Brazil

Brazil
Thursday, April 9th 2015 - 01:35 UTC

Brazil inflation soars as electricity rates go up 22% in March and 60.42% in the last 12 months

Housing costs rose 5.29% in March from February alone, pushed up by a 22% increase in electricity rates because of a severe drought affecting hydroelectric production

Consumer prices in Brazil picked up in March, putting the 12-month rate at the highest level in more than eleven years, highlighting one of the main challenges facing Latin America's largest economy in the year ahead. The rolling 12-month IPCA was up 8.13% through March, up from 7.70% in February, remaining well above the central bank's 6.5% ceiling. In the first quarter of the year, prices have risen 3.83%, while the 12-month figure marked the highest level since December 2003, when it reached 9.30%.

Wednesday, April 8th 2015 - 18:26 UTC

Santos port soy exports expected to resume at slow pace after six-day fire

Trucks heading to the port through the city of Santos on the Anchieta Highway were prevented from entering, although they could proceed to Guaruja

Brazil’s soy exports will likely slow because a six-day fire at a nearby fuel-storage facility has restricted access to Brazil’s largest port, Santos, a port official and the soy industry association Abiove said. Authorities have agreed to restrict truck access to some terminals at the port at least through Wednesday while flames are extinguished.

Monday, April 6th 2015 - 17:15 UTC

Santos port four-day fire raging; efforts concentrated in stopping flames from spreading

Firefighters said there was little they could do to extinguish the flames before most of the fuel was consumed.

A fire at a fuel storage facility near Brazil's largest port Santos entered its fourth day on Sunday as 110 firefighters worked to stop the flames from spreading further, the local fire department said.

Monday, April 6th 2015 - 16:56 UTC

Brazilian economy to contract 2% this year, and inflation 9% predicts French bank

Brazil's GDP inched up 0.1% in 2014, and private-sector economists surveyed weekly by the Central Bank are forecasting a contraction of 1% this year.

BNP Paribas said in Sao Paulo that it expects Brazil's gross domestic product to shrink 2% this year, or double the contraction the French financial services company had projected one quarter ago.

Thursday, April 2nd 2015 - 08:20 UTC

Brazil’s industrial production drops in February; 11 out of 24 sectors down

A drop in commodities prices and greater fiscal tightening is weighing on Brazil’s economy, which many analysts expect to fall into recession this year

Brazil's industrial production dropped in February after a momentary uptick at the beginning of the year, as factories and mines braced for what economists say could be the country's worst year in more than two decades.

Thursday, April 2nd 2015 - 07:31 UTC

Brazil oil industry wants new auction rights rules and more efficient sourcing requirements

The IBP also wants the government to make changes to the legislation governing auctions to reduce “uncertainty that causes investors to stay away,” De Luca said.

The Brazilian Petroleum Institute, or IBP, has called on the government to change the regulatory framework to deal with the crisis caused by the collapse of oil prices and the corruption scandal at state-controlled oil giant Petrobras.

Thursday, April 2nd 2015 - 07:27 UTC

Rousseff “we will do whatever it takes to meet 2015 fiscal target”

“We will carry out a huge cut” to this year’s budget, the Brazilian president pledged, adding that ”I will do everything to meet the target”.

Brazil's government will do whatever it takes to meet its 2015 fiscal target, President Dilma Rousseff said on Tuesday in an interview with Bloomberg News.

Tuesday, March 31st 2015 - 12:08 UTC

Brazil's development bank admits losses of 800m dollars on Petrobras stock

 BNDES bank which lends to underpin major projects across a range of sectors, said it posted a liquid profit of 8.594 billion Reais (2.7bn dollars)

Brazil's state-run National Development Bank posted healthy profits Monday, but indicated losses of some 800 million dollars on its stock in Petrobras, whose market value has plunged on a graft scandal and lower oil prices.

Tuesday, March 31st 2015 - 10:13 UTC

Brazil ready to join China's Asian Investment bank; (Argentina any moment)

The office of president Dilma Rousseff said “Brazil is very interested in participating in this initiative,” from the country's main trading partner

The Asian Infrastructure Investment Bank, AIIB, seen as a challenge to existing institutions the World Bank and Asian Development Bank, has drawn a cool response from the United States, despite which European U.S. allies including Britain, France, Germany and Italy have already announced they would join the bank.

Saturday, March 28th 2015 - 11:15 UTC

Brazil just managed to skim recession last year with 0.1% growth but is expected to shrink in 2015

The bureau said the better-than-expected 2014 results were mainly due to 0.7% growth in the services sector and a 0.4% rise in the agribusiness sector.

Brazil's economy grew just 0.1% last year, barely keeping the country out of a recession, the government's statistics bureau said on Friday. It was the worst result since 2009 and bad news for President Dilma Rousseff, whose popularity has plummeted along with Brazil's economic performance.

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