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Brazil’s rebar, wire rod prices rise 15% for October shipments

increases

BRASÍLIA: A strong US dollar compared with the Brazilian Real and a wish to recompose margins drove Brazilian long steel producers to price hikes already in effect for October shipments, sources said Friday. Despite poor demand and reduced competition from imports, Brazilian producers have raised prices by up to 15% in some cases. Based on a market-participant survey, the Platts ... Read More »

Brazil exports $134.5m in coffee to Arab world

brazilcoffee

BRASILIA: Coffee exports from Brazil to the Arab world reached $134.5 million (Dh494 million) in the period between January and August of this year, marking a 4.7 per cent increase compared to the same time last year. A total of 23.4 million bags of coffee have been shipped abroad. Meanwhile, total exports from Brazil reached $4.1 billion so far, up ... Read More »

Brazil’s port labor strike hurting poultry exporters

strike

BRASILIA: Strikes and slowdowns by Brazil’s customs officers are creating serious delays for chicken exporters in Brazil, according to the Brazilian Association for Animal Protein (ABPA). Marcelo Oliveira, the chief communications officer at ABPA said that the week-old strike by Federal Agricultural Inspectors (FFA) is taking its toll on chicken shippers such as Brazil Food Services and JBS Foods. The ... Read More »

Brazil: Caixa raises interests rate for home ownership

Caixa

BRASILIA: State-owned bank Caixa Econômica Federal announced a new round of increase in interests rates for purchasing a home. It was the third adjustment this year –the last one had occurred in April, when the bank also reduced the maximum financing value for used properties. The new rates will go into effect on October 1. Caixa is the largest mortgage ... Read More »

Business environment in Brazil is absolute chaos: Banker

Business environment in Brazil

BRASILIA: The business environment is a chaos and foreign investors are perplexed by the government. The downgrading by other rating agencies is inevitable. This opinion comes from one of the leading financial advisors in the country, Ricardo Lacerda, who, since he founded his investment bank, BR Partners, in 2009, made more than 90 operations, exceeding R$ 70 billion (approximately U$ ... Read More »

Brazil’s central bank vows to control inflation

brazilbank

BRASILIA: Brazil’s central bank is willing to do whatever is necessary to control inflation while the country grapples with the thorny issue of how to rebalance the nation’s public finances, a senior official has said. Tony Volpon (pictured), head of international affairs at the central bank, said while tax increases to balance the budget could raise prices, monetary policy would ... Read More »

Brazil declines in global competitiveness index: report

brazilinfex

SÃO PAULO: Adding to Brazil’s economic report shows the country falling eighteen spots in a global competitiveness index. According to the World Economic Forum’s Global Competitiveness Report 2015-2016 the country’s weak macroeconomic scenario and recent corruption scandals have undermined the country’s competitive ability. Brazil has fallen to the 75th position behind other BRICS countries such as India, South Africa and ... Read More »

Brazil raises gasoline by 6%, diesel prices by 4%

pricehike

SAO PAULO: The slide of Brazil’s currency is now hitting the country’s drivers. Brazil’s state-run oil company says it’s raising wholesale gasoline prices by 6 percent and diesel prices by 4 percent. It’s the first price hike since November 2014 by Petrobras, which has a monopoly on wholesale gasoline sales. Brazil needs to import gasoline and diesel and the weakening ... Read More »

Brazil oil exports rise 56% while gasoline output falls

braziloilgasoline

BRASILIA: Brazil’s crude oil exports rose by more than 50 percent in August compared with a year earlier and gasoline output fell by more than a fifth, the country’s petroleum regulator ANP said, as the country adjusted to weaker domestic fuels demand. Crude oil exports rose 56.2 percent in August to 25.366 million barrels, the highest total since June’s record ... Read More »

Shree Renuka Sugars protects its Brazil mills from creditors

creditors

SAO PAULO: Renuka do Brasil SA and Renuka Vale do Ivai SA, Brazilian sugar and ethanol makers controlled by Indian sugar group Shree Renuka SugarsBSE -3.10 %, have filed for court protection from creditors, according to documents made public by a Sao Paulo court. The Shree Renuka subsidiaries operate four mills in Brazil in the states of Sao Paulo and ... Read More »

