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Brazil

Brazil’s Temer says leaving budget deficit under 130 billion reais

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BRASILIA: Brazilian President Michel Temer said on Thursday his government will leave a primary budget deficit of less than 130 billion reais ($33.3 billion) when he hands over the reins to President-elect Jair Bolsonaro on Jan. 1. Temer told reporters that Brazil could take up to 10 years to balance its federal budget. He urged Congress to pass his proposal ... Read More »

From Brazil beach to Kiwi prison: Young mum caught smuggling cocaine

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A mystery meeting on a Brazilian beach has led to a young mum of two being locked up in a Kiwi prison for half a decade, as Mexican and South American cartels try and flood this country with top-shelf cocaine. Pamela Taina Nascimento was caught attempting to smuggle cocaine into New Zealand in September. The 23-year-old had travelled to Auckland ... Read More »

Brazil’s police to probe incoming Economy Minister Guedes

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SAO PAULO: Brazil’s federal police opened an investigation into incoming Economy Minister Paulo Guedes for alleged fraud tied to pension funds of state-run firms, lawyers for the future minister said on Friday, confirming an earlier report from Folha de S.Paulo newspaper. The probe will try to find out if Guedes, a University of Chicago-trained economist credited with nudging President-elect Jair ... Read More »

France’s Total to buy businesses from Brazil’s Grupo Zema

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French energy group Total has agreed to buy some businesses of Brazil’s Grupo Zema to expand in the biofuels sector. Total said it would be buying fuel distribution company Zema Petróleo, reseller and retailer arm Zema Diesel and importation company Zema Importacao. Financial terms were not disclosed. Zema Petroleo runs 280 dealer-operated service stations and several oil products and ethanol ... Read More »

Brazil Markets Cheered by Pro-Business Make-Up of Bolsonaro Team

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SAO PAULO: Investors welcomed the appointment of Santander executive Roberto Campos to head Brazil’s central bank as a sign President-elect Jair Bolsonaro will entrust economic and monetary policy to a market-friendly team of economists. Sao Paulo’s Bovespa stock index surged as much as 2.65 percent on Friday and Brazil’s real currency strengthened 1.2 percent against the dollar following Thursday’s announcement ... Read More »

Aircraft and car manufacturer Brazil offers Latin America opportunities

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With a population of 208 million and an expanding middle class, Brazil is Latin America’s largest economy. Now emerging from recession, growth in the market is forecast to stand at 1.2pc for 2018 and 2.5pc in 2019 according to the OECD. Brazil accounts for 21pc of all exports by Enterprise Ireland-backed companies to Latin America. In 2017, Irish SMEs grew ... Read More »

Brazil’s Real Depreciates, Stock Market Falls Day After Elections

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The dollar appreciated against the real by 1.51 percent at R$3.7068/US$1, while Brazil’s major stock index, Ibovespa closed down by 2.24 percent to 83,796 points. Carlos Caicedo, Latin America Country Risk Associate Director at the economic consultancy group IHS Markit, says that although Brazil’s industrial and financial sectors are highly supportive of Bolsonaro’s announced economic agenda, there is still a ... Read More »

The US-China trade war and Brazil

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For years, Arnaldo Carneiro stuck to his master plan to contain deforestation in Brazil. Carneiro’s studies demonstrated the complicity of importers of Brazilian soybeans in the degradation of the environment. He implored them to purchase only from farmers who could guarantee they did not clear land for cultivation. The strategy always worked better in Europe. In 2015, seven European countries ... Read More »

Brazil’s Chamber of Deputies Approves Pending Protocol to Tax Treaty with Argentina

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Brazil’s Chamber of Deputies (lower house of congress) approved for ratification the pending protocol to the 1980 income tax treaty with Argentina. The protocol, signed (previous coverage), is the first to amend the treaty and provides for several changes, including in relation to the treaty provisions resulting from the BEPS project, as well as new withholding tax rates for dividends, ... Read More »

Brazilian couple nabbed smuggling drugs into Israel

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A Brazilian couple were arrested recently, after they attempted to smuggle controlled substances into Israel. The two suspects – both Brazilian nationals in their 40s – arrived in Israel at Ben Gurion International Airport. While passing through customs, the two aroused the suspicion of airport security officials, who detained the couple for further questioning, a police spokesperson said. During questioning, ... Read More »

Florida gun dealer who smuggled AK-47s in water heaters to Brazil sentenced to 13 years

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A gun dealer who pocketed millions from selling weapons to criminals in his native Brazil was sentenced to about 13 years in prison on for smuggling more than 1,000 firearms — including assault-style rifles hidden in water heaters shipped from Miami to Rio de Janeiro. Frederik Barbieri, 47, who was arrested with a cache of weapons at his Florida home, ... Read More »

