For The Rio Times
Brazil cut its benchmark Selic interest rate to a record low of eight percent Thursday, in an attempt to boost an economy that has continued to falter in the face of various stimulus measures. The 0.5 percent cut was the eighth consecutive reduction from the central bank’s monetary policy board (Comitê de Política Monetária), known as Copom, since August 2011, when the rate stood at 12.5 percent.
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For The Rio Times
Shares in Eike Batista’s oil and gas company, OGX Petroleo & Gas Participacoes (OGX), rebounded Monday after a rollercoaster week saw them drop by forty percent last Wednesday and Thursday, temporarily knocking some US$4 billion off the Brazilian billionaire’s personal fortune, according to calculations by Bloomberg.
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For The Rio Times
Wary of dependence on the dollar, Brazil and China on Thursday agreed to a R$60 billion currency swap, shoring up their economies and increasing liquidity in the wake of continued instability in Europe and the United States.
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