Brazilian President Luiz Inacio Lula de Silva said the discovery of reserves that may total as much as 8 billion barrels of oil and natural gas may lead the country to join the Organization of Petroleum Exporting Countries
Brazil's state oil company announced Thursday that it had discovered as much as eight billion barrels of light crude in an ultra-deep field off the coast of Rio de Janeiro, an amount that could transform the country into a major world oil exporter.
Brazil plans a major increase of the armed forces budget and a long term boost to the local defense industry and military technology which includes the purchase of 36 fighter jets worth 2.2 billion US dollars revealed the Brazilian press over the weekend.
Brazil has announced it plans to boost military spending by more than 50% in 2008, to around an estimated 5.4 billion US dollars and draw up a new defense plan, but told its neighbors they should not worry.
The Metropolitan Police has been found guilty of breaching health and safety laws over the shooting of innocent Brazilian Jean Charles de Menezes.
Brazil was confirmed as host of the 2014 men's World Cup on Tuesday, marking the first time since 1950 that the privilege has been bestowed on the country that calls itself the land of the football boot.
Brazil is the only country in the running to host the 2014 World Football Cup competition, which is set to be staged in South America due to Fifa's rotation system. Inspectors have sent a report to the Fifa executive committee indicating their approval, and a decision will be announced next Tuesday.
Plans to search for oil and natural gas in Brazil's remote western Amazon have raised concerns that one of the last untouched areas of the world's largest wilderness will be spoiled.
World trade talks are progressing and appear to be edging close to a deal, Brazil's ambassador to the United States said on Wednesday. In Pretoria a summit of presidents from host South Africa, Brazil and India seemed to confirm expectations.
Brazil's Central Bank left this week the October reference interest rate, Selic, unchanged at 11.25%, putting an end to a monetary policy distention which begun over two years ago.