Brazil

Brazil
Wednesday, May 20th 2015 - 05:44 UTC

Beijing to the rescue of sliding Brazil: 53bn dollars in trade, finance and investment

Li and Rousseff announced the Industrial and Commercial Bank of China, will set up a 50bn fund with Caixa Econômica Federal, for infrastructure projects

Beijing has come to the rescue of Brazil's slumping economy with trade, finance and investment deals worth at least 53 billion dollars in energy, mining, aviation and upgrading of dilapidated infrastructure.

Tuesday, May 19th 2015 - 07:33 UTC

Chinese PM in Brasilia; Beijing prepared to invest 100bn in transport and energy

PM Li Keqiang will be meeting with President Rousseff Tuesday in Brasilia and sign a raft of agreements before flying to Rio do Janeiro  (Pic Xinhua)

China's Premier Li Keqiang arrived in Brasilia on Monday to sign agreements on infrastructure, energy and aviation that experts say could reach 100 billion dollars. The South American tour also includes Colombia, Peru and Chile and aims to restructure China's resource-driven trade with Latin American countries by including more value-added products.

Saturday, May 16th 2015 - 07:58 UTC

Congress upsets Rousseff: votes to boost pension benefits

Many lawmakers from allied parties, including from Rousseff’s own Workers’ Party, voted for the amendment, highlighting resistance to the austerity push

Brazilian President Dilma Rousseff saw allies and members of her own Workers’ Party challenge her in Congress by voting in favor of boosting pension benefits.

Saturday, May 16th 2015 - 07:46 UTC

Levy tries to convince investors in London that Brazil slowdown is temporary

Levy reiterated that the government is sticking to its primary surplus target of 1.2% of GDP, something the IMF said is crucial to regain investors’ confidence.

Brazilian Finance Minister Joaquim Levy said he expected the country’s economic slowdown to be temporary and that fiscal discipline remained central to ensuring the recovery as a commodity price boom waned. Addressing investors in London, Levy said fiscal discipline was needed to cushion the economy against the inflationary effects of the falling Real currency.

Friday, May 15th 2015 - 07:53 UTC

Uruguay convinced Mercosur will be more flexible regarding trade accords with third parties

Uruguay believes there is a basic consensus to be more flexible in allowing Mercosur members to reach agreements with third parties, said Nin Novoa

Mercosur countries have reached a basic consensus to look for mechanisms that will allow individual members to negotiate trade agreements outside the block, announced Uruguay's foreign minister Rodolfo Nin Novoa, who has been leading a strong campaign (with Brazilian support) on the issue.

Friday, May 15th 2015 - 07:32 UTC

Petrobras production from pre-salt fields reaches milestone 800.000 bpd

The 800Mbbl/d output was reached just eight years after first oil was discovered in the pre-salt layer in 2006, Petrobras said.

Brazil’s Petrobras said that oil production in Santos and Campos basin pre-salt fields reached a milestone production volume of 800Mbbl/d. The volume was recorded on April 11, with 74% (590Mbbl/d) Petrobras’ share with the remainder belonging to partner companies working in different pre-salt areas.

Friday, May 15th 2015 - 07:23 UTC

Brazil waiting for 50bn dollars of Chinese support to overhaul infrastructure

Chinese Premier Li arrives Tuesday in Brasilia on an official visit and will also visit former capital Rio. He then flies to Colombia, Peru and Chile

China will invest 50 billion dollars to help overhaul Brazil's aging infrastructure, the government announced on Thursday, ahead of an official visit by Chinese Prime Minister Li Keqiang next week. Brazil has repeated that it was determined to overhaul its dilapidated roads, railways, airports and ports.

Thursday, May 14th 2015 - 08:34 UTC

Rousseff expected at the White House next June 30: a long delayed bilateral agenda waits

US Vice-president Joe Biden has been on the phone several times and attended Rousseff's inauguration last January.

Next June 30 Brazilian President Dilma Rousseff will visit Washington D.C. to meet with President Barack Obama, a highly anticipated event given tensions between the two governments over the past two years.

Thursday, May 14th 2015 - 07:30 UTC

Brazil's austerity measures to balance the budget start moving in Congress

A week ago, the House narrowly passed a bill tightening unemployment benefits in a test vote for President Dilma Rousseff's efforts to balance fiscal accounts

Brazil's Congress Lower House passed a bill on Wednesday toughening access to social security pensions, the second measure approved in a week to cut benefits in a drive to reduce a growing fiscal deficit.

Wednesday, May 13th 2015 - 08:29 UTC

Petrobras still Latam's top company but fell to second-worst performer because of corruption losses

Petrobras has gone from Latam's most profitable company to the second-worst performer after Mexican state oil company Pemex (a perennial money loser).

Brazil's state oil giant Petrobras remains Latin America's top company in revenues, but has lost its position as the profit leader after posting record losses last year due to a growing corruption scandal and administrative inefficiencies, according to a new ranking of the region's 500 largest companies from digital publication Latinvex.

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