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Brazil closes its borders for Argentina fruit exports

BUENOS AIRES: The Commercial and Industrial Union of Mendoza (MICU) expressed its concern about the province’s fruit sector’s situation, which accounts for a significant percentage of the local production. “Apart from the crisis in international markets, Brazil has closed its borders to imports of apples and pears,” the statement said. Among other problems, the industry stated that “Mendoza’s fruit sector’s ... Read More »

Mercedes cuts 500 Brazil jobs

BERLIN: German vehicle manufacturer Mercedes Benz said it had cut 500 jobs at its Brazilian plant in Sao Bernardo dos Campos near Sao Paulo and placed 7,000 workers on short-term leave. A spokesman told AFP the 7,000 jobs were spread across all areas of production and the workers would have to take compulsory leave between June 1 and 15. The ... Read More »

Brazil struggling with budget gap by cutting spending

BRASÍLIA: Brazil’s Finance Minister Joaquim Levy is targeting a primary fiscal surplus equivalent to 1.1 percent of GDP this year. The primary result excludes payments on interest. Brazil is stepping up efforts to shrink a widening budget gap by cutting spending and raising taxes on banks. The government is freezing 69.9 billion reais ($22.6 billion) in spending from this year’s ... Read More »

Brazil declares record-high $22.6b cut in budget

BRASILIA: The Brazilian government announced a 69.9-billion-real (US$22.6 billion) record-high curtailment in the federal budget here the other day. The figure surpasses the 44-billion-real (US$14.2-billion) curtailment announced last year. Out of the total figures, 67 percent is concentrated in investments and resources allocated to parliamentary bills. The Cities Ministry’s budget experienced a 54-percent cut, while the Health and Education Ministries’ ... Read More »

China, Brazil sign billions of dollar trade, investment deal

BRASILIA: Chinese Premier Li Keqiang and Brazilian President Dilma Rousseff inked a series of trade and investment deals on Tuesday worth billions of dollars, officials said. The deals, part of a USD 50 billion Chinese investment package, included a pair of finance and cooperation deals worth USD 7 billion for Brazil’s state-owned oil firm Petrobras. China has since 2009 been ... Read More »

Brazil sugar producers fears price fall as India, Thailand to inject 4m tones in market

NEW DELHI: Sugar prices have been slumping at a time when Brazilian sugarcane producers were already struggling because of government fuel policies that have reduced demand for ethanol. According to preliminary estimates by Brazilian consultancy Agroicone, Indian and Thai subsidies would add 4 million tonnes of sugar, or nearly 7 percent, to world supply, dragging down prices 13 percent. Unica’s ... Read More »

Brazil stocks up 1.04% to close at at 3.19pts

BRASÍLIA: Brazil stocks were higher after the close on Friday, as gains in the Financials, Real Estate and Electric Power sectors led shares higher. At the close in Sao Paulo, the Bovespa added 1.04%. The best performers of the session on the Bovespa were Marcopolo SA (SA:POMO4), which rose 7.41% or 0.22 points to trade at 3.19 at the close. ... Read More »

Brazil vehicle sales, outputs and exports decline in April

BRASILIA: Brazil’s auto makers reported another month of declining sales, output and export in April, underscoring the challenges facing the industry this year, as the country’s economic performance remains sluggish. Vehicle sales, including cars, light vehicles, trucks and buses totaled 219,252 units in April, down 25.2% versus April 2014, according to auto maker association Anfavea on Thursday. The sales of ... Read More »

MAUSER Brazil acquires Greif’s plastic drum, IBC business

BRASILIA: The investment made by MAUSER to acquire Greif’s business not only reaffirms MAUSER’s commitment to the Brazilian marketplace but also to growing its operations globally. Greif’s decision to exit the plastic drum and IBC business in Brazil will further MAUSER’s goal to accomplish this. “We are very pleased with the addition of these plastic drum and IBC customers,” remarked ... Read More »

Venezuela oil price continues to rise for 7th week

CARACAS: Venezuela’s weekly oil basket price continued to rise for a seventh week in a row as oil prices around the world went up as Saudi Arabia continued fighting against Iranian-backed rebels in neighboring Yemen at the mouth of the Persian Gulf, problems in Libya continued disrupting supply from that country, and U.S. stocks were unexpectedly drawn down. According to ... Read More »