Brazilian couple nabbed smuggling drugs into Israel

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A Brazilian couple were arrested recently, after they attempted to smuggle controlled substances into Israel. The two suspects – both Brazilian nationals in their 40s – arrived in Israel at Ben Gurion International Airport on Sunday, June 17th. While passing through customs, the two aroused the suspicion of airport security officials, who detained the couple for further questioning, a police ... Read More »

Woman Tried To Smuggle In Cocaine In 106 Capsules That She Had Swallowed

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The Narcotics Control Bureau (NCB) has arrested a 25-year-old Brazillian woman for allegedly smuggling cocaine in 106 self-swallowed capsules, officials said on Sunday. The NCB recovered 930 gram of pure South American Cocaine in the 106 capsules from the woman who was caught at the Indira Gandhi International airport on May 14 based on intelligence inputs. The woman had arrived ... Read More »

Brazil May See Negative Impact from US-China Trade War

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RIO DE JANEIRO, BRAZIL: On Thursday the United States began charging a 25 percent import surcharge on 279 Chinese products and now more than 1,000 Chinese products have a surcharge when entering the U.S. This increased U.S. protectionism, however, is not likely to be translated into gains for Brazilian exports, say analysts. “It’s not even a question of opening the ... Read More »

17 of the Biggest Drug Busts in US History Are Worth Billions

QUITO, ECUADOR:  Marijuana packages are displayed by Bolivian police 28 November 2000 in Quito confiscated during Operation Galaxy. Un policia antinarcotico vigila paquetes de marihuana que fueron incautados en una accion denominada "Operativo Galaxia" donde se desarticulo una poderosa banda internacional de narcotraficantes, en Quito 28 de Noviembre de 2000. La policia incauto aproximadamente 5.450 Kg de marihuana que transitaba en un camion en la ciudad de Quito, la cual tenia como destino final el puerto de Liverpool en Inglaterra. AFP PHOTO/MARTIN BERNETTI (Photo credit should read MARTIN BERNETTI/AFP/Getty Images)

From Wall Street to the underworld, if there’s one thing we’ve learned it’s that crime pays and pays big. Drug trafficking is probably the most lucrative illegal money maker, which the richest drug dealers of all time can attest to. Kingpins can make billions when their drugs hit the street, but the authorities do their best to prevent that from ... Read More »

Brazil space station open for small satellite business

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ALCANTARA SPACE CENTER, Brazil: Brazil is ready to launch small commercial rockets from its space base near the equator as soon as it agrees to safeguard US technology that is dominant in the industry, the Brazilian Air Force officer managing the space program said. Brig. Major Luiz Fernando Aguiar said Brazil wants to get a piece of the $300 billion-a-year ... Read More »

Liquid cocaine from Brazil being smuggled in Delhi via condoms

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International smugglers are now trying to crack the Capitals drug market with liquid cocaine. And they are using condoms to ensure extra protection for the illicit cargo. Sources told Mail Today on Wednesday that South American drug cartels have roped in African syndicates to pump liquid cocaine into the bloodstream of Delhis party circuit. The Narcotics Control Bureau (NCB) has ... Read More »

Brazilian woman arrested from New Delhi airport for smuggling cocaine worth Rs 6 crore by swallowing 106 capsules

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A 25-year-old Brazilian woman has been arrested by the Narcotics Control Bureau (NCB) from the Indira Gandhi International (IGI) airport in New Delhi for allegedly smuggling cocaine in 106 self-swallowed capsules, officials said on Sunday. The woman was apprehended by the NCB sleuths upon her arrival from Sao Paulo in Brazil, based on an intelligence input. She was subsequently taken ... Read More »

Mercadona, Brazilian business boost Jealsa’s 2017 sales

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Tuna sales to Spanish retailer Mercadona and business in Brazil and Italy boosted Spanish canned tuna producer Corporacion Empresarial Jealsa’s turnover last year, which jumped 16% in 2017 to over €630 million, the company said. The canned fish division was the “fundamental pillar” for the increase in sales, despite challenges due to the rise in raw material prices, Jealsa said. ... Read More »

Brazil Business Aviation Looking Confidently to Future

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Although the annual Brazilian LABACE show is relatively small, it is celebrating its 16th year (although it’s the 15th show as one was skipped), and a dedicated group of exhibitors and attendees once again filled the exhibit hall and static display ramp. Aircraft manufacturers and local service providers remain optimistic about the business aviation market in Brazil, although most are ... Read More »