Tuesday, August 12th 2014 - 06:24 UTC

Petrobras earnings down 20%; subsidized fuels strangling the company

The fuel subsidy, combined with a massive investment budget, has turned Petrobras into the world's most indebted oil major

Second quarter profits for Brazil's Petrobras dropped 20% compared to the same period one year earlier, the state-run oil giant said. Petrobras recorded profits of 4.96 billion Reais (about 2.22 billion dollars) in the quarter, compared to 6.2 billion Reais (nearly 3 billion) for the same period in 2013.

Tuesday, August 12th 2014 - 05:44 UTC

Brazilian government anticipates 6% hike in fuel prices, after October election

President Dilma Rousseff, who is running for re-election on Oct. 5, has kept fuel prices below international levels to curb above-target inflation

Brazilian president Dilma Rousseff admitted on Monday the government could increase domestic fuel prices at refineries by up to 6% after the October presidential election. The increase of 5.5% and 6% is a preliminary calculation and is geared to help prop the finances of the government managed oil and gas giant Petrobras.

Monday, August 11th 2014 - 09:46 UTC

Brazil's Truth Commission looking into foreign companies helping the military regime crackdown on 'subversives'

“It’s proof that these companies conspired to repress their workers,” human rights lawyer who works for the Truth Committee, Rosa Cardoso said

Newly-discovered documents suggest big international companies aided Brazil’s military regime in its war against ‘subversives’ and union activists. Academics and human rights activists have long believed that local and multinational companies helped Brazil’s military regime in their crackdown on “subversives.”

Monday, August 11th 2014 - 08:11 UTC

Brazil oil output at record 2.246m bpd in June: 6.9% higher over a year ago

Around 90% of the oil and natural gas output originated from oilfields operated by Petrobras

Brazilian oil output reached a record 2.246 million barrels per day (bpd) in June and exceeded the previous record of 2.231 million bpd in January 2012, the National Agency of Petroleum (ANP) reported. Output is up 2.6% from May 2014 and 6.9% June on June.

Monday, August 11th 2014 - 08:06 UTC

Brazil's July inflation surprises and slows to 0.01%, and 6.5% in twelve months

Lower airfares, food and fuel prices helped lower inflation, says IBGE

Brazil's Broad Consumer Price Index (IPCA) ended July at 0.01%, the Brazilian Geography and Statistics Institute (IBGE) reported. This figure reflects a decrease compared to June (0.4%) with transport and personal expenses items, contributing for the reduction.

Friday, August 8th 2014 - 07:59 UTC

Brazil insists in trade agreements and closer ties with Pacific Alliance, despite Mercosur

“Brazil's trade strategy targets productive integration with Latin America and multilateral agreements with EU US and China” says minister Borges

Brazil confirmed that it will try to bring forward to 2016 the free trade agreement with Chile, Peru and Colombia, scheduled for 2019 and underlined the need for Mercosur and the Pacific Alliance to converge as part of the region's productive integration process.

Thursday, August 7th 2014 - 08:10 UTC

Rousseff claims EU has yet to agree on a proposal to exchange with Mercosur

“Stop blaming us because we are ready, we have our proposal ready”, Rousseff told the lobby of Brazilian farmers

President Dilma Rousseff claimed before the Brazil's farmers lobby that the trade agreement between Mercosur and the European Union is stalled and is not fulfilled because of the 'resistance' from several European countries, and specifically named France, Hungary and Ireland.

Thursday, August 7th 2014 - 07:26 UTC

Brazil's July auto output and sales plummet 20.5% and 13.9% compared to 2013

Brazil's auto industry, which makes up a fifth of the country's manufacturing output, has slashed production by 16% in the first seven months of the year

Auto production in Brazil during July dropped 20.5% from a year earlier, national automakers' association Anfavea said on Wednesday, while sales slid 13.9%. Compared to June, production rose 17% and sales 11.8%, as July had an additional two working days.

Wednesday, August 6th 2014 - 07:57 UTC

Brazil denies any 'stagflation' and forecasts economy with 'reasonable' growth level in 2015

According to Tombini, the government is ensuring financial stability, “known as macro-prudential measures.”

Brazil is far from stagflation, central bank chief Alexandre Tombini said on Tuesday, forecasting the economy will pick up speed and inflation will ease in coming months. In similar terms Economy minister Guido Mantega said the economy should pick up in the second half of the year after a slow start and hit more “reasonable” growth levels in 2015.

Wednesday, August 6th 2014 - 07:46 UTC

Briton involved in World Cup tickets scam released from jail but must remain in Rio

Whelan has been charged with fraudulently selling 1000 tickets per World Cup match, allegedly worth tens of millions of dollars

British World Cup ticketing executive who allegedly took part in a scam to sell millions of dollars worth of fraudulent tickets was ordered to be released from prison Tuesday while awaiting trial in Brazil.


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