South America has a right to strengthen its armed forces but is not in an arms race, Brazil's defense minister pointed out in Venezuela. Nelson Jobim who is in the first leg of a continental visit to discuss a planned South American security council said the region needed military power to strengthen its presence on the world stage.
Brazil and Russia signed an agreement on Tuesday to jointly develop top-line jet fighters and satellite launch vehicles. Strategic Affairs Minister Roberto Mangabeira Unger said the agreement will lead to the development of fifth-generation jet fighters that are built using sophisticated engineering, such as composite materials, stealth technology and advanced radar.
Brazil's government managed oil corporation Petrobras said late Monday that more conclusive data on the Carioca ultra deep pre salt basin discovery potential will only be known after other phases in the assessment process have been completed.
For the first time Brazilian authorities admitted that the dengue epidemic in Brazil is having a serious impact on the tourist industry, particularly in Rio do Janeiro where bookings have been plummeting.
Brazilian corporations from 21 different business sectors doubled their profits in the five years of President Lula da Silva administrations (2003/2007), according to information disclosed by Economatica consultants in Sao Paulo.
Brazil announced it will promote the country's ship building industry not only to supply vessels and oil rigs for domestic demand but to export them to the rest of Latinamerica.
Brazil has become the world's second exporter of soy beans totaling 25.6 million tons in 2006/07 and one of the country's main sources of international income. But as in Argentina and other countries soy expansion is becoming controversial in spite of the fact the government expects the volume of production to keep expanding.
Brazil has replaced Mexico as the European Union's top market in Latinamerica, according to a Latin Business Chronicle analysis of 2007 trade data from Eurostat. Meanwhile Latinamerica trade with the European Union continues to grow at faster levels than with the United States, the analysis shows.
Agriculture minister Reinhold Stephanes admitted that Brazil must recover the European Union confidence regarding beef following the recent temporary suspension of shipments imposed by the 27 country block.
Brazil's government managed oil corporation Petrobras Energia announced the investment of 2.4 billion US dollars in hydrocarbons exploration and exploitation in Argentina in the next four years.