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Brazil court says arbitration to decide Itambé deal with Lactalis


SAO PAULO: A Brazilian appeals court confirmed that only private arbitration may decide whether France’s Groupe Lactalis SA may proceed with the acquisition of dairy company Itambé Alimentos SA, according to court documents seen by Reuters. An arbitration at the Brazil-Canada Chamber of Commerce will decide if the acquisition broke a former shareholders agreement in Itambé. The Brazilian dairy company ... Read More »

Brazil maintains key interest rate at 6.5%

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Brazil’s central bank maintained its key interest rate at 6.5 per cent Wednesday, as expected, with inflation considered to be under control despite strong depreciation of the real and a costly truckers’ strike. The bank said the truckers’ strike, which shut down much of the economy for more than a week in May, “made it difficult to read the current ... Read More »

Brazil overhauls decades-old mining law to lure investment

Brazil's President Michel Temer reacts after issuing two decrees overhauling 50-year-old mining laws in attempt to draw investment to the sector and implementing rules on the collection of higher mining royalties, at Planalto Palace in Brasilia, Brazil June 12, 2018. REUTERS/Adriano Machado

BRASILIA: Brazil’s President Michel Temer issued two decrees overhauling 50-year-old mining laws in attempt to draw investment to the sector and implementing rules on the collection of higher mining royalties. The changes to the 1967 mining code include measures to allow for mining titles to be used as guarantees for financing, aimed at stimulating investment in sector and to allow ... Read More »

Chevron names Brazil chief to lead Venezuela operations after arrests


RIO DE JANEIRO/HOUSTON: US oil producer Chevron Corp (CVX.N) has permanently assigned its Brazil country chief to run its Venezuelan operations after the months-long detention of two executives escalated tensions between the OPEC-member nation and foreign oil firms. Javier La Rosa, who had been president of Chevron Brazil since 2016, this month was named president of Chevron Venezuela, the company ... Read More »

Brazil shippers concerned about higher post-strike truck rates

Brazil container ship Guanabara Bay 2

Slowly, Brazil is recovering from the truckers strike and will likely continue to a gradual recovery, given the damage the 10-day strike inflicted on shippers, ports, and businesses — damage that brought the country’s trade transport to a standstill, basically. Although several experts have forecast that container operations could return to normal “within another 10 to 15 days,” neither Brazil ... Read More »

Billion Dollar Losses in Brazil Due to Truckers’ Strike

Greve de caminhoneiros causa desabastecimento na Ceasa, na zona norte do Rio de Janeiro.

RIO DE JANEIRO, BRAZIL – As Brazil tries to get back to normal after nine days of protests by truck drivers, retailers, farmers and exporters now sit down to calculate the economic damages caused by demonstrators. The roadblocks that paralyzed the flow of production across Brazil since last week have caused estimated losses of at least R$34 billion to the ... Read More »

Free market vs subsidies at heart of Brazil truckers’ strike


RIO DE JANEIRO (AP) — Brazilian cabinet ministers called on truckers to end a crippling eight-day strike that has led to major shortages and disruptions in Latin America’s largest nation, saying the government had gone as far as it could to meet their demands. The ministers spoke in Brasilia hours after President Michel Temer announced a series of measures aimed ... Read More »

Brazil to Maintain Benchmark Interest Rate at 6.5 Percent


RIO DE JANEIRO, BRAZIL – Despite the continuing low inflation rate, the recent strong devaluation of the Brazilian currency and decreasing economic activity, Brazil’s Monetary Policy Committee (COPOM) surprised the market and announced on Wednesday it was maintaining the country’s benchmark interest rate (SELIC) at 6.5 percent per year. “Taking into account the baseline scenario, the balance of risks, and ... Read More »

Brazil truckers pledge more fuel protests despite tax proposal

Brazilian truck drivers block the BR-116 highway with their trucks during a strike in Curitiba, Brazil May 21, 2018.   REUTERS/Rodolfo Buhrer

SAO PAULO: Brazilian truck drivers vowed to extend their protest against high fuel prices into a third day despite a government compromise to cut a fuel tax, threatening to slow economic activity and interrupt exports of grains and other goods. Thousands of trucks were parked to obstruct major roads as the protests interrupted traffic along a major soy shipping route ... Read More »

Brazil March soy exports fall short of record as harvest delay hits


BRASILIA: Brazil exported 8.8 million mt of soybeans in March, according to customs data, falling short of the record 8.98 million mt it exported the year before. The figures take the total exported in the first quarter of 2018 to 13.22 million mt, down 180,000 mt on the same period last year. Exports fell short of a monthly record for ... Read More »

