CEO of Brazil mining giant steps down

The world’s biggest iron-ore producer, Brazilian mining giant Vale, just announced its CEO is stepping down. The Brazilian government has been pushing the ouster of Roger Agnelli for months now, saying the company needs to invest more in the local steel industry and pay $3 billion in mining royalties it claims to be owed. The Financial Times has more details, including some anonymous sources close to the company who say all this smacks of too much government meddling in business. Be that as it may, Brazil’s government is itself under pressure to do whatever it can to boost domestic industry, as Brazil’s surging currency value makes it hard for local manufacturers of anything—shoes, shirts, steel—to compete in the world market.