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Brazil

Brazil Supreme Court ruling on public debts owed individuals could cost government $10 billion

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BRASILIA: Brazil’s Supreme Court rejected a request by the government and states that certain outstanding legal costs and payments owed to individuals be indexed at a reduced rate, a decision which could cost more than 40 billion reais. Indexation of these legal-based credits to the IPCA-E rate of inflation was already in place. The government and states had sought to ... Read More »

Banco do Brasil managers targeted in $48 million money laundering probe

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BRASILIA (Reuters) – Brazilian police on Friday raided the homes of Banco do Brasil (BBAS3.SA) managers suspected of involvement in a 200 million reais ($48 million) money laundering scheme, police said, the latest phase of Brazil’s massive Car Wash corruption scandal. According to the Federal Public Prosecutors office, police are investigating allegations that managers at three branches of the state-controlled ... Read More »

Shares in Brazilian planemaker Embraer fall more than 1% on EU antitrust probe

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BRASILIA: Shares in Brazilian planemaker Embraer fell more than 1% at the following a Reuters report that Boeing is set to face a European Union antitrust investigation into its bid for a controlling stake in Embraer’s commercial aircraft arm. Embraer shares traded as low as 19.12 reais, a decline of as much as 2.0%, underperforming the broader Bovespa index which ... Read More »

SoftBank mulls bringing 40 companies to Brazil

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SAO PAULO: Japan’s SoftBank Group Corp is considering bringing around 40 companies with high growth potential to Brazil and expects to announce a large investment in the country in around two weeks’ time, the group’s head in Brazil, André Maciel, said on Friday. “We have around 40 companies that fit in Brazil,” he said during an event at Cubo, a ... Read More »

Brazil president calls economy minister from hospital to oppose new tax

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RIO DE JANEIRO: Brazilian President Jair Bolsonaro telephoned Economy Minister Paulo Guedes from hospital this week to express his opposition to the creation of a new “CPMF” financial transactions tax, Guedes said. In a wide-ranging interview with foreign journalists in Rio de Janeiro, however, Guedes again defended the idea, saying transaction taxes would allow for reductions in other levies such ... Read More »

Brazil had 1.3 Million Companies in the Service Sector Alone in 2017

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RIO DE JANEIRO, BRAZIL – The Annual Services Survey (PAS 2017), released yesterday, August 28th, by the Brazilian Institute of Geography and Statistics (IBGE), shows that in 2017 there were 1.3 million companies providing non-financial services in Brazil, with a net operating revenue of R$1.5 trillion (US$375 billion) and a gross added value of R$906.5 billion. These companies employed 12.3 ... Read More »

Brazilian Real Devalues Further Despite Central Bank Intervention

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SÃO PAULO, BRAZIL: Not even the auctions announced by Brazil’s Central Bank (BCB) after markets had closed, managed to hold the US currency’s appreciation in relation to the Brazilian real at the start of this week. The US dollar closed on Monday, May 20th, at R$4.105/US$1, with a slight increase of 0.07 percent. The exchange rate is the highest value ... Read More »

Brazil’s foreign exchange move paves way to reduce $385 billion reserve stash

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BRASILIA: Brazil’s decision to sell dollars on the spot market for the first time in a decade is a sign the central bank is finally willing to reduce its $385 billion pile of foreign exchange reserves, analysts said. Officially, the central bank’s announcement on Wednesday that it will sell dollars – along with existing sales of reverse currency swaps – ... Read More »

Brazil feels pressure over Amazon deforestation data

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BRASILIA: Brazilian President Jair Bolsonaro said on Thursday that if a senior government scientist had betrayed his confidence regarding deforestation data, he would be fired, underlining how growing international pressure to protect the Amazon is weighing on his government. Bolsonaro made the comments during a tense news conference in Brasilia. He and members of his cabinet pushed back against reports ... Read More »

Trump promises to ‘work on a free trade agreement with Brazil’

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President Donald Trump said he will pursue a United States trade agreement with Brazil. The move suggests a friendly relationship with President Jair Bolsonaro could help lower trade barriers between the two biggest economies in the Americas. “We’re going to work on a free trade agreement with Brazil,” Trump told reporters at the White House, without giving details. Trump raised ... Read More »

Armed men steal $40 million of gold, metals from Brazil airport

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SAO PAULO: Armed men stole $40 million of gold and other precious metals on Thursday from a Sao Paulo cargo terminal at South America’s busiest airport, taking two hostages, police said. Several of the suspects arrived at the Guarulhos airport in a black pickup truck with livery resembling Brazil’s federal police, according to security footage seen by Reuters. Four men ... Read More »

