Brazil has sent a strong message to those (restless) neighbours that could threaten the country, according to reports in the Sao Paulo press.
Brazil's central bank said Wednesday it would pump the equivalent of 50 billion US dollars into currency markets to stem a two-month tumble in the Real that is threatening companies and stoked inflation.
Brazil was forced to appeal to 22.9 billion US dollars in the past month, including sales of foreign reserves, derivatives and loans to prop the weakened Real punished by investors fleeing from emerging markets to more secure assets.
Brazil's government managed oil and gas corporation Petrobras set a new production record in September with 1.897.563 barrels/day, surpassing the volume extracted in the previous month by 12.400 barrels, or 1%. Compared to a year ago, the increase was 7.26%.
Brazil's central bank will offer credit lines in foreign currencies as of next week in a bid to ease a credit crunch afflicting the country's exporters, the bank's president, Henrique Meirelles announced on Friday.
The leaders of India, Brazil and South Africa criticized rich countries for failing to act quickly to prevent the global financial meltdown. At a summit in New Delhi, they urged Western nations to manage the crisis in a manner that will not hurt their developing economies.
Brazilian shares plummeted more than 10% on Wednesday, triggering a trading halt, as mounting fears of global recession battered markets worldwide.
The days when emerging economies were depended on the International Monetary Fund, IMF are over and so are over the days when Latinamerica had no voice in international affairs, said Brazilian president Lula da Silva in Spain.
Brazilian President Lula da Silva said that emerging market nations like Brazil must have a strong say in developing strict international rules for financial institutions which will help control the anarchy hitting the world economy.
Brazilian Agriculture Minister Reinhold Stephanes anticipated a record 2008/09 grain crop close to 144.5 million tons which would mark a new record, and discarded that the global financial crisis would have an impact on agriculture on the short term.