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Brazilian Development Bank approves loan of $100 million for Northeast Bank


BRASILIA: The Brazilian Development Bank (BNDES) approved financing of $100 million to Northeast Bank the funds are for the micro credit operations for individual and corporate entrepreneurs, small productive activities. The funding, granted within the BNDES Microcredit is intended to carry out 1.5 million operations until the end of 2015, with an average of £ 1200. The Bank will contribute in ... Read More »

Joaquim Levy nods changes in pricing policy of Petrobras


BRASILIA: Joaquim Levy, the new finance minister, waved with changes in Petrobras’ pricing policy, Petrobras will make their pricing decisions as a company Levy said. Levy said of course Petrobras is a dominant company and has to take there their proper care. I have no evidence to assess as it was before, but my sensitivity indicates that it will increasingly ... Read More »

Brazil to increase tax collection if spending cuts fail to slow inflation

brazil inflation rate

BRASILIA: Brazil’s government may have to increase tax collection if spending cuts fail to slow inflation and boost growth, Finance Minister Joaquim Levy said. We will probably need to think about re-balancing some taxes, because some of them were reduced a while ago,” Levy wrote in a question and answer session on Facebook on Friday. “That revenue is now needed.” ... Read More »

Bharat petroleum, Videocon firms plan to start producing oil in Brazil in 2018

Iran non-oil exports hit $9.7 bln despite sanctions

BRASILIA: Bharat petroleum,Videocon firms plan to start producing oil in Brazil in 2018. Bharat Petroleum Corporation and Videocon Industries with Brazilian partner Petroleo Brasileiro have found more light crude oil in the Sergipe Basin off that country’s northeast coast, the companies said in a securities filing. The discovery in the BM-SEAL-11 exploration block is believed to hold at least a ... Read More »

Inflation rate in Brazil hits 6.4% in 2014

brazil inflation rate

BRASILIA: Inflation in Brazil hit 6.41 percent in 2014, marginally below a government ceiling of 6.5 percent but still the highest annual figure since 2011, the National Statistical Institute. The official annual target is 4.5 percent, with a tolerance margin of two percent beyond that, but the central target has been missed several times in recent years. The 2013 annual ... Read More »

Falling oil prices plunge puts Brazil’s sugar, ethanol industries at risk

sugar industry

BRASILIA: Fall in oil prices has heightened the risk for Brazil’s sugar and ethanol industry, according to Fitch Ratings. The price drop has eased the pressure on Petroleo Brasileiro S.A – Petrobras (IDR BBB / Nat. Scale AAA(bra)) to increase domestic gasoline prices, which reduces demand for alternative fuels. Brazilian S&E producers need hikes in ethanol prices to make up ... Read More »

Brazil approves cuts in new budget with $700m monthly administrative expenses

brazil budget

BRASILIA:The Brazilian government approve cuts to new budget plan of cuts to save more than US$700 million monthly administrative expenses with the aim of further austerity to face the setback in the national economy. The measures was published in the Official Gazette and Budget Execution Act and specifically affects expenditure on salaries, travel, pensions and benefits of the Executive. The ... Read More »

Brazilian Revenue services Impacting Charters Agreements


BRASILIA:  Brazil’s oil and gas industry and the Brazilian Revenue Service are embroiled in a significant tax dispute regarding the contractual model adopted by the industry and the taxation over outbound payments related to charter agreements. The first component of this dispute refers to the zero percent tax rate of the withholding income tax (IRRF) on outbound payments related to ... Read More »

Brazil exports drop 10.5% in 2014 as commodities dip 16.2%


BRASILIA: Exports fell 10.5% in 2014 as commodities led by metals dropped 16.2%, said ADEX president Gastón Pacheco. Peru, the world’s third largest copper, zinc and tin exporter, saw export earnings slump for a third year in 2014, due to declines in commodities prices and shipments. 2014 was a bad year for Peruvian exports,” Pacheco said in a statement posted ... Read More »

Nissan maintains investment in Brazil despite sales fall by 7.15pc


RIO DE JANEIRO: Japan’s Nissan Motor Company Ltd remained its confidence on Brazil auto market and plans to maintain investment and increase its share in the Brazilian auto market despite a 7.15 percent drop in car sales across the country last year, the firm’s chief executive said here the other day. “We are disappointed in where the Brazilian market stands ... Read More »

