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Brazil

Mercedes-Benz sees Brazil truck sales up 18% in 2020

SAO BERNARDO DO CAMPO, Brazil: The Brazilian unit of German automaker Mercedes-Benz (DAIGn.DE) expects overall domestic truck sales to rise 18% as the government keeps pushing its reform agenda and the economy rebounds. Philipp Schiemer, president of Mercedes-Benz in Latin America, said the company estimates some 120,000 trucks will be sold in Brazil this year. That was slightly less than ... Read More »

Chinese beef importers seek to renegotiate prices for Brazilian shipments: report

Chinese beef importers are seeking to renegotiate prices previously agreed when they closed deals to buy dozens of shipments from Brazil because values are too high, according to a report in the online edition of a local newspaper on Monday. The website of Folha de S.Paulo reported that some Chinese importers are refusing to pay for shipments that already arrived ... Read More »

Brazil central bank monitoring impact of Iran-US conflict

BRASILIA: Brazil’s central bank chief, Roberto Campos, said that policymakers are monitoring tensions between Iran and the United States to understand how they may affect inflation forecasts, and cited recent sharp swings in commodity prices. He noted oil prices rose in the first day of the conflict, but were again trading below levels seen before the killing in a US ... Read More »

Brazil fines Facebook $1.6 million in Cambridge Analytica case

Brazil’s government imposed a 6.6 million real ($1.6 million) fine on Facebook Inc. and its local unit for their role in the Cambridge Analytica scandal. The fine is tied to Facebook’s unlawful sharing of data from its users in Brazil, Brazil’s justice ministry said in a statement posted on its web site on Monday. The investigation began in April 2018. ... Read More »

Brazilian Entrepreneurs’ Greatest Mistakes, According to Themselves

RIO DE JANEIRO, BRAZIL: From Albert Einstein, through Benjamin Franklin and Theodore Roosevelt, the world is filled with established and anonymous names who claim that mistakes are a natural part of the learning and growth process. There is no need to resort to any consecrated name, however, to know that better than learning from your mistakes is to be able ... Read More »

Brazil delays two big rail projects until third quarter 2020

BRASILIA: Brazil pushed back the auction of two major railway projects for grain exports until the third quarter of 2020, Infrastructure Minister Tarcisio Freitas said as he announced plans for 101 billion reais (24 billion) in investment next year. Freitas said drawing up the concession model took longer than expected, but the auction rules have already been submitted to Brazil’s ... Read More »

Some 738 Thousand Small-scale Businesses to Settle tax Debts

RIO DE JANEIRO, BRAZIL – Around 738,000 micro and small-scale defaulting companies with the ‘Simples Nacional’ – special tax system for small businesses – began to be notified in order to rectify their situation. After the notification is given, taxpayers have up to 30 days to contest the notification or settle the debts, under penalty of being excluded from the ... Read More »

Brazil’s Central Bank Intervenes in Market after Dollar Hits R$4.27

RIO DE JANEIRO, BRAZIL – With the dollar’s price hitting record highs, the Central Bank announced an extra auction to sell the US currency on spot. The market reacted to Economy Minister Paulo Guedes’ speech on Monday saying he was not concerned with the dollar exceeding R$4.20 and that “it is good to get used to the higher exchange rate ... Read More »

Central Bank : Brazil’s Economic Activity Grows 0.91 Percent in Third Quarter

Economic activity recorded growth in the third quarter this year, according to the Central Bank’s Economic Activity Index (IBC-Br), released yesterday by the Central Bank (BC). In the third quarter this year, the index increased 0.91 percent compared to the previous period. The result considers seasonally adjusted data for the period. In the comparison between the third quarter this year ... Read More »

‘China to announce billion-dollar investment in Brazilian port of Sao Luis’

BRASILIA: China will make a billion-dollar investment in the Brazilian port of Sao Luis via China Communications Construction Company (601800.SS), two sources with direct knowledge of the matter said on Wednesday. Speaking on condition of anonymity, the sources said the announcement will be made at the summit of leaders of Brazil, Russia, India, China and South Africa, the so-called BRICS ... Read More »

