Tuesday, November 3rd 2015 - 06:42 UTC

Petrobras import of US condensate help address refining shortage, but faces tax controversy in Brazil

Condensate is considered a very light form of crude found in oil or natural gas wells and in raw form is not taxable in Brazil.

Petrobras’ move to start buying processed U.S. condensate will help output at its domestic refining network, but the purchases have exposed a wrinkle in Brazilian law that could allow the state-run company to import the light oil duty-free, tax lawyers and traders said. Typically, condensate is considered a very light form of crude found in oil or natural gas wells and in raw form is not taxable in Brazil.

Tuesday, November 3rd 2015 - 06:29 UTC

Brazil and EU agree on biosecurity measures for horse sports in RIO 2016 Games

 Brazil's range of biosecurity measures includes the Deodoro Olympic equestrian venue, Rio do Janeiro's airport and the corridor in between

Brazil and the European Union have reportedly settled biosecurity-related arrangements that will allow the passage of sport horses in and out of Rio de Janeiro for next year’s Olympics. However, details of any deal have yet to be posted on website of the Olympic Public Authority in Brazil, or the main Games website, Details of the deal are expected to be released this week.

Monday, November 2nd 2015 - 09:30 UTC

Petrobras largest union on strike protesting sale of company's assets

FUP, which represents platform, refinery and other workers joined a number of smaller unions already on strike when it began industrial action at (18:00 BST).

Brazil's largest oil union began an open-ended strike on Sunday, protesting against attempts by the government to shrink the state-run oil company Petrobras, which is reeling from a corruption crisis and a crash in the oil price.

Monday, November 2nd 2015 - 08:43 UTC

Brazilian central bank opposes using the country's US$ 370bn reserves

Tombini warned then that the bank was ready to use reserves to tame a surge in volatility at the time.

Brazil's central bank chief, Alexandre Tombini, told lawmakers he opposes using the country's $370 billion foreign reserves at this moment as they serve as an insurance policy for Latin America's largest economy.

Monday, November 2nd 2015 - 08:26 UTC

Lula urges ruling party to support austerity measures and minister Levy

Lula said Brazil had no alternative but to tighten belts to pull the economy out of its deepest slump in decades: “the party's future depended on it”.

Former Brazilian president Lula da Silva urged the ruling Workers' Party to back fiscal austerity measures in Congress, endorsing the efforts of Finance Minister Joaquim Levy to plug a gaping deficit. Members of Lula's party have opposed moves by Lula's protégée, President Dilma Rousseff, to cut public spending and social benefits as she strives to balance overdrawn accounts and restore investor confidence in Brazil.

Saturday, October 31st 2015 - 09:40 UTC

UK and Brazil committed to exchange of EU/Mercosur market access offers by end of 2015

JETCO meeting was headed by Sajid Javid, UK Secretary of State for Business, Innovation and Skills, and his Brazil counterpart Armando Monteiro (L)

The United Kingdom and Brazil reaffirmed on Friday their support for the success of the European Union/Mercosur Association agreement negotiations in the framework of the eighth meeting of the UK-Brazil Joint Economic and Trade Committee (JETCO) which emphasizes bilateral cooperation and initiatives.

Saturday, October 31st 2015 - 06:42 UTC

Unemployment in recession-hit Brazil climbing: 8.8 million looking for jobs

The number of jobless workers went up 1.21 million in one year, which puts the total number of people seeking employment at 8.8 million

Unemployment in recession deep Brazil climbed to 8.7% of active population in the quarter ending last August, the government said Thursday. The indicator shows a steep hike from the 6.9% recorded in August 2014, according to statistics of the National Study of Households (PNAD), published by the state Brazilian Institute for Geography and Statistics (IBGE).

Thursday, October 29th 2015 - 06:53 UTC

On Amazon Day, Minister Swire praises Brazil as champion on climate change and tackling deforestation

Remarkably Brazil has reduced over 85% of its forestry emissions over the last decade - and cut Amazon deforestation rates by 82% over the same period.

Describing Brazil as a valued partner of Britain, and champion on climate change and tackling deforestation, Minister of State for Latin America, Hugo Swire, attended on Wednesday the Amazon Day 2015 at the Brazilian embassy where he also met with ministers Texeira, Levy and Coutinho who are in London for the first UK-Brazil economic and financial dialogue round.

Tuesday, October 27th 2015 - 07:43 UTC

Japanese company acquires part of Petrobras gas distribution unit

Through Mitsui Gas, Mitsui is set to acquire 49% of shares in Gaspetro which has equity stakes in local gas distribution companies in 19 Brazilian states.

Japan-based Mitsui has signed an agreement with Petrobras for partial acquisition of shares in the latter's natural gas distribution unit Petrobras Gás (Gaspetro) for about R$1.9bn ($489m).

Tuesday, October 27th 2015 - 07:30 UTC

Son of Lula da Silva's offices raided as part of investigation into tax fraud

The company LFT Marketing Esportivo belongs to Luis Claudio Lula da Silva, son of the former Brazilian president from 2003 to 2010.

Brazilian police on Monday raided the offices of a company belonging to a son of former president Lula da Silva as part of an investigation into tax fraud. The raid was part of a broader operation involving about 100 agents who descended on offices in the cities of Sao Paulo, Piaui and Maranho armed with arrest warrants and orders to seize documents and accounting records.


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