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Printer shipments 22.8% decline in Brazil

decline

BRASÍLIA: Printer shipments have seen a 22.8 percent decline in Brazil, with 2.5 million devices sold in 2015 – 800,000 less than in 2014, says analyst firm IDC. Sales totaled $676m in Brazil in 2015, a decline of 14.7 percent in relation to the prior year. Inkjet printers saw a drop in sales of 21.1 percent and laser devices sold 27.4 ... Read More »

Brazil central bank raises inflation forecasts

inflation up

BRASILIA: Brazil’s central bank raised its inflation forecast for 2016 and 2017, signaling policymakers will not cut interest rates yet despite a deepening recession in Latin America’s biggest economy. In its quarterly inflation report released on Thursday, the bank raised its 2017 inflation forecast to 4.9 percent from 4.8 percent previously. For 2016, the bank raised its forecast to 6.6 ... Read More »

Brazil imports record corn, sells stocks to contain prices

CORN

SAO PAULO: To ease near record prices for corn, Brazil’s government on Wednesday announced it would sell public stocks and proposed dropping import taxes for the grain, while the livestock industry said it booked imports of 500,000 metric tons through May. The Agriculture Ministry’s coordinator of grains, Silvio Farnese, said a total of 160,000 metric tons of corn from government ... Read More »

USCA concerned about Brazil beef imports

beef imports

BRASÍLIA: United States Cattlemen’s Association leaders remain concerned about possible beef imports from Brazil. President Danni Beer, a producer from Corson County South Dakota, says reports vary on the timing of shipments following USDA approval. Some reports indicate it could be within the next three months while others say the end of the year. Beer says the problem is the ... Read More »

Biodiesel mixture increases to 8% in Brazil

biodiesel

SÃO PAULO: The Brazilian government has sanctioned a law which increases the amount of biodiesel in the diesel oil mixture, from seven percent to eight percent. Since 2008 Brazil has required the use of the renewable raw material into the mixture of diesel oil. “We all gain from this, family agriculture, commercial agriculture, biodiesel producers, the Brazilian consumer and the ... Read More »

Brazil wants to enhance trade ties with Pakistan

trade

BRASÍLIA: Ambassador of Brazil Claudio Raja Gabaglia Lins on Monday said Brazil was the most prominent trade partner of Pakistan in Latin America and his country was keen to enhance trade relations with Pakistan. He was exchanging these views with Rawalpindi Chamber of Commerce and Industry (RCCI) Acting President Saqib Rafiq during his visit to the chamber. Former RCCI president ... Read More »

Economists reduce Brazil GDP outlook for 2016, 2017

cubagdp

SAO PAULO: Economists reduced once again their outlook on Brazil’s economic performance for this year and next year, underscoring a prolonged recession of Latin America’s largest economy. Brazil’s gross domestic product is expected to shrink 3.66% this year, according to a weekly central-bank survey of 100 economists, compared with expectations a week ago for a 3.60% contraction. This marked the ... Read More »

Brazil’s oil giant loses billions amid corruption scandal

oil giant

BRASÍLIA: The country’s government-run oil company, Petrobras, got crushed by low oil prices last year. On Monday, it reported a net loss of 34.8 billion reais ($9.6 billion) for 2015, even deeper than its loss of 21.6 billion reais a year earlier. Petrobras is at the epicenter of Brazil’s scandalous political and economic crisis. An investigation into a massive bribery ... Read More »

Brazil’s president signs into law biodiesel blend increase

sign

BRASÍLIA: Brazil’s President Dilma Rousseff signed on Wednesday a law increasing from 7% to 8% the mandatory share of biodiesel in regular diesel, with effect from April 2017. The new percentage will boost domestic biodiesel production, reduce the need for imports of diesel and promote family farming as well as the agribusiness. Under the 613/2015 law, as it is named, the ... Read More »

Brazil inflation likely decelerate to single digit in March

inflation

BRASÍLIA: Brazil’s inflation numbers for February indicate an end to acceleration. With the strong base effect, the nation’s inflation is likely to decelerate to single digit in March. “We expect the annual rate to ease to 9.97% yoy – the lowest level in five months – through midMarch as housing inflation falls sharply”, says Societe Generale. Through the year, inflation ... Read More »

