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Brazil

Brazil’s economic recovery hinges on fiscal reforms, central banker says

FILE PHOTO: A costumer looks for drinks at a supermarket in Rio de Janeiro, Brazil May 10, 2019. REUTERS/Pilar Olivares/File Photo

BRASILIA: The Brazilian economy’s ability to emerge from its current funk and return to “more robust” levels of growth largely hinges on the approval and implementation of fiscal reforms, the central bank’s deputy governor said on Tuesday. In a presentation to the OMFIF think tank in London, Tiago Berriel also said inflation is under control and that the central bank’s ... Read More »

Brazil will not bar Huawei from 5G network -vice president

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BRASILIA: Brazilian Vice President Hamilton Mourao on Friday told journalists that the government will not exclude Chinese telecom company Huawei Technologies Co from operating a fifth-generation (5G) mobile telecoms network in Latin America’s largest economy. The United States has asked countries to reject Huawei technology in the development of new mobile phone networks, arguing that it could be vulnerable to ... Read More »

Portugal sees Brazilian student boom, with more than 12,000 in higher ed

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Recent data shared by the government showed that 12,200 Brazilians enrolled in the Portuguese higher education system in 2017, the most numerous nationality among 42,500 international students. In 2006, data showed 1,900 Brazilian students enrolled in Portugal, meaning numbers have grown by 540% over the last decade. This was part of a general trend seeing Brazilian nationals moving to Portugal, ... Read More »

What’s gone wrong with Brazil’s economy?

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When Brazil’s far-right president Jair Bolsonaro took office, many in the country were concerned that the divisive politician would not be able to bring the country together. But one sector was almost unanimous in praising Mr Bolsonaro’s rise to power: business people. Brazil’s president boasted during the election that he did not understand anything about economics. Once in power, he ... Read More »

Brazil to revamp Amazon Fund after finding irregularities -minister

FILE PHOTO: Amazon.com's logo is seen at Amazon Japan's office building in Tokyo, Japan, August 8, 2016. REUTERS/Kim Kyung-Hoon/File Photo

SAO PAULO: Brazil will overhaul rules for selecting projects to reduce deforestation supported by the Amazon Fund, which is financed by Norway and Germany, after discovering irregularities in spending, Environment Minister Ricardo Salles said. Salles said non-governmental organizations (NGOs) had failed to account for the way they use money disbursed to them from the $1.28 billion fund administered by Brazilian ... Read More »

Brazil Studies Reduction of Cigarette Tax to Curb Smuggling

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RIO DE JANEIRO, BRAZIL: By the end of June, the Ministry of Justice (MJ) should decide on a tax reduction on cigarettes manufactured in Brazil. In March, an ordinance signed by Minister Sérgio Moro established a working group to assess whether tax changes would help “reduce the consumption of low-quality foreign cigarettes”. The introduction of this group was criticized by ... Read More »

Brazil to cut import tariffs by 10 percentage points: economy minister

FILE PHOTO: Brazil's Economy Minister Paulo Guedes attends a session of the commission of the pension reform bill at the National Congress in Brasilia, Brazil May 8, 2019. REUTERS/Adriano Machado

RIO DE JANEIIRO: Brazil plans to reduce import tariffs by 10 percentage points during the new government’s four-year term, Economy Minister Paulo Guedes said, a move away from the direction currently being taken by countries such as the United States. Guedes announced the average tariff reduction at an event in Rio de Janeiro, saying there will be a cut of ... Read More »

BHP faces $5 billion claim over 2015 Brazil dam failure

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Anglo-Australian mining giant BHP is facing a landmark, $5.0 billion damages claim in England for being “woefully negligent” in the run-up to a 2015 dam failure that led to Brazil’s worst environmental disaster, a lawsuit alleges. The claim, which will be largest group action to be heard in England, was served on the miner on Tuesday on behalf of 235,000 ... Read More »

Oil Production Grows 2.8 Percent from February to March

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BRAZIL: Oil production in Brazil grew 2.8 percent from February to March, according to the monthly bulletin of the National Agency of Petroleum, Natural Gas and Biofuels (ANP). In total, 2.56 million barrels of oil were produced per day. Compared to March 2018, there was also an increase, although modest, of 0.1 percent. Of this total, 1.54 million barrels were ... Read More »

Huawei partners with local retailers to sell flagship smartphones in Brazil

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China’s Huawei Technologies Co Ltd on Tuesday launched two high-end smartphone handsets in Brazil, making its second attempt to penetrate the world’s fourth-largest smartphone market, broadening its footprint in Latin America. “We are in a very different market share position than we were five years ago and we’re seeing tremendous brand momentum,” Ketrina Dunagan, Huawei’s vice president of marketing for ... Read More »

