Brazil
BrazilJuly marked the second largest net inflow, in record, of dollars into Brazil: 15.8bn
Brazil registered its second-largest volume of net monthly foreign-exchange inflows on record in July. Net dollar inflows in the month reached 15.83 billion, compared with 2.56 billion in net outflows in June and only 713 million in net inflows in July last year.
“Buy Brazil Act” and Super Real are here to stay, says Minister
Brazil's strong currency (the so-called Super Real) is here to stay, and businesses have to get used to this new environment, said Trade and Industry Minister Fernando Pimentel a day after the government announced a massive industry support program which was described is the equivalent of the US “Buy America Act”
Brazil announces 16bn dollars plan to prop industry and weaken the Super Real
A package of tax breaks and incentives unveiled Tuesday by Brazilian president Dilma Rousseff represent a good start to help local companies overcome competitive challenges presented by adverse local and global economic factors, but still fall short of what's needed, Brazilian industrial leaders said.
Spanish group receives soft funding to expand wind farms in south of Brazil
Spain’s Elecnor group is building more wind power plants in Brazil’s southern state of Rio Grande do Sul totalling an estimated 300 MW. The undertaking was boosted by funding from Brazil economic and social development bank, BSDES)
Brazil’s trade surplus more than doubles in July over a year ago
Brazil’s trade surplus more than doubled in July from a year ago fuelled by higher commodity prices in spite of the over-valued Super Real that is having an impact on manufactured goods exports and promotes the import of ‘cheap’ products.
Brazil forecasted to become world’s third largest automobile manufacturer
Brazil’s car production capacity is expected to jump from the current 3.6 million units per year to 6.2 million by 2025 supported by massive investments from the industry estimated in 19 billion dollars by 2017, according to estimated from the Vanzolini Foundation in Sao Paulo.
Brazil’s currency the most overvalued: anywhere from 52% to 149% vis-à-vis the US dollar
The Brazilian Real is the world's most expensive currency and is 149% overvalued against the dollar and the Colombian peso, the next most expensive currency is 108% above the US currency, according to British magazine The Economist, which has created a new version of the Big Mac index.
Brazil reiterates Falklands-flagged vessels will be banned from entering its ports
Brazil reiterated its intention of banning all Falklands’ flagged vessels from calling at the country’s ports and described as “illegal” the current round of oil exploration in the Islands’ waters.
Brazil ready to announce 30bn dollars tax relief for industry
Brazil is prepared for the event of a United States default if no agreement is reached in the US congress on the debt ceiling and will also implement a 30 billion dollars tax relief program to prop Brazilian industry competitiveness, announced Finance minister Guido Mantega.
South America as a region to discuss measures to counter global financial crisis
South America’s top economic and monetary authorities will be meeting in Lima and later in Buenos Aires to agree on “joint and specific actions” to address the flush of global liquidity distorting regional currencies and of unsold manufactured goods threatening jobs and industry.
