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Brazil’s central bank keeps interest rates at record low 6.50 pct

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BRASILIA: Brazil’s central bank held interest rates at a record low on Wednesday as expected, and signaled that relatively muted inflationary pressures could keep them there for some time. The bank’s nine-member monetary policy committee, known as Copom, voted unanimously to keep the benchmark Selic rate at 6.50 percent for the seventh straight meeting, as predicted by all 28 economists ... Read More »

General Motors says in talks to invest $2.73 billion in Brazil till 2024

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General Motors Co said it is negotiating “feasibility conditions” to invest 10 billion reais ($2.73 billion) in Brazil from 2020 to 2024, after having warned last month that new investments would depend on returning to profit. The automaker also said it is completing an investment plan of 13 billion reais between 2014 and 2019. “As market leaders, we are taking ... Read More »

Brazil govt aims to sell at least $20 billion in assets this year

A car departs from a Petrobras gas station in the outskirts of Sao Paulo, Brazil July 31, 2018.  REUTERS/Paulo Whitaker

SAO PAULO: Brazilian President Jair Bolsonaro’s government wants to sell at least $20 billion in assets of state-owned companies this year including parts of Petrobras and Banco do Brasil, the country’s secretary of privatization said. Salim Mattar said the government wants state-controlled oil company Petroleo Brasileiro SA and lenders Banco do Brasil SA and Caixa Economica Federal to sell most ... Read More »

Facing losses in Brazil, GM turns to Sao Paulo state for tax breaks

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SAO PAULO: General Motors Co’s Brazil unit is in advanced talks with Sao Paulo state to receive tax incentives, the company told public officials and union representatives at a meeting on Tuesday, a few days after it said in a memo to workers that it was losing money in Brazil. The meeting was attended by GM’s top executives in South ... Read More »

GM warns workers in Brazil on losses, tough turnaround plan

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SAO PAULO: General Motors Co (GM.N) has warned employees in Brazil that new investments there depend on a painful plan to return to profit in the country. In a message posted at Brazilian plants, GM’s top executive in Brazil and Argentina, Carlos Zarlenga, said after running up a heavy loss over the past three years the operation had reached “a ... Read More »

Brazil president says he wants free trade with ‘the entire world’

FILE PHOTO: Brazil's President Jair Bolsonaro attends a ceremony at the Planalto Palace in Brasilia, Brazil January 7, 2019. REUTERS/Adriano Machado/File Photo

SAO PAULO (Reuters) – Brazil’s President Jair Bolsonaro wants “bilateral trade with the entire world without an ideological bias,” he said on Twitter on Saturday ahead of the Davos World Economic Forum later this month. Latin America’s largest economy is also one of the world’s most restrictive. The Heritage Foundation, a right-wing think tank, last year ranked Brazil 153 out ... Read More »

Brazil’s Stock Market Surges as Economy Minister Announces Priorities

O ministro da Economia, Paulo Guedes, discursa na solenidade de transmissão de cargo.

BRAZIL: The US dollar closed down by 1.69 percent in relation to the Brazilian real as the country’s stock market registered a record high of 91,012 points. Market are optimistic with as Brazil’s new Economy Minister, Paulo Guedes, revealed that the government’s priorities will be the opening of the economy, privatizations and the reform of the Social Security system. “After ... Read More »

Brazil meat exports slump on trade bans, logistics issues

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SAO PAULO (Reuters) – Export sales by Brazilian meat processors lagged last year as trade bans and a domestic truckers’ strike weighed on their ability to serve major customers like Russia and the European Union, according to data released by trade group ABPA on Thursday. Europe banned 20 Brazilian chicken plants because of food safety concerns, while Russia froze imports ... Read More »

Brazil arrests Israeli head of global drug smuggling network

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An Israeli drug dealer who leads a smuggling network was captured in Brazil after trying to escape extradition. Dany Treyger, 32, was initially arrested last week in Santa Cruz de la Sierra, in Bolivia, and taken to Paraguay’s capital city Asuncion. He was expelled from Paraguay and handed over to Israeli authorities, who were to escort him to the Jewish ... Read More »

Brazil prosecutors charge 42 people in alleged Petrobras bribery scheme

FILE PHOTO: A man walks in front of the Brazil's state-run Petrobras oil company headquarters in Rio de Janeiro, Brazil December 5, 2018. Picture taken December 5, 2018. REUTERS/Sergio Moraes

RIO DE JANEIRO: Brazilian prosecutors leading the so-called “Car Wash” probe on Friday charged 42 people for their role in an alleged corruption scheme involving a construction contract for state-run oil firm Petroleo Brasileiro in the state of Bahia. In a statement, prosecutors said those charged included former high-ranking officials at Petrobras and its pension fund Petros, and executives from ... Read More »

