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Brazil president creates body to pardon environmental fines

BRASILIA: Brazil’s President Jair Bolsonaro has created a regulatory body with the power to forgive or revise environmental fines, a move to rein in what he has called an “industry of fines” that he sees threatening the livelihood of farmers and ranchers. Environmentalists warn that the move could hurt enforcement of laws limiting deforestation in sensitive biomes such as the ... Read More »

Brazil’s Port of Natal New Link in Netherlands Cocaine Chain

Authorities have revealed a new cocaine trafficking route from a Brazil shipping port to the Netherlands, confirming that the small European country is now a preferred receiving destination for the drug from across Latin America. In February, Brazilian authorities seized 3.3 tons of cocaine in two separate shipments of tropical fruits at the port of Natal, the first seizures of ... Read More »

Brazil’s Industrial Production Rose by 0.7 Percent in February

RIO DE JANEIRO, BRAZIL – Brazil’s industrial production rose in February in sixteen of the 26 sectors surveyed by the Brazilian Institute of Geography and Statistics (IBGE), with an overall increase in industrial production of 0.7 percent. Some analysts however are not optimistic about the results. “What the industry gained in February barely made up for its decline in January,” ... Read More » should share web domain name rights, Brazil says

BRASILIA: Brazil has proposed a compromise to a seven-year battle that has quietly raged over the internet domain: let the nations bordering the world’s largest rainforest co-govern the digital address with the biggest online retailer. Inc has been seeking rights to the domain name since 2012. But Amazon basin countries Brazil, Bolivia, Peru, Ecuador, Colombia, Venezuela, Guyana and ... Read More »

Brazil automaker CAOA signs agreement with Ford over plant purchase: source

SAO PAULO: Brazilian automaker CAOA has signed a confidentiality agreement to negotiate a potential purchase of Ford Motor Co’s plant in the industrial city of Sao Bernardo do Campo, according to a source familiar with the matter. Ford in February announced it would shut down the plant, its oldest one in the country, amid a global restructuring plan, costing 3,000 ... Read More »

‘Brazil soybean crop seen at 114.24 million tonnes as drought eases’

SAO PAULO: Brazil’s 2018-19 soybean crop will total just above 114 million tonnes as the return of rains in February helped stem losses caused by a drought earlier in the season, a poll showed. Brazil, the world’s largest soybean exporter, was initially expected to produce more than 120 million tonnes of soybeans in the current season after an expansion of ... Read More »

Brazil markets lashed as storm clouds gather over Bolsonaro

BRASILIA: Standing beside US President Donald Trump on a crisp afternoon outside the White House in Washington this week, a smiling Brazilian President Jair Bolsonaro enjoyed a moment in the sun. Less than three months since taking office and with the Brazilian stock market at a record above 100,000 points, the former army captain was cementing his place on the ... Read More »

GM Announces Billion-Dollar Investments in São Paulo State

RIO DE JANEIRO, BRAZIL: Giant automaker General Motors announced on Tuesday it will invest R$10 billion in two plants in São Paulo state, after state governor, João Doria, announced tax incentives to be given by the state government to automakers that expand business in São Paulo. “Last year we had a very serious problem, which was our factories in the ... Read More »

Brazil can’t pull off pension reform without 1 trillion reais in savings: Economy Minister

RIO DE JANEIRO: Brazil’s Economy Minister Paulo Guedes said that pension reform must deliver at least 1 trillion reais ($262.26 billion) in savings in order to fund a transition from the current system to individual retirement accounts. Guedes said the government would consider privatizing state-controlled companies Petroleo Brasileiro SA and Banco do Brasil SA after Privatization Secretary Salim Mattar finishes ... Read More »

Brazil government kickstarts efforts to mine indigenous reserves: official

BRASILIA: Brazil’s government wants to enact rules that allow mining in indigenous reserves which occupy 13 percent of the country’s territory and hopes it can get Congress to reconsider a decades-old proposal to do so, a Mines and Energy Ministry official. Mining Secretary Alexandre Vidigal de Oliveira was asked to clarify comments made last week by Mines and Energy Minister ... Read More »

Brazil’s Sao Paulo state to offer tax incentives to automakers

SAO PAULO: Brazil’s Sao Paulo state said on Friday it would offer fresh tax incentives to automakers, weeks after Ford Motor Co said it would shut down a plant there with 3,000 employees and General Motors Co hinted it might do the same before backtracking. Sao Paulo is the historical center of Brazil’s auto industry, which was one of the ... Read More »

Brazil Considers Allowing Mining Activity in Indigenous Land, Near Border

RIO DE JANEIRO, BRAZIL: Brazil’s Mines and Energy Minister Bento Albuquerque said the government is considering allowing mining activity in restricted areas such as indigenous lands and Brazil’s border areas, currently restricted to economic activities. “The restrictions applied to these areas have not favored their development. On the contrary, they have become the focus of conflicts and illegal activities that ... Read More »

Brazil Officials Call for Structural Reforms After 1.1% GDP Growth in 2018

BRAZIL: The GDP growth for Brazil in 2018 was disappointing, increasing by only by 1.1 percent compared to 2017, according to Brazil’s Institute of Geography and Statistics (IBGE). For stronger results, structural reforms must be conducted, say government officials. “In order for GDP per capita to grow again in a sustainable manner, it is necessary for structural reforms to occur. ... Read More »

Brazil’s Petrobras posts first annual profit in five years

razilian state-run oil firm Petroleo Brasileiro SA reported its first annual profit in five years on Wednesday, as widely expected. In a securities filing, Petrobras, as the company is known, said net income in the fourth quarter totalled 2.102 billion reais (423.37 million pounds), up from a loss of almost 5.5 billion reais in the same period last year. Net ... Read More »

Ex-UBS Banker Andre Laloni to Join Brazil’s Caixa as CFO

Brazil’s giant state-owned lender Caixa Economica Federal is bringing in former UBS investment banking executive Andre Laloni as its new chief financial officer, according to two people with knowledge of the matter. Luciane Ribeiro, the former CEO of Santander SA’s Brazil Asset Management unit, is also joining the bank, the people said, asking not to be named because the information ... Read More »

Brazil president seeks $270 bln pension savings, Congress has doubts

BRASILIA: Brazilian President Jair Bolsonaro delivered his proposed pension overhaul to Congress , a plan to save over 1 trillion reais ($270 billion) in a decade, which raised doubts about whether lawmakers would pass a package of that scale. The social security bill is the cornerstone of the new president’s effort to close what most economists call an unsustainable public ... Read More »

Brazil president fires key aide linked to corruption scandal

Brazilian President Jair Bolsonaro has officially dismissed his key aide in charge of dealings with congress, days after a newspaper linked him to a corruption scandal involving phony candidates and the misuse of campaign funds. Government spokesman Otavio Rego Barros didn’t say Monday what motivated the president’s decision to fire aide Gustavo Bebianno, who has been a close ally of ... Read More »

Ambassador leaves office in Brazil and returns to Jordan

(MENAFN – Brazil-Arab News Agency (ANBA)) São Paulo ‒ The Jordanian ambassador in Brazil, Malek Eid Otalla Twal , left office this Friday (15) to return to his country of origin. The diplomat arrived in Brazil in the beginning of February 2014 and oversaw the embassy for five years. Previously he worked in countries such as Germany, France, Italy, Austria ... Read More »

Brazil’s Vale resumes operations at Espírito Santo port terminal -filing

SAO PAULO: Brazilian miner Vale SA will resume operations at a port terminal in Vitória, in the southeastern state of Espírito Santo, after reaching an agreement with local authorities, according to a securities filing on Wednesday. The authorities had closed the port terminal operated by the miner and fined it 35 million reais ($9.43 million) for throwing mining residues in ... Read More »

Brazil farmers halt soy sales as real strengthens, China buys US supplies

SAO PAULO: Farmers have halted sales of Brazil’s soybeans as port premiums swooned, the real currency strengthened and a pause in a trade war prompted top importer China to purchase soy from the United States, growers and trading companies said. Poor market conditions are also affecting planting decisions for Brazil’s 2019/2020 crop that will be sown starting from September. Farmers ... Read More »