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Brazil

Brazil’s Petrobras wins court decision in 7.8 bln real tax case

petrobras

RIO DE JANEIRO: Brazilian state-run oil giant Petróleo Brasileiro SA said on Thursday it won a tax case worth 7.8 billion reais ($2.5 billion) in a tax court. The case hinged on whether Petrobras, as the company is known, could deduct expenses it incurred in oil and gas production from its corporate tax payment as well as a levy on ... Read More »

Brazil August economic activity down the most in 5 months

ECONOMIC ACTIVITY

BRASILIA: Economic activity in Brazil contracted in August at the fastest pace in five months, suggesting a less stable economic recovery than previously anticipated. Activity fell 0.38 percent after seasonal adjustments, central bank data showed, following a downwardly revised 0.36 percent increase the month before. The median forecast in a Reuters poll indicated a 0.15 percent monthly contraction in August. ... Read More »

Brazil’s GPA net sales up 8.1% in Q3

SALES

BRASILIA: Third-quarter net sales at Brazil’s GPA SA, Brazil’s No. 2 diversified retailer, rose 8.1 percent year-on-year to 10.9 billion reais ($3.45 billion). GPA said in a statement on Monday that a 25.2 percent rise in cash-and-carry segment sales helped drive overall sales higher for the period. GPA is owned by France’s Casino Guichard Perrachon SA. Read More »

Brazil’s JBS withdraws plan for U.S. processed food unit IPO

JBS

BRASILIA: JBS SA has pulled a planned $500 million initial public offering of processed food subsidiary JBS Foods International BV, almost six months after a spree of corruption and food safety scandals hurt investor demand for the deal. In a U.S. Securities and Exchange Commission filing dated Friday, JBS Foods International requested a withdrawal of the IPO because it “decided ... Read More »

Brazilian central bank insists on need to limit pension spending

bcb

BRASILIA: Brazil’s lawmakers can’t duck their responsibility to pass belt-tightening measures, central bank President Ilan Goldfajn told a Senate hearing in Brasilia this week. Reform proposals, particularly a constitutional amendment to limit pension spending, will help keep inflation low, reduce the structural interest rate and buoy the country’s overall recovery, Goldfajn said. Brazil’s central bank has cut 600 basis points ... Read More »

Brazil’s Cosan to buy shell’s Comgas stake for $365 mln

cosan

SAO PAULO: Brazilian energy conglomerate Cosan SA Industria e Comércio agreed on Tuesday to pay its partner Royal Dutch Shell Plc 1.16 billion reais (276.52 million pounds) for a 16.8 percent stake in gas distribution company Companhia de Gás de São Paulo, or Comgás. Cosan said it will transfer shares equal to 5 percent of its own capital plus 209 ... Read More »

Brazil auto industry sees 2018 sales, output growth over 10%

autosales

SAO PAULO: Auto industry leaders projected sales and output growth of more than 10 percent in Brazil next year at an industry event on Monday, underscoring hopes for a rebounding market as Mercedes-Benz announced new investments in bus and truck plants. Antonio Megale, the head of industry group Anfavea, said global automakers in Brazil would likely produce some 3 million ... Read More »

Brazil may allow government to bail out struggling banks

banks

SAO PAULO: Brazil may introduce legislation that allows the government to partially bail out struggling banks with taxpayer money as a measure of last resort, the newspaper Valor Econômico reported on Monday. Before such a move, creditors and depositors could be forced to accept losses, a measure known as “bail-in” designed to reduce the burden on taxpayers, the paper said, ... Read More »

Brazil inflation continues to drop

CONSUMER PRICE DROP

BRASÍLIA: Inflation in Brazil continued to slow in September, the government statistics office said Friday, with a year-on-year price gain of 2.54 percent. The consumer price index climbed 0.16 percent, down from August, when it rose 0.19 percent, according to the IGBE statistics office, as the country slowly exists from its worst recession on record. In the first nine months ... Read More »

Brazil’s Senate approves changes to tax renegotiation plan

New Zealand meat, wine exports to face uncertainty on U.S border tax

BRASILIA: The Brazilian Senate on Thursday approved a decree instituting more favorable terms to taxpayers in a tax debt renegotiation program, potentially reducing revenues for the government as it struggles to close a gaping budget deficit. The program, known as Refis, offers incentives for taxpayers to repay overdue debts in monthly installments. Lawmakers removed an excerpt granting pardon to churches ... Read More »

