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Brazil

Brazil’s federal tax revenues fall 1.16% in March

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SAO PAULO: Brazil’s federal tax collection fell 1.16 percent in March from the same month a year ago after adjusted for inflation, the country’s tax agency said on Wednesday. In March, the country collected 98.994 billion reais ($31.20 billion) in federal taxes. Economists forecast 101 billion reais in revenues, according to the median of 16 estimates in a poll.   Read More »

Brazilian supply-chain Company to launch cargo aircraft fleet

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BRASILIA: A Brazilian supply-chain solution company, Modern Logistics, has the official go-ahead to operate a fleet of cargo aircraft. Modern Logistics plans to scale up to 15 logistics centers and a fleet of 32 aircraft in the next few years. Modern Logistics, the company in question, offers third-party logistics solutions via an integrated logistics platform with multimodal transport and distribution ... Read More »

Brazil port M&A frenzy proves not cheap for MSC, Dubai World

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DUBAI/BRASILIA: Dubai Ports World Co and MSC Mediterranean Shipping Co SA are seizing on Brazil’s three-year-long recession and rising debt levels among local port operators to bid for marine terminals in one of the world’s top commodity exporters. But their plan will not come cheap. Half of the 12 terminal and port sales negotiated in Brazil since January 2016 came ... Read More »

Brazilian textiles exports to Arab countries hikes 87.5% in 2017

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BRASILIA: Brazilian exports of textiles and clothing to the Arab region surged during the first two months of 2017, increasing by 87.5 percent compared to its performance during the same period in 2016, according to the Arab Brazilian Chamber of Commerce (ABCC). The huge demand for synthetic fabric and sisal rope used in ships and rigs led the increase in ... Read More »

Brazil’s economy grew at fastest pace in 7 years

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BRASILIA: Economic activity in Brazil grew in February at the fastest pace since January 2010, a central bank indicator showed on Monday, in the strongest sign yet that Latin America’s largest economy is emerging from a two-year recession. Bumper harvests are expected to have lifted agricultural production in the first quarter of the year, while industrial output improved on a ... Read More »

Brazilian footwear exports decline in Q1

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BRASILIA: Between January and March 2017, a total of 31.33 million pairs were exported generating US$259 million in revenue; representing a -1.6% decline in volume and a -14.2% drop in value, year-on year. According to Abicalçados, the Brazilian Shoe Manufacturers Association, a total of 31.84 million pairs worth US$226.72 million were shipped abroad in the corresponding period the prior year. ... Read More »

Ethanol traders facing losses as bet on Brazil imports goes awry

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BRASILIA: A few months ago, some ethanol traders in Brazil thought they had a slam-dunk idea—import cheap supplies from the U.S. at a time when domestic prices were surging and stockpiles were shrinking. It didn’t work. Instead of pocketing easy profits, they ended up flooding the local market. In a surprising twist for a country that is a net exporter—it ... Read More »

Brazil beef exports seen returning to normal after scandal

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BRASILIA: Brazil’s beef exports should return to normal levels between April and May as the country’s efforts to reverse import bans have started to bear fruit in the wake of a food safety scandal that surfaced last month, industry group Abrafrigo said on Friday. In March, Brazil exported 124,880 tons of fresh and processed beef products, an 8 percent drop ... Read More »

Brazil to waive 30% IPI tax on Colombian autos

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BRASILIA: Brazil agreed to allow imports of Colombian vehicles and car parts without a 30 percent industrial products tax (IPI) as part of a bilateral auto pact under negotiation during Mercosur trade talks with Latin America’s Pacific coast countries, a Brazilian government source said on Friday. The source at the trade meeting in Buenos Aires said final details were still ... Read More »

Brazil seeks new FTA with Mexico, EU to counter U.S.

