News from Brazil

Business & Economy

In Brazil on December 10, 2010 at 11:53 am

ECONOMY

Brazil’s economy will grow at least 7.5 percent in 2010, and probably closer to 8 percent, the country’s finance minister, Guido Mantega, said (Reuters).

AVIATION

Representatives of the United States and Brazil have signed an Open-Skies aviation services agreement which will significantly liberalize U.S.-Brazil air services for airlines of both countries over a transition period, according to the U.S. Department of Transportation (DOT) (MercoPress).

Embraer and Deutsche Lufthansa AG signed a contract for another eight new EMBRAER 195 jets. The new aircraft will be operated within the Lufthansa Regional family serving national and European destinations. The total value of the deal, at list price, is US$ 338 million, based on January 2010 economic conditions (Embraer, pdf).

Embraer is pleased to welcome Saudi Aramco as a new EMBRAER 170 jet operator in Saudi Arabia. Its first aircraft, delivered at the end of November, will be followed by other EMBRAER 170 jets scheduled for delivery by year-end (Embraer, pdf).

BANKING

What kind of a bank is BTG Pactual? One answer must be “a bank unlike any other” given that it had attracted $1.8bn in capital from a consortium led by three of the world’s biggest sovereign wealth funds. The investment is not only the biggest of its kind in Brazil. It is also, as André Esteves, BTG Pactual’s founder, told the FT, “a sign of a new financial order”. So has the focus of the world’s financial industry shifted to emerging markets (Financial Times)?

Banco do Brasil SA is talking to Vale SA, Petrobras and other Brazilian companies with operations in Africa about its expansion in the continent, said Antonio Bizzo, head of Europe, Middle East and Africa at Latin America’s largest bank by assets (Bloomberg).

BIOFUELS

The doubling of  import tax on ethanol will escalate Brazil-U.S. trade conflict, the Brazilian Sugarcane Industry Association UNICA has stated.

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ENERGY

The growth speed of the domestic supply of electricity in Brazil expected to be less than the speed of expansion of the demand by 2019, but still will be above the consumption, says a report released by the Ministry of Mines and Energy (MME) (India-Brazil Chamber).

Also, a list made by consultancy Platts, published by Business Insider, highlights companies from emerging countries like Brazil. The Brazilian company Ultrapar has the largest growth in the sector in the world (India-Brazil Chamber).

As part of Brazil’s 2010 Alternative Energy Auctions, GE announced deals with four developers to supply more than 400 megawatts of wind-generated electricity to the Brazilian grid. These commitments will be for 258 of GE’s 1.5 and 1.6-megawatt wind turbines (Reuters).

MINING

Vale announces the secondary listing of its common shares and Class A preferred shares in the form of Hong Kong depositary receipts (HDRs) on The Stock Exchange of Hong Kong Limited (HKEx) by way of introduction (BW).

Anglo American Plc will start building early next year one of its biggest growth projects, the Minas Rio iron ore operation in Brazil, after getting a key licence from the government (Reuters).

OIL

OGX Petróleo e Gás, the Brazilian oil and gas company responsible for the largest private sector exploratory campaign in Brazil, announced that it has identified the presence of hydrocarbons in the Albian-Cenomanian section of well 1-OGX-25-RJS, located in the BM-C-39 block, in the shallow waters of the Campos Basin. OGX holds a 100% working interest in this block (EBX).

Petrobras plans to build three ports and three heliports to provide logistical support for its expanding deepwater oil operations (Reuters).

The Brazilian division of Royal Dutch Shell plans to drill ten wells over the next 18 months in the South American country and could participate in future oil field auctions (Reuters).

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