Argentina, Brazil trade plunges 16% in 2015: report

tradeplunge

BUENOS AIRES: The plunge in foreign trade with Brazil is mainly due to the decline of the neighbour’s economy rather than the devaluation of its currency, the Argentine Chamber of Commerce (CAC) said in a report. Trade between the two biggest Mercosur economies has fallen by 16.3 percent in the first eight months of 2015, with fewer sales to Brazil ... Read More »

JBS purchases poultry producer Moy Park for $1.5 billion

JBS

RIO DE JANEIRO: The world’s largest meat producer, JBS, has bought European poultry group Moy Park for $1.5 billion. The Brazilian group company indicated that the acquisition from Brazil’s Marfrig had received the necessary approvals, including from the European Union. Moy Park, which is based in Northern Ireland, raises chickens and turkeys in the United Kingdom, Ireland, the Netherlands and ... Read More »

Petrobras cancels Siem Offshore vessel contract

seimoffshore

BRASILIA: Petrobras has cancelled its long-term charter of a Siem Offshore’s platform supply vessel (PSV) Siem Carrier, after the vessel failed to gain the certification needed to grant it a licence to operate in Brazilian waters. “[A] Termination fee is not applicable to Petrobras as the vessel was blocked by local tonnage, according to contract terms,” Siem Offshore said in ... Read More »

Ford to avert layoffs 200 workers in Brazil

Fordlayoffs

BRASILIA: U.S. multinational automaker Ford will trim hours and labor costs at its factory in the southeastern Brazilian city of Sao Bernardo do Campo under a government program that will avert the company’s plans to lay off 200 workers, a labor union said. Ford and workers’ representatives agreed to adhere to the federal government-proposed employment protection program, or PPE, that ... Read More »

Brazil to boost internet speed through UK

brazilinternet

BRASILIA: Brazil will boost its Internet communications to reduce dependence on U.S. hubs and be able to host global data centers for heavy users like YouTube and Netflix, Jorge Bittar, head of state-run telecoms company Telebras, said in an interview. At present, all submarine fiber-optic cables connect Brazil to the Internet through the United States. That’s a security risk in ... Read More »

Brazil drugs squad arrests face-lift trafficker

R

RIO DE JANEIRO: Brazilian drug police have caught an alleged trafficker who once was in business with infamous kingpin Pablo Escobar and long evaded an international dragnet with the help of plastic surgery to change his features. Mario Sergio Machado Nunes, nicknamed “Goiano,” was a veteran trafficker who had been sought by Brazilian federal police and Interpol before his capture, ... Read More »

Brazilian traders strike for higher wages

Higher-wages

SÃO PAULO: Brazilian federal agricultural agents, many responsible for approving import and export shipments at the country’s ports, airports and border crossings, began a strike for higher wages and against proposed government budget cuts. The strike is expected to most affect Brazilian exports as striking agents will not be issuing international certificates needed to guarantee the origin of Brazilian farm ... Read More »

Brazil plans to boost internet communications

brazilinternet

BRASILIA: Brazil will boost its Internet communications to reduce dependence on U.S. hubs and be able to host global data centers for heavy users like YouTube and Netflix, Jorge Bittar, head of state-run telecoms company Telebras, said in an interview. At present, all submarine fiber-optic cables connect Brazil to the Internet through the United States. That’s a security risk in ... Read More »

Brazil exports drop as agricultural agents strike

brazilexport

SÃO PAULO: Brazilian federal agricultural agents, many responsible for approving import and export shipments at the country’s ports, airports and border crossings, began a strike for higher wages and against proposed government budget cuts. The strike is expected to most affect Brazilian exports as striking agents will not be issuing international certificates needed to guarantee the origin of Brazilian farm ... Read More »

Antidumping Investigation in Brazil on Steel Pipes imports from China

steelpipeline

BRASILIA: It was published on September 14 in the Official Gazette Circular SECEX no. 58, issued by the Secretariat of Foreign Trade, initiating an anti-dumping investigation in Brazil on the imports of carbon steel pipes, unalloyed, seamless, of circular section, with external diameter not greater than 374 mm, from China. The product under investigation is commonly classified under positions 7304.31.10, ... Read More »