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Brazil

Brazil-China joint ventures could boost soymeal trade: China diplomat

Qu Yuhui, Minister-Counselor at the Chinese embassy in Brazil, poses for a picture after an interview with Reuters in Brasilia, Brazil August 10, 2018.  REUTERS/Adriano Machado

BRASILIA: Chinese and Brazilian companies could form soy-processing joint ventures as a way for Latin America’s largest economy to export more processed soymeal to its top buyer of raw soybeans, a senior Chinese diplomat in Brazil said in an interview. Chinese firms overwhelmingly process soybeans in domestic plants rather than buying soymeal directly from Brazil, but companies will choose whatever ... Read More »

Latin America’s biggest port just made its largest cocaine seizure ever — the latest bust in a thriving drug-trafficking corridor

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Federal officials in Brazil intercepted a shipment of 2,052 kilos of cocaine on Friday at the port of Santos in the country’s southeast, near São Paulo. It was the biggest bust ever made at the port, according to Brazil’s Federal Revenue service. Brazilian Revenue officials found the drugs at a container terminal at a wharf in Guaruja. During a survey ... 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 Monday. During ... Read More »

Brazil says China to evaluate trade barriers on sugar, poultry

FILE PHOTO: Brazil's President Michel Temer, South Africa's President Cyril Ramaphosa and China's President Xi Jinping attend the BRICS summit meeting in Johannesburg, South Africa, July 27, 2018. REUTERS/Mike Hutchings

SAO PAULO: China’s President Xi Jinping has told his Brazilian counterpart Michel Temer that the country will evaluate trade barriers the Asian nation imposed on Brazilian raw sugar and poultry imports, Temer said. The Brazilian and the Chinese presidents met last week during the BRICS summit in South Africa. Temer said during a meeting at Sao Paulo’s industry federation Fiesp ... Read More »

Is Hezbollah smuggling weapons to Brazil?

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Hezbollah is being investigated in Brazil for the illegal trade of firearms, Brazil’s influential O Globo newspaper reported. According to the report in the Rio de Janeiro-based paper, Federal investigators in Brazil have been probing possible ties between Lebanon and criminal gangs in Brazil for the past eight years. Hezbollah-linked groups allegedly began smuggling arms into Brazil back in 2006, ... Read More »

Brazil court says arbitration to decide Itambé deal with Lactalis

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SAO PAULO: A Brazilian appeals court confirmed that only private arbitration may decide whether France’s Groupe Lactalis SA may proceed with the acquisition of dairy company Itambé Alimentos SA, according to court documents seen by Reuters. An arbitration at the Brazil-Canada Chamber of Commerce will decide if the acquisition broke a former shareholders agreement in Itambé. The Brazilian dairy company ... Read More »

Brazil maintains key interest rate at 6.5%

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Brazil’s central bank maintained its key interest rate at 6.5 per cent Wednesday, as expected, with inflation considered to be under control despite strong depreciation of the real and a costly truckers’ strike. The bank said the truckers’ strike, which shut down much of the economy for more than a week in May, “made it difficult to read the current ... Read More »

Brazil overhauls decades-old mining law to lure investment

Brazil's President Michel Temer reacts after issuing two decrees overhauling 50-year-old mining laws in attempt to draw investment to the sector and implementing rules on the collection of higher mining royalties, at Planalto Palace in Brasilia, Brazil June 12, 2018. REUTERS/Adriano Machado

BRASILIA: Brazil’s President Michel Temer issued two decrees overhauling 50-year-old mining laws in attempt to draw investment to the sector and implementing rules on the collection of higher mining royalties. The changes to the 1967 mining code include measures to allow for mining titles to be used as guarantees for financing, aimed at stimulating investment in sector and to allow ... Read More »

Chevron names Brazil chief to lead Venezuela operations after arrests

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RIO DE JANEIRO/HOUSTON: US oil producer Chevron Corp (CVX.N) has permanently assigned its Brazil country chief to run its Venezuelan operations after the months-long detention of two executives escalated tensions between the OPEC-member nation and foreign oil firms. Javier La Rosa, who had been president of Chevron Brazil since 2016, this month was named president of Chevron Venezuela, the company ... Read More »

Brazil shippers concerned about higher post-strike truck rates

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Slowly, Brazil is recovering from the truckers strike and will likely continue to a gradual recovery, given the damage the 10-day strike inflicted on shippers, ports, and businesses — damage that brought the country’s trade transport to a standstill, basically. Although several experts have forecast that container operations could return to normal “within another 10 to 15 days,” neither Brazil ... Read More »

Billion Dollar Losses in Brazil Due to Truckers’ Strike

Greve de caminhoneiros causa desabastecimento na Ceasa, na zona norte do Rio de Janeiro.

