RIO DE JANEIRO, BRAZIL - With Vale's stock down 32% from its late July high in dollars, the mining company is now behind Mercado Libre, the e-commerce giant currently valued at US$90 billion after the strong performance of its fintech business in the last quarter.
The shift in the ranking - with a new economy platform taking over the top spot from a 79-year-old raw materials producer - may take hold amid China's efforts to clean up its industrial sector, which have driven iron ore below US$100 a ton.
Last week, UBS announced a double downgrade . . .
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