous month, the national statistics agency said today, beating the forecast for a 1.2 percent increase in a Bloomberg survey of 23 economists. Sales grew 5.6 percent from a year ago, almost twice the revised 2.9 percent pace in May. Analysts had forecast a 6 percent gain, the median of a survey of 29 economists.

If you enjoy our post, feel free to subscribes to our rss feeds