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Brazil’s Petrobras plans to claim part of odebrecht’s anticorruption settlement

SÃO PAULO: Brazilian oil company Petróleo Brasileiro SA, or Petrobras, plans to request part of therecord anticorruption settlement that construction company Odebrecht SA signed earlier this week with Brazilian, U.S. and Swiss authorities. Petrobras has said it was the victim of the vast bid-rigging and kickbacks scheme that Odebrecht admitted to helping run. Investigators say the graft ring, which included ... Read More »

Brazilian soya cargo in China discharged, fears persist

BRASÍLIA: China, the world’s top soya buyer, discharged one of three stalled Brazilian bean cargoes, but worries persist that authorities will still halt virtually all soya imports from the South American country. All eyes are now on two other cargoes from Brazil that Chinese quarantine authorities have blocked at mainland ports because of suspicion that they were contaminated with the ... Read More »

Brazilian fuel production tumbles

BRASÍLIA: Brazilian fuel production fell 6.0% from January to November, dragged down by flagging demand for diesel, according to hydrocarbons regulator ANP. Output of crude oil derivatives reached 644Mb in the first 11 months, almost 41Mb lower than a year earlier, ANP said in a bulletin. Meanwhile oil derivative imports for the period rose 13.4Mb year-on-year to 165Mb. Diesel production ... Read More »

Brazil’s current account balance likely to have rebounded further in Nov

BRASÍLIA: Brazil’s current account continues to rebound in subdued imports. The sharp rebound in the trade balance in November leads to an estimated current account surplus of USD 1245 million in December, according to a Societe Generale research report. But, the rebound in the trade and current account balances continues to indicate a subdued domestic demand growth in recent months ... Read More »

Petrobras secures $5 billion loan deal from China Development Bank

RIO DE JANEIRO: Brazil’s state-controlled oil company Petróleo Brasileiro SA said Friday it signed a $5 billion financing deal with the China Development Bank, the latest example of a troubled Latin American issuer reaching to deep-pocketed Chinese institutions for help. The 10-year financing arrangement coincided with the signing of a commercial contract whereby Petrobras, as the energy company is known, ... Read More »

Brazil iron ore exports surged 12% in Nov

BRASÍLIA: The country’s iron ore exports increased sharply during the month of November this year, says latest statistics released by the Ministry of Development, Industry and Commerce (MDIC) of Brazil. Brazil’s iron ore exports totaled 31.439 million tons during the month. This is higher by 12.3% when matched with the exports during the corresponding month last year. The country had ... Read More »

Brazil’s Braskem to pay 3.1 bln reais in leniency deal for corruption case

BRASÍLIA: Brazil’s Braskem SA , the largest petrochemical producer in Latin America, signed a leniency deal on Wednesday with Brazilian prosecutors leading a sweeping corruption probe into political kickbacks at state-run oil company Petrobras, the company said in a securities filing. The company agreed to pay 3.1 billion reais ($920 million) in fines to Brazilian authorities. Around half will be ... Read More »

Retail sales decline 8.2% from last year in Brazil

SÃO PAULO: Retail sales results in Brazil fell in October, according to the country’s official statistics bureau, the IBGE, by 0.8 percent in comparison to September in the seasonally adjusted series. In comparison to October of 2015, retail sales fell by 8.2 percent. The results register its 19th consecutive negative rate and accumulating a decline of 6.8 percent in the ... Read More »

Gol signs leniency deal with Brazil prosecutors

SAO PAULO: Gol Línhas Aéreas Inteligentes SA, Brazil’s No. 2 airline, has agreed to sign a leniency accord with federal prosecutors, after an internal probe found the company might have wired money to firms under investigation in the country’s worst corruption scandal. In a Tuesday securities filing, Gol did not specify whether the payments were illegal, although it said it ... Read More »

Brazil’s export lull sets stage for record soybean shipments

BRASÍLIA: If there is a silver lining to Brazil’s recent shortcomings in grain exports, the country is now more prepared than ever to pump out big volumes in 2017, perhaps to the dismay of its competitors. Brazil is the No. 1 and 2 shipper of soybeans and corn, respectively, but earlier this year, the drought-stricken country found itself with much ... Read More »

