Tuesday, November 11, 2008

Only one country in Latin America

Here's the front page of Bloomberg Latin America right now. Eight stories, the top seven all about Brazil.

Truly pathetic

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BM&FBovespa Profit Unexpectedly Rises as Investors Cash Out in Market Rout BM&FBovespa SA, Latin America's largest exchange, reported an unexpected 15 percent increase in profit as Brazilian trading surged after investors cashed out during the worst quarter for stocks in seven years.

Petrobras Profit Almost Doubles on on Higher Production, Rising Fuel Price Petroleo Brasileiro SA, Brazil's state-controlled oil company, said profit almost doubled because of increasing output and higher prices for crude and refined products.

Cemig Says Third-Quarter Earnings Decline After Company Lowered Its Rates Cia. Energetica de Minas Gerais, Brazil's largest combined electricity generator and distributor, said third-quarter net income fell 5.7 percent after it reduced rates to comply with a government mandate.

Eletrobras Records 2.1 Billion-Real 3rd-Quarter Net as Units Raise Rates Centrais Eletricas Brasileiras SA, Latin America's largest utility, recorded a profit in the third quarter as power generation subsidiaries received rate increases.

Brazil Stocks Rebound in Late-Day Rally, Led by Redecard, Vivo; Bolsa Dips Brazilian stocks rebounded in a late- day rally as phone companies and credit-card processors surged after the largest wireless carrier reported profit that beat estimates and the government said the credit crisis is easing.

Vale Allows Customers to Alter Ore-Supply Contracts as Steel Demand Wanes Cia. Vale do Rio Doce, the world's largest iron-ore producer, is allowing customers to alter supply contracts as a global economic slowdown prompts steelmakers to scale back output.

Vivo's Quarterly Profit Soars After Telemig Acquisition, Beating Estimates Vivo Participacoes SA, Brazil's largest wireless carrier, posted a 30-fold profit increase after buying Telemig Celular Participacoes SA and getting more revenue from text messages and e-mail.

Chile Peso Falls on Drop in Stocks, Commodities: Latin American Currencies Chile's peso fell the most in more than two weeks as a drop in global stocks and commodity prices curbed demand for higher-yielding, emerging-market assets.