Brazilian President Lula da Silva has signed a law creating a sovereign wealth fund to protect the country from the global financial crisis and help Brazilian companies boost trade and expand overseas.
Brazil's ruling Workers Party, (PT) has announced its full support for cabinet chief Dilma Rousseff as candidate for the presidential elections of 2010. PT chairman Ricardo Berzoni made the official statement last Wednesday after meeting with President Lula da Silva in Government House, Planalto.
Brazilian President Lula da Silva called on consumers to step up spending to help the economy overcome the global credit crisis while assuring them that inflation will remain under control.
Brazilian Defence minister Nelson Jobim announced Monday an agreement with France for the construction of a nuclear submarine. Jobim said France would help build a yard in Rio do Janeiro for the assembling of four conventional Scorpone submarines and one nuclear powered.
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.