Brazil soy exports unfazed despite record U.S. campaign

SOY

CHICAGO: Brazilian farmers have been hesitant to sell their 2016/17 corn and soybeans over the past year, but that has not held the country back from already tallying record exports for both crops with a few months still left in the season (graphic). Brazil and the United States are the two leading suppliers of both corn and soybeans, and together ... Read More »

Brazil trade surplus hits new record

trade surplus

BRASÍLIA: Brazil posted a record trade surplus in the first nine months of the year, the highest for the period since the trade ministry began compiling figures in 1989. The surplus was US$53.3bn in January-September, up from US$36.2bn in the same period of 2016, according to the trade ministry. In September, Brazil’s monthly trade surplus reached US$5.18bn, up from US$3.8bn ... Read More »

Brazil’s minister says inflation to end 2017 below 3%

Finland inflation highest since Sep-2014

RIO DE JANEIRO: Brazil’s inflation rate will probably end the year below 3 percent, undershooting the lower bound of the official target range, Planning Minister Dyogo Oliveira said on Monday. “We are witnessing a very healthy process of economic recovery in Brazil,” Oliveira said at an event. Read More »

Brazilian banana exports up by almost 61%

banana

BRASÍLIA: Brazilian banana exports have increased by almost 61% from January to August of this year compared to that same period in 2016, having totaled 23,200 tonnes, according to the Center for Advanced Studies in Applied Economics (Cepea). Despite the low prices achieved in the national market, the fall in exports reflects the fruit’s low quality and its reduced competitiveness ... Read More »

Brazil raises tariffs on U.S. ethanol exports

index rises

BRASÍLIA: According to recent reports, Brazil has imposed a 20 percent tariff on U.S. ethanol imports. The tariff is a 2-year tariff rate quota (TRQ) and will take place when imports from the United States surpass 158 million gallons. The action has caused agricultural trade organizations representing biofuels and grain interests to urge lawmakers to take immediate action against this ... Read More »

Brazil bank lending falls 0.1% in August, defaults stable

fall in revenue

BRASILIA: Brazilian bank lending slipped 0.1 percent in August from the previous month due to a drop in loans to companies, while defaults remained flat at a six-month low, the central bank said on Wednesday. Defaults of 90 days or more, a benchmark gauge for loan delinquencies, came in at 5.6 percent of non-earmarked, outstanding credit last month, the bank ... Read More »

Brazil’s beef exports to return near to record, as scandal blows over

beef export

BRASÍLIA: Brazil’s beef exports will return close to a record high net year, encouraged by revived growth in the cattle herd, and the industry’s success in avoiding lasting bans from importers over a slaughterhouse scandal. Brazil will export 1.91m tonnes of beef in 2018, a fourth successive year of recovery, and returning shipments to 4,000 tonnes from the record high ... Read More »

Brazil gives BRF nod to export from Mineiros plant after scandal

export

SAO PAULO: Brazil’s Ministry of Agriculture has granted BRF SA, the country’s largest chicken exporter, permission to resume exports from a plant in the state of Goiás that was temporarily closed after a food inspection scandal. In a statement on Friday, BRF said in coming months foreign inspectors should visit the plant in the city of Mineiros to grant final ... Read More »

Brazilian apple exports recover following huge decline

apple exports

BRASÍLIA: The 2017 Brazilian apple season has wrapped up with a marked recovery in exports after volumes were cut in half last year.  Brazil’s national statistics service Aliceweb shows total exports from January through August this year were registered at 55,415 metric tons (MT). This would mark an  81% rise from the 30,636MT exported last year, but just an 8% ... Read More »

Brazil sugar output to hit three-year low, as ethanol hits back

sugar

BRASÍLIA: Sugar production in Brazil’s key Centre South region will drop to a three-year low next season as a dearth of replanting takes its toll on cane yields, and with ethanol raising its take of the harvest. Kingsman pegged sugar output in the Centre South, which is responsible for more than 90% of output in the top producing country, at ... Read More »