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Bangladesh imports poor quality wheat from Brazil

DHAKA: The wheat imported from Brazil is low in quality- a test run by The food science and technology institute of Bangladesh Council of Scientific and Industrial Research (BCSIR) found. In the test by the organisation also known as science lab, it also came up that the quantity of crumpled and broken grain in the imported wheat is much higher ... Read More »

Brazilian informal economy worth R$826 Billion in 2014: report

RIO DE JANEIRO: According to a study released, the informal market in Brazil was worth R$826 billion in 2014, equivalent to 16.1 percent of the country’s gross domestic product (GDP). The informal economy was measured in the Shadow Economy Index (HEI) by the Brazilian Institute for Ethical Competition (ETCO) and the Brazilian Institute of Economics of the Fundação Getulio Vargas ... Read More »

Brazilian inflation hits 9% this year

BRASILIA: Brazil’s Central Bank delivered more negative economic news increasing its inflation forecast and estimating a greater decline in the country’s GDP for this year. According to the Quarterly Inflation Report inflation should rise to nine percent this year in Brazil, from the 7.9 percent forecast in March, while the GDP should register a contraction of 1.1 percent. In March ... Read More »

Brazil announces $9.3b for Family Farming Harvest Plan

BRASILIA: Brazil’s government announced it would make available R$28.9 billion (over US$9.3 billion) for the 2015/2016 Family Farming Harvest Plan. The volume of resources is twenty percent greater than that made available in the 2014/2015 harvest season. The announcement is part of a ‘positive agenda’ by which the government hopes to salvage its dwindling popularity “We have expanded credit to ... Read More »

Corruption, bribes and devaluation of assets cost Petrobras over US$17b in 2014

SÃO PAULO: The oil giant of Brazil, Petrobras, released its net result for 2014, which was negative by over US$7 billion. Company officials also announced that corruption, bribes and devaluation of assets (impairment) cost the company over US$17 billion last year. According to Petrobras executives the Lava Jato (Carwash) scheme alone caused losses of over US$2.1 billion. “We are taking ... Read More »

Brazil raises BNDES interest rate for 3rd consecutive time

BRASILIA: Brazil’s national monetary council raised for the third consecutive time the interest rate at which state development bank BNDES pegs its loans, further reducing subsidies that have eroded the country’s finances in recent years. The country’s highest economic body, comprised of the finance and planning ministers and central bank chief, raised the so-called TJLP rate by another 50 basis ... Read More »

Brazil’s Congress approves bill to increase business tax contributions

BRASILIA: The Brazilian Congress approved a measure that will increase business tax contributions between 1 percent and 3 percent. The Brazilian Federal congress approved a legislative measure Thursday that will increase tax contributions of companies in 56 industries by between 1 and 3 percent. The government led-initiative had initially aimed to increase business contributions by between 2.5 to 4.5 percent, ... Read More »

US dollar falls short to bring positive effect on Brazilian steel export: trader

BRASILIA: The US dollar’s considerable strengthening against major currencies has not been enough to bring a positive effect on exports of Brazilian steel products, market players said. “Exports have been unsustainable, only covering fixed costs,” a producer source said. “The US dollar is an advantage for us, but also for our competitors.” A second producer source said falling steel prices ... Read More »

Washington court order may allow US govt to snatch up 180,000-carat stone and return it to Brazil

WASHINGTON: Brazil gets help from U.S. Justice Department in trying to get stone returned to South America The largest uncut emerald ever discovered sits somewhere in Los Angeles County after having been extracted from a Brazilian mine 14 years ago. Now, as a legal dispute over its ownership churns in California court, Brazil wants it back, and it has a ... Read More »

Brazilian senators travel to Venezuela to promote dialogue

BRASILIA: A group of Brazilian senators has travelled to Venezuela to try to promote dialogue between the country’s government and opposition. More than 40 people have been killed since last year in street protests. Most of the senators in the delegation are close to Brazilian President Dilma Rousseff and support Venezuela’s socialist President Nicolas Maduro. Last week, a delegation of ... Read More »

