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Brazil

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

U.S. Immigration and Customs Enforcement (ICE)

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

Brazil JBS-BRF

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

brf-group

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 »

KNCCI eyes more trade with Brazil in new deal

kncci_logo_Kenya National Chamber of Commerce and Industry

NAIROBI: Trade between Kenya and the Latin America received a major boost after the Kenya National Chamber of Commerce and Industry secured two Memorandums of Understanding with Argentina and Brazil. KNCCI entered into trade agreements with the Sao Paulo based -Afro Brazil Chambers of Commerce and Argentina’s Rosario Chamber of Commerce, a move likely to increase trade, investments, and secure ... Read More »

Brazil’s BR Malls faces 464% decline in net income in Q4

Bangladesh’s SoBs facing capital shortfall of Tk150b

BRASILIA: Brazilian mall operator BR Malls Participações reported an annual 464 percent fall in net income to a negative 147.6 million Reais in the fourth quarter as an economic downturn weighed on results. The figure was well below a consensus estimate of a 68.81 million Reais net profit. For the first time in history, BR Malls reported a fall in ... Read More »

Credit Suisse Cuts Brazilian Stocks

Switzerland’s second largest bank to cut 6,500 jobs this year

BRASILIA: About a year after upgrading the country’s stocks to buy, Credit Suisse Group AG is telling investors to take profits based on 10 reasons that basically boil down to the idea that the rally has gotten ahead of fundamentals. Credit Suisse says the real is overvalued, growth forecasts are underwhelming and equity valuations are too high. “We have run ... Read More »

Brazilian Police seizes 40m Venezuelan bolivars from a drug trafficker

Brazilian Police seizes 40m Venezuelan bolivars from a drug trafficker

RIO: About 40 million Venezuelan bolivars or US$4 million, have been found and seized by the police in a favela of Rio de Janeiro, Brazil. The police raid followed an anonymous call. They found the bills hidden in one of the vehicles belonging to one of the region’s main drug-traffickers in Caju favela, an urban neighborhood. The police seized the ... Read More »

Brazil expects positive turnout of airport auction

airport auction

BRASILIA: Brazil is confident of strong investor turnout at an auction next week for the rights to run four airports, two government sources said on Friday, with at least nine operators showing appetite for one of the first in a wave of privatizations. Spanish operators Aena SA, Obrascon Huarte Lain SA and Ferrovial SA, Germany’s Fraport AG and AviAlliance, France’s ... Read More »

Brazil exports melons worth US$60.66m in two Jan. & Feb. 2017

Melons

BRASILIA: According to the Ministry of Industry and Foreign Trade (MDIC), Rio Grande do Norte exported 60.66 million dollars in the first two months of this year, i.e. 45.25% more than in the first two months of 2016. Exports were driven by fruit exports, especially of melon and watermelon. The state’s melon exports increased from 9.75 million dollars in the ... Read More »

Brazil considers China a priority market for trade

Brazil considers China a priority market for trade

BRASILIA: China is considered a priority market in the work plan of the Brazilian Trade and Investment Promotion Agency (Apex), said the chairman, Ambassador Roberto Jaguaribe. In this context, exchange with the Pan Pearl River Delta can help to improve the relationship between Brazil and China, the diplomat said during a meeting with a delegation of about 50 representatives of ... Read More »

Brazil’s recession continues, faces worst decline

Brazil

BRASILIA: Brazil is in the midst of a two-year recession, the worst decline on record for the Latin America nation. Brazil’s economy decreased 3.6 percent in one year after a 3.8 percent decline in 2015. Unemployment has increased to 12.6 percent, a 76 percent increase in just two years, and 12.9 million people are now out of work. The nation, ... Read More »

Brazil GDP slips 0.9% in Q4 of 2016

gdp_slips - down

BRASILIA: Brazil’s economy worsened more than feared at the end of 2016, possibly paving the way for bolder interest rate cuts by its central bank. Brazilian gross domestic product shrank at an outsized quarterly rate of 0.9% in the last three months of last year amid further weakness in consumption and a smaller contribution from net exports. Household consumption fell ... Read More »

Egypt seeks further trade, investment in Brazil

Egypt and Brazil

SAO PAULO: The president of the Arab Brazilian Chamber of Commerce, Rubens Hannun, had several meetings in Cairo over the weekend with top-ranking Egyptian government authorities to discuss ways to increase trade, investments and cooperation involving Brazil and Egypt. According to details, he met with minister of Supplies Ali Moselhy. Arab countries in general, and Egypt in particular, are greatly ... Read More »

Brazil’s February oil exports 12% higher than January

Brazil’s February oil exports 12% higher than January

BRASILIA: Brazil’s oil exports jumped by 94 percent on the year in February, beating the previous record from January, as new offshore production is consistently coming on stream, according to data by the Brazilian trade ministry. February oil exports stood at 45.7 million barrels, which was 12 percent higher than in January. The surge in oil exports was a function ... Read More »

Brookfield Asset Management Inc. to buy 30% stake in Brazilian Renova Energia

Brookfield Asset Management Inc. to buy 30% stake in Brazilian Renova Energia

SAO PAULO: Brookfield Asset Management Inc is nearing an accord to buy a 30 percent stake in Renova Energia SA, which would include 800 million reais ($258 million) in fresh capital for the Brazilian renewable energy company, a person directly involved in the transaction said. Under terms of the deal, which could be announced in coming weeks, Canada’s Brookfield BAMa.TO ... Read More »

South Korea ready to open its market for Brazilian mango

Brazilian mango

SEOUL: South Korea is opening its market to Brazilian mango after 13 years of negotiation, according to an announcement made this week by the Brazilian Ministry of Agriculture Livestock and Food Supply (Mapa). The partnership between the Asian and Latin American countries comes after a mission from South Korea joined Mapa’s minister Blairo Maggi on an inspection trip to the ... Read More »

Brazil temporarily holds Robusta imports from Vietnam

Robusta

BRASILIA: Brazil’s plan to address a shortage of Robusta beans through imports from Vietnam has been put on hold due to an outcry from farmers. Brazil’s President, Michael Termer was forced to back flip on the plan just days after it was announced due to the fierce pushback from the nation’s coffee farmers. Brazil’s Robusta crop has been hit by ... Read More »

90 Brazilian Companies to exhibit at Gulfood expo 2017

gulf food

SAO PAULO: Over 90 Brazilian companies will be exhibitors at the Gulfood expo as of February 26 in Dubai, the United Arab Emirates. Gulfood is the Middle East’s premier food industry show, and the Brazilian-based enterprises plan on both finding new clients and building rapport with existing ones. The Arab Brazilian Chamber of Commerce and the Brazilian Export and Investment ... Read More »