News from Brazil

Business & Economy

In Uncategorized on May 16, 2010 at 12:03 pm

BUILDING OF THE WEEK

Artist’s impression of the Ventura Office Towers in downtown Rio, almost completed (Camargo Correa).

AVIATION

TAM, Brazil’s largest air carrier, posted a net loss in the first quarter of 2010 due in part to a rise in spending on marketing and higher fuel costs (Reuters).

OIL

Petrobras said it will increase oil output by around 22 percent in 2010 as it begins ramping up production in the vast deep water subsalt fields that have drawn global attention (Reuters).

Brazilian state oil company Petrobras’ oil-for-shares capitalization plan is on track to be launched as scheduled by the first half of 2010, Chief Executive Officer Jose Sergio Gabrielli said (Reuters).

A second major offshore oil prospect was reveiled in a week. Brazilian regulators said preliminary estimates suggest the Libra prospect may hold even more oil than the nearby 4.5 billion-barrel Franco find, though they are still waiting to finish drilling a well there to have a solid volume estimate (Reuters).

Brazilian oil and gas start-up OGX released estimates showing the offshore BM-C-41 block in the Campos Basin holds between 1.4 billion and 2.6 billion barrels of oil (Reuters).

Oil major Shell says it believes a block in the Santos basin off the coast of Brazil holds 2 billion barrels of oil equivalent (Reuters).

Chinese oil companies Cnooc Ltd. and Sinochem Corp. submitted separate bids for a stake in a large, offshore Brazilian oil field in which Statoil ASA is selling a 40% share (Wall Street Journal)

MEAT

JBS SA, the world’s largest beef producer, posted a first-quarter profit, reversing a year-earlier loss, on a surge in sales and cost-cutting at its U.S. unit (Reuters).

POWER

Finnish engineering firm Wartsila said it had won a power plant deal in Brazil worth close to 200 million euros ($254 million) (Reuters).

AGRI

Brazilian orange juice companies Citrosuco and Citrovita agreed to combine their businesses, creating a global giant with 2 billion reais ($1.1 billion) in annual revenue (Reuters).

TELECOMS

Portugal Telecom rejected a 5.7 billion euros ($7.2 billion) bid from Telefonica to buy out its stake in Vivo, Brazil’s top wireless carrier, at a 140 percent premium (Reuters).

MINING

Eldorado Gold Corp said it has agreed to acquire gold exploration company Brazauro Resources Corp in an all-stock deal worth about C$122 million that will expand its asset base in Brazil (Reuters).

BANKING

Banco do Brasil, Latin America’s biggest lender by assets, said first-quarter profit rose 41 percent as the bank made more loans and defaults fell (Bloomberg).

The Banco do Brasil was given the green light to operate as an underwriter in debt and equity operations in the U.S. capital market (Xinhua).

REAL ESTATE

Gavea Investimentos Ltda., the Brazilian investment firm managed by former central bank President Arminio Fraga, bought a 14.5 percent voting stake in Odebrecht SA’s real-estate unit (Bloomberg).

SHIPBUILDING

Usiminas offered the best price and won the bid for the purchase of 7,700 tons of steel plates to be used to build vessels under the Transpetro Fleet Modernization and Expansion Program (Promef). The steel will be used by the Mauá Shipyard, located in Niterói (state of Rio de Janeiro), which is building four oil derivatives ships for the program (Petrobras News Agency).

SPLIT SECOND POLL

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