Brazil Property

Brazil's Bovespa jumps 3 pct on bargain hunting

2008-09-11T01:18:00.000-07:00

SAO PAULO, Sept 10 (Reuters) - Brazil's benchmark stock index surged 3 percent in late afternoon trading on Wednesday as investors snapped up shares of mining company Vale and steelmakers CSN and Gerdau, which had slumped in recent days.

The Bovespa index .BVSP of the Sao Paulo stock exchange jumped to 49,884.35 points from 48,435.30 on Tuesday, when it closed at its weakest level in over a year.

Vale soared 6.8 percent while CSN gained 5.5 percent and Gerdau climbed 6.2 percent, leading the market higher. State-run energy giant Petrobras rose 2.5 percent. (Reporting by Elzio Barreto)

Skills shortage hampers Brazil's property industry

2008-09-11T01:16:00.000-07:00

Brazil's booming construction industry is experiencing a shortage of workers to complete newly developed building sites. The industry is struggling to find workers to build new projects. Artisans are being snapped up by construction firms while still training. Demands for property are being driven by a new emerging Brazilian middle class as well as an increase in foreign investment.

The construction business Sao Paulo Skyline experienced a 10% growth in the first six months of this year. Brazil's booming economy, and favorable lending rates have had a knock on effect on the property market.

As the Brazilian economy grows the wealth of ordinary Brazilian's demand for homes also increases. However the industry is barely coping as more skyscrapers mushroom into the skies.

source: www.sabcnews.com

Brazil mining sector eyes US$57B in investment

2008-09-11T01:11:00.000-07:00

Associated Press 09.10.08, 6:30 PM ET

SAO PAULO, Brazil -The Brazilian Mining Association says it expects investments to expand the nation's mining industry will reach US$57 billion in the next four years.

The group predicts the iron ore sector will see an estimated US$37 billion in investments, or 65 percent of the total. About US$5.5 billion is anticipated for nickel exploration.

The association said in a statement Wednesday that its previous estimate, released in January, predicted investments of US$48 billion through 2012.