RIO DE JANEIRO, BRAZIL – As Brazil tries to get back to normal after nine days of protests by truck drivers, retailers, farmers and exporters now sit down to calculate the economic damages caused by demonstrators. The roadblocks that paralyzed the flow of production across Brazil since last week have caused estimated losses of at least R$34 billion to the ... Read More »

Free market vs subsidies at heart of Brazil truckers’ strike

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RIO DE JANEIRO (AP) — Brazilian cabinet ministers called on truckers to end a crippling eight-day strike that has led to major shortages and disruptions in Latin America’s largest nation, saying the government had gone as far as it could to meet their demands. The ministers spoke in Brasilia hours after President Michel Temer announced a series of measures aimed ... Read More »

Brazil to Maintain Benchmark Interest Rate at 6.5 Percent

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RIO DE JANEIRO, BRAZIL – Despite the continuing low inflation rate, the recent strong devaluation of the Brazilian currency and decreasing economic activity, Brazil’s Monetary Policy Committee (COPOM) surprised the market and announced on Wednesday it was maintaining the country’s benchmark interest rate (SELIC) at 6.5 percent per year. “Taking into account the baseline scenario, the balance of risks, and ... Read More »

Brazil truckers pledge more fuel protests despite tax proposal

Brazilian truck drivers block the BR-116 highway with their trucks during a strike in Curitiba, Brazil May 21, 2018.   REUTERS/Rodolfo Buhrer

SAO PAULO: Brazilian truck drivers vowed to extend their protest against high fuel prices into a third day despite a government compromise to cut a fuel tax, threatening to slow economic activity and interrupt exports of grains and other goods. Thousands of trucks were parked to obstruct major roads as the protests interrupted traffic along a major soy shipping route ... Read More »

Brazil March soy exports fall short of record as harvest delay hits

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BRASILIA: Brazil exported 8.8 million mt of soybeans in March, according to customs data, falling short of the record 8.98 million mt it exported the year before. The figures take the total exported in the first quarter of 2018 to 13.22 million mt, down 180,000 mt on the same period last year. Exports fell short of a monthly record for ... Read More »

Solar Panel Certification Process in Brazil

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Brazil is more advanced than most countries around the globe when it comes to clean energy, but the solar power presence is yet to be expanded in the energy matrix. This article outlines the certification process of solar panels to Brazil. Brazil is known for having one of the most sustainable energy matrix in the world, with 41,2% of the ... Read More »

He’s Vulgar, Offensive and Wildly Popular With Traders in Brazil

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The laughter and the applause could be heard all the way down the hall, where the press had been instructed to stay. Loud, spontaneous outbursts of glee that came in waves — one after another — over the course of 90 minutes. The speaker: Jair Bolsonaro, the radical firebrand running for president in Brazil. The venue: BTG Pactual’s annual conference ... Read More »

Drought damages big portion of corn in Brazil’s Mato Grosso

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SINOP, Brazil: Brazil’s largest grain producing state of Mato Grosso is expected to harvest up to 15 percent less of so-called second corn because of a drought, the president of a group representing farmers in the region. Mato Grosso farmers will collect an estimated 25 million tonnes of second corn this year, according to Antonio Galvan, the state head of ... Read More »

Anti-Corruption Crusader in Brazil Says He Won’t Run for President

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SÃO PAULO, Brazil — The man many Brazilians thought would shake up October’s presidential election, Joaquim Barbosa, Brazil’s first black Supreme Court justice, announced on Tuesday that he would not run, upending the already unpredictable race. Mr. Barbosa, 63, had joined the Brazilian Socialist Party in April, raising the prospect of a presidential bid. Even without declaring his candidacy, he ... Read More »

Police Report Suggests Brazil President Temer Used Family Assets to Launder Money

BRASÍLIA, DF, 04.04.2018: MICHEL-TEMER - O presidente Michel Temer sanciona lei que flexibiliza o horário de transmissão do programa Voz do Brasil, no Palácio do Planalto, em Brasília, nesta quarta-feira. (Foto: Walterson Rosa/FramePhoto/Folhapress)

Six months ago, a Federal Police investigation began looking into the approval of a bill concerning the country’s port sector. It now believes that president Michel Temer, one of the investigation’s main suspects, may have laundered bribe money through the renovation of properties belonging to family members and acquired assets registered under other people’s names in order to conceal assets. ... Read More »