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Nigeria, Brazil bilateral trade hit $10.8bn

ABUJA: The President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Chief Bassey Edem, has said that the volume of bilateral trade between Nige­ria and Brazil has hit $10.8 billion. Edem, who disclosed this at a busi­ness forum organised by the Nigerian- Brazilian Chamber of Commerce and Industry (NBCCI) held recently in La­gos, said that the reason ... Read More »

America Movil, Ericsson announce to launch 5G projects in Brazil

BRASILIA: Ericsson has announced an agreement with America Movil to bring the first 5G and IoT test systems to Brazil in 2016. The company said its 5G test system is designed to allow telecoms operators and ecosystem partners such as academic institutions, health care, energy and agriculture players to test 5G capabilities in a live network. The plans were announced ... Read More »

Illegal diamond mining threatens Brazil’s indigenous communities

BRASILIA: Brazil’s Amazon jungle is home to some of the world’s richest diamonds deposits. But for the Cinta-Larga indigenous group who live on the remote area, that discovery has brought more misfortune than wealth. According to an article published by local newspaper, the tribe is struggling to confront illegal mining in the area comprised of the Roosevelt, Serra Morena, Aripuanã ... Read More »

Brazil cuts outlook for petroleum output to 4 million bpd

RIO DE JANEIRO: Brazil’s oil regulator ANP cut its outlook for petroleum production in Brazil to 4 million barrels a day in 2025 or 2026 from 4.5 million barrels a day in 2022, the agency’s director general Magda Chambriard said on Wednesday. The reduction comes after a decline in oil prices, an auction of new oil rights last week that ... Read More »

Brazil confident of economic ties with China

BRASILIA: Brazil’s top two economic envoys have expressed confidence in the country’s economic ties with China and worries about the impact of interest rate hikes in the United States. They voiced their opinions during the World Bank Group and International Monetary Fund Annual Meetings which ended Sunday here. Brazilian Finance Minister Joaquim Levy and Central Bank Governor Alexandre Tombini stressed ... Read More »

Brazil, Colombia sign economic trade agreements

SÃO PAULO: Brazilian President Dilma Rousseff signed along with her Colombian counterpart Juan Manoel Santos several economic agreements that will bring Brazil and Colombia closer as economic partners. The official visit by Rousseff to Colombia is part of a strategy to generate more jobs and revenues for the population of both South American nations. “In 2014 the bilateral trade exchange ... Read More »

Ship carrying 5,000 cattle sinks in Para River, Brazil

SAO PAULO: A ship carrying 5,000 head of cattle sank in a river in Para, a state in the Brazilian Amazon, killing the majority of the animals, who were bound for Lebanon, maritime officials said, adding that the crew survived. The Lebanese-flagged Haidar hit one of the platforms in Porto de Vila de Conde in Barbacena, a city on the ... Read More »

Brazil auction fails to attract bids from large firms

RIO DE JANEIRO: Brazil awarded only 14 percent of 266 blocks on offer in an auction of crude and natural gas concessions, a licensing round in which neither state-controlled Petrobras nor foreign multinational energy majors submitted bids. The vast majority of the 37 onshore and offshore blocks awarded in the auction were won by small Brazilian firms, the ANP regulator ... Read More »

IRB Brasil postpones IPO amid Stock Market Turmoil

BRASILIA: IRB Brasil RE, the country’s biggest reinsurer, postponed its initial public offering amid market turmoil, citing unidentified people with knowledge of the matter. Investment banks managing the sale found it unfeasible to proceed. The government expected to raise about 1.5 billion reais ($389 million) from the IPO, two officials with knowledge of the talks told. Latin America’s biggest economy ... Read More »

Brazil’s Petrobras reduces $11b in investments

SÃO PAULO: The government controlled oil giant of Brazil, Petrobras, announced it has reduced its forecast for investments this year and next year. According to the company, investments will be reduced by US$11 billion and operational expenditures by US$7 billion for the next two years due to the decline of international oil prices and the recent appreciation of the U.S. ... Read More »

