News from Brazil

Brazil Business & Economy News

In Brazil on April 15, 2011 at 10:11 am

ECONOMY

Edna Santos, agency area UN chief, says that the country should seize the opportunity of international events like Rio 2012 and World Cup to show its creative potential. The creative economy concept includes all of the production based on intellectual capital linked to arts and creativity in general, like music, movies, folklore and IT (India-Brazil Chamber).

Brazilian billionaire Eike Batista, along with other investors, will team with Intercontinential Exchange (ICE) to form a local energy trading market, business daily Valor Economico reported (Nasdaq).

AGRI-PECU

By acquiring American giants such as Swift and Pilgrim’s Pride, JBS grew from a $1 billion private company into a $40 billion behemoth that slaughters 90,000 head of cattle a day, employs 125,000 workers and exports to 150 countries. JBS is now the world’s biggest provider of meat, its footprint felt by feedlots, packing plants and chicken processors from Argentina to Italy to the American Midwest (Washington Post).

FROM THE EDITOR

PLEASE NOTE THAT THE BRAZIL WEEKLY TEAM WILL BE ON VACATION. THE NEXT EDITION WILL THE MAY13TH EDITION

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AVIATION

Chinese airlines have placed orders worth $1.4bn (£861m) with Brazilian aircraft manufacturer Embraer. The deal includes firm orders for 20 planes and an option to buy 15 additional aircraft (BBC).

The rear section of an Air France jet that crashed off Brazil’s coast in 2009 remains relatively intact on the ocean floor, raising hopes the plane’s “black boxes” may still be attached to the wreckage (Washington Post).

AUTOMOTIVE

The race around the world to develop an alternative fuel to petroleum is making great strides in Brazil. Already a market leader in the ethanol industry: technology development, production and consumption, Brazil is also leading natural gas developments, making their claim to be a front-runner in alternative powering of vehicles a strong one (The Rio Times).

BANKING

Itau Unibanco, Brazil’s largest non-government bank, agreed to pay 725 million reais ($457 million) for a 49 percent stake in Carrefour’s Brazil consumer finance unit, expanding its presence in the nation’s fastest-growing lending segment (Reuters).

Sumitomo Mitsui Banking Corp and Brazilian investment bank BTG Pactual plan to enter a partnership covering project finance, mergers and acquisitions and asset management (Reuters).

Brazil’s Banco BMG is in talks to buy rivals Schahin and Morada, with both deals to be concluded in coming days, local media reported (Reuters).

Industrial and Commercial Bank of China Ltd , the world’s top lender by market value, will establish a presence in Brazil with initial start-up capital of $100 million as it looks to tap growing trade flows between the two countries (Reuters).

BIOFUELS

Royal Dutch Shell Plc, the world’s biggest distributor of bio-fuels, is shifting research to waste from sugar-cane farming after ending an algae project in Hawaii. Shell, Iogen Corp. and Codexis have been researching enzymes to produce cellulose ethanol from wheat stalks and sugar-cane bagasse, a sugar industry waste product (MercoPress).

Brazil’s fuel regulator may require sugar-cane processors such as Cosan SA Industria e Comercio and Sao Martinho SA to store ethanol in an effort to prevent future rate shocks (Bloomberg).

INFRA

The Brazilian Senate has approved the construction of the country’s first high-speed bullet train line (Washington Post).

Investors are piling into Brazilian port operators at prices three times as expensive as the broader market, counting on cargo backlogs and record shipping volumes to bolster profit (Bloomberg).

INVESTMENT

Foxconn in planning to invest as much as $12bn (£7.4bn) in Brazil, according to the country’s president Dilma Rousseff. Taiwan-based Foxconn operates the majority of its factories in China, producing goods for firms like Apple, Hewlett Packard and Dell (BBC).

U.S. biotechnology company Amgen Inc is expanding in Brazil, announcing it had acquired privately-held Bergamo for about $215 million while reacquiring rights in the country to several Amgen products (Reuters).

MINING

Vale announces that it has entered into a contract for a five-year revolving credit line facility of US$ 3 billion supplied by a bank syndicate (Vale).

OIL

Plans to hold Brazil’s next oil and gas exploration auction round in August are expected to be approved on April 28, the director of the National Petroleum Agency told Reuters.

Petrobras ranked second in a list of the 20 most profitable companies in the U.S. and Latin America in 2010, consulting company Economatica said (Xinhua).

REAL ESTATE

The proximity of 2014 World Cup and the 2016 Olympics should keep the real estate Brazilian market up. Price rises affected big cities throughout the country, but mainly Rio de Janeiro, that will host the Olympics. There property prices more than doubled in some neighborhoods, while rent prices rose up to 159% in 2010, according to data from Real Estate Association Secovi (India-Brazil Chamber).

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