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Interest rates in Brazil likely to increase again to 13.75%


BRASILIA: Brazil’s benchmark interest rate (Selic) is expected to increase again this week, as Central Bank officials sit down for their scheduled Copom (Monetary Policy Committee) meeting Tuesday and Wednesday, June 2nd and 3rd. According to surveys conducted by the Central Bank, financial analysts forecast an increase by five percentage points on the Selic, with the rate going to 13.75 ... Read More »

Brazil Resources,  Areva receive authorization from Alberta govt to explore Rea project


VANCOUVER: Brazil Resources Inc. (the “Company” or “Brazil Resources”) (TSX-V: BRI; OTCQX: BRIZF) is pleased to announce the Company has received authorization from the Alberta Department of Environment and Sustainable Resource Development for a proposed drill program on the Rea uranium project (“Project”) in northeast Alberta. The Project is located in the western portion of the Athabasca Basin, which the ... Read More »

Brookfield to raise $300m for Brazil farmland fund

Roraima, Brazil – August 26, 2004: farmer checking soybean field in Brazil

BRASILIA: Brookfield Asset Management Inc., Canada’s largest alternative asset manager, has raised $300 million for a new agricultural fund targeting Brazilian farmland, a person with knowledge of the matter said. The Toronto-based firm is targeting $500 million in total for the fund, with a maximum of $700 million, the person said, asking not to be identified discussing private information. Brookfield ... Read More »

Brazilian trade mission to visit China in June to promote beef exports


BRASILIA: A Brazilian trade mission will visit China in June to promote beef exports, an official said. The mission, including representatives from Brazil’s main producer organizations, is being coordinated by the Brazilian Trade and Investment Promotion Agency (Apex-Brasil) and will visit Shanghai and Beijing on June 9-12. In a recent interview with Xinhua, Ana Paula Repezza, manager of Apex-Brasil’s International ... Read More »

Mexico, Brazil sign agreements to expand bilateral trade


MEXICO CITY: The leaders of Mexico and Brazil agreed to expand a trade accord they hope will double business between the two biggest Latin American economies over the next 10 years.   Mexican President Enrique Peña Nieto and Brazilian President Dilma Rousseff met in Mexico City and signed agreements to promote trade and investment.   Mr. Peña Nieto said the ... Read More »

China to invest $50b to help overhaul infrastructure in Brazil


BRASÍLIA: China will invest 50 billion dollars to help overhaul Brazil’s aging infrastructure, the government announced on Thursday, ahead of an official visit by Chinese Prime Minister Li Keqiang next week. Brazil has repeated that it was determined to overhaul its dilapidated roads, railways, airports and ports. “There are 50 billion in new projects,” said Jose Graca Lima, Brazil’s Undersecretary ... Read More »

Brazil closes its borders for Argentina fruit exports


BUENOS AIRES: The Commercial and Industrial Union of Mendoza (MICU) expressed its concern about the province’s fruit sector’s situation, which accounts for a significant percentage of the local production. “Apart from the crisis in international markets, Brazil has closed its borders to imports of apples and pears,” the statement said. Among other problems, the industry stated that “Mendoza’s fruit sector’s ... Read More »

Mercedes cuts 500 Brazil jobs

Mercedes AMG

BERLIN: German vehicle manufacturer Mercedes Benz said it had cut 500 jobs at its Brazilian plant in Sao Bernardo dos Campos near Sao Paulo and placed 7,000 workers on short-term leave. A spokesman told AFP the 7,000 jobs were spread across all areas of production and the workers would have to take compulsory leave between June 1 and 15. The ... Read More »

Brazil struggling with budget gap by cutting spending


BRASÍLIA: Brazil’s Finance Minister Joaquim Levy is targeting a primary fiscal surplus equivalent to 1.1 percent of GDP this year. The primary result excludes payments on interest. Brazil is stepping up efforts to shrink a widening budget gap by cutting spending and raising taxes on banks. The government is freezing 69.9 billion reais ($22.6 billion) in spending from this year’s ... Read More »

Brazil declares record-high $22.6b cut in budget


BRASILIA: The Brazilian government announced a 69.9-billion-real (US$22.6 billion) record-high curtailment in the federal budget here the other day. The figure surpasses the 44-billion-real (US$14.2-billion) curtailment announced last year. Out of the total figures, 67 percent is concentrated in investments and resources allocated to parliamentary bills. The Cities Ministry’s budget experienced a 54-percent cut, while the Health and Education Ministries’ ... Read More »

