News from Brazil

Brazil Economic News

In Brazil on June 2, 2011 at 9:02 pm

ECONOMY

A country once known for its macroeconomic incompetence has maintained an enviable stability, deftly navigating the 2008 financial crisis as well as the more recent influx of foreign capital. Not surprisingly, perhaps, many of Brazil’s economic officials now have an air of smugness about them, as they argue that the rest of the world has more to learn from Brazil than vice versa. The timing of such complacency could not be worse (The Economist).

Brazilian exports grew at twice the rate of imports in May, giving the country its strongest trade surplus yet for the year (Reuters).

The Brazilian economy will keep growing above the global average in coming years thanks to its solid fiscal position and efforts to keep inflation under control, Finance Minister Guido Mantega said (Reuters).

Brazil’s consumer prices will rise 5.04 percent over the next 12 months, compared with a week- earlier forecast of 5.11 percent, according to the median forecast in a May 27 central bank survey of about 100 economists (Bloomberg).

AVIATION

Embraer is pleased to welcome Bulgaria Air to its portfolio of E-Jets customers. The airline, a member of the Bulgarian Aviation Group, will operate three EMBRAER 190 jets from Sofia, Bulgaria’s capital, under a new agreement with a leasing company (Embraer).

Brazil plans to form public-private consortiums to revamp three of the country’s main airports as part of a broader effort to speed up preparations for the 2014 soccer World Cup, the government said (Reuters).

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BANKING

Banco do Brasil, Latin America’s largest bank by assets, won a tender to provide banking services at the agencies of Brazil’s state-owned postal service for 2.8 billion reais ($1.78 billion) (Reuters).

OIL & GAS

Petrobras is expanding its borders at sea with the deployment of self-sustaining platforms located far offshore which have been dubbed ‘floating cities’ (The Rio Times). 

TRANSPORT

President Dilma Rousseff demanded local governments build more bicycle lanes in the country. In her weekly radio show, Rousseff commented on the program Path to School, which delivered 30,000 bicycles and helmets to public school students from 81 municipalities, who live in distant regions and have to walk long distances to go to class (Xinhua).

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