Brazil's largest sugar and ethanol cooperative Copersucar said on Wednesday it had become a company and plans to triple its production in the next ten years. Founded in 1959 Copersucar expanded operations and became one of the world's biggest private exporters of sugar and ethanol.
Brazil's Real plummeted the most in nine years, weakening past the 2-per-dollar level, as a direct consequence of the US House of Representatives rejection of the 700 billion US dollars bailout package for the financial system.
The conclusion of the prolonged World Trade Organization Doha round talks could be delayed for another two to three years if world leaders don't reach a significant advance this year, warned Brazil's Foreign Affairs minister Celso Amorim.
Brazilian President Lula da Silva blamed the United States for the global financial crisis and said its financial bailout plan was unfair to poor people.
Brazil's oil and gas government managed corporation Petrobras announced the proven presence of oil in a well south of the Santos Basin, in sandy reservoirs above the salt layer. The discovery confirms the good light oil potential in the shallow water portion of the basin, said Petrobras in a brief release from last Friday.
Brazilian unemployment in August fell to its lowest level since 2001 thanks in part to the nation's solid economic growth. The country's official statistics institute IBGE said the rate dropped to 7.6% from 8.1% in July and 1.9 percentage points from August 2007.
Norwegian aluminum group Norsk Hydro announced on Thursday that it will join with the Brazilian metals and mining company Vale Doce to build a new alumina refinery in northern Brazil, an investment totaling 2.6 billion US dollars.
With the purpose of injecting liquidity and preserve Brazil from the impacts of the US financial crisis, the country's monetary authorities eased rules on reserve requirements that banks must keep at the Central Bank.
Almost half of young Brazilians live in poverty conditions according to the latest Social Indicators 2008 report from the Brazilian Geography and Statistics Institute, IBGE
Brazilian President Lula da Silva called for vigorous action to reform multilateral institutions and enable them to prevent a future financial crisis. In a speech Tuesday before the UN General Assembly Lula da Silva said financial, food, energy, environmental and migratory crises reveal the multilateral system must be overhauled to meet 21st Century challenges.