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Brazil is spending about $11 billion to stage the World Cup from June 12 to July 13, with preparations marred by cost overruns and scheduling delays as it builds or refurbishes 12 arenas for the tournament. Soccer is Brazil's national passion and a record number of domestic fans applied for tickets as the national team tries to secure a record-extending sixth World Cup championship. [Extracted from the article]

Gerdau SA had its biggest two-day gain in more than six years as Brazilian steelmakers were said to prepare to raise prices. Gerdau is planning an increase of as much as 10 percent in the price of long steel, used in construction, said the person who asked not to be named because the decision isn't public yet. [Extracted from the article]

Brazil, the world's second-largest iron-ore exporter, said shipments of the steelmaking raw material jumped to the highest in at least nine years as Vale SA boosted output. Brazil's iron ore was exported at an average of $53.3 a ton in December, down from $100.80 a year earlier. [Extracted from the article]

The company declined to comment when asked how lower oil prices affect its expansion plans. OPEC kept its oil output target unchanged, resisting calls by some members including Venezuela for a cut after the steepest slump in crude prices since the global recession. Chile, which imports crude and natural gas, stands to profit from lower crude prices, as will energy-intensive industries, Scotiabank's Mohr said. [Extracted from the article]

The export restrictions and rising costs have led meatpackers to shutter facilities that once prepared beef for shipment abroad, according to IPCVA, a public-private beef promotion agency based in Buenos Aires. "Why will a producer wait three years breeding an animal he doesn't know the government will allow him to export, if he can make more money in six months producing soybeans that are easily exported without a government permit?". [Extracted from the article]

Veja magazine reported over the weekend that a group of more than 30 politicians, including members and allies of President Dilma Rousseff's Workers' Party, allegedly received bribes linked to Petrobras contracts. Petrobras "has been destroyed by its political use, corruption and handing out favors", Marina Silva, who replaced Campos as presidential candidate, told reporters in Sao Paulo. [Extracted from the article]

About 50 million metric tons a year of Brazilian iron-ore output would be unprofitable at prices that last week fell below $84 a ton for the first time since 2009, Goldman analysts led by Marcelo Aguiar said in a research note today. Only Rio de Janeiro-based Vale, the world's largest iron-ore producer, would generate positive operating cash flow in Brazil at current prices, Goldman also said in the note. [Extracted from the article]

Vale SA dropped the most since April, capping the longest losing streak in eight months, as slumping iron-ore prices dimmed earnings prospects of the world's biggest producer. The steelmaking ingredient's price decline, combined with weaker demand from its main client China, is hitting Vale shares, said Elad Revi, an analyst at brokerage Spinelli. [Extracted from the article]

MMX Mineracao & Metalicos SA, the mining unit of former billionaire Eike Batista, will temporarily stop operations at its only producing mine as it seeks to avoid bankruptcy protection amid lower metal prices. "The necessity of the collective vacation and temporary stop of the production activities at the Serra Azul Unit is a consequence of the significant and prolonged decline of the iron-ore price", MMX said in the statement. MMX is reviewing its business plan to bolster cash as iron-ore prices decline. [Extracted from the article]