Sharjah Biennial features work by two Brazilian women

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São Paulo – The 14th Sharjah Biennial (SB14), in the UAE, features previously unseen work by two Brazilian artists – Aline Baiana and Laura Lima. The exhibition opened on March 7 and will continue until June 10, featuring work by 80-plus artists. This year’s theme is Leaving the Echo Chamber. The Biennial comprises three exhibits, curated by Zoe Butt (Vietnam), ... Read More »

Brazil president creates body to pardon environmental fines

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BRASILIA: Brazil’s President Jair Bolsonaro has created a regulatory body with the power to forgive or revise environmental fines, a move to rein in what he has called an “industry of fines” that he sees threatening the livelihood of farmers and ranchers. Environmentalists warn that the move could hurt enforcement of laws limiting deforestation in sensitive biomes such as the ... Read More »

Brazil’s Port of Natal New Link in Netherlands Cocaine Chain

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Authorities have revealed a new cocaine trafficking route from a Brazil shipping port to the Netherlands, confirming that the small European country is now a preferred receiving destination for the drug from across Latin America. In February, Brazilian authorities seized 3.3 tons of cocaine in two separate shipments of tropical fruits at the port of Natal, the first seizures of ... Read More »

Brazil’s Industrial Production Rose by 0.7 Percent in February

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RIO DE JANEIRO, BRAZIL – Brazil’s industrial production rose in February in sixteen of the 26 sectors surveyed by the Brazilian Institute of Geography and Statistics (IBGE), with an overall increase in industrial production of 0.7 percent. Some analysts however are not optimistic about the results. “What the industry gained in February barely made up for its decline in January,” ... Read More »

Amazon.com should share web domain name rights, Brazil says

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BRASILIA: Brazil has proposed a compromise to a seven-year battle that has quietly raged over the Amazon.com internet domain: let the nations bordering the world’s largest rainforest co-govern the digital address with the biggest online retailer. Amazon.com Inc has been seeking rights to the domain name since 2012. But Amazon basin countries Brazil, Bolivia, Peru, Ecuador, Colombia, Venezuela, Guyana and ... Read More »

Brazil automaker CAOA signs agreement with Ford over plant purchase: source

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SAO PAULO: Brazilian automaker CAOA has signed a confidentiality agreement to negotiate a potential purchase of Ford Motor Co’s plant in the industrial city of Sao Bernardo do Campo, according to a source familiar with the matter. Ford in February announced it would shut down the plant, its oldest one in the country, amid a global restructuring plan, costing 3,000 ... Read More »

‘Brazil soybean crop seen at 114.24 million tonnes as drought eases’

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SAO PAULO: Brazil’s 2018-19 soybean crop will total just above 114 million tonnes as the return of rains in February helped stem losses caused by a drought earlier in the season, a poll showed. Brazil, the world’s largest soybean exporter, was initially expected to produce more than 120 million tonnes of soybeans in the current season after an expansion of ... Read More »

Brazil markets lashed as storm clouds gather over Bolsonaro

Brazil's President Jair Bolsonaro speaks during a joint news conference with U.S. President Donald Trump in the Rose Garden of the White House in Washington, U.S., March 19, 2019. REUTERS/Kevin Lamarque

BRASILIA: Standing beside US President Donald Trump on a crisp afternoon outside the White House in Washington this week, a smiling Brazilian President Jair Bolsonaro enjoyed a moment in the sun. Less than three months since taking office and with the Brazilian stock market at a record above 100,000 points, the former army captain was cementing his place on the ... Read More »

GM Announces Billion-Dollar Investments in São Paulo State

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RIO DE JANEIRO, BRAZIL: Giant automaker General Motors announced on Tuesday it will invest R$10 billion in two plants in São Paulo state, after state governor, João Doria, announced tax incentives to be given by the state government to automakers that expand business in São Paulo. “Last year we had a very serious problem, which was our factories in the ... Read More »

Brazil can’t pull off pension reform without 1 trillion reais in savings: Economy Minister

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RIO DE JANEIRO: Brazil’s Economy Minister Paulo Guedes said that pension reform must deliver at least 1 trillion reais ($262.26 billion) in savings in order to fund a transition from the current system to individual retirement accounts. Guedes said the government would consider privatizing state-controlled companies Petroleo Brasileiro SA and Banco do Brasil SA after Privatization Secretary Salim Mattar finishes ... Read More »