Business Latest News: Batista Quits as Chairman of Brazil's MPX as Share Sale Scrapped

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Business Latest News: Batista Quits as Chairman of Brazil's MPX as Share Sale Scrapped

Business Latest News: Batista Quits as Chairman of Brazil's MPX as Share Sale Scrapped
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Business Latest News: Batista Quits as Chairman of Brazil's MPX as Share Sale Scrapped

by Wochit 0:57 mins

Business Latest News: Batista Quits as Chairman of Brazil's MPX as Share Sale Scrapped

by Wochit 0:57 mins

Embattled billionaire Eike Batista stepped down as chairman of MPX Energia SA as dwindling market confidence forced the Brazilian power producer to scrap a planned share offering. According to a top Goldman Sachs strategist, Investors who wrongly called time on U.S. economic supremacy during the financial crisis are set to pay a hefty price for betting too much on the developing world Wall Street's brokerages would spend an average of $8 million each to implement a plan being considered by the U.S. Securities and Exchange Commission to impose higher ethical standards on brokers who give financial advice, according to estimates by the securities industry's largest trade group.

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