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Brazilian Real Devalues Further Despite Central Bank Intervention

SÃO PAULO, BRAZIL: Not even the auctions announced by Brazil’s Central Bank (BCB) after markets had closed, managed to hold the US currency’s appreciation in relation to the Brazilian real at the start of this week. The US dollar closed on Monday, May 20th, at R$4.105/US$1, with a slight increase of 0.07 percent. The exchange rate is the highest value ... Read More »

Brazil’s foreign exchange move paves way to reduce $385 billion reserve stash

BRASILIA: Brazil’s decision to sell dollars on the spot market for the first time in a decade is a sign the central bank is finally willing to reduce its $385 billion pile of foreign exchange reserves, analysts said. Officially, the central bank’s announcement on Wednesday that it will sell dollars – along with existing sales of reverse currency swaps – ... Read More »

Brazil feels pressure over Amazon deforestation data

BRASILIA: Brazilian President Jair Bolsonaro said on Thursday that if a senior government scientist had betrayed his confidence regarding deforestation data, he would be fired, underlining how growing international pressure to protect the Amazon is weighing on his government. Bolsonaro made the comments during a tense news conference in Brasilia. He and members of his cabinet pushed back against reports ... Read More »

Trump promises to ‘work on a free trade agreement with Brazil’

President Donald Trump said he will pursue a United States trade agreement with Brazil. The move suggests a friendly relationship with President Jair Bolsonaro could help lower trade barriers between the two biggest economies in the Americas. “We’re going to work on a free trade agreement with Brazil,” Trump told reporters at the White House, without giving details. Trump raised ... Read More »

Armed men steal $40 million of gold, metals from Brazil airport

SAO PAULO: Armed men stole $40 million of gold and other precious metals on Thursday from a Sao Paulo cargo terminal at South America’s busiest airport, taking two hostages, police said. Several of the suspects arrived at the Guarulhos airport in a black pickup truck with livery resembling Brazil’s federal police, according to security footage seen by Reuters. Four men ... Read More »

Brazil GDP to get 0.35 percentage point boost from worker fund stimulus

BRASILIA: New measures unveiled by the Brazilian government on Wednesday allowing employees to access cash from worker guarantee funds will be worth 0.35 percentage points to gross domestic product over the next 12 months, the Economy Ministry said on Wednesday. Freeing up 42 billion reais ($10.6 billion) from the “FGTS” severance fund and more cash from the social contribution fund ... Read More »

Brazil halves 2019 economic growth forecast to 0.8% from 1.6%

BRASILIA: Brazil’s government slashed its economic growth forecast for this year to 0.8% from 1.6%, the Economy Ministry said blaming continued weakness in the second quarter following the economy’s contraction in the first. A challenging global outlook in the first half of the year weighed on trade and investment inflows, leading to investment projects being postponed, while uncertainty surrounding pension ... Read More »

Brazil mining trade group slams Senate royalty proposals

RIO DE JANEIRO, Brazil: An association of Brazilian mining companies on Wednesday criticized some proposals made a day earlier by a Senate committee that spent months investigating the collapse of one of Vale SA’s tailings dams. In a 400-page report, the Senate panel looking into the January disaster proposed a ban on new tailings dams, sought the phase-out of all ... Read More »

Brazil asks for WTO investigation of Indonesia on poultry trade

SAO PAULO: The Brazilian government has formally asked the World Trade Organization (WTO) to open a panel to investigate Indonesian policies on Brazil’s poultry exports, the Agriculture Ministry said. Brazil won a case against Indonesia at the WTO in 2017, but the South American country argues that the WTO decision was never implemented by Indonesia, which continues to block any ... Read More »

Brazil’s economic recovery hinges on fiscal reforms, central banker says

BRASILIA: The Brazilian economy’s ability to emerge from its current funk and return to “more robust” levels of growth largely hinges on the approval and implementation of fiscal reforms, the central bank’s deputy governor said on Tuesday. In a presentation to the OMFIF think tank in London, Tiago Berriel also said inflation is under control and that the central bank’s ... Read More »