Brazilian steelmaker aims to cancel iron ore shipment contract

BRASILIA: Brazilian steelmaker Usiminas intends to cancel its iron ore shipment contract with the Sudeste Port, a private terminal near Rio de Janeiro, the port said. The statement did not say how much Usinas Siderurgicas de Minas Gerais SA, as the company is formally known, had agreed to export through the terminal nor did it give a reason for the ... Read More »

Keppel FELS, Sembcorp Marine reject allegations of Brazil bribery

BRASILIA: Singapore shipbuilders Keppel FELS Ltd and Sembcorp Marine Ltd’s unit Jurong Shipyard Pte have firmly denied any allegations of participation in Brazil’s ongoing bribery scandal involving contracts to build deep-water drilling vessels. Both companies, global leaders in off-shore deep-water engineering, were among several other companies alleged to have paid bribes through intermediaries in order to obtain contracts worth around ... Read More »

Brazil’s Embraer announces sale of 4 planes to Etihad Airways

SAO PAULO: Brazil’s Embraer announced the sale of four Phenom 100E executive jets to Etihad Flight College, a subsidiary of Abu Dhabi-based Etihad Airways. The agreement includes an option for the purchase of three additional planes of the same model, the world leader in the manufacture of regional jets said. Embraer said in a statement that the value of seven ... Read More »

Philips shows confident of economic recovery in Brazil

SAO PAULO: Dutch-based electronics giant Philips is committed to its health-technology push and remains confident of an economic recovery in Brazil, Philips Latin America CEO Henk de Jong said. “We carried out a deep transformation,” De Jong told EFE during the Philips Innovation Experience event in Sao Paulo. The multinational recently reorganized its activities into three main divisions: Philips Consumer ... Read More »

Brazilian meat exports hit 18.1% last month

BRAZIL: Surveys conducted by the Brazilian Association of Animal Protein (ABPA) show that Brazilian pork exports grew 18.1 per cent in volume during the month of May, when compared to the same period in 2014. In all, 45,400 tons were exported – the best monthly performance presented by the sector so far in 2015. In revenue, the result of May ... Read More »

Brazil customs arrest 6 people for illegal mining, exporting of Paraiba tourmaline

BRASILIA: Police in Brazil have uncovered a multi-million pound scheme to illegally mine and export Paraiba tourmaline, one of the world’s most valuable gemstones. A criminal organisation involving several companies and a state deputy allegedly used a complex network of offshore accounts to fund the extraction and export of the stones to Bangkok, Hong Kong, Houston and Las Vegas, federal ... Read More »

Brazil draws up ban on Argentina pears, apples import

BRASILIA: Amid a conflict with fruit and vegetable producers in the Southern provinces of Río Negro and Neuquén, the Brazilian government today announced the reopening of pear and apple importation from Argentina. The “unexpected” decision was announced today before it was even notified to Argentine authorities, the Agriculture Minister Carlos Casamiquela said adding “it is a very important news for ... Read More »

Brazil port terminal concession award to be based on highest canon payment

BRASILIA: Brazil’s planned port privatisation has been delayed futher and is now postponed until the first half of 2016. Brazil’s Ports Minister Edinho Araujo said that the so-called block two port terminal concession award decisions will be based on the highest canon payment offered as opposed to the lowest tariff charges proposed, that these new criteria, “which are based on ... Read More »

Brazil economic indicators decline -3.1% yoy

SAO PAULO: The Brazil Central Bank’s Economic Activity Indicator (IBC-Br) declined -0.8% month-on-month (mom) in April for -3.1% year-on-year (yoy). This was a more significant contraction than the median market projections of -0.4% mom and -2.5% yoy. Analysts say that the weaker-than-expected IBC-Br figure reinforces a more negative outlook for economic activity in 1H15, which embeds an intensification of the ... Read More »

Venezuela accuses Brazil senators seek to destabilize the country

CARACAS: Venezuela’s foreign ministry has accused a group of Brazilian senators of seeking to destabilize the country during a brief visit on Thursday and denied their safety was under threat. Brazilian opposition senators said their minibus was stoned and blocked as they attempted to drive from the coastal airport to Caracas and then to visit opposition leader Leopoldo Lopez, who ... Read More »