Brazil’s 2016 inflation forecast cut to 7.43%

inflation

BRASILIA: Inflation expectations for end-2016 in Brazil fell for the second straight week but remained above the top end of the government’s target range, a weekly central bank poll showed. The median forecast of about 100 economists surveyed by the bank for the 2016 inflation rate fell to 7.43 percent from 7.46 percent in the prior week’s survey. The government’s ... Read More »

Brazil’s economic crisis hits fruit trade as imports tumble

trade

BRASÍLIA: Corruption scandals involving some of the highest levels of government in Brazil has led to the BBC drawing comparisons with Netflix series ‘House of Cards’, and the economy is not looking too much better. The fruit trade is likely one of the last things on the minds of the commentariat in South America’s largest country, but the deteriorating economy is ... Read More »

Brazil launches revolutionary plan to float solar panels at hydroelectric dam

solar power

BRASÍLIA: Brazil has decided to place thousands of floating solar panels on a reservoir that was created by one of the country’s most notorious dams. The renewable power project, which is located deep in the Amazon rainforest, could eventually generate enough electricity to power hundreds of thousands of homes. It’s technology could be replicated in other parts of the world with ... Read More »

Brazil central bank window to lower inflation outlook

inflation

BRASÍLIA: Brazilian Central Bank Director Tony Volpon said on Thursday that weaker global growth had given the bank an opportunity to act decisively in bringing down inflation expectations, according to a presentation posted to the central bank website. Read More »

Dubai firm mulls plan for halal food factory in Brazil

HALAL FOOD

DUBAI: Dubai-based Al Islami Foods is planning to open an office in Sao Paulo as it looks to expand its operations in Brazil, it has been reported. The company, which in 2014 said it was looking to create 1,000 new jobs with a factory in Dubai which will triple production levels, is also considering opening a poultry processing plant in ... Read More »

Brazil iron ore export volumes surge in Jan

Bolivia iron ore mine

BRASÍLIA: The most recent statistics released by Brazil’s Secretary of Foreign Trade (Secex) indicates significant rise in iron ore exports by the country during the month of January 2016. Brazil’s iron ore exports during Jan ’16 totaled 25.037 million tons, up by 7.4% when compared with the same month previous year. The country’s iron ore exports had totaled 23.311 million ... Read More »

Brazil’s national jobless rate ends 2015 at 9.0%, wages drop

jobless

BRASÍLIA: Brazil’s national unemployment rate remained at 9.0 percent in the three months through December, statistics agency IBGE said on Tuesday, unchanged from November and slightly below market expectations in a Reuters poll. The median forecast of 16 economists surveyed by Reuters projected the unemployment rate at 9.1 percent in the fourth quarter. Brazil’s jobless rate rose sharply from 6.5 percent ... Read More »

Brazil’s economic activity unexpectedly shrinks in Jan

shrink

BRASÍLIA: Brazil’s economic activity unexpectedly contracted in the beginning of 2016 and economists forecast a deeper recession for this year as a political stalemate nearly paralyzes the country. The central bank’s IBC-BR index, which is often taken as a proxy for Brazil’s GDP report, shrank 0.61 percent in January, more than forecast by all 25 economists surveyed by Bloomberg, whose ... Read More »

Scomi Engineering building RM57m manufacturing plant in Brazil

SCOMI

KUALA LUMPUR: Scomi Engineering Bhd’s (SEB) manufacturing facility in Sao Paulo, Brazil, to be modelled after its main facility in Kuala Lumpur, is expected to strengthen the group’s position in the market. The 50 million real (RM56.8mil) facility, to be built on a 98,000-sq-m site, will be used to manufacture monorail trains, including rolling stock and bogies. The site was awarded ... Read More »

Brazil exports 2.5 mln bags green coffee in Feb

green coffee

SAO PAULO: Brazil exported 2.5 million bags of green coffee in February, up 1 percent from the same month a year ago and little changed from January exports, the coffee exporters association Cecafe said on Thursday. Arabica accounted for 2.43 million 60-kg bags of last month’s exports, which were up 9 percent from a year ago, while robusta beans accounted ... Read More »