30 November 2012

BRASIL: 01 Dec UPDATE: Brasilia Bogs Down; Q3 Is Sluggish; Rousseff Vetoes Parts Of Royalties Bill...Pleasing Rio.


     The miracle in Brasil...seems officially over.
     Experts now estimate barely 1% growth for all of 2012...after Q3 showed only a miserable .6%...half of what was projected by officials.
     Businesses cut investments by 2%...and consumers retreated.
     A prominent economist simply declared of Q3..."It was horrible!'
     Brasilia delivered an acceptable 2.7% growth in 2011...following a sizzling 7.5% in 2010.
     The BOVESPA dropped by 1.4% on the news...and the REAL settled at 2.125 per usd.
     Inflation is also quickening...registering 5.45% in October.
      UPDATE: LINK ADD: President Rousseff vetoed parts of a controversial Petrobras bill...that cut royalties of the 3 major oil producing states by 6%. Rio Governor Cabral had threatened World Cup/ Olympic infrastructure and stadium stoppages...if the money was lost.