China, Brazil sign billions of dollar trade, investment deal


BRASILIA: Chinese Premier Li Keqiang and Brazilian President Dilma Rousseff inked a series of trade and investment deals on Tuesday worth billions of dollars, officials said. The deals, part of a USD 50 billion Chinese investment package, included a pair of finance and cooperation deals worth USD 7 billion for Brazil’s state-owned oil firm Petrobras. China has since 2009 been ... Read More »

Brazil sugar producers fears price fall as India, Thailand to inject 4m tones in market


NEW DELHI: Sugar prices have been slumping at a time when Brazilian sugarcane producers were already struggling because of government fuel policies that have reduced demand for ethanol. According to preliminary estimates by Brazilian consultancy Agroicone, Indian and Thai subsidies would add 4 million tonnes of sugar, or nearly 7 percent, to world supply, dragging down prices 13 percent. Unica’s ... Read More »

Brazil stocks up 1.04% to close at at 3.19pts


BRASÍLIA: Brazil stocks were higher after the close on Friday, as gains in the Financials, Real Estate and Electric Power sectors led shares higher. At the close in Sao Paulo, the Bovespa added 1.04%. The best performers of the session on the Bovespa were Marcopolo SA (SA:POMO4), which rose 7.41% or 0.22 points to trade at 3.19 at the close. ... Read More »

Brazil vehicle sales, outputs and exports decline in April

Used cars

BRASILIA: Brazil’s auto makers reported another month of declining sales, output and export in April, underscoring the challenges facing the industry this year, as the country’s economic performance remains sluggish. Vehicle sales, including cars, light vehicles, trucks and buses totaled 219,252 units in April, down 25.2% versus April 2014, according to auto maker association Anfavea on Thursday. The sales of ... Read More »

MAUSER Brazil acquires Greif’s plastic drum, IBC business


BRASILIA: The investment made by MAUSER to acquire Greif’s business not only reaffirms MAUSER’s commitment to the Brazilian marketplace but also to growing its operations globally. Greif’s decision to exit the plastic drum and IBC business in Brazil will further MAUSER’s goal to accomplish this. “We are very pleased with the addition of these plastic drum and IBC customers,” remarked ... Read More »

Venezuela oil price continues to rise for 7th week


CARACAS: Venezuela’s weekly oil basket price continued to rise for a seventh week in a row as oil prices around the world went up as Saudi Arabia continued fighting against Iranian-backed rebels in neighboring Yemen at the mouth of the Persian Gulf, problems in Libya continued disrupting supply from that country, and U.S. stocks were unexpectedly drawn down. According to ... Read More »

Brazil regrets execution of Brazilian smuggler in Indonesia


BRASILIA: The Brazilian government regretted the execution of Brazilian citizen Rodrigo Muxfeldt Gularte earlier in the day in Indonesia, describing it as a serious incident in bilateral relations. Gularte, 42, was arrested for drug-trafficking in Indonesia. He tried to enter the country with cocaine smuggled in surfboards. He spent 11 years in jail in Indonesia before his execution. He was ... Read More »

Brazil automakers aim to cut more jobs


BRASILIA: The organization representing Brazil’s automakers says its members are still looking to shed jobs even after eliminating thousands of positions through layoffs and early retirements. “We adjusted our workforce, basically, through incentives to voluntary retirement but, even with those cuts we still have excess personnel,” Luis Moan, president of the National Association of Motor Vehicle Manufacturers, or Anfavea, told ... Read More »

Brazil, India negotiates with Iran on construction of refineries


BRASILIA: Brazilian and Indian energy officials have asked for Iran’s assistance to construct oil refineries in their countries, Deputy Oil Minister Abbas Kazzemi announced. “Brazil and India have negotiated with Iran on the construction of refineries,” Kazzemi, who is also the managing-director of the National Iranian Oil Refining and Distribution Company (NIORDC), told reporters on the sidelines of the 20th ... Read More »

Brazil gasoline price 5% cheaper than imports, Petrobras to bear loss


RIO DE JANEIRO: The price of gasoline in the Brazilian market has slipped below that in international markets, potentially saddling cash-strapped state-run Petroleo Brasileiro SA with more losses on fuel imports. Wholesale gasoline is now more than 5 percent cheaper at Brazilian refinery gates than international prices, according to analysts surveyed by Reuters. Petrobras, as the company is known, has ... Read More »