Brazilian president Luiz Inacio Lula da Silva celebrated the country's newly acquired investment grade condition and magnet for foreign investment. Brazil is a serious country, with serious policies, which looks after its finances seriously, and that is why we now have achieved the international trust, which Brazil was after for a long time
Brazil's Ibovespa stock exchange index jumped to a record on Wednesday after Standard & Poor's unexpectedly raised the country's credit rating to investment grade. S&P Ratings Services Brazil's debt rating announcement from BB+ to BBB- sent domestic stocks soaring 6.3% hitting a new intraday record of 67,854.
Brazil's plan to become one of the world's biggest oil exporters hinges on exploiting crude 6 miles below the ocean surface in deposits so hot they can melt the metal used to carry uranium to nuclear plants, reports Bloomberg.
Brazilian mining giant Companhia Vale do Rio Doce announced this week it agreed to supply 480 million tons of iron ore and pellets to ArcelorMittal the world's largest steel maker.
Brazil is forecasting for this year its greatest production of sugar cane ethanol ever according to the country's National Supply Company, Conab. The total volume is estimated between 26.4 and 27.4 billion liters, 14.9% and 19.4% higher than in 2007.
Brazil's Cosan the world's largest sugar and ethanol processor announced Friday it had agreed to buy more than 1.500 Brazilian service stations and other assets from Exxon Mobil (Esso Brazil) for 826 million US dollars.
Sao Paulo governor Jose Serra and one of Brazilian leaders tipped to dispute the presidency in 2010 warned about the possibility of an economic downturn when President Lula da Silva concludes his second mandate.
The United Nations Commission on the Limits of the Continental Shelf dealt with the submission presented by Mexico, the ninth it has received so far. This was the twenty first session of the Commission and was held at UN headquarters from 17 March to 18 April.
Brazilian president Lula da Silva, currently visiting Ghana, blamed rising oil prices for the current global food crisis, saying that bio-fuels had nothing to do with the problem, as some have suggested. He insisted escalating oil prices are pushing up freight costs, which in turn affects world food prices.
Brazil expects to host representatives from 190 countries, including several world leaders for the International Conference on Bio-fuels which is scheduled for next November in Sao Paulo.