Brazilian wheat imports to hit lowest since at least 1990s

BRASÍLIA: Brazil spoiled an improved world wheat demand picture by revealing that its own imports will fall to the lowest since the 1990s, undermined by a harvest upgraded to an even higher record top. Conab, the official Brazilian crop bureau, cut by 200,000 tonnes to 5.10m tonnes its estimate for Brazil’s wheat imports in 2016-17 – the lowest figure on ... Read More »

Brazil’s export lull sets stage for record soybean shipments

BRASÍLIA: If there is a silver lining to Brazil’s recent shortcomings in grain exports, the country is now more prepared than ever to pump out big volumes in 2017, perhaps to the dismay of its competitors. Brazil is the No. 1 and 2 shipper of soybeans and corn, respectively, but earlier this year, the drought-stricken country found itself with much ... Read More »

Brazil expects to save $200 bln by 2027 with pension reform

BRASÍLIA: Brazil’s government expects to reduce expenditures by about 687 billion reais ($200 billion) between 2018 and 2027 with proposed changes to its costly pension system, the government’s pension secretary said on Tuesday. The proposal to overhaul Brazil’s pension system, seen by investors as the most important of President Michel Temer’s agenda to shore up the country’s public finances, would ... Read More »

Brazil printing studio starts export to Morocco, Sudan

BRASÍLIA: Brazilian printmaking studio Elaia, which designs prints for both fabric and clothing manufacturers, has been distributing prints to textile mills that produce traditional Arab outfits in Sudan and Morocco since last six months. Prints are created by transferring ink from metal plates to engrave or etch on a sheet of paper or other material. The studio that has began ... Read More »

Craven House buys $3m of land in Brazil

BRASÍLIA: Merchant bank Craven House Capital has bought a Brazilian property company, including its land, for $3.1m. The AIM-listed company bought Universal Properties Brasil Administracao de Imoveis (UPBAI), including its sole asset, 500 hectares of land in Canavieiras in the Bahia region of Brazil. The land comprises of four neighboring land parcels with 7.5km of ocean front properties. Craven’s director ... Read More »

Brazil’s exports of all wood products decreased by 10.4% in Sep

BRASÍLIA: Brazil’s exports of all wood products amounted to $201.4 million in September 2016 representing a 10.4% decline compared to a month earlier. Imports of wood products totalled $8.7 million in September down just under 1% from the previous month.The corresponding improvement in the wood product trade balance was almost 11% in September 2016, ITTO reported. Between January to September ... Read More »

Brazil trade surplus tops expectations in Nov

BRASÍLIA: Brazil recorded a trade surplus of $4.758 billion in November, government data showed on Thursday, the biggest surplus posted for that month since at least 1989 and more than double the $2.3 billion surplus recorded in October. The result was larger than market expectations for a surplus of $3.0 billion, according to a Reuters poll. Exports totaled $16.220 billion ... Read More »

Canadian hardwood imports from Brazil rise

BRASÍLIA: After two months of expansion the value of Canadian imports of tropical sawnwood slipped to $1.40 million in September. The September year-to-date value of imports was still significantly higher than in September 2015, ITTO reported. Imports of all tropical species (those that are recorded individually) fell in September. Canadian sapelli sawnwood imports were worth $212,953 in September, down one ... Read More »

Brazil needs to increase shrimp exports

BRASÍLIA: Brazil needs to grow its shrimp exports, the country’s agriculture and fishery minister, said Blairo Maggi, attending an aquaculture industry event last week, Noticias Agricolas reported. Brazil must increasingly exploit its shrimp production chain to grow presence in international markets, Maggi said. The country plans to increase its market share in international markets from 6.9% to 10%, according to ... Read More »

Baidu pushes business in recession-hit Brazil

BRASÍLIA: Beijing-based technology giant Baidu Inc is hopeful of its prospects in Brazil despite the Latin American country’s ongoing economic struggle. Brazil has yet to show major signs of recovery since being hit by a wave of recession in 2014. Adding to such woes, Dilma Rousseff was removed as the president in August over budgetary laws, in an impeachment process ... Read More »