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.
Brazil's TAM announced this week its entry into the Star Alliance, the largest global alliance in commercial aviation, currently made up of 21 of the world's largest airlines and three regional companies that jointly operate more than 18,100 flights daily.
Latin American stocks plunged Monday, led by a stunning 15% intraday drop in Brazilian shares, on concern about a world recession that could devastate the region's commodities-based economies.
Brazilians voting in mayoral and municipal elections have given the president's Workers' party wins in several cities, according to early results and exit polls.
Brazilian President Lula da Silva's ruling Workers Party, PT, appeared to have held its ground in municipal elections on Sunday but did worse than expected in Sao Paulo, the country's largest city and the main prize of the day.