Argentina oil company YPF has bought out Brazil player Petrobras to take over full ownership of an exploration block in Neuquen and Mendoza provinces. YPF agreed to pay 40.7 million dollars for Petrobras' operatorship and 38.45% stake in the Puesto Hernandez block, cutting short a joint venture due to expire in 2016, according to the Argentina explorer.
Brazil's balance of trade began 2014 with disappointing results, after closing January with a deficit of 4.06 billion dollars, according to the figures released by the Ministry of Industry, Development and Foreign Trade. Exports totaled 16.02bn dollars, while imports reached 20.08bn.
Brazilian President Dilma Rousseff announced changes in her Cabinet on Thursday with an eye on the October elections in which some of her current ministers will run for Congress and regional government posts. She is expected to launch her presidential re-election bid next 10 February.
The Brazilian government is determined to advance with negotiations for a trade agreement between Mercosur and the European Union even if it means leaving Argentina for a second phase of the process, according to sources from Itamaraty, the country's foreign ministry, reported in the Rio do Janeiro media.
A Brazil assistant coach says it is “a joke” that the country’s government took so long to begin the infrastructure work needed for this year’s World Cup which is scheduled to begin in June.
Brazil's current account ended 2013 at its widest deficit in 12 years amid a weakened foreign trade balance, heavy outgoing service payments, overseas profit remittances and an overall lack of confidence in the country's economic policies.
Waving flags, carrying banners and chanting there will be no Cup at least 1,000 demonstrators protested in Sao Paulo on Saturday against the World Cup that Brazil will host later this year in a demonstration that devolved into violence late in the night.
Mercosur is preparing for trade negotiations with the European Union and they include Argentina, said on Friday Brazilian finance minister Guido Mantega at the World Economic Forum taking place in Davos, Switzerland. The comment seems to contradict other recent statements which said the trade deal with the EU will go forward with or without a reluctant Argentina.
Mercosur and the European Union continue to work on their tariff reduction proposals list but have no scheduled date for negotiators to meet and advance on a long delayed trade agreement according to Uruguayan diplomatic sources. However what is certain is that when the date is agreed it will be clear if Mercosur consensus proposal will include all founding members of the group.
FIFA president Sepp Blatter played down concern about sluggish World Cup preparations on Thursday, even when his deputy warned Curitiba must prove it can finalize work to remain a venue. Blatter met visiting Brazilian President Dilma Rousseff at FIFA headquarters in Zurich and the pair both made positive noises about Brazil's ability to deliver come the big kick-off on June 12.