Brazil GDP to get 0.35 percentage point boost from worker fund stimulus

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BRASILIA: New measures unveiled by the Brazilian government on Wednesday allowing employees to access cash from worker guarantee funds will be worth 0.35 percentage points to gross domestic product over the next 12 months, the Economy Ministry said on Wednesday. Freeing up 42 billion reais ($10.6 billion) from the “FGTS” severance fund and more cash from the social contribution fund ... Read More »

Brazil halves 2019 economic growth forecast to 0.8% from 1.6%

FILE PHOTO - A costumer buys meat at a supermarket in Rio de Janeiro, Brazil May 10, 2019. REUTERS/Pilar Olivares

BRASILIA: Brazil’s government slashed its economic growth forecast for this year to 0.8% from 1.6%, the Economy Ministry said blaming continued weakness in the second quarter following the economy’s contraction in the first. A challenging global outlook in the first half of the year weighed on trade and investment inflows, leading to investment projects being postponed, while uncertainty surrounding pension ... Read More »

Brazil mining trade group slams Senate royalty proposals

FILE PHOTO: Members of a rescue team search for victims of a collapsed tailings dam owned by Brazilian mining company Vale SA, in Brumadinho, Brazil February 10, 2019. Picture taken February 10, 2019. REUTERS/Washington Alves

RIO DE JANEIRO, Brazil: An association of Brazilian mining companies on Wednesday criticized some proposals made a day earlier by a Senate committee that spent months investigating the collapse of one of Vale SA’s tailings dams. In a 400-page report, the Senate panel looking into the January disaster proposed a ban on new tailings dams, sought the phase-out of all ... Read More »

Brazil asks for WTO investigation of Indonesia on poultry trade

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SAO PAULO: The Brazilian government has formally asked the World Trade Organization (WTO) to open a panel to investigate Indonesian policies on Brazil’s poultry exports, the Agriculture Ministry said. Brazil won a case against Indonesia at the WTO in 2017, but the South American country argues that the WTO decision was never implemented by Indonesia, which continues to block any ... Read More »

Brazil’s economic recovery hinges on fiscal reforms, central banker says

FILE PHOTO: A costumer looks for drinks at a supermarket in Rio de Janeiro, Brazil May 10, 2019. REUTERS/Pilar Olivares/File Photo

BRASILIA: The Brazilian economy’s ability to emerge from its current funk and return to “more robust” levels of growth largely hinges on the approval and implementation of fiscal reforms, the central bank’s deputy governor said on Tuesday. In a presentation to the OMFIF think tank in London, Tiago Berriel also said inflation is under control and that the central bank’s ... Read More »

Brazil will not bar Huawei from 5G network -vice president

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BRASILIA: Brazilian Vice President Hamilton Mourao on Friday told journalists that the government will not exclude Chinese telecom company Huawei Technologies Co from operating a fifth-generation (5G) mobile telecoms network in Latin America’s largest economy. The United States has asked countries to reject Huawei technology in the development of new mobile phone networks, arguing that it could be vulnerable to ... Read More »

Portugal sees Brazilian student boom, with more than 12,000 in higher ed

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Recent data shared by the government showed that 12,200 Brazilians enrolled in the Portuguese higher education system in 2017, the most numerous nationality among 42,500 international students. In 2006, data showed 1,900 Brazilian students enrolled in Portugal, meaning numbers have grown by 540% over the last decade. This was part of a general trend seeing Brazilian nationals moving to Portugal, ... Read More »

What’s gone wrong with Brazil’s economy?

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When Brazil’s far-right president Jair Bolsonaro took office, many in the country were concerned that the divisive politician would not be able to bring the country together. But one sector was almost unanimous in praising Mr Bolsonaro’s rise to power: business people. Brazil’s president boasted during the election that he did not understand anything about economics. Once in power, he ... Read More »

Brazil to revamp Amazon Fund after finding irregularities -minister

FILE PHOTO: Amazon.com's logo is seen at Amazon Japan's office building in Tokyo, Japan, August 8, 2016. REUTERS/Kim Kyung-Hoon/File Photo

SAO PAULO: Brazil will overhaul rules for selecting projects to reduce deforestation supported by the Amazon Fund, which is financed by Norway and Germany, after discovering irregularities in spending, Environment Minister Ricardo Salles said. Salles said non-governmental organizations (NGOs) had failed to account for the way they use money disbursed to them from the $1.28 billion fund administered by Brazilian ... Read More »