Entries by Gelcy Bueno

Venezuela is suspended from Mercosur: Brazilian official

Venezuela will be suspended from the Mercosur regional trade bloc as early as November 3rd for failing to meet membership requirements, a Brazilian official said, in the latest blow to the oil-producing country during a deep political and economic crisis. According to the official, who asked for anonymity because of the sensitivity of the issue, […]

Venezuela likely to be suspended from Mercosur: Brazilian sources

Venezuela will likely be suspended from the Mercosur regional trade bloc this last week of November for failing to meet membership requirements, three Brazilian government sources said on December 1st, in another blow to Caracas amid a deep political and economic crisis. Venezuela had until December 1st to meet requirements that included economic, human rights […]

Brazil’s Temer signs infrastructure concessions measure

Brazil’s President Michel Temer signed a temporary decree on November 23rd laying the rules for private concessions to build and operate infrastructure, a key part of his plan to revive economic growth. The measure, which has to be approved by Congress in 90 days, allows Temer’s government to immediately start granting and renewing concessions for […]

Brazil Senate votes to extend asset repatriation amnesty

Brazil’s Senate has approved an extension of a program allowing Brazilians to repatriate undeclared off-shore assets that collected 46.8 billion reais ($13.8 billion) in taxes and fines for the country’s cash-strapped government. The bill passed by the Senate late on November 23rd would reopen the repatriation window for another 120 days next year and is […]

U.S. Treasury reassures Brazil banks trade with Iran OK

The U.S. Treasury has reassured Brazilian banks they can finance trade with Iran without fear of sanctions, opening the way to billions of dollars in potential exports of jet planes, buses and equipment, a senior Brazilian official said on November 23rd. Sanctions on non-U.S. entities doing business with Iranian companies were lifted with implementation in […]

“Heat map” of Itaú shows manufacturing activity stabilizing

Recent data show manufacturing activity is no longer cooling but has also not yet shown signs of heating up, according to a “heat map” prepared by Itaú Unibanco. According to the new indicator, manufacturing output has been stabilizing in the last few months after a cycle of decline seen in 2015 and so far this […]

Geneseas and DellMare merge into stronger seafood player

With an eye to the consolidation of the fragmented fishing industry in Brazil, private-equity fund Acqua Capital is expected to announce on November 21th the merger of Geneseas, one of the largest processors of tilapias in the country, and shrimp distributor DellMare. From the combination of the two companies emerges a “new” Geneseas, with about […]

Proposed law would help Rio advance oil royalties

The Chamber of Deputies could vote next week on a bill that removes an important hurdle to the proposal of pushing forward oil royalty revenues for Rio de Janeiro, part of the package being considered to alleviate the state’s severe financial crisis. Proposed on November 17th by Federal Deputy Hugo Legal (Brazilian Socialist Party, PSB, […]

Cemig seeks foreign investor to maintain hydropower plants

Companhia Energética de Minas Gerais