The Brazilian government has injected an estimated 164 billion US dollars, mostly to banks and corporations, since the beginning of the financial downturn, according to the official news agency.
Brazil beef exports dropped 33% during November following a significant contraction in global demand because of the world recession, according to the industry.
Brazil's government managed oil and gas corporation Petrobras will continue to review its massive 2009/2013 investment plan next January on account of the uncertainties and volatility of several markets, said the company in an official release.
The approval rating of Brazilian President Lula da Silva and his administration soared to a record 80.3% and 71.1% during November, the highest for a Brazilian leader and his government since 1998, according to a poll from Instituto Sensus released in Brasilia.
British Parliamentary Under-Secretary of State for the Foreign Office Gillian Merron is currently in Brazil for a three-day trip with stops in Brasília, São Paulo and Rio de Janeiro, according to a release from the Foreign Office.
Brazil's government will cut taxes by 8.4 billion Real (approximately 3.6 billion USD) to prop the slowing economy and meet a 4% growth target in 2009 next year, Finance Minister Guido Mantega and Central Bank president Henrique Meirelles announced Thursday in Brasilia.
Brazilian Foreign Minister Celso Amorim warned on Tuesday that global trade talks would fail if members of the World Trade Organization tried to revise positions they had reached last July.
Brazil expanded at an annual 6.8% in the third-quarter, but the country was still hit hard by the global financial crisis and that has left investors wondering if Latinamerica's largest economy will avoid a further slide in growth.
Inflation in Brazil eased in November amid a slowing economy and dwindling consumer confidence reinforcing the view that the Central bank has room to hold interest rates next week for the second straight month. The Brazilian government is also expected to make further announcements to prop the economy and jobs.
The Brazilian economy could suffer a contraction during two consecutive quarters at the end of 2008 and beginning of 2009, thus suffering a technical recession according to a report form Morgan Stanley released in New York.