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Man caught smuggling cocaine worth $1.3m


  BRASILIA: “Inconsistencies” in a Brazilian man’s suitcase led to his arrest for attempting to smuggle in 3kg of cocaine, worth up to $1.3 million. The 38-year-old was caught at Auckland International Airport on Sunday, after arriving on a flight from Chile. A baggage search revealed inconsistencies with his suitcase, which was found to have the cocaine hidden in its ... Read More »

Soybeans fall more than 1% as Brazilian currency weakens


CHICAGO: US soybean futures fell by more than 1 percent on Friday, giving up all of Thursday’s rally and more, as Brazil’s currency fell, making Brazilian soy more competitive on the global market, analysts said. Corn and wheat followed soybeans lower. As of 12:47 p.m. CDT (1747 GMT), Chicago Board of Trade January soybeans were down 11-3/4 cents at $9.87-1/2 ... Read More »

Bunge eyes IPO for Brazilian sugar milling business


CHICAGO: Bunge Ltd (BG.N) may be able to get the best value for its Brazilian sugarcane milling business by launching an initial public offering of the unit, Chief Executive Soren Schroder said on Wednesday, four years after he began exploring a sale. Schroder is weighing an IPO as a global oversupply of crops has hammered profits in the core grain ... Read More »

Brazil’s Banco Bradesco beats Q3 profit estimates as provisions fall


SAO PAULO: Banco Bradesco SA, Brazil’s No. 3 listed bank, on Wednesday beat net income forecasts as lower loan-loss provisions offset a contraction in its loan book. Provision expenses fell to the lowest levels in two years as the bank’s efforts to focus on less risky segments bore fruit. Loans in arrears for more than 90 days, the industry’s standard ... Read More »

Brazil extends tax debt renegotiation program for 2 weeks


  BRASILIA: Brazil’s President Michel Temer signed a decree on Monday extending for two weeks a tax debt renegotiation program known as Refis, the presidential office said. The program has collected more than 10 billion reais ($3.05 billion) in back taxes this year for the Treasury. Earlier this month, the Senate approved greater discounts to taxpayers in the program, depriving ... Read More »

Brazil oil auction beats expectations


RIO DE JANEIRO: Oil executives and government officials were ebullient Friday following the conclusion of a major oil auction in Brazil, where a yearlong effort to lure foreign investment into the energy sector appeared to have paid off. Brazil auctioned off six of eight exploration blocks on offer, receiving commitments from oil majors to pay $1.88 billion in signing bonuses. Read More »

Brazil posts September current-account surplus of $434 mln

Current Account

BRASILIA: Brazil recorded a current-account surplus of $434 million in September, reversing a $302 million deficit in August, the country’s central bank said Thursday. The 12-month current-account deficit narrowed in September to $12.6 billion, or 0.63% of gross domestic product, from $13.5 billion in August. Net foreign direct investment rose to $6.3 billion in September from $5.1 billion in August, ... Read More »

Brazil signs agreement for system to speed up imports of agrochemicals


SAO PAULO: Brazil’s Agriculture Ministry has signed an agreement for use of a system of the national revenue service that will speed up imports of products used in agriculture, such as agrochemicals and fertilizers, through the Port of Santos, Brazil’s busiest, according to a statement on Wednesday. The ministry said companies to benefit by the agreement include Basf SE, Bayer ... Read More »

Brazil central bank set to taper rate cuts near record low


BRASILIA: Brazil’s central bank is set to slow the pace of interest rate cuts on Wednesday, taking its benchmark rate just above an all-time low as the economy finally starts to emerge from recession. All but one of 54 economists polled by Reuters last week expected the bank, following its two-day monetary policy meeting, to cut its Selic rate by ... Read More »

Brazil’s JBS appoints O’Callaghan as new chairman


SAO PAULO: The board of Brazilian meatpacker JBS SA elected Jeremiah O’Callaghan to the post of chairman, the company said on Friday in a securities filing. O’Callaghan has been investor relations director for 10 years at JBS. He will replace Tarek Farahat, who will hold a position as ‘global advisor’ while still keeping a board seat at the company’s U.S. ... Read More »

Brazil inflation reaches 3-mth high as cooking gas prices spike


BRASILIA: Brazil’s inflation rate sped up to the fastest in three months in mid-October as cooking gas prices spiked, bolstering expectations that it has finally bottomed out after hitting 18-year lows. The reading should support the central bank’s plan to slow the pace of interest rate cuts next week as the economy emerges from the deepest recession in over 100 ... Read More »

Brazil’s federal tax revenues rise for 2nd month in September


BRASILIA:  Brazil’s federal tax revenues rose for a second straight month in September, government data showed on Thursday, adding to evidence of an accelerating economic recovery and fueling hopes that the government will meet its budget target this year. Federal tax revenues totaled 105.595 billion reais ($33.29 billion) last month, up 8.66 percent from September 2016 after discounting for inflation, ... Read More »

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


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


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


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


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


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


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%


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


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 »