Brazil will not bar Huawei from 5G network -vice president

BRASILIA: Brazilian Vice President Hamilton Mourao on Friday told journalists that the government will not exclude Chinese telecom company Huawei Technologies Co from operating a fifth-generation (5G) mobile telecoms network in Latin America’s largest economy. The United States has asked countries to reject Huawei technology in the development of new mobile phone networks, arguing that it could be vulnerable to ... Read More »

Portugal sees Brazilian student boom, with more than 12,000 in higher ed

Recent data shared by the government showed that 12,200 Brazilians enrolled in the Portuguese higher education system in 2017, the most numerous nationality among 42,500 international students. In 2006, data showed 1,900 Brazilian students enrolled in Portugal, meaning numbers have grown by 540% over the last decade. This was part of a general trend seeing Brazilian nationals moving to Portugal, ... Read More »

What’s gone wrong with Brazil’s economy?

When Brazil’s far-right president Jair Bolsonaro took office, many in the country were concerned that the divisive politician would not be able to bring the country together. But one sector was almost unanimous in praising Mr Bolsonaro’s rise to power: business people. Brazil’s president boasted during the election that he did not understand anything about economics. Once in power, he ... Read More »

Brazil to revamp Amazon Fund after finding irregularities -minister

SAO PAULO: Brazil will overhaul rules for selecting projects to reduce deforestation supported by the Amazon Fund, which is financed by Norway and Germany, after discovering irregularities in spending, Environment Minister Ricardo Salles said. Salles said non-governmental organizations (NGOs) had failed to account for the way they use money disbursed to them from the $1.28 billion fund administered by Brazilian ... Read More »

Brazil Studies Reduction of Cigarette Tax to Curb Smuggling

RIO DE JANEIRO, BRAZIL: By the end of June, the Ministry of Justice (MJ) should decide on a tax reduction on cigarettes manufactured in Brazil. In March, an ordinance signed by Minister Sérgio Moro established a working group to assess whether tax changes would help “reduce the consumption of low-quality foreign cigarettes”. The introduction of this group was criticized by ... Read More »

Brazil to cut import tariffs by 10 percentage points: economy minister

RIO DE JANEIIRO: Brazil plans to reduce import tariffs by 10 percentage points during the new government’s four-year term, Economy Minister Paulo Guedes said, a move away from the direction currently being taken by countries such as the United States. Guedes announced the average tariff reduction at an event in Rio de Janeiro, saying there will be a cut of ... Read More »

BHP faces $5 billion claim over 2015 Brazil dam failure

Anglo-Australian mining giant BHP is facing a landmark, $5.0 billion damages claim in England for being “woefully negligent” in the run-up to a 2015 dam failure that led to Brazil’s worst environmental disaster, a lawsuit alleges. The claim, which will be largest group action to be heard in England, was served on the miner on Tuesday on behalf of 235,000 ... Read More »

Oil Production Grows 2.8 Percent from February to March

BRAZIL: Oil production in Brazil grew 2.8 percent from February to March, according to the monthly bulletin of the National Agency of Petroleum, Natural Gas and Biofuels (ANP). In total, 2.56 million barrels of oil were produced per day. Compared to March 2018, there was also an increase, although modest, of 0.1 percent. Of this total, 1.54 million barrels were ... Read More »

Huawei partners with local retailers to sell flagship smartphones in Brazil

China’s Huawei Technologies Co Ltd on Tuesday launched two high-end smartphone handsets in Brazil, making its second attempt to penetrate the world’s fourth-largest smartphone market, broadening its footprint in Latin America. “We are in a very different market share position than we were five years ago and we’re seeing tremendous brand momentum,” Ketrina Dunagan, Huawei’s vice president of marketing for ... Read More »

Sharjah Biennial features work by two Brazilian women

São Paulo – The 14th Sharjah Biennial (SB14), in the UAE, features previously unseen work by two Brazilian artists – Aline Baiana and Laura Lima. The exhibition opened on March 7 and will continue until June 10, featuring work by 80-plus artists. This year’s theme is Leaving the Echo Chamber. The Biennial comprises three exhibits, curated by Zoe Butt (Vietnam), ... Read More »