Brazil oil price plunges to $52 per barrel

Iran non-oil exports hit $9.7 bln despite sanctions

BRASILIA: Brazil oil price plunged to $52 per barrel as Moody’s warns that oil companies will have to make deep cutbacks to spending. Brent crude has slumped to a new five-and-a-half-year low as leading ratings agency Moody’s warns that oil companies could be forced to slash spending by up to 40pc this year. The benchmark crude contract fell to as ... Read More »

Brazil’s finance minister to support budget cuts to improve investors’ confidence

brazil new finince minister

BRASILIA: Brazil’s government must make difficult budget cuts to improve investor confidence and restore economic growth, new Finance Minister Joaquim Levy said. At his swearing-in ceremony in Brasilia, former treasury chief Levy said the fiscal adjustments would require the participation of society as a whole and would involve spending cuts and possible tax hikes. “Fiscal balance is indispensable in order ... Read More »

Brazil hopes summer may give boost to foreign tourism


RIO DE JANEIRO: As the official summer season starts in Rio de Janeiro, a stronger dollar and afterglow of successfully hosting the 2014 World Cup may mean an increase in foreign tourism this year which helped to boost Brazil economy. Hotel occupancy rates are already up and the tourism sector is optimistic, hoping for a boost to the slowing economy. ... Read More »

Brazil levies anti-dumping against China, Mexico, Saudi Arabia, Egypt, UAE, US


BRASILIA:  An economic downturn has the Brazilian government turning to anti-dumping measures against China and other countries, according to analysts. A month ago the Brazilian Foreign Trade Chamber made antidumping charges levied on float glass imports from China and five other countries permanent. The duties were also placed on imports from the, Saudi Arabia, Egypt, the United Arab Emirates and ... Read More »

New year gift: Brazil’s city govt hikes bus, taxi fares


RIO DE JANEIRO: Even though the last increase in bus fares had triggered mass protests around the Brazil and had to be postponed from June 2013 to February 2014, Rio’s city government decided to go for another heavy increase in transportation prices for the new year. Municipal bus rides will cost R$3.40 as of Tuesday, January 6th, an increase which ... Read More »

Brazilian man charged for attempting to import 3kg cocaine into Sydney on New Year’s eve


BRASILIA: A Brazilian national has been charged with attempting to import 3kg of cocaine through Sydney Airport on New Year’s Day.Robson Luiz Carsten, 41, appeared before Parramatta Local Court yesterday after Customs officers selected him for a baggage exam when he arrived on a flight from Brazil via the United Arab Emirates. It is alleged that during an X-ray of ... Read More »

Brazil’s Rousseff vows budget cuts on start of her second term

Brazil's President Dilma Rousseff waves as she arrives at Planalto Palace after being sworn-in for a second four-year term in Brasilia

BRASILIA: Brazil’s President Dilma Rousseff began her second term vowing to rein in government spending to curb inflation and pull Latin America’s largest economy out of a four-year slump. As she took the oath of office in Brasilia, Rousseff also promised to embark on an anti-corruption crusade in response to a multibillion-dollar graft scandal engulfing state-run oil company Petrobras that ... Read More »

Brazil’s Public Accounts facing $Rs 8.1 billion deficit


SAO PAULO: The reinforced public sector accounts in Brazil have faced the worst primary deficit result for the month of November since 2001, with a deficit of R$8.1 billion, Brazil’s Central Bank (CB) announced here the other day. At the beginning of December the country’s primary surplus target for this year was revised to R$10 billion, from the original 2014 ... Read More »

Brazil tax exemption policy causes decline in federal revenues for 2014


SAO PAULO: The unnecessary tax exemptions and reductions given by the Brazilian government to major industry sectors have greatly responsible for the significant decline in federal revenues from January to November which in turn affected public accounts, said by the Brazil Federal Revenue Service here the other day. Tax exemptions on items such as washing machines and refrigerators led to ... Read More »

Slow growth rate: 2014 declared disappointing year for Brazil economy


SAO PAULO: The economic growth of Brazil continue to decrease in 2014, said in the Central Bank of Brazil report released here the other day. Central Bank forecaste the annual GDP growth for 2014 at 0.2 percent. The estimate is higher than market estimates, which call for a growth of 0.13 percent for 2014. Not even mega events, such as ... Read More »