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Brazil hikes corporate taxes 2.7 billion to meet elusive fiscal goal

BRASILIA: Brazil will increase taxes on the financial income of thousands of companies, raising an estimated extra 2.7 billion rais ($857 million) in federal revenue this year as the government scrambles to meet its fiscal goal and regain investors’ confidence. The Cofins tax rate on applicable revenue will rise to 4 percent and the PIS/Pasep tax rate will rise to ... Read More »

Brazil March trade surplus $458m as exports jump $17b from $12.1b

SAO PAULO: Brazil had a trade surplus of $458 million in March as exports jumped. The country had posted deficits in the first two months of the year, the trade ministry said. Exports rose in March to $17 billion, from $12.1 billion in February and imports rose to $16.5 billion in March from $ 15 billion in the previous month. ... Read More »

Brazilian Iron Ore exports surge 11.6% to reach 25.3mm tons in February

BRASILIA: According to customs data, Brazil accounted for 18% of China’s overseas purchases in 2014 compared to 19% in 2013. The country is home to Vale, one of the world’s largest mining companies. As a result, shipments out of Brazil are a key metric to watch. Higher export volumes have a positive effect on shipping rates, which are a critical ... Read More »

Brazil gains 3% from Soybean export, 5.5% from Maize in 2014

BRASILIA: Despite Brazil being one of the world’s greatest producers and suppliers of grains, the products are not at the top of the list of shipped products to the Arab market. Soybean amounted to only 3% of the total revenue gained by the country with sales to the region last year, with maize at 5.5%. Specialists explain these figures mainly ... Read More »

28% devaluation of Brazilian currency affects poultry growth

BRASILIA: Broiler production is forecast to increase by 2.5% in 2015 to 13 million metric tonnes (MT). A figure which has been revised downwards from an earlier forecast of 5% growth due to the new economic challenges in Brazil as recession looms. Brasilia, who compiled the semi-annual poultry report believes that a production estimate around 13 million MT is a ... Read More »

Bolivia to export LPG to Brazil: President

BRASILIA: Bolivia plans to start exporting liquefied petroleum gas (LPG) to Brazil soon and is already selling the fuel to Uruguay, Paraguay and Peru, President Evo Morales said. The Andean country will sign an agreement with Brazil covering the sale of LPG at international market prices, the president said in a press conference Saturday in the central city of Cochabamba. ... Read More »

Brazil $5.9 billion tax fraud under investigation

SAO PAULO: Dozens of Brazilian firms, including industrial companies and banks, are under investigation amid allegations they paid $5.9bn in bribes to tax officials, police said. Brazil is already reeling from the biggest graft scandal the country has known, a $3.8bn scam involving inflated contracts between construction companies and state oil giant Petrobras, causing a storm after dozens of politicians ... Read More »

Brazilian economy grows 0.1% in 2014: IBGE

RIO DE JANEIRO:  Brazil’s economy grew just 0.1 percent in 2014, national statistics institute IBGE said. The result, the worst since 2009, was expected by the market as Brazil registered a technical recession in the first half of 2014 and struggled out of it in the third quarter with a 0.1 percent growth rate. Brazil’s gross domestic product (GDP) totaled ... Read More »

Pest in 15 shipments:  Brazil bans imports of Argentine pears, apples

BRASILIA: The Argentine producers and exporters of fruits that have been affected by competitiveness problems and external markets on the fall. Brazil decided to suspend imports of pears, apples and quinces from Argentina after detecting the codling moth pest in 15 shipments. According to the Ministry of Agriculture of Brazil, official and private controls adopted by Argentina were not effective ... Read More »

4kg cocaine smuggling case: Romanian sent to jail for 13.5 years

BRASILIA: Romanian Viorel Cosmin Maciuca, 28, was sentenced to 13.5 years in prison in connection with the smuggling of four kilos of cocaine from Sao Paolo, Brazil last summer. As argued in court, on August 7, 2014, following a tip by the drug squad, a customs officer at Larnaca airport stopped Maciuca to X-ray his luggage, identifying eight packages inside. ... Read More »

Brazil uncovers $19 billion tax fraud at Finance Ministry

 BRASILIA: Brazilian authorities said they uncovered a tax fraud scheme at the Finance Ministry’s tax appeals board that may have cost taxpayers up to 19 billion reais ($5.96 billion). The news came in the midst of a multibillion-dollar corruption scandal at state oil company Petroleo Brasileiro SA, or Petrobras, that has rattled Brazil’s political establishment and weighed on the fragile ... Read More »

Brazil tax agency, police allege $5 billion corruption at tax office

BRASILIA: Brazil’s tax agency said that it and federal police have detected corrupt activities at the agency that could have cost state coffers at least 5 billion reais ($1.57 billion). The tax agency allegations come on the heels of a probe that has uncovered a multibillion-dollar corruption scandal at state oil giant Petroleo Brasileiro SA, known as Petrobras, which has ... Read More »

Brazil halts Argentine apple, pear imports

BRASILIA: Brazil has suspended Argentine apple and pear imports following many detections of the codling moth in shipments from the country. The decision was taken by the Brazilian Ministry of Agriculture, Livestock and Supply (MAPA), which said the suspension would continue until Argentina was able to mitigate the risks associated with the pest – also known as Cydia pomonella. “We ... Read More »

Brazilian pork exports fall 24% to 54,500 tons in 2015

BRASILIA: Brazilian exports of pork totalled in 26,300 tons in February 2015, 28.6 per cent less than in the same period of 2014. The figures, from the Brazilian Association of Animal Protein (ABPA), also indicate a decline of 31.7 per cent in revenue from shipments during the month, to $65,977,000. In 2015 so far, the sector has fallen by 24 ... Read More »

Brazil current account deficit $6.879 billion in February

BRASILIA: Brazil’s current account deficit narrowed in February as the country’s currency weakened sharply and economic growth remained stagnant, central bank data showed. Brazil posted a current account deficit of $6.879 billion in February, less than market expectations for a deficit of $7.7 billion and a gap of $10.654 billion in January. Despite the decline, Brazil’s external deficit remained high ... Read More »

Brazil analysts boost 2015 CPI, Cut GDP for 12th straight week, tightens fiscal policy

BRASILIA: Brazil economists lowered their 2015 growth forecasts and raised their inflation expectations for the 12th straight week, as President Dilma Rousseff’s government tightens fiscal policy to slice the budget deficit. Analysts raised their 2015 inflation estimate to 8.12 percent from 7.93 the prior week, according to the March 20 central bank survey of about 100 analysts published Monday. The ... Read More »

Brazil museum receive 139 works of art seized in petrobras scandal

BRASILIA: A Brazilian museum received 139 works of art, including a painting by Joan Miro, seized from individuals involved in the corruption scandal rocking state oil giant Petrobras. Works by Brazilian artists Djanira and Heitor dos Prazeres were among the trove that police delivered to the Oscar Niemeyer Museum in the city of Curitiba. Local media reported that the majority ... Read More »

Spanish fruits, vegetable strengthening ties with Brazil

SAO PAULO: The production and export of fresh fruits and vegetables at the APAS fair, in Brazil, one of the most important events for the agro-food sector in the American continent, whose 31st edition will take place from 4 to 7 May in São Paulo. The group of Spanish companies will have an area of ​​90 square metres, suitable for ... Read More »

Brazilian soybean exports rise to 7 million tons despite truck strikes

BRASILIA:  Brazil’s soybean exports will likely rise to more than 7 million tonnes in March with little risk of further disruption from truck strikes, analyst Pedro Dejnaka, managing partner of AGR Brasil, told. Truck traffic has been normal and soy stocks have been replenished at Brazilian ports since truck drivers lifted the final roadblocks of a two-week strike last week, ... Read More »

Central Florida business affected due to Brazil economic downturn

ORLANDO: Brazil is a continent away, but the effect of the country’s economy is already having a negative impact on the people and businesses in Central Florida. Aside from the economic downturn and the devaluation of the Brazilian currency, political leaders also are facing a protest Sunday related to the country’s largest corruption scandal. Perfumeland is just one of the ... Read More »