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Brazil seeks to improve trade ties with US, EU in next 4 years


SÃO PAULO: During the next four years Brazil will work toward strengthening its commercial ties with the United States, expanding its accords with Mercosur partners as well as finalizing trade agreements with Central and South American countries such as Mexico, Peru, Colombia and Chile, stated the new Development, Industry and Foreign Trade (MDIC) Minister, Armando Monteiro Neto, during his first ... Read More »

Brazil increases taxes on fuels, imports for R$20.6 billion revenue


SÃO PAULO: The Brazilian government’s new economic team announced the first measures which they hope will reduce the country’s primary deficit and put the economy back into the path of sustainable growth. Finance Minister, Joaquim Levy, announced here the other day, the government will increase taxes on fuels, imports and financial operations, with the goal of obtaining an extra R$20.6 ... Read More »

13,472,255 cubic meters: Brazil LNG imports hike 28% in 2014


SAO PAULO: Imports of liquefied natural gas to Brazil rose 28% during 2014, totaling 13,472,255 cubic meters, up from 10,514,012 cu m during the year prior, data from Platts unit Bentek Energy showed here the other day. Rising LNG imports to Brazil come as the tropical nation faces its worst drought in recorded history, according to Sabesp, the agency for ... Read More »

Brazil posts first trade deficit of $3.93 billion in 14 years

trade balance

SÃO PAULO: Brazil registered its first annual trade deficit since 2000 as economic growth slowed and prices fell for iron ore, soybeans and other key commodities exports, government data showed here the other day. Brazil ended the year with a trade deficit of $3.93 billion, compared with a surplus of $2.5 billion in 2013. It was the country’s first annual ... Read More »

Brazil seeks 7.7 billion US $ from tax hikes to achieve debt reduction goals


BRASILIA: Brazil announced tax increases on fuel, imports and consumer loans aimed at raising 20.6 billion Reals (5 billion pounds) in additional revenues this year, although some economists have warned the measures may boost inflation. The plan is part of an effort to help balance budget accounts and revive investor confidence. Finance Minister Joaquim Levy said at a news conference ... Read More »

BRICs membership of Brazil, Russia in doldrums: expert


BRASILIA: BRICs membership of Brazil and Russia has faced danger and membership may expire by the end of this decade if they fail to revive their sagging economies, according to Jim O’Neill, the former Goldman Sachs Group Inc. chief economist here the other day. Asked if he would still group Brazil, Russia, India and China together as emerging market powerhouses ... Read More »

Spain police seize concaine worth £50,000, nab Brazilian woman for smuggling


MADRID: A young Brazilian mum has been arrested amid claims she tried to smuggle a £50,000 cocaine haul into Spain by hiding it among her hair extensions and wig here the other day. Police said the Brazilian woman had nine packets containing a whopping 880 grams of the Class A drug interwoven with her own hair and a wig. She ... Read More »

Brazil to improve ports to transport record grain harvest in 2014-15


SAO PAULO: Brazil’s government announced measures to assist the transport of what is expected to be a record grain harvest in the country in the 2014-2015 season, including incentives for ports located in the Northern part of the country and improvements in roads so that production does not have to go to Southern ports such as Santos or Paranaguá to ... Read More »

Shipments stuck at Brazil’s Sudeste port on navy permit delays

port 1

SAO PAULO: The start of operations of Brazil’s Sudeste port in Rio de Janeiro state, which is planned to play an important role in minerals and metals exports, has once again been delayed, this time because port operators are waiting for a navy permit, port operators said here the other day. No date has been publicly set for the start ... Read More »

Economic outlook revising down to 1.5%: Brazil ports to post steady growth in 2015


BRASILIA: Brazil will remain mired in a period of low growth in the coming years, due to a slowing consumer story, persistent business environment challenges, and a weaker external environment. We predict steady growth in Brazil’s shipping sector over our forecast period, although we will not see a return to the double digit growth seen in 2010 and 2011. Our ... Read More »

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 »