Economic News on the Recession

São Paulo State Loses 10,000 Jobs

“Brazil’s most industrialized state lost 10,000 jobs in October as the global financial crisis shook Latin America’s largest economy, the nation’s most influential business group said.

Following the announcement by the Sao Paulo Federation of Industries, Brazil’s biggest real estate developer said Friday that it was putting off some apartment building projects and would cut an unspecified number of jobs in coming months.

The job losses for Sao Paulo state were the first registered for the month of October in five years, the federation said. Most affected were businesses that make leather products, shoes and furniture.”

The rest here.

Recession Worries Go South?

“WASHINGTON — While the United States wrestled with financial meltdown this fall, Latin American leaders often boasted that their economies were models of stability in an otherwise tumultuous global landscape.

Such confidence gave way, however, to panic this week, as the effects of the U.S. credit crunch and an international downturn wreak havoc on Latin America’s formerly booming economies.

On Wednesday, Brazilian officials stoked investor fears by allowing the country’s two biggest state banks, Banco do Brasil and Caixa Economica Federal, to buy stakes in private financial firms. Many of the country’s largest banks have seen their stock prices plummet, while smaller banks have been strangled by the global credit freeze.”

More here.

Brazilian Banks Merge

The second and third largest banks in Brazil (Unibanco and Itau) have merged, creating the largest bank in the Southern hemisphere. More on it here at Get Brazil.

Shots Ring out at Bovespa – Sign of the Times?

“A stock exchange trader has shot himself on the trading floor in Brazil.

Sao Paulo’s Bovespa stock exchange says the 36-year-old man shot himself in the chest a couple of hours before markets closed in South America’s biggest city.

The Bovespa statement says Paulo Sergio Silva was taken to a hospital, but his condition was not immediately available.

It was not clear if he shot himself due to the recent sharp losses in Brazilian stocks or for other reasons.

Trading was halted for a few minutes after the shot was fired on Monday.”

Int’l Herald Tribune

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3 thoughts on “Economic News on the Recession

  1. Pingback: Quinzena - Nov/1 « Eyes On Brazil

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