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Brazil freezes Rio’s accounts over unpaid debt


RIO DE JANEIRO: The Brazilian government froze Rio de Janeiro state’s bank accounts yesterday, ordering the struggling state to pay up on US$53 million (RM223 million) in overdue debt. Rio, one of the states hardest hit by a deep recession in Brazil, “is blocked from making any kind of payment until the amount it owes the state has been paid,” ... Read More »

HSBC profit falls 86% on Brazil disposal

profit downs

BRASÍLIA: HSBC’s third-quarter profits have fallen sharply after it booked a loss from the sale of its Brazilian unit. Pre-tax profit at Europe’s largest bank dropped to $843m (£678m), down from $6.1bn in the same period a year ago. HSBC took a $1.7bn loss on the sale of its Brazilian unit, and it also pointed to customer compensation in America ... Read More »

Brazil mission to Saint Lucia and OECS


BRASÍLIA: Preparations are in final stages here for next week’s Brazilian Parliamentary and Entrepreneurial Mission to Saint Lucia and the OECS, which hopes to open brand new streams of business through a new window of opportunities based on investments and services between the South American nation and its small island neighbor(s) to the north. The Brazilian Embassy here last month ... Read More »

Brazil sees record-breaking trade surplus in 2016


RIO DE JANEIRO: In figures released on Tuesday, November 1st, from January to October of this year, Brazil registered a US$38.5 billion trade surplus. According to Brazil’s Ministério da Indústria, Comércio Exterior e Serviços (Ministry of Industry, Foreign Trade and Services), the figure represents the largest trade surplus the country has ever recorded for the period and is more than ... Read More »

Brazilian pulp exports increased by 12.7% in January- July


BRASÍLIA: The planted tree industry of Brazil continues to stand out due to its important contribution to the country’s balance of trade surplus. From January through July 2016, the sector recorded a $ 3.8 billion surplus, a 7.2% growth year-over-year. Exports revenue from pulp, wood panels and paper was mainly responsible for this result, reaching R$ 4.4 billion ($1.4 billion) ... Read More »

GM Brazil’s head calls for less incentives, more competitiveness


SÃO PAULO: based GM South America, headed by Barry Engle, has reaffirmed temporary fiscal incentives proved fruitless in improving the Brazilian motor industry’s competitiveness in recent years. He told the Perspectives 2017 seminar organised by Autodata, also in São Paulo, the strategy of mitigating market downturns through IPI excise tax cuts for medium to lengthy periods did not work at ... Read More »

BMW plant in Brazil starts motorcycle production


BRASÍLIA: South America is becoming a big player in the automotive world, with several companies having plants there to meet demand for vehicles. The latest brand to start building there is BMW’s motorcycle brand, BMW Motorrad, which is starting production at the BMW Group plant in Manaus, Brazil. The building of BMW motorcycles in Brazil is significant because this is ... Read More »

Brazil to attend oil output talks with OPEC tomorrow


BRASÍLIA: Brazil – a non-OPEC producer with a fast-growing oil output – will be joining other non-OPEC members, including Russia, at Saturday’s discussion with the cartel producers about possible cooperation on production freeze or cut, Bloomberg reports, quoting a text message by Brazil’s energy minister Fernando Bezerra Coelho Filho. Brazilian Oil and Gas Secretary Marcio Felix will be attending the ... Read More »

Coffee rises to 20-month high as Brazilian exports seen falling


BRASÍLIA: Arabica coffee, the mild-tasting bean type favored by Starbucks Corp., surged to the highest since February 2015 after Brazil’s largest producer cut its export estimate for 2016 amid rising domestic consumption and the effects of drought. The Cooxupe cooperative now sees coffee shipments totaling as many as 4 million bags this year, Commercial Director Lucio Dias said Tuesday. That’s ... Read More »

Brazil expected to export 100,000 tons of pork to China in 2017


BRASÍLIA: Brazilian pork exports to China are expected to exceed 100,000 tonnes in 2017, according to Rabobank, which also expects recovery in product prices in the fourth quarter. “We expect Brazil will continue to be a competitive supplier to the Chinese market during 2017 due to an expected increase in the availability of domestic corn which should result in lower ... Read More »

