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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 »

German Court sentences Brazilian woman for smuggling €64,000 cocaine


SAO PAULO: German Court has sentenced four year imprisonment for a Brazilian woman who tried to smuggle €64,000 worth of cocaine into the country by pretending to be a student here the other day. Christiane Moringa Fortis (28) presented forged documentation from an Irish college when she was stopped at Dublin Airport by immigration officials. She later admitted she had ... Read More »

WTO to examine EU complaint about Brazil’s heavy taxes on imports


BRASILIA: The World Trade Organization established a panel to examine a complaint by the European Union that Brazil imposed heavy taxes on its import to protect the interest of their domestic producers here the other day. At present, goods manufactured in the EU and sold in Brazil face higher taxes than Brazilian products, because domestic products can benefit from exemptions ... Read More »

27 Brazilians arrested in China on beef smuggling charges


JIANGSU: At least 27 people, who are said to be from Brazil, have recently attempted to smuggle 300 tons of beef into the country, have been arrested by Jiangsu police. However there is news that the ban on Brazilian imports is soon to be lifted. Food safety officials began investigations in January after a tip-off about beef from questionable sources ... Read More »

Brazilian arrested with 14kg cocaine at Beirut airport


BRASILIA: Brazilian man was arrested at Beirut airport Tuesday for smuggling 14 kilograms of cocaine, security sources told The Daily Star. The sources said Customs Department officials found the cocaine, concealed in eight shampoo bottles that were scattered among the smuggler’s clothes and personal items in his suitcase. Authorities referred Philip A.M. to the Central Anti-Drug Bureau for interrogation, the ... Read More »

Lebanon Customs arrests Brazilian drug trafficker, seizes 14 kg cocaine


BEIRUT: Lebanon Customs has seized the 14 kg of cocaine and arrested a 22 year old Brazilian man at Beirut airport here the other day, security sources said. The sources said Customs Department officials found the cocaine, concealed in eight shampoo bottles that were scattered among the smuggler’s clothes and personal items in his suitcase. Authorities referred Philip A.M. to ... Read More »

Brazil, Spain, Dublin, Caribbean customs seize 700kg cocaine globally

Heroin Drugs Seized by the Counter Narcotics Police of Afghanistan

BRAZIL: Last week, the large quantity of cocaine was seized in Spain, Dublin, Brazil and Caribbean by the Customs Department of those countries. The 700 kilograms of cocaine was discovered in Esparreguera, Spain concealed in freight shipments from Guatemala. Meanwhile, in Dublin, 5.4 kilograms of cocaine, worth over £300,000 was found hidden in a sweet consignment at the city’s airport. ... Read More »