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Brazil

Brazil keen to develop trade relations with Pakistan: Claudio Lins

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LAHORE: Brazil’s Ambassador Claudio Lins said that Brazil is keen to strengthen government-to-government and private-to-private sector relations with Pakistan in larger interest of the both countries. While talking to the Lahore Chamber of Commerce and Industry (LCCI) Acting President Muhammad Nasir Hameed Khan, he said that Brazilian economy is on the rise therefore Pakistani businessmen should utilise the available opportunities ... Read More »

Brazil’s Vale produces 349m tonnes of iron ore in 2016

BRAZIL

BRASÍLIA: Brazilian miner Vale SA said on Thursday it produced a record 349 million tonnes of iron ore in 2016, above its own guidance, helped by the successful ramping up of its new S11D mine in the Amazon. The world’s largest producer of iron ore had guided that output would be at the lower end of a range of 340-350 ... Read More »

Brazil lawmakers approve amnesty program to raise revenues

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BRASÍLIA: Brazil’s Lower House of Congress on Wednesday approved a bill that reopens a program providing an amnesty against criminal prosecution to Brazilians holding undeclared assets abroad if they pay tax and a fine. In a 303 to 124 vote, lawmakers approved legislation that is expected to yield 13.2 billion reais ($4.32 billion) in extra revenues this year. The bill, ... Read More »

Brazil prepares tax breaks for datacenters

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BRASÍLIA: The Brazilian government is preparing a set of measures, including tax breaks, to boost the development and construction of datacenters in the country. The announcement was made by André Borges, the head of telecommunications at the ministry of science, technology, innovation and communications, and a ministerial source confirmed these plans to BNamericas. Speaking during a telecommunications seminar in federal ... Read More »

Brazil’s Temer denies shielding ally from corruption case

Brazil's President Michel Temer gives a speech about the country's biggest corruption investigation at the Planalto Palace in Brasilia, Brazil February 13, 2017. REUTERS/Adriano Machado

Brazilian President Michel Temer on Monday dismissed criticism that he promoted a close aide to shield him from prosecution and vowed to dismiss any minister indicted for corruption. Although he did not mention the aide by name, the statement by Temer follows an uproar in Brazil that was triggered by the president promoting Wellington Moreira Franco on Feb. 2 to ... Read More »

Brazilian iron ore exports to China swell in Jan

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BRASÍLIA: Exports of Brazilian iron ore to China during the first month of the year increased 36.5% year-on-year to 16.2Mt as revenue jumped some 244% to US$874mn, foreign trade department Secex reported. Manganese ore shipments to the Asian giant rose 53.2% to 107,259t in the period and revenue soared 705% to US$30.4mn, Secex said. Meanwhile, revenue from ferro-niobium exports to ... Read More »

Brazil’s Localiza posts 1.4% fall in Q4 net profit

BRAZIL

BRASÍLIA: Brazilian car rental firm Localiza (RENT3.SA) on Sunday said fourth-quarter net profit fell 1.4 percent from the previous year to 104.4 million reais ($33.49 million). Localiza posted a full-year 2016 net profit of 409.3 million reais, up 1.7 percent on 2015, the company said in a statement on its website. The company said the fourth-quarter fall in profit was ... Read More »

Brazil releases payment rules for tax debt program

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BRASÍLIA: Brazilian companies have now received the information they need to participate in a new government program offering largely favorable terms for the payment of tax debts. The federal revenue service Feb. 1 released Normative Instruction 1687 containing rules for the Tax Regularization Program established by a government decree issued Jan. 5. The informative instruction defines what credits companies can ... Read More »

Brazil ends proceedings against steel association

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BRASÍLIA: Brazil’s competition watchdog Cade has agreed to end administrative proceedings against local steel association IABr regarding claims the trade group abused its rights to request injunctions, the antitrust authority said in a statement. IABr was being accused of trying to damage legally established steel rebar importers in the country. The proceedings were requested in 2011 by the national association ... Read More »

Brazil’s Aluminium export volumes up, revenues down in 2016

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BRASÍLIA: Though overall volumes were up, according to numbers released by Abal, revenue from primary aluminium into Brazil were down somewhat over the course of the first nine months of 2016, off by over ten percent year-on-year. Between January and September of 2016, Brazil exported 259.1 thousand metric tons, which was good for a 10.5% increase over the first nine ... Read More »