Solar Panel Certification Process in Brazil


Brazil is more advanced than most countries around the globe when it comes to clean energy, but the solar power presence is yet to be expanded in the energy matrix. This article outlines the certification process of solar panels to Brazil. Brazil is known for having one of the most sustainable energy matrix in the world, with 41,2% of the ... Read More »

He’s Vulgar, Offensive and Wildly Popular With Traders in Brazil


The laughter and the applause could be heard all the way down the hall, where the press had been instructed to stay. Loud, spontaneous outbursts of glee that came in waves — one after another — over the course of 90 minutes. The speaker: Jair Bolsonaro, the radical firebrand running for president in Brazil. The venue: BTG Pactual’s annual conference ... Read More »

Drought damages big portion of corn in Brazil’s Mato Grosso


SINOP, Brazil: Brazil’s largest grain producing state of Mato Grosso is expected to harvest up to 15 percent less of so-called second corn because of a drought, the president of a group representing farmers in the region. Mato Grosso farmers will collect an estimated 25 million tonnes of second corn this year, according to Antonio Galvan, the state head of ... Read More »

Anti-Corruption Crusader in Brazil Says He Won’t Run for President


SÃO PAULO, Brazil — The man many Brazilians thought would shake up October’s presidential election, Joaquim Barbosa, Brazil’s first black Supreme Court justice, announced on Tuesday that he would not run, upending the already unpredictable race. Mr. Barbosa, 63, had joined the Brazilian Socialist Party in April, raising the prospect of a presidential bid. Even without declaring his candidacy, he ... Read More »

Police Report Suggests Brazil President Temer Used Family Assets to Launder Money

BRASÍLIA, DF, 04.04.2018: MICHEL-TEMER - O presidente Michel Temer sanciona lei que flexibiliza o horário de transmissão do programa Voz do Brasil, no Palácio do Planalto, em Brasília, nesta quarta-feira. (Foto: Walterson Rosa/FramePhoto/Folhapress)

Six months ago, a Federal Police investigation began looking into the approval of a bill concerning the country’s port sector. It now believes that president Michel Temer, one of the investigation’s main suspects, may have laundered bribe money through the renovation of properties belonging to family members and acquired assets registered under other people’s names in order to conceal assets. ... Read More »

25 Brazilian Judges and Prosecutors Consider Lula’s Acts to Be Crimes

PORTO ALEGRE, RS, 16.03.2018: OPERAÇÃO-LAVA JATO - A procuradora-geral da República, Raquel Dodge, participa na manhã desta sexta-feira (16) de reunião de trabalho da Operação Lava Jato, que ocorrerá na Procuradoria Regional da República da 4ª Região, no bairro Praia de Belas, em Porto Alegre. (Foto: Donaldo Hadlich/FramePhoto/Folhapress)

After the new charges filed on Monday (30) by General Prosecutor of Brazil, Raquel Dodge, 25 members of the Judiciary Branch and the Federal Prosecution Office consider some of the acts of former Brazilian president Luiz Inácio Lula da Silva, during or after his term in office, to be crimes. Now facing nine charges, in addition to that which resulted ... Read More »

Brazilian beef exports to Mena up 38pc


BRASILIA: Beef exports from Brazil to Arab countries saw a 38 per cent increase in terms of value and a 59 per cent increase in volume during the first quarter of the year (Q1), said the Arab Brazilian Chamber of Commerce (ABCC). Over the same period, Brazil sold over $190 million worth of beef to the Arab region–demonstrating an even ... Read More »

Norsk hydro profits jump despite Brazil scandal


BRASILIA: The company’s net profit jumped 19 percent for the first quarter to nearly 2.1 billion Norwegian kroner ($265 million, 217 million euros), as sales surged 75 percent year-on-year to nearly 40 billion kroner. Operating profits, or earnings before interest and taxes,  rose 38 percent year-on-year to 3.15 billion kroner, but shrank 11 percent from the last quarter of 2017. ... Read More »

Brazil responds after EU ban on poultry imports


BRASILIA: Urging Europe to reconsider the ban, Brazilian Minister of Agriculture Blairo Maggi said, “They are taking advantage of taking us out of the market due to sanitary concerns, which are unfounded,” reports Global Meat News. According to Food Navigator, the vote, taken last thursday, was unanimously in favour of the ban on imports from 20 of Brazil’s processing companies owing to flaws ... Read More »

Brazil steelmaker Usiminas net income jumps on economic rebound


BRASILIA: Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais SA reported net income of 157 million reais ($46.4 million) in the first quarter, a 45 percent rise from a year earlier, amid an economic rebound that boosted net revenue, it said on Friday. The steelmaker, known as Usiminas, said adjusted earnings before interest, tax, depreciation and amortization (EBITDA), a gauge of ... Read More »