ADVFN - Advanced Financial Network.
HOME» NYSE » C » VALE Stock Price » VALE Stock News

Companhia Vale Do Rio Doce Share News

 Companhia Vale Do Rio Doce Stock Price
VALE Stock Price
 Companhia Vale Do Rio Doce Stock Chart
VALE Stock Chart
 Companhia Vale Do Rio Doce Stock News
VALE Stock News
 Companhia Vale Do Rio Doce Company Information
VALE Company Information
 Companhia Vale Do Rio Doce Stock Trades
VALE Stock Trades

Brazil BNDES President: Government Right To Reduce Forex Volatility

SAO PAULO -(Dow Jones)- The Brazilian government is right to step in to reduce volatility in the foreign exchange market, according to the president of the government-run national development bank, or BNDES. "The government has to mitigate the increased volatility in the currency, this week when the [dollar] hit BRL2.10 the government stepped in to the market to prevent volatility," Luciano Coutinho told reporters after a meeting of business leaders at the National Confederation of Industries, or CNI. "It's part of the game. All the central banks step into the market to avoid excessive volatility." Brazil's currency has been caught up in a wave of volatility associated with fears about the European sovereign-debt crisis, and the real sold off sharply, touching a weak point of BRL2.10 per dollar earlier this week. Since late last week, the central bank has been selling dollar swap contracts, and the currency has since recovered much of its losses. Friday at 1556 GMT the real was trading at BRL1.9962. Meanwhile, the official said that changes made on Thursday to rules governing lending to Brazilian mining bellwether Vale SA (VALE, VALE5.BR) were "normal" for a company of that size. It doesn't mean that lending to Vale is going to rise significantly, Coutinho said. With the change, Brazil's government included Vale alongside oil and gas heavyweight Petroleo Brasileiro SA (PBR, PETR4.BR) and electric power company Centrais Eletricas Brasileiras SA (ELET6.BR) as special beneficiaries of BNDES lending. Coutinho said that despite the ongoing euro-zone crisis and global uncertainty, investment decisions in Brazil are being maintained. He said he's optimistic that investments will grow more than private-sector economists predict this year. The BNDES is still on track to lend 150 billion Brazilian reais ($75 billion) this year, Coutinho said. -By Rogerio Jelmayer, Dow Jones Newswires; +55 11 3544 7071; rogerio.jelmayer@dowjones.com (Matthew Cowley contributed to this article.)

Stock News for Companhia Vale Do Rio Doce (VALE)
DateTimeHeadline
12/19/201416:17:52Brazilian Shares Rise, Led by Rossi Residencial; Real Weakens...
12/17/201419:10:10U.S. Court Rejects Vale Bid to Dismiss Rio Tinto Lawsuit
12/15/201417:54:12ADR Shares End Lower; BT Group Shares Trade Actively
12/12/201418:27:28BSG Resources Seeks Judicial Review of UK's Role in Guinea Mine...
12/09/201418:13:08ADR Shares End Lower; America Movil Shares Trade Actively
12/05/201416:47:41Vale May Consider Settling Suit Over Guinea Mining Rights
12/05/201412:11:47Brazil's Vale Says It Won't Issue New Debt to Pay Dividend
12/02/201417:42:21Brazil's Vale Weighs IPO of Base Metals Division Stake -- 3rd...
12/02/201415:46:58Brazil's Vale Weighs IPO of Base Metals Division Stake -- 2nd...
12/02/201415:36:38Brazil's Vale Weighs IPO of Base Metals Division Stake -- Update
12/01/201418:38:15ADR Shares End Lower; Brazilian Shares Fall
11/11/201416:28:17Brazil Stocks Sink as Citi Cuts Outlook on Vale
11/10/201416:04:08Brazil Stocks Close Lower, Real Recovers Some Losses From Past...
10/23/201408:50:04Vale Produces Record Amount of Iron Ore Despite Falling Prices
10/16/201420:34:30Big Brazil Cabinet Becomes an Election Issue
09/26/201407:51:14Brazil Vale Signs Iron Ore Transport Accord With China Merchants...
09/22/201418:39:55ADR Shares End Lower; Mechel Shares Trade Actively
09/15/201409:21:18Correction to China Mining Story on Sept. 11
09/12/201412:44:14Vale, Cosco Group To Cooperate On Iron-Ore Shipping
09/10/201423:00:11China's Global Mining Play Is Failing to Pan Out

Companhia Vale Do Rio Doce and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad