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Brazilian beef exporters sue against EU in WTO

BRASILIA: Brazilian meat exporters are considering taking the European Union to the World Trade Organization to challenge restrictions on their beef shipments to one of the world’s top markets, the head of the country’s beef exporters association told. A new dispute could further harm trade ties frayed by an EU case against Brazil over duties on industrial imports and stalled ... Read More »

Brazil, Canada export rises 70.4 and 58.5 million euros to Spain

BRASILIA: The main non-European destinations for Spanish fresh fruit and vegetable exports in 2014 were Brazil and Canada, with 70.4 million and 58.5 million Euro, respectively, and increases of 25% and 165% compared to 2013, according to data from the Directorate General of Customs, of the Ministry of Economy and processed by FEPEX. In terms of volume, Spanish exports to ... Read More »

Bulk volume up 4%: Brazilian iron ore exports effects Baltic dry index

BRASILIA: The Baltic Dry Index started 2014 on a positive note. It concluded at its lowest level of 782. Navios Maritime Holdings’ (NM) management commented that despite the dry bulk volume exceeding 4% during the year, some major variables helped drive the downward trend. Supply chains ran very efficiently with little to no congestion. Robust fleet expansion and a slowdown ... Read More »

$10,000 of cash seized from Brazilian Ex-Billionaire Batista

BRASILIA: More than $10,000 of cash confiscated from ex-billionaire Eike Batista as part of an insider trading case is missing, the latest twist in a case where a judge has come under criminal investigation after driving one of the ex-billionaire’s luxury cars. Officials detected that 27,000 reais ($8,639), $443 and 1,000 euros ($1,083) seized from Batista last month are gone, ... Read More »

Brazil, Mexico agree to extend auto trade agreement up to $1.56 billion

SÃO PAULO: Brazil and Mexico said they renewed vehicle quotas for four years, delaying the implementation of a free-trade agreement between the two countries. The countries had allowed free trade in vehicles from mid-2011 to early 2012, then switched to the quota system after Brazil complained that the strengthening of the Brazilian real over the previous decade had made its ... Read More »

Brazilian labour block ports as protest against hike in fuel prices, taxes

BRASLIA: The trouble has been ongoing for the past few days, beginning as an isolated protest over rising fuel prices, tolls and taxes and a new regulation which aims to limit their working hours per day. But, the problem has spread and is now affecting ports in central and southern states, including Rio Grande do Sul, Parana, Santa Catarina, Mato ... Read More »

Inflation threat: Brazil raises interest rates to 12.75% to curb prices

BRASILIA:  Inflation in Brazil, Latin America’s largest economy, was at a 12-year high in February of 7.4%. The government’s target is 6.5%. Brazil’s economy had been one of the world’s fastest growing, but looks to have stalled in 2014. Economists are now predicting that the economy will contract by more than 0.5% this year. In a statement, Brazil’s central bank ... Read More »

Alert police seize 6.4kg cocaine smuggling from Brazil to Vietnam

BRASILIA:  An alert policeman discovered 6.4kg hidden of cocaine in women’s handbags transported by a passenger transiting Dubai between Brazil and Vietnam, the Dubai Criminal Court heard. On October 30 at around 11.30, transit passenger RS, 39 Filipino, arrived from Brazil. First Corporal Ali Sultan, who was on duty in the transit hall of Dubai International Airport Terminal 3,  suspected ... Read More »

Brazil trade deficit widen $ 2.821 billion in February

SAO PAULO: In February, the trade deficit from early this year has compounded further. According to data released by the Brazilian Ministry of Development, Industry and Foreign Trade, in Brasília, imports overcame exports by US$ 2.842 billion last month. In January, the deficit had been US$ 3.174 billion. A year earlier, in February 2014, a US$ 2.821 billion deficit was ... Read More »

Brazil faces $2.8 billion trade deficit in February, $3.2 billion in January

SAO PAULO:  Brazil posted a trade deficit of $2.8bn in February, lower than the deficit of $3.2 billion in January but higher than the deficit of $2.1 billion in February 2014. The 12-month trade balance went from a deficit of $3.0 billion in January to a deficit of $3.7 billion in February. Exports fell to $12.1 billion in February compared ... Read More »

Iran, Brazil joint chamber of commerce to open Tehran office in next Iranian year         

