News from Brazil

Business & Economy

In Brazil on August 8, 2010 at 10:38 am

ECONOMY

Brazil’s economy slowed in the second quarter from its torrid pace at year’s start, with a pause for the World Cup taking a toll, but could be picking up again as the year progresses (Reuters).

Brazil’s gross domestic product (GDP) will grow 7.1 percent this year, the International Monetary Fund (IMF) said (Xinhua).

The real, “appears overvalued,” the International Monetary Fund said and it urged long-term solutions to curb the surge in foreign money flowing into country (Reuters).

Automakers in Brazil will probably export $12.4 billion worth of vehicles this year, more than the $9.2 billion forecast earlier this year (Reuters).

Brazil’s trade surplus narrowed in July after imports jumped more than forecast on economic growth and a cheap dollar, the Trade Ministry said (Bloomberg).

LINKEDIN & TWITTER

Be welcome to join the Brazil Weekly networking and discussion group on Linkedin.

You can also follow us on twitter @ brazilweekly

OIL & GAS

Petrobras discoverd gas in an onshore well in the Solimoes Basin in the Amazon region (Bloomberg).

Petrobras and Vale found evidence of natural gas in an offshore well in Brazil’s Espirito Santo basin, the Brazilian petroleum regulator said (Bloomberg).

TELECOMS

Embratel, the Brazilian phone group controlled by Mexican billionaire Carlos Slim, offered to buy all the preferred stock it does not already own in pay-TV company Net Servicos to bundle telephony and content into one single company (Reuters).

Vodafone hired an investment bank to study the possibility of buying a stake in TIM, the Brazilian unit of Telecom Italia SpA, O Estado de S. Paulo reported (Bloomberg).

MINING

Brazil’s high electricity costs are deterring investments in energy-intensive mining projects such as aluminum, an official with industrial conglomerate Votorantim said (Reuters).

Mining giant Vale may combine assets in the fertilizer operations of Bunge and Fosfertil to create exchange-listed Vale Fertilizantes (Reuters).

Iron miner MMX, owned by billionaire industrial magnate Eike Batista, said it has not reached an agreement on selling a stake in the company despite local media reports of a deal (Reuters).

BANKING

Latin America’s largest bank, Banco do Brasil, said it would announce new details of its plan to expand abroad, which could include banking acquisitions in the United States (Reuters).

INNOVATION

Brazil has been known as commodity exporting country, with iron ore, soy beans and meat leading the way. But Brazil is making a fast leap forward in another field: that of innovation.  Read the blog entry by Sao Paulo based innovation management consultant Caspar Van Rijnbach (Business Strategy Innovation).

Brazilian President Luiz Inacio Lula da Silva urged local businessmen to invest more in technological innovation during a weekly radio show (Xinhua).

AVIATION

The emergence of Brazil as an energy self-sufficient nation and the economic powerhouse of Latin America is certainly creating a blip on the business aircraft manufacturers’ market maps in the form of increased business jet sales (Aviation International News).

Embraer, the world’s fourth-largest aircraft maker, will have a backlog of more than $17 billion before the end of the year, said Luiz Carlos Aguiar, the company’s vice president of finance (Bloomberg).

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s