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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 »

Brazil government kickstarts efforts to mine indigenous reserves: official

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BRASILIA: Brazil’s government wants to enact rules that allow mining in indigenous reserves which occupy 13 percent of the country’s territory and hopes it can get Congress to reconsider a decades-old proposal to do so, a Mines and Energy Ministry official. Mining Secretary Alexandre Vidigal de Oliveira was asked to clarify comments made last week by Mines and Energy Minister ... Read More »

Brazil’s Sao Paulo state to offer tax incentives to automakers

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SAO PAULO: Brazil’s Sao Paulo state said on Friday it would offer fresh tax incentives to automakers, weeks after Ford Motor Co said it would shut down a plant there with 3,000 employees and General Motors Co hinted it might do the same before backtracking. Sao Paulo is the historical center of Brazil’s auto industry, which was one of the ... Read More »

Brazil Considers Allowing Mining Activity in Indigenous Land, Near Border

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RIO DE JANEIRO, BRAZIL: Brazil’s Mines and Energy Minister Bento Albuquerque said the government is considering allowing mining activity in restricted areas such as indigenous lands and Brazil’s border areas, currently restricted to economic activities. “The restrictions applied to these areas have not favored their development. On the contrary, they have become the focus of conflicts and illegal activities that ... Read More »

Brazil Officials Call for Structural Reforms After 1.1% GDP Growth in 2018

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BRAZIL: The GDP growth for Brazil in 2018 was disappointing, increasing by only by 1.1 percent compared to 2017, according to Brazil’s Institute of Geography and Statistics (IBGE). For stronger results, structural reforms must be conducted, say government officials. “In order for GDP per capita to grow again in a sustainable manner, it is necessary for structural reforms to occur. ... Read More »

Brazil’s Petrobras posts first annual profit in five years

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razilian state-run oil firm Petroleo Brasileiro SA reported its first annual profit in five years on Wednesday, as widely expected. In a securities filing, Petrobras, as the company is known, said net income in the fourth quarter totalled 2.102 billion reais (423.37 million pounds), up from a loss of almost 5.5 billion reais in the same period last year. Net ... Read More »

Ex-UBS Banker Andre Laloni to Join Brazil’s Caixa as CFO

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Brazil’s giant state-owned lender Caixa Economica Federal is bringing in former UBS investment banking executive Andre Laloni as its new chief financial officer, according to two people with knowledge of the matter. Luciane Ribeiro, the former CEO of Santander SA’s Brazil Asset Management unit, is also joining the bank, the people said, asking not to be named because the information ... Read More »

Brazil president seeks $270 bln pension savings, Congress has doubts

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BRASILIA: Brazilian President Jair Bolsonaro delivered his proposed pension overhaul to Congress , a plan to save over 1 trillion reais ($270 billion) in a decade, which raised doubts about whether lawmakers would pass a package of that scale. The social security bill is the cornerstone of the new president’s effort to close what most economists call an unsustainable public ... Read More »

Brazil president fires key aide linked to corruption scandal

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Brazilian President Jair Bolsonaro has officially dismissed his key aide in charge of dealings with congress, days after a newspaper linked him to a corruption scandal involving phony candidates and the misuse of campaign funds. Government spokesman Otavio Rego Barros didn’t say Monday what motivated the president’s decision to fire aide Gustavo Bebianno, who has been a close ally of ... Read More »

Ambassador leaves office in Brazil and returns to Jordan

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(MENAFN – Brazil-Arab News Agency (ANBA)) São Paulo ‒ The Jordanian ambassador in Brazil, Malek Eid Otalla Twal , left office this Friday (15) to return to his country of origin. The diplomat arrived in Brazil in the beginning of February 2014 and oversaw the embassy for five years. Previously he worked in countries such as Germany, France, Italy, Austria ... Read More »

Brazil’s Vale resumes operations at Espírito Santo port terminal -filing

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SAO PAULO: Brazilian miner Vale SA will resume operations at a port terminal in Vitória, in the southeastern state of Espírito Santo, after reaching an agreement with local authorities, according to a securities filing on Wednesday. The authorities had closed the port terminal operated by the miner and fined it 35 million reais ($9.43 million) for throwing mining residues in ... Read More »

Brazil farmers halt soy sales as real strengthens, China buys US supplies

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SAO PAULO: Farmers have halted sales of Brazil’s soybeans as port premiums swooned, the real currency strengthened and a pause in a trade war prompted top importer China to purchase soy from the United States, growers and trading companies said. Poor market conditions are also affecting planting decisions for Brazil’s 2019/2020 crop that will be sown starting from September. Farmers ... Read More »

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 »