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Brazil’s central bank leaves benchmark rate at 14.25%

BRASÍLIA: Despite the faltering economy, with a 3.8% shrink in GDP last year due to persist through 2016, according to the IMF, the market consensus had been that the interest rate would not change. With a budget deficit estimated in 11% of GDP, and inflation at 10.67% in 2015 and climbing the decision comes as no surprise. Price rises are ... Read More »

Brazil political crisis claims port minister

BRASÍLIA: Political convulsions in Brazil are taking a toll on the port sector, forcing the resignation of Ports Minister Helder Barbalho mere months after he assumed the position. The resignation means Brazil will have a fifth port minister in less than five years and comes as the country is in the middle of a 10-billion-reais ($2.9 billion) port concession effort. It ... Read More »

Brazil’s central bank keeps rates on hold

BRASÍLIA: Brazil’s central bank kept interest rates on hold at 14.25 per cent for the sixth straight meeting on Wednesday as the country braces for a deep government shake-up. In what may be the current board’s last decision before a new central bank president is appointed, the monetary policy committee voted to keep the benchmark Selic rate at its near-decade ... Read More »

Brazil’s unemployment hits 10%

BRASÍLIA: Dilma Rousseff was once seen as the inspirational leader of Brazil’s fast-growing economy. Now she’s facing impeachment as Brazil’s economy crumbles. A report released recently shows the country’s unemployment rate has soared to 10 percent. The impatience of its population is growing. Read More »

New Brazilian Ports Minister resigns

BRASÍLIA: Brazil’s Ports Minister, Helder Barbalho, has resigned from the government of President Dilma Rousseff, who is currently under threat of impeachment. Mr Barbalho was appointed earlier this year with a remit to boost confidence in the country’s port terminal privatisation process. In particular, he was entrusted with persuading more private sector operators to bid for new terminal concessions. In addition, ... Read More »

Brazil’s Oi starts $14.3 bln bond restructuring talks

BRASÍLIA: Oi SA (OIBR3.SA) on Monday formally started talks to restructure $14.3 billion of bonds, pitting some of the world’s biggest investors against each other as Brazil’s most-indebted phone carrier fights for its survival. In a securities filing, Oi said a group of bondholders that have Moelis & Co as their advisor signed a non-disclosure agreement to join talks. Reuters, ... Read More »

Import taxes on corn temporarily cut in Brazil

BRASÍLIA: The imports of corn outside of the Mercosur block will have an exemption of the importa taxes for a periof of six months. The measure will be valid only for a volume of one million metric tons due to the current scarcity of domestic corn and the high domestic value of it. Poutry, swine and dairy producers demanded the ... Read More »

Brazil’s ports minister resigns

BRASÍLIA: Hélder Barbalho has resigned from his post as Brazil’s chief minister of the National Secretariat of Ports after his party, the PMDB, which is currently in coalition with Dilma Rousseff’s Workers’ Party, chose to back her impeachment. Barbalho only took up the role in October 2015 but made a positive impression amongst sections of Brazil’s ports sector, particularly due to ... Read More »

Brazil national unemployment rate reaches double digits

BRASÍLIA: Brazil’s national unemployment rate shot above 10 percent, data showed on Wednesday, shedding light on the severe economic crisis taking root as the bitter political fight over President Dilma Rousseff’s impeachment paralyzes government. The national unemployment rate rose to 10.2 percent in the three months through February, jumping from 9.5 percent in the three months to January and 9 percent ... Read More »

Brazil’s Govt registers lowest Q1 revenues in 6 years

SÃO PAULO: With the reduction in production and consumption due to one of the worst economic crises Brazil has ever faced, federal revenues in the country during the first quarter of 2016 registered the lowest volumes of the past six years. According to Brazil’s Internal Revenue Service, federal revenues totaled R$313.014 billion during the first three months of the year, ... Read More »

