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Brazil’s Rousseff vows budget cuts on start of her second term

BRASILIA: Brazil’s President Dilma Rousseff began her second term vowing to rein in government spending to curb inflation and pull Latin America’s largest economy out of a four-year slump. As she took the oath of office in Brasilia, Rousseff also promised to embark on an anti-corruption crusade in response to a multibillion-dollar graft scandal engulfing state-run oil company Petrobras that ... Read More »

Brazil’s Public Accounts facing $Rs 8.1 billion deficit

SAO PAULO: The reinforced public sector accounts in Brazil have faced the worst primary deficit result for the month of November since 2001, with a deficit of R$8.1 billion, Brazil’s Central Bank (CB) announced here the other day. At the beginning of December the country’s primary surplus target for this year was revised to R$10 billion, from the original 2014 ... Read More »

Brazil tax exemption policy causes decline in federal revenues for 2014

SAO PAULO: The unnecessary tax exemptions and reductions given by the Brazilian government to major industry sectors have greatly responsible for the significant decline in federal revenues from January to November which in turn affected public accounts, said by the Brazil Federal Revenue Service here the other day. Tax exemptions on items such as washing machines and refrigerators led to ... Read More »

Slow growth rate: 2014 declared disappointing year for Brazil economy

SAO PAULO: The economic growth of Brazil continue to decrease in 2014, said in the Central Bank of Brazil report released here the other day. Central Bank forecaste the annual GDP growth for 2014 at 0.2 percent. The estimate is higher than market estimates, which call for a growth of 0.13 percent for 2014. Not even mega events, such as ... Read More »

German Court sentences Brazilian woman for smuggling €64,000 cocaine

SAO PAULO: German Court has sentenced four year imprisonment for a Brazilian woman who tried to smuggle €64,000 worth of cocaine into the country by pretending to be a student here the other day. Christiane Moringa Fortis (28) presented forged documentation from an Irish college when she was stopped at Dublin Airport by immigration officials. She later admitted she had ... Read More »

WTO to examine EU complaint about Brazil’s heavy taxes on imports

BRASILIA: The World Trade Organization established a panel to examine a complaint by the European Union that Brazil imposed heavy taxes on its import to protect the interest of their domestic producers here the other day. At present, goods manufactured in the EU and sold in Brazil face higher taxes than Brazilian products, because domestic products can benefit from exemptions ... Read More »

27 Brazilians arrested in China on beef smuggling charges

JIANGSU: At least 27 people, who are said to be from Brazil, have recently attempted to smuggle 300 tons of beef into the country, have been arrested by Jiangsu police. However there is news that the ban on Brazilian imports is soon to be lifted. Food safety officials began investigations in January after a tip-off about beef from questionable sources ... Read More »

Brazilian arrested with 14kg cocaine at Beirut airport

BRASILIA: Brazilian man was arrested at Beirut airport Tuesday for smuggling 14 kilograms of cocaine, security sources told The Daily Star. The sources said Customs Department officials found the cocaine, concealed in eight shampoo bottles that were scattered among the smuggler’s clothes and personal items in his suitcase. Authorities referred Philip A.M. to the Central Anti-Drug Bureau for interrogation, the ... Read More »

Lebanon Customs arrests Brazilian drug trafficker, seizes 14 kg cocaine

BEIRUT: Lebanon Customs has seized the 14 kg of cocaine and arrested a 22 year old Brazilian man at Beirut airport here the other day, security sources said. The sources said Customs Department officials found the cocaine, concealed in eight shampoo bottles that were scattered among the smuggler’s clothes and personal items in his suitcase. Authorities referred Philip A.M. to ... Read More »

Brazil, Spain, Dublin, Caribbean customs seize 700kg cocaine globally

BRAZIL: Last week, the large quantity of cocaine was seized in Spain, Dublin, Brazil and Caribbean by the Customs Department of those countries. The 700 kilograms of cocaine was discovered in Esparreguera, Spain concealed in freight shipments from Guatemala. Meanwhile, in Dublin, 5.4 kilograms of cocaine, worth over £300,000 was found hidden in a sweet consignment at the city’s airport. ... Read More »

Brazil investment in Cuban Port a big challenge for Port Miami

SÃO PAULO: Brazil investment in Port of Mariel in Cuba will help importers, exporters and intermediaries in the transportation industry move cargo globally, expert Lenny Feldman talked to media here the other day. He added that the economic impact of Cuban ports with foreign investment would be big challenge for Port Miami. Lenny Feldman talked to media about Brazil has ... Read More »

Low oil prices bring benefits to Brazilian trade balance: Central Bank

SÃO PAULO: The continue fall in oil prices particularly in a range between US$50-60 per barrel may bring benefits to the Brazilian trade balance, Brazil Central Bank President Alexandre Tombini said here the other day, at a breakfast event with journalists in Brasilia. He said from the trade balance and inflation point of view, the lower oil price to countries ... Read More »

Brazil 7th biggest exporter of illicit financial flows touching $21.71b per year

SÃO PAULO: Brazil is the seventh biggest exporter of illicit financial flows in the world, averaging US$21.71 billion of illicit flows per year for the past ten year, a survey released here the other day by Global Financial Integrity (GFI) reveals that. Although one of the top ten, Brazil was nonetheless considered better than its BRICS partners – China (1st), ... Read More »

Brazil’s Mercosur signs MOU with Tunisia, Lebanon to mull reduction in import rates

São Paulo: Mercosur signed MOU with Lebanon and Tunisia to discuss products that might benefit in the future of import rates reduction from both sides, here the other day. The goal of these agreements is to broaden commercial relations between Mercosur countries and the two Arab nations. According to sources, these are framework agreements that mark the opening of commercial ... Read More »

Diniz talks with Saudi Carrefour to buy French retailer’s Brazilian unit

SAO PAULO: Abilio Diniz Brazilian tycoon is in talks with Carrefour Saudi Arabia about buying a stake in the French retailer’s Brazilian unit on Wednesday. The talks remain private, Carrefour sees a private placement as a more feasible alternative now than an initial public offering for the unit, Brazil’s No. 2 retailer. Diniz is interested in buying 10 percent to ... Read More »

Venezuela takes steps to restrict smuggling through Brazil, Guyana borders

CARACAS: The government of Venezuela said that it will restrict crossings at Venezuela’s land, maritime and air borders with Brazil and Guyana between 10 p.m. and 5 a.m. In addition, delivery trucks must stay off the roads in Venezuelan border towns between 6 p.m. and 5 a.m. as part of a crackdown on contraband. Venezuela will further restrict nighttime border ... Read More »

Brazil’s economy to eke out 0.18% growth, 6.38% inflation in 2014

BRASILIA: Brazilian economists lowered the country’s economic growth forecasts for 2014 and 2015, a weekly central bank survey showed on Monday. Brazil’s economy should eke out 0.18 percent growth in 2014, according to the median forecasts in a survey of about 100 financial institutions, down from a 0.19 percent estimate a week earlier. Inflation should close the year at 6.38 ... Read More »

Killer Phillip Smith caught by Brazil Customs observing hunger strike

BRASILIA: Recalled killer Phillip John Smith, who was arrested by Brazil customs, is observing hunger strike for grabbing his possessions from him. The convicted killer and child molester was arrested in Rio de Janeiro on November 13, a week after fleeing New Zealand while on temporary release from Spring Hill Corrections Facility in South Auckland. He was deported from Brazil ... Read More »