Brazil regrets execution of Brazilian smuggler in Indonesia

BRASILIA: The Brazilian government regretted the execution of Brazilian citizen Rodrigo Muxfeldt Gularte earlier in the day in Indonesia, describing it as a serious incident in bilateral relations. Gularte, 42, was arrested for drug-trafficking in Indonesia. He tried to enter the country with cocaine smuggled in surfboards. He spent 11 years in jail in Indonesia before his execution. He was ... Read More »

Brazil automakers aim to cut more jobs

BRASILIA: The organization representing Brazil’s automakers says its members are still looking to shed jobs even after eliminating thousands of positions through layoffs and early retirements. “We adjusted our workforce, basically, through incentives to voluntary retirement but, even with those cuts we still have excess personnel,” Luis Moan, president of the National Association of Motor Vehicle Manufacturers, or Anfavea, told ... Read More »

Brazil, India negotiates with Iran on construction of refineries

BRASILIA: Brazilian and Indian energy officials have asked for Iran’s assistance to construct oil refineries in their countries, Deputy Oil Minister Abbas Kazzemi announced. “Brazil and India have negotiated with Iran on the construction of refineries,” Kazzemi, who is also the managing-director of the National Iranian Oil Refining and Distribution Company (NIORDC), told reporters on the sidelines of the 20th ... Read More »

Brazil gasoline price 5% cheaper than imports, Petrobras to bear loss

RIO DE JANEIRO: The price of gasoline in the Brazilian market has slipped below that in international markets, potentially saddling cash-strapped state-run Petroleo Brasileiro SA with more losses on fuel imports. Wholesale gasoline is now more than 5 percent cheaper at Brazilian refinery gates than international prices, according to analysts surveyed by Reuters. Petrobras, as the company is known, has ... Read More »

Brazilian immigrants arrested in fugitive roundup

BRASILIA: Several native Brazilians were among the dozens of fugitives arrested in Vermont during a nationwide sweep by the U.S. Marshals Service. Agents arrested 39 people from March 2 to April 10 during Operation Violence Reduction, according to records released to the Burlington Free Press following a public-records request. The roundup included seven fugitives from Brazil who were taken into ... Read More »

Thales to work with Brazilian companies to develop satellite thermal control

BRASILIA: Thales Alenia Space has announced details regarding a significant technology transfer program coordinated with the Brazilian Space Agency under the Strategic Defense and Communications Geostationary Satellite (SGDC) contract signed in 2013. While the linchpin of the SGDC contract is a civil-military satellite scheduled for launch in 2016, under associated contracts Thales will work with Brazilian companies to develop domestic ... Read More »

Brazil industrial production drops 4.7% over 12 months

BRASÍLIA: Brazil’s industrial production has dropped 4.7 percent over 12 months after slipping in March by 0.8 percent amid a sharp downturn in the world’s seventh-largest economy, official figures showed. Brazil is enduring a fifth straight year of low growth — last year saw GDP grow by just 0.1 percent and this year is set to see a contraction of ... Read More »

Brazil motor vehicles sales fall by 20%

BRASILIA: A total of 893,752 new motor vehicles were sold in Brazil in the January-April period, a figure that was down 19.9 percent from the first four months of 2014, the National Motor Vehicle Dealers Federation, or Fenabrave, said. The sharp drop in sales forced Fenabrave to lower its projections for 2015, with the trade group now estimating that some ... Read More »

Brazil racks up trade deficit of $5.066b in April

BRASILIA: Brazil’s trade balance posted a surplus of $491 million in April, although over the first four months of this year the country racked up a trade deficit of $5.066 billion, the government reported. The result for April was 3 percent lower than for the same month last year and slightly higher than the surplus in March which tallied $458 ... Read More »

Brazil, South Africa customs sentence 10 Namibian women smugglers to jail

BRASILIA: At least 10 Namibian women are currently imprisoned in South Africa and Brazil for drug trafficking, police spokesperson Edwin Kanguatjivi has revealed. Kanguatjivi said these statistics are not surprising considering that foreign syndicates often lure desperate women with promises of luxury and instant riches. The records, Kanguatjivi said, do not show any Namibian men serving time in foreign prisons ... Read More »