Brazil state opposes Cemig sale to join debt plan

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BRASÍLIA: The Brazilian state of Minas Gerais opposes the sale of the controlling stake it has in power utility Cia Energética de Minas Gerais SA as a condition to join a federal government-backed debt relief plan, a person with direct knowledge of the matter said. According to the person, who requested anonymity because of the sensitivity of the issue, mineral-rich ... Read More »

Brazil’s Cielo misses profit estimates as costs, expenses rise

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BRASÍLIA: Brazil’s largest payments solutions firm, missed fourth-quarter profit estimates after costs and expenses rose faster than revenue and transaction volumes faltered in the face of the country’s harshest recession on record. Net income at Barueri, Brazil-based Cielo reached 1.064 billion reais ($340 million) last quarter, up 1.2 percent from the prior three months. The result was below a consensus ... Read More »

Brazil tax revenues down 3% in 2016

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BRASÍLIA: Brazil collected 1.29 trillion reais ($416 billion) in federal taxes in all of 2016, down 2.97 percent in real terms from last year due to a two-year recession that has destroyed hundreds of businesses and left millions unemployed. Tax collection dropped 1.19 percent to 127.607 billion reais in December from the same month a year ago. Read More »

Wipro’s IT services revenue Q3 rises 0.6%

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BRASÍLIA: Wipro’s third-quarter IT services revenue rose 0.6% sequentially, meeting the lower end of its guidance and the third-largest Indian software services company said it had bought Brazil-based IT services provider InfoSERVER for $8.7 million. “Two decade old InfoSERVER, which counts some of the biggest Brazilian banks as its clients, will help Wipro in expanding its presence in the country’s ... Read More »

Brazilian port wide customs strike ends

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BRASÍLIA: The long-standing and damaging series of strikes and slowdowns by customs officers in Brazil has ended, according to officials in the capital Brasilia and the port of Santos. The dispute over pay, pensions, and working conditions began in July 2016 and has done serious damage to shippers’ bottom lines and the Brazilian economy. The port of Santos alone has ... Read More »

Brazil may double dairy product exports to Middle East

BRAZIL

BRASÍLIA: Brazil may double dairy product exports to the Arab countries next year, according to the president of the Brazilian Association of Milk Producers (Leite Brasil), Jorge Rubez. Of the US$ 78 million the sector generated with exports of milk and dairy products between October last year and September this year, US$ 27.5 million, or 35%, came from the Arabs. ... Read More »

Brazil rules out changes to pension reform plan

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BRASÍLIA: Brazil’s government has ruled out significant changes to its pension reform plan as the market has already priced in its approval in its current form, according to President Michel Temer’s top aide. Expressing confidence that Congress would pass the government’s proposal in the first half of 2017, presidential chief of staff Eliseu Padilha said that there would be no ... Read More »

Brazil shares higher at close of trade; Bovespa up 0.89%

trade

BRASÍLIA: Brazil equities were higher at the close on Friday, as gains in the Real Estate, Public Utilities and Consumption sectors propelled shares higher. At the close in Sao Paulo, the Bovespa rose 0.89% to hit a new 1-month high. The biggest gainers of the session on the Bovespa were Usinas Siderurgicas de Minas Gerais (SA:USIM5), which rose 5.24% or ... Read More »

Brazil’s exports to Arabs totaled USD 11.5 bln in 2016

importexports

São Paulo: Brazil’s exports to Arab countries in 2016 totaled USD 11.47 billion, a decline of 5.34% over 2015. The volume shipped reached 35.91 million tons, down 18.69% in the same comparison. The data was provided by the Ministry of Industry, Foreign Trade and Services (MDIC) and organized by the Arab Brazilian Chamber of Commerce. “There was a drop in ... Read More »

Iron ore exports by Brazil shrink 11% in Dec

iron-ore

BRASÍLIA: The country’s iron ore exports increased sharply during the month of December this year, says latest statistics released by the Ministry of Development, Industry and Commerce (MDIC) of Brazil. Brazil’s iron ore exports totaled 35.117 million tons during the month. This is lower by 11.1% when matched with the exports during the corresponding month the year before. The country ... Read More »