Today's News Update: Petrobras may be most profitable oil company in world

On Petrobras’ financial results:

• Petrobras may have scored the best worldwide financial results (in terms of profit) for any oil company.

Source: http://portalexame.abril.com.br/negocios/petrobras-deve-ser-petroleira-maior-lucro-2009-534791.html

On Renuka buying Equipav:

• Renuka (Indian Company) has bought Equipav (a Brazilian sugar company) for $329m.

Source: http://portalexame.abril.com.br/mercados/noticias/renuka-compra-51-equipav-us-329-mi-acoes-sobem-534827.html

On Vale’s MOU for the Belo Monte hydroelectric plant :

• Vale signed an MOU with Andrade Gutierrez, Neoenergia Investimentos and Votorantim Energia to participate in the bidding process of the Belo Monte hydroelectric plant.

Source: http://portalexame.abril.com.br/negocios/vale-entra-consorcio-disputa-belo-monte-534853.html

On BOVESPA performance:

• The Bovespa stock index fell the most in more than two weeks as concern that Greece will struggle to pay its debt dragged down most commodity producers, overshadowing a rally in the nation’s biggest oil company.

Source: http://www.bloomberg.com/apps/news?pid=20601086&sid=ah81wCRLpCLs

On Brazil Growth (by Goldman Sachs):

• Goldman Sachs raised its forecast for Brazilian growth to 6.4 percent for 2010 from 5.8 percent previously. This forecast may be revised again, to as high at 7 percent.

Source: http://www.bloomberg.com/apps/news?pid=20601086&sid=arbYdpk2RTa8