Brazil's Cemig appoints Luiz Paroli Santos as CEO of subsidiary Light
SAO PAULO, June 27 The board of Brazil's utility Cia Energética de Minas Gerais nominated on Tuesday Luiz Paroli Santos as the new chief executive officer at subsidiary Light SA.
By Karin Strohecker LONDON, May 4 Hawkish tones from the U.S. Federal Reserve, easing commodity prices and lacklustre Chinese data weighed on emerging market assets on Thursday with stocks extending losses for a second day and currencies weakening. MSCI's emerging market index fell 0.3 percent as bourses in much of Asia and Turkey lost ground. Stocks in China closed at a three-month low after a survey showed activity in services sector grew at its slowest in almost a year in April, raising concerns over economic risks. The losses came after the Fed kept its benchmark interest rate steady as expected on Wednesday though downplayed weak first-quarter economic growth, emphasising labour market strength and signalling it was still on track for two more rate rises this year. Yet investors expected this to be a temporary soft patch for many emerging assets, with markets closely watching key U.S. employment data out on Friday to show solid increases. "U.S. dollar and U.S. Treasury yields (are) up post-FOMC but not convincingly so with futures almost 'fully' pricing in a June hike, leaving emerging market assets in a benign space of their own," said Simon Quijano-Evans, emerging market strategist at Legal & General Investment Management. Russian stocks bounced back from the previous days heavy losses when shares in Sistema collapsed after oil major Rosneft filed a $1.9 billion lawsuit against the business conglomerate. Sistema shares gained nearly 10 percent on Thursday. South Korean stocks hit a record high on robust exports, upbeat earnings and rising hopes for economic stimulus as the presidential election approaches. However, the dollar extending the previous session's gains, crude oil prices trading near their weakest since late March and copper teetering near a four-month low weighed on currencies. South Africa's rand fell 0.6 percent to its weakest in three weeks as data showed private sector activity contracted for the first time in nine months in April as new export orders continued to decline and growth remained marginal in Africa's most industrialised economy. Russia's rouble nearly matched those falls, weakening for a fourth straight session, while Turkey's lira slipped 0.2 percent. In the Czech Republic, central bank policymakers were expected keep interest rates unchanged until 2018 as they concluded their first meeting since they lifted the cap on the Czech crown. "While no one expects the Bank to hike rates, the focus will be on the CNB's thinking on real economy developments, strength in the labour market in particular, and the fact that the exit from the FX regime has so far not resulted in a pronounced crown appreciation," Nomura's Henrik Gullberg wrote in a note to clients. A Reuters poll showed that analysts expected the Czech crown to gain more than 4 percent against the euro in the coming year, lifted by economic growth and anticipated monetary tightening while shrugging off political uncertainty. Venezuela's dollar-denominated bonds came under pressure as protests against the government escalated further. Security forces battled protesters who lit fires and hurled stones on Wednesday in rage at President Nicolas Maduro's decree to create an alternative congress, with another fatality taking the death toll to 34 during a month of unrest. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 983.27 -2.47 -0.25 +14.03 Czech Rep 1002.08 +5.79 +0.58 +8.73 Poland 2414.54 +22.45 +0.94 +23.95 Hungary 32175.99 +98.27 +0.31 +0.54 Romania 8238.22 +28.34 +0.35 +16.28 Greece 754.32 +5.71 +0.76 +17.20 Russia 1100.03 +3.68 +0.34 -4.54 South Africa 47005.63 +87.74 +0.19 +7.07 Turkey 93587.82 -274.91 -0.29 +19.77 China 3127.29 -8.06 -0.26 +0.76 India 30136.67 +241.87 +0.81 +13.18 Currencies Latest Prev Local Local close currency currency % change % change in 2017 Czech Rep 26.78 26.74 -0.15 +0.85 Poland 4.22 4.20 -0.30 +4.43 Hungary 312.17 311.59 -0.19 -1.07 Romania 4.54 4.54 +0.02 -0.16 Serbia 123.25 123.14 -0.09 +0.08 Russia 57.61 57.36 -0.43 +6.34 Kazakhstan 315.88 315.51 -0.12 +5.63 Ukraine 26.47 26.47 -0.00 +2.00 South Africa 13.50 13.43 -0.49 +1.72 Kenya 103.05 103.00 -0.05 -0.66 Israel 3.62 3.62 +0.02 +6.47 Turkey 3.54 3.53 -0.31 -0.51 China 6.90 6.90 +0.02 +0.69 India 64.18 64.15 -0.05 +5.86 Brazil 3.16 3.16 +0.03 +2.84 Mexico 18.91 18.86 -0.27 +9.53 Debt Index Strip Spd Chg %Rtn Index Sov'gn Debt EMBIG 314 -2 .00 7 82.40 1 All data taken from Reuters at 08:53 GMT. Currency percent change calculated from the daily U.S. close at 2130 GMT. For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see ) (Reporting by Karin Strohecker)
BUENOS AIRES, June 27 Argentina-based Pan American Energy will invest some $1.2 billion in the country this year, with a focus on development of hydrocarbons, a company spokesman said on Tuesday.