News from Brazil

Business & Economy

In Brazil on September 17, 2010 at 9:46 am

ECONOMY

Brazil created a record number of payroll jobs for the month of August in a sign that its economy is growing at a solid pace (Reuters).

Brazil vowed to defend its exporters as governments worldwide moved to weaken their currencies as a way of speeding up an economic recovery (Reuters).

The Getulio Vargas Foundation (FGV) said the middle class or C class has gathered 94.9 million Brazilians, or 50.5 percent of the country’s population, and 30 million of them are newcomers since President Luiz Inacio Lula da Silva took office in 2003 (Xinhua).

AVIATION

Embraer, set up in 1969 as an aspiring national aircraft-maker by Brazil’s military government and privatised in 1994, has since established itself as the world’s third-largest producer of commercial jet aircraft and the market leader in jets with 50-120 seats (The Economist).

SPLIT SECOND POLL

TWITTER & LINKEDIN

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BANKING

Bank of Nova Scotia, Canada’s third-biggest bank, agreed to buy the Brazilian wholesale banking unit of Commerzbank AG for an undisclosed sum, looking to benefit from a surge in investments in Brazil’s oil, natural gas and mining industries (Reuters).

OIL

Brazil’s oil production in August hit a record of 2.078 million barrels per day (bpd), the country’s National Petroleum Agency said, topping the previous record of 2.077 million bpd in April (Reuters).

Brazilian state oil company Petrobras (PETR4.SA) expects the giant Tupi offshore area to reach production of 100,000 barrels per day by 2012 (Reuters).

Billionaire Eike Batista, owner of oil start-up OGX, said he is not interested in purchasing assets put up for sale in Brazil by Royal Dutch Shell (Reuters).

China’s Sinopec Group and CNOOC Ltd are bidding for stakes in OGX assets in a potential $7 billion deal (Reuters).

Brazil’s offshore Libra oil prospect contains approximately 8 billion barrels of oil, a government energy official said, vastly boosting a previous estimate of 5.5 billion barrels and possibly making it the second-largest crude discovery in a decade (Reuters).

ELECTRA

Eletrobras may get $1.5 billion in loans from French banks and $500 million from the World Bank, Muniz said. The French banks may offer loans because Eletrobras plans to buy nuclear-power equipment from Paris-based Areva SA for its Angra 3 project in Brazil (Reuters).

INFRA

China Develoment Bank Corp. and the Export-Import Bank of China are ready to lend to a group of companies bidding for Brazil’s bullet-train project (Bloomberg).

PORTS

LLX Logistica and the local unit of Argentine steelmaker Ternium agreed to build a steel mill in LLX’s Super Porto de Acu to take advantage of access to massive iron ore deposits and a growing transport infrastructure (Reuters).

Brazil’s Gerdau, agreed to buy California-based steelmaker Tamco for $165 million in cash, to position itself for an expected revival of the construction industry on the U.S. West Coast (Reuters).

INNOVATION

Brazil is preparing to use its first locally-designed microchip in cattle earrings, a device that could eventually help authorities crack down on destruction of the Amazon rain forest caused by roaming herds (Reuters).

Brazil hopes that spurring its electronics industry will help it innovate new technology for other parts of its sprawling economy that include commodities, mining, biofuels, and deep-water oil exploration. Reuters sums up some of Brazil’s principal innovations.

Billionaire Eike Batista said he is planning an electric car factory with an investment of around $1 billion that will produce 100,000 vehicles per year within four years (Reuters).

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