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RIO DE JANEIRO: Brazil is looking to sign new free-trade agreements with Mexico and the European Union (EU) as a way to counter U.S. protectionism, a Brazilian official said. “We are also looking for commitments in such areas as government purchases and services among others,” Marcos Pereira, Brazil’s minister of industry, foreign trade and services, told the regional daily Folha ... Read More »

Brazil court orders $484m tax charge on Petrobras

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BRASILIA: A Brazilian tax auditing court ruled state-controlled oil company Petrobras should be charged 1.5 billion Reais ($484.3 million) in taxes over profits of a Netherlands-based subsidiary, the company said in a Wednesday securities filing. The so-called CARF court argues Petróleo Brasileiro SA, as the firm is known, failed to include the subsidiary when calculating its 2009 income taxes, as ... Read More »

Brazil-Peru agreement will facilitate exports

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BRASÍLIA: A new trade agreement between Brazil and Peru will facilitate exports. The Economic and Trade Expansion Agreement signed by the two governments, now approved by the Senate, establishes the reciprocal liberalisation of services and opening of government purchases. With the measure, the Peruvian government’s tenders to buy goods and services will now be open to Brazilian companies, and vice-versa. ... Read More »

Brazil relieved as China, Chile, Egypt lift meat ban

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BRASILIA: Brazil’s under-fire meat industry received a major boost last week as China, Chile and Egypt began lifting restrictions on imports from Latin America’s biggest economy. Agriculture Minister Blairo Maggi announced last weekend China’s “total reopening of the market for Brazilian meat” in a statement released by the ministry’s press office. “This testifies categorically to the solidity and quality of ... Read More »

Brazil to start oil sales from production sharing contracts

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SAO PAULO:  Brazil will start to sell oil and natural gas from production sharing contracts with oil companies around September, the head of the state firm managing these contracts, Ibsen Flores, told Reuters on Tuesday. Flores, the president of Brazil’s state-controlled company Pre-sal Petroleo SA (PPSA), said companies working through the relatively new contracts are expected to start giving the ... Read More »

Three key importers lift Brazil meat ban

Three key importers lift Brazil meat ban

BRASILIA: Brazil won a major victory as it battles to restore credibility amid a tainted meat scandal, with China, Egypt and Chile lifting their bans on its products. The three countries, which had totally closed their markets to Brazilian meat at the start of last week, said they would open them to all but the 21 Brazilian processing plants under ... Read More »

Brazil’s imports of Bolivian gas drops to the lowest in January

Brazil's imports of Bolivian gas drops to the lowest in January

SAO PAULO: Brazil’s imports of Bolivian natural gas sank to 14.54mn m3/d in January, the lowest level since Brazil’s mines and energy ministry began publishing monthly reports in 2007. Imports from Bolivia in the first month of 2017 were less than half the 31.7mn m3/d recorded in January 2016 and off from 18.2mn m3/d in December 2016. The declining imports ... Read More »

Tax deduction case: Brazil court rules in favor of Petrobras

Tax deduction case: Brazil court rules in favor of Petrobras

BRASILIA: A Brazilian tax court ruled that state-controlled oil company Petróleo Brasileiro SA did not break the law by deducting expenses related to the development of oil and gas field from its 2009 income taxes. According to a Friday securities filing, the Finance Ministry could still appeal against the ruling by the tax auditing court, known as CARF. The Finance ... Read More »

Brazilian woman convicted of human trafficking deported from U.S

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BALTIMORE: A Brazilian national who was convicted and wanted by Brazilian authorities for international human trafficking for the purpose of sexual exploitation was removed from the United States by U.S. Immigration and Customs Enforcement (ICE). Stefania Joaquina Campos Rezende, a 39-year-old citizen of Brazil, was arrested Feb. 14 by a Fugitive Operations Team assigned to ICE Enforcement and Removal Operations ... Read More »

Brazil’s BRF, JBS shares slumps after ban on meat

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BRASILIA: Shares of meatpackers BRF SA and JBS SA slumped after China and other countries temporarily suspended imports of Brazilian meat following a scandal over alleged bribery of inspectors. Common shares in BRF and JBS dropped as much as 10 percent, making them the biggest decliners by far on Brazil’s benchmark Bovespa stock index. A source said that China’s temporary ... Read More »

Brazil meat exports safe, despite rotten meat scandal

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BRASILIA: Brazil tried to reassure the world that its huge meat industry poses no threat despite allegations that corrupt exporters sold tainted products. Temer smiled as he invited diplomats to a traditional Brazilian meat restaurant called a churrascaria, saying “if you accept the invitation we will be very happy”. Nineteen of the 33 envoys who met with him accepted the ... Read More »