The Rio Times
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Keep up to date with the latest news, updates and hot perspectives. The Rio Times is an English-language news company covering Rio de Janeiro and Brazil. It covers local and national politics, business, real estate, travel, and entertainment, including a daily Rio nightlife guide.
The Rio Times
3h ago
As the weekend nears, the focus shifts to the critical OPEC+ meeting slated for Sunday, where pivotal decisions on oil production cuts are expected. Last Friday, the oil market responded with a drop in prices, signaling investor anxiety. Brent crude saw a modest decline of 0.3% to $81.62 per barrel, while West Texas Intermediate (WTI ..read more
The Rio Times
3h ago
May was tough for Brazil’s primary stock index, the Ibovespa, which dropped 3.04%, bringing its annual loss to 9.01%. This decline wasn’t just about international trends like U.S. interest rates; local issues also played a big part. Throughout 2024, Ibovespa has felt the impact of foreign investment withdrawal, primarily due to the rising U.S. interest ..read more
The Rio Times
3h ago
Angola’s President João Lourenço is spotlighting the unrest in the Democratic Republic of the Congo (DRC) and Mozambique. He asserts that free and transparent elections are the bedrock of legitimate governance in Africa. This message came during Comoros President Azali Assoumani’s inauguration, emphasizing democracy as a unifying celebration. Lourenço praised the Southern African Development Community ..read more
The Rio Times
3h ago
Today, the U.S. dollar surged to R$ 5.2564, its highest level in six weeks. By 3:50 PM, it had settled above R$5.2540, up over 0.90%. So, what’s driving this sudden spike? Several factors contributed to this increase. First, falling commodity prices played a significant role. Prices for raw materials like steel and oil have dropped ..read more
The Rio Times
3h ago
Angola is changing gears in its energy sector, pivoting from just pumping up production to spreading power more effectively. President João Lourenço recently announced this strategic shift, emphasizing a stronger focus on enhancing energy transport and distribution networks. This change took center stage during the re-launch of the Matala Hydroelectric Power Station. The station now ..read more
The Rio Times
3h ago
OPEC+, a coalition led by Saudi Arabia and Russia, is formulating a significant plan, sources tell Reuters. The proposal aims to extend major oil production cuts until 2025. This decision arises amid fluctuating oil supplies and economic uncertainties worldwide. Since 2022, OPEC+ has reduced oil output, addressing the surplus from heightened production in the U.S ..read more
The Rio Times
3h ago
President Luiz Inácio Lula da Silva is propelling Brazil into a pivotal role as a mediator between Ukraine and Russia. This follows Ukrainian President Volodymyr Zelensky’s concerns that Brazil might favor Russia due to trade ties. He also highlighted Lula’s absence from a crucial peace conference in Switzerland, which notably did not include Russia. Reacting ..read more
The Rio Times
3h ago
Itaú BBA has resumed coverage of Grupo Pão de Açúcar (GPA) – PCAR3 – with a “market perform” recommendation. They set a price target of R$3.70 for the end of 2024, suggesting a potential 19% increase from Wednesday’s closing price. GPA has undergone significant changes, resulting in a simpler structure and a focused approach on ..read more
The Rio Times
3h ago
Last Wednesday, Grupo Mateus announced a pivotal partnership with Novo Atacarejo, reshaping Brazil’s retail landscape. The company, based in São Luis, Maranhão, is Brazil’s largest food retailer with entirely domestic capital. This collaboration integrates 21 Grupo Mateus stores with 29 from Novo Atacarejo, creating a new entity with R$6.8 billion ($1.31 billion) in gross revenue ..read more
The Rio Times
21h ago
President Javier Milei’s government has made significant changes to attract investments in Argentina’s natural resources. These changes, part of ongoing negotiations to advance tax and economic deregulation reforms, focus on mining royalties and the Incentive Regime for Large Investments (RIGI). These reforms are crucial for La Libertad Avanza to secure support for the base laws ..read more