Brazil ready to privatize dredging at three largest ports


BRASÍLIA: The Brazilian Ministry for Transport, Ports, and Civil Aviation has decided to privatize dredging operations at the country’s top three ports of Santos, Paranagua, and Rio de Janeiro. Santos in particular will welcome the news because it has faced draft restrictions throughout the last year, and the privatization effort could give hope to other ports that have been struggling ... Read More »

Brazil opens market for U.S. corn imports


BRASÍLIA: Brazilian regulators paved the way Oct. 6 for imports of U.S. corn following a short crop, according to industry sources. The National Biosafety Technical Commission, known as CTNBio, met and authorized the outstanding biotech products needed to open the Brazilian market for U.S. corn exports. Local industry is expected to bring in as much as 1.5 million metric tons ... Read More »

Brazil September steel output rises 3.1%, exports fall 13.1%

roll steel

SAO PAULO: Brazil’s steel output rose in September, the first year-on-year gain in 15 months, a possible sign that the worst part of a downturn affecting the industry may be over, the Brazil’s steelmakers’ association, Instituto Aço Brasil, said on Wednesday. Production rose 3.1 percent in September to 2.58 million tonnes compared with the same month a year earlier. Production, though ... Read More »

Brazil will not tax farm exports to close pension gap

tax free bonds

BRASÍLIA: Brazil will not scrap an exemption from taxes on agricultural commodity exports in the world’s largest sugar, coffee and soybean exporter as part of its social welfare reform, a senior member of the economic team told Reuters on Tuesday. Eliminating the exemption, which cost the government 5.3 billion reais ($1.67 billion) in lost revenue last year, was weighed as ... Read More »

China-Brazil ties remain sound despite probe


BEIJING: China’s Ministry of Commerce (MOFCOM) stated it would strictly comply with the country’s relative laws as well as WTO rules in its probe on sugar imports, launched on September 22. Any excessive worries and speculation toward the case is unnecessary, MOFCOM spokesperson Shen Danyang told the Global Times on Tuesday at a briefing in Beijing. Shen’s comments followed Brazilian ... Read More »

Brazil to ease local content rules in oil industry


BRASILIA: President Michel Temer’s government will ease requirements that oil industry equipment be produced in Brazil as part of its effort to draw investment and lower costs that have hindered development of vast reserves, a senior official said on Monday. Rules for future contracts will allow the importation of oil industry equipment that is not available in the country, Temer’s chief ... Read More »

India, Brazil ink four MoUs


BRASÍLIA: India and Brazil on Monday signed four Memoranda of Understanding (MoUs) during a bilateral meeting held in Goa’s Salcete city. The four MoUs that have been signed are on genetic resources, agriculture, animal husbandry, natural resources and fisheries, on pharmaceutical products regulation, on cattle genomics and assisted reproductive technologies, and on investment cooperation and facilitation treaty. Prime Minister Narendra ... Read More »

Pepper shipments down 47% in January-August


BRASÍLIA: Pepper exports from the country during January-August 2016 have shown a sharp decline from that of the corresponding period last year, while imports have increased during this period, according to market sources. According to statistics from the Cochin Chamber, total exports in January-August 2016 via Kochi port stood at 8,631 tonnes against 16,167 tonnes in the same period in ... Read More »

Brazilian stocks rise as Petrobras follows crude prices higher


BRASÍLIA: Brazilian stocks advanced as Petroleo Brasileiro SA followed crude higher, offsetting losses in Vale SA after a trade report from China dimmed the outlook for exporters. Petrobras, as the state-run oil producer is known, contributed the most to the Ibovespa’s gains. Poultry producer Marfrig Global Foods SA was the best performer on the stock benchmark. Vale, the world’s biggest ... Read More »

Brazil suspends funding for projects in Angola, Mozambique


BRASÍLIA: The National Bank for Economic and Social Development of Brazil (BNDES) has suspended the payment of US$4.7 billion for 25 projects in foreign countries, including Angola and Mozambique, announced the state bank in a statement. The suspension of payment relates to contracts that have been awarded to engineering and construction companies, including Odebrecht, OAS, Queiroz Galvão, Camargo Corrêa and ... Read More »