Marriot plans to open more hotels in Brazil

BRASILIA: U.S. hotel chain Marriott International Inc plans to almost triple the number of its hotels in Brazil, in a bet that the nation’s worst recession in a quarter century will be short-lived. The company will spend 400 million reais ($104 million) in Brazil by 2018, part of which will go to add three more hotel brands focused on domestic ... Read More »

Brazil’s auto sales, output fall in September

SÃO PAULO: New-vehicles sales and production in Brazil declined in September amid the country’s sluggish economy, prompting the national auto makers’ association to reduce its sales and production forecast for this year. Sales of cars, light vehicles, trucks and buses totaled 200,077 in September, down 32.5% from a year earlier, auto makers association Anfavea said on Tuesday. In the January-September ... Read More »

Brazil’s iron ore exports to China drop dropped 9% to 101Mt

BRASILIA: Exports of Brazilian iron ore to China through September dropped 9% year-on-year to 101Mt, while revenue plunged 58.2% to US$3.52bn, foreign trade department Secex said. The revenue drop was mostly due to falling iron ore prices amid a supply glut on the international seaborne market. But iron ore pellet shipments jumped to 6.64Mt from 170,973t in first nine months ... Read More »

Brazil agric federal tax inspectors strike impacts chicken exports

BRASILIA: A survey by the Brazilian Animal Protein Association (ABPA) has shown that Brazilian exports of chicken meat have risen 8 per cent in the period from January to September, compared to the same period last year. The survey includes all products (whole chicken, cuts, salted meats, processed and embedded). In all, 3.186 million tonnes have been shipped so far ... Read More »

Brazil’s rebar, wire rod prices rise for shipments in Oct

BRASILIA: A strong US dollar compared with the Brazilian Real and a wish to recompose margins drove Brazilian long steel producers to price hikes already in effect for October shipments, sources said. Despite poor demand and reduced competition from imports, Brazilian producers have raised prices by up to 15% in some cases. Based on a market-participant survey, the Platts monthly ... Read More »

Brazil’s rebar, wire rod prices rise 15% for October shipments

BRASÍLIA: A strong US dollar compared with the Brazilian Real and a wish to recompose margins drove Brazilian long steel producers to price hikes already in effect for October shipments, sources said Friday. Despite poor demand and reduced competition from imports, Brazilian producers have raised prices by up to 15% in some cases. Based on a market-participant survey, the Platts ... Read More »

Brazil exports $134.5m in coffee to Arab world

BRASILIA: Coffee exports from Brazil to the Arab world reached $134.5 million (Dh494 million) in the period between January and August of this year, marking a 4.7 per cent increase compared to the same time last year. A total of 23.4 million bags of coffee have been shipped abroad. Meanwhile, total exports from Brazil reached $4.1 billion so far, up ... Read More »

Brazil’s port labor strike hurting poultry exporters

BRASILIA: Strikes and slowdowns by Brazil’s customs officers are creating serious delays for chicken exporters in Brazil, according to the Brazilian Association for Animal Protein (ABPA). Marcelo Oliveira, the chief communications officer at ABPA said that the week-old strike by Federal Agricultural Inspectors (FFA) is taking its toll on chicken shippers such as Brazil Food Services and JBS Foods. The ... Read More »

Brazil: Caixa raises interests rate for home ownership

BRASILIA: State-owned bank Caixa Econômica Federal announced a new round of increase in interests rates for purchasing a home. It was the third adjustment this year –the last one had occurred in April, when the bank also reduced the maximum financing value for used properties. The new rates will go into effect on October 1. Caixa is the largest mortgage ... Read More »

Business environment in Brazil is absolute chaos: Banker

BRASILIA: The business environment is a chaos and foreign investors are perplexed by the government. The downgrading by other rating agencies is inevitable. This opinion comes from one of the leading financial advisors in the country, Ricardo Lacerda, who, since he founded his investment bank, BR Partners, in 2009, made more than 90 operations, exceeding R$ 70 billion (approximately U$ ... Read More »