Brazil top prosecutor indicts President Temer for corruption

FILE PHOTO: Brazil's President Michel Temer reacts during a Solemnity of Delivery of the National Order of Scientific Merit, at the Planalto Palace, in Brasilia, Brazil October 17, 2018. REUTERS/Adriano Machado

BRASILIA: Brazil’s Prosecutor General Raquel Dodge on Wednesday charged President Michel Temer with corruption and money laundering uncovered in an investigation into graft related to port concessions, according to a statement from her office. Temer, who leaves office on Jan. 1, is under investigation for allegedly taking bribes in exchange for issuing a decree in 2017 that allowed two port ... Read More »

Brazil charges former Trafigura executives with corruption

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Federal prosecutors in Brazil have filed corruption charges against two former executives from commodities multinational Trafigura, a former executive at Petrobras and a middleman, over $1.5m allegedly paid in bribes for oil trading operations. In a 146-page indictment, prosecutors in Curitiba in the southern state of Paraná said that former Trafigura executives Mariano Ferraz and Marcio Magalhães, middleman Carlos Herz ... Read More »

Brazil arrests Israeli suspected of heading major drug smuggling ring

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An Israeli drug dealer who leads a smuggling network was captured in Brazil after trying to escape extradition. Dany Treyger, 32, was initially arrested last week in Bolivia and taken to Paraguay’s capital city, Asuncion. He was expelled from Paraguay and handed over to Israeli authorities, who were to escort him to the Jewish state on a flight via Brazil, ... Read More »

Brazil’s Temer says leaving budget deficit under 130 billion reais

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BRASILIA: Brazilian President Michel Temer said on Thursday his government will leave a primary budget deficit of less than 130 billion reais ($33.3 billion) when he hands over the reins to President-elect Jair Bolsonaro on Jan. 1. Temer told reporters that Brazil could take up to 10 years to balance its federal budget. He urged Congress to pass his proposal ... Read More »

From Brazil beach to Kiwi prison: Young mum caught smuggling cocaine

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A mystery meeting on a Brazilian beach has led to a young mum of two being locked up in a Kiwi prison for half a decade, as Mexican and South American cartels try and flood this country with top-shelf cocaine. Pamela Taina Nascimento was caught attempting to smuggle cocaine into New Zealand in September. The 23-year-old had travelled to Auckland ... Read More »

Brazil’s police to probe incoming Economy Minister Guedes

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SAO PAULO: Brazil’s federal police opened an investigation into incoming Economy Minister Paulo Guedes for alleged fraud tied to pension funds of state-run firms, lawyers for the future minister said on Friday, confirming an earlier report from Folha de S.Paulo newspaper. The probe will try to find out if Guedes, a University of Chicago-trained economist credited with nudging President-elect Jair ... Read More »

France’s Total to buy businesses from Brazil’s Grupo Zema

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French energy group Total has agreed to buy some businesses of Brazil’s Grupo Zema to expand in the biofuels sector. Total said it would be buying fuel distribution company Zema Petróleo, reseller and retailer arm Zema Diesel and importation company Zema Importacao. Financial terms were not disclosed. Zema Petroleo runs 280 dealer-operated service stations and several oil products and ethanol ... Read More »

Brazil Markets Cheered by Pro-Business Make-Up of Bolsonaro Team

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SAO PAULO: Investors welcomed the appointment of Santander executive Roberto Campos to head Brazil’s central bank as a sign President-elect Jair Bolsonaro will entrust economic and monetary policy to a market-friendly team of economists. Sao Paulo’s Bovespa stock index surged as much as 2.65 percent on Friday and Brazil’s real currency strengthened 1.2 percent against the dollar following Thursday’s announcement ... Read More »

Aircraft and car manufacturer Brazil offers Latin America opportunities

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With a population of 208 million and an expanding middle class, Brazil is Latin America’s largest economy. Now emerging from recession, growth in the market is forecast to stand at 1.2pc for 2018 and 2.5pc in 2019 according to the OECD. Brazil accounts for 21pc of all exports by Enterprise Ireland-backed companies to Latin America. In 2017, Irish SMEs grew ... Read More »

Brazil’s Real Depreciates, Stock Market Falls Day After Elections

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The dollar appreciated against the real by 1.51 percent at R$3.7068/US$1, while Brazil’s major stock index, Ibovespa closed down by 2.24 percent to 83,796 points. Carlos Caicedo, Latin America Country Risk Associate Director at the economic consultancy group IHS Markit, says that although Brazil’s industrial and financial sectors are highly supportive of Bolsonaro’s announced economic agenda, there is still a ... Read More »