Brazil's central bank posted a loss of 47.5 billion reais (28.5 billion US dollars) in 2007, triple the amount in the prior year, because of efforts to slow the strong real's appreciation against the US dollar.
Brazil is well-prepared to weather a United States recession as diversified exports, thriving domestic markets and the elimination of foreign debt have bolstered its economy, President Luiz Inacio Lula da Silva said Monday.
Brazilian president Luiz Inacio Lula da Silva forecasted that the current energy crisis will extend for at least another four years both for Brazil and Argentina since only then, Bolivia will be producing sufficient natural gas to supply domestic and neighboring markets.
Brazil is expected to harvest 139.3 million tons of grains and oil seeds in the 2007/08 season, up 5.4% over the previous crop helped by limited diseases and the use of gene-modified seeds to grow stronger plants, said Agroconsult a Brazilian agriculture consultant company.
Brazil says that it will start working jointly with Argentina in the construction of a nuclear submarine, the first in Latin America, to be built using French technology, according to reports in the Buenos Aires press.
Brazil which for decades was the world's largest emerging-market debtor became a net foreign creditor for the first time in January according to a report released Thursday by the Central Bank in Brasilia.
Brazil at the end of 2007 had 12.623 billion barrels in proven oil reserves, the National Petroleum Agency, ANP, said on its Web site this week. Brazil also had 364.99 billion cubic meters of natural gas reserves.
Brazilian President Luiz Inacio Lula da Silva said the computers and hard drives stolen from the state oil company Petrobras last month contained information considered a state secret.
Brazilian president Lula da Silva felt overwhelmed during his brief Sunday visit to the country's base in Antarctica, a dream since a child, promised more resources for scientific research, according to the Brazilian press.
Brazil's government managed oil corporation Petrobras signed on Friday a contract with Single Buoy Mooring (SBM) to build a high seas oil rig to operate at a water depth of 1.246 and which will cost in the range of 1.2 billion US dollars and be delivered in three years time.