Brazil 2020 Budget Foresees Increase of R$24.2 billion in Tax Waivers

RIO DE JANEIRO, BRAZIL – Amidst the growth of compulsory expenditure and the scarcity of discretionary (non-mandatory) funds for the maintenance of public bodies, tax waivers will continue to grow next year. The proposed General Budget of the Union, currently under discussion in Congress, foresees that the government will fail to collect R$330.6 billion (US$82.7 billion) as a result of ... Read More »

After trade talks in US, China ramps up Brazilian soy purchases

Chinese importers have been busy booking fresh purchases of soybeans from Brazil this week, despite the White House announcement that China had agreed to buy up to $50 billion of US farm products annually during trade talks last week. The purchases from Brazil, rather than the United States, show that China is in no hurry to buy U.S. products in ... Read More »

Bolsonaro’s central bank chief vows to ‘reinvent’ Brazil economy

Brazil’s central bank chief has put his institution at the heart of President Jair Bolsonaro’s sweeping programme of economic reforms, promising to roll back regulation to lure back investors. Roberto Campos Neto said Brazil wanted to “democratise” the financial sector and usher in more private capital as the country fights an economic downturn. “We need to reinvent ourselves with private ... Read More »

Brazilian fintech Nubank has grown to 15 million users: CEO

Brazilian financial technology start-up Nubank now has 15 million clients, the firm’s chief executive said a figure which underlines the rapid growth of the Sequoia Capital-backed venture in Latin America’s largest economy. Nubank founder and CEO David Vélez disclosed the figure, which marks a 25% increase from the total it revealed in August, at the Brazil Investment Forum in Sao ... Read More »

Brazil Supreme Court ruling on public debts owed individuals could cost government $10 billion

BRASILIA: Brazil’s Supreme Court rejected a request by the government and states that certain outstanding legal costs and payments owed to individuals be indexed at a reduced rate, a decision which could cost more than 40 billion reais. Indexation of these legal-based credits to the IPCA-E rate of inflation was already in place. The government and states had sought to ... Read More »

Banco do Brasil managers targeted in $48 million money laundering probe

BRASILIA (Reuters) – Brazilian police on Friday raided the homes of Banco do Brasil (BBAS3.SA) managers suspected of involvement in a 200 million reais ($48 million) money laundering scheme, police said, the latest phase of Brazil’s massive Car Wash corruption scandal. According to the Federal Public Prosecutors office, police are investigating allegations that managers at three branches of the state-controlled ... Read More »

Shares in Brazilian planemaker Embraer fall more than 1% on EU antitrust probe

BRASILIA: Shares in Brazilian planemaker Embraer fell more than 1% at the following a Reuters report that Boeing is set to face a European Union antitrust investigation into its bid for a controlling stake in Embraer’s commercial aircraft arm. Embraer shares traded as low as 19.12 reais, a decline of as much as 2.0%, underperforming the broader Bovespa index which ... Read More »

SoftBank mulls bringing 40 companies to Brazil

SAO PAULO: Japan’s SoftBank Group Corp is considering bringing around 40 companies with high growth potential to Brazil and expects to announce a large investment in the country in around two weeks’ time, the group’s head in Brazil, André Maciel, said on Friday. “We have around 40 companies that fit in Brazil,” he said during an event at Cubo, a ... Read More »

Brazil president calls economy minister from hospital to oppose new tax

RIO DE JANEIRO: Brazilian President Jair Bolsonaro telephoned Economy Minister Paulo Guedes from hospital this week to express his opposition to the creation of a new “CPMF” financial transactions tax, Guedes said. In a wide-ranging interview with foreign journalists in Rio de Janeiro, however, Guedes again defended the idea, saying transaction taxes would allow for reductions in other levies such ... Read More »

Brazil had 1.3 Million Companies in the Service Sector Alone in 2017

RIO DE JANEIRO, BRAZIL – The Annual Services Survey (PAS 2017), released yesterday, August 28th, by the Brazilian Institute of Geography and Statistics (IBGE), shows that in 2017 there were 1.3 million companies providing non-financial services in Brazil, with a net operating revenue of R$1.5 trillion (US$375 billion) and a gross added value of R$906.5 billion. These companies employed 12.3 ... Read More »