28 June 2012

BRASIL : 30 June UPDATE: Batista Recovers Some Losses After $3.8 Billion Wealth Melt; Bad Day At OGX.

             LINK CHANGE :

     Boastful billionaire Eike Batista, 55...recovered some of the $3.8 billion he lost over 2 days...when his commodity based fortune melted away on the Bovespa.
     His energy company OGX...started the bloodbath when it severely revised downward estimated output at its 2 oil wells...by 75%.
     Booming world markets...after agreements at the 20th European debt summit were announced...helped Batista recover some losses.
      OGX is still down 62% ytd (WSJ)...because the markets no longer believe his often over-amped boasting.
     But don't cry for Eike Batista, Brasilia...today he is still worth an estimated $19.6 billion.
     His frequently announced quest to become the world's richest man...suffered a setback.
     He now only ranks 27th in the world.