Brazil eliminates corn import tax amid tight local supplies

BRASÍLIA: Brazil’s government decided on Tuesday to eliminate an import tax on corn shipments from countries outside the Mercosur trade bloc amid tight local supplies. According to Brazil’s trading chamber Camex, corn shipments would be exempt from the tax that varies from 8 to 10 percent for a period of six months, up to a maximum amount of 1 million ... Read More »

Brazil’s current account balance to continue rebound in 2016

BRASÍLIA: Brazil’s current account balance rebounded last year to a deficit of 58.9 billion from a deficit of 104.2 billion in 2014. However, the data surprised to the downside in February. The current account’s annual pace of recovery fell behind that of the trade balance for the first time since December 2014. This was due to increase in remittance outflows ... Read More »

Brazil crop over shadows sugar deficit

BRASÍLIA: An early start to the sugar-cane harvest in top producer Brazil is overshadowing forecasts for a global deficit as consumers tap inventories. Brazil’s main growing region will harvest a record crop this year, boosting supplies in a market where demand has started to fall, said Toby Cohen, vice president of market research at American Sugar Refining. Nations across the ... Read More »

Brazilian meat producers on alert for corn shortage

BRASÍLIA: The chief executive of the Brazilian Association of Animal Protein (ABPA), Francisco Turra, has said animal protein producers are concerned about a shortage of corn in Brazil. Mr Turra said shipments to other countries remain high, reducing the supply capacity of the internal market. Mr Turra particularly highlighted the flow of grain to supply poultry and pork businesses in the US, ... Read More »

Brazil to cut import taxes of U.S. corn

BRASÍLIA: The Brazilian Ministry of Agriculture announced this Tuesday that it will request an exemption of the import taxes from corn produced outside of the Mercosur bloc, including U.S. corn. According to Minister Kátia Abreu, the exemption would last six to eight months due to the current shortage in Southern Brazil. The ministry evaluates that this deadline is enough to ... Read More »

Brazil’s retail sales unexpectedly jump by most since 2013

BRASÍLIA: Brazil’s retail sales unexpectedly rose in February by the most since July 2013, carried by a surprise surge in sales of furniture and appliances. Sales rose 1.2 percent in February after a revised 1.9 percent drop in the prior month, the national statistics agency said Tuesday. That was more than all but two estimates from 34 economists surveyed by Bloomberg, ... Read More »

Brazil’s March coffee exports edge up

BRASÍLIA: Brazilian coffee exports remained surprisingly strong during the interharvest period due to the strength of private sector stocks, the association of coffee exporters Cecafe said on Monday. Exports of green coffee rose to 2.69 million 60-kg bags in March, surpassing the 2.61 million bags in February but still falling short of the 2.81 million bags exported in the third ... Read More »

Brazilian corn prices look set to fall

BRASÍLIA: Brazil’s soaring corn prices appear to have reached their peak, analysts say, as the looming arrival of the second crop promises to ease tight supplies. Corn prices in Brazil have been soaring, after heavy exports depleted domestic stocks, ahead of the main safrinha, or second crop, harvest. According to the Brazilian economic think-tank Cepea, corn prices in Sao Paulo have ... Read More »

Brazilian JBS increases Middle East revenues

SÃO PAULO: The Brazilian meatpacking company JBS increased sales to the Middle East and Africa in 2015. According to the balance report released by the company this Thursday (17), the participation rate of Middle East and Africa countries in the total of exports also increased, despite a decline in revenues with shipments in the period. In a statement, the company’s ... Read More »

Brazil’s consumer inflation slows in March

BRASÍLIA: Brazil’s consumer inflation slowed more than expected in March as a prolonged recession curbed demand for goods and services in Latin America’s largest economy. The benchmark IPCA consumer price index rose 0.43 percent from the previous month, following a 0.9 percent jump in February. That was lower than the median forecast for a 0.46 percent increase from 41 economists surveyed ... Read More »