TEHRAN: The Iran and Brazil Joint Chamber of Commerce will open an office in Tehran in the first month of the next Iranian calendar year (March 21-April 20). The chamber of commerce’s office in Brasilia is already active with 170 members, according to Iran-Brazil Joint Chamber of Commerce Chairman Seyed Fakhreddin Amerian. Annual trade between Iran and Brazil is currently ... Read More »

Brazilian top soft drink bottler Coca-Cola FEMSA planning to rise invests up to $200M

BRASILIA:  Mexico’s Coca-Cola FEMSA is looking to move forward with a $200 million investment to increase operations in Brazil. Coca-Cola FEMSA is already Brazil’s top soft drink bottler. Fox News Latino reports the investment will be dedicated to “logistics, new production lines, plant automation and expanded distribution in Minas Gerais and Parana, the states where its operations are concentrated.” This ... Read More »

HIA to control air freight network with new full-freighter service to Brazil

BRASILIA:  A major air cargo carrier at Huntsville International Airport says it is expanding its controlled air freight network with a new full-freighter service to Brazil. In addition to scheduled charter flights from Hong Kong to Huntsville, Panalpina announced Thursday it will run flights from Huntsville to São Paulo, Brazil, as a result of a renewed long-term agreement between the ... Read More »

Brazil’s federal tax revenues down 5.44 % to reach 125.282 billion in January: Tax agency

BRASILIA:  Brazil’s federal tax revenues reached 125.282 billion raise ($43.73 billion) in January, down 5.44 percent in real terms when compared to the same month last year, the country’s tax agency said. Although Brazil collected 123.667 billion reais in federal tax revenues in January last year inflation has remained stubbornly high, climbing to 7.14 percent last month. Federal tax revenues ... Read More »

Qatar’s imports from Brazil grow by 10.6pc to $369m

DOHA: Exports from Brazil to Arab countries grew significantly in 2014, demonstrating robust bilateral trade relations. According to the most recent figures released by the Arab-Brazilian Chamber of Commerce, the total value of products imported to the Arab World from the South American country touched $13.40bn last year. ‘Aircraft and spacecraft’ emerged as the highlight of the imported products from ... Read More »

Golden ocean posts $135m loss as ship scrapping accelerates

BRASILIA:  During the first six weeks of this year 19 Capesize bulk carriers were committed to scrap buyers, according to data obtained by Golden Ocean Group, the dry bulk arm of Norwegian billionaire John Fredriksen’s shipping empire.  The company notes this is almost half of what was scrapped in total last year in their Q4 earnings.  This year, 27 new ... Read More »

Brazilian ferroalloy exports decline 42% in Jan 2015: MDIC

SAO PAULO: According to latest trade statistics released by Brazil’s Ministry of Development and Foreign Trade (MDIC), the country’s ferroalloy exports declined sharply during the starting month of the New Year. The exports dropped 41.8% to 21,266 mt in January this year when compared with the exports of 36,555 mt during the same month in 2014. Also, the value of ... Read More »

21 HSBC branches closed in Brazil during financial crices

SÃO PAULO: HSBC Holdings PLC closed 21 branches across Brazil last year amid tepid economic activity in the Latin America nation. The Brazilian economy expanded at a rate close to zero last year, according to economists’ projections. “We continued to rationalize our branch network, closing 21 branches in areas with lower growth potential as we concentrated our efforts on city ... Read More »

Brazilian inflation rises 1% monthly as consumer prices increase

BRASILIA:  A recent fuel tax hike likely kept Brazil’s monthly inflation speeding at around the highest rate in more than a decade in early February. Consumer prices as measured by the IPCA-15 index probably rose 1.29 percent in the month to mid-February, up from 1.24 percent in the full month of January, according to the median of 25 estimates. January’s ... Read More »

Brazilian exports UAE up $13.4billion in 2014: ABCC

BRASILIA:  Brazilian exports to Arab countries grew significantly last year, to a total value of $13.4 billion, demonstrating robust bilateral trade relations. The Arab Brazilian Chamber of Commerce said ‘aircraft and spacecraft’ emerged as the highlight of the imported products from Brazil to the region with a dramatic increase of 7,231 per cent from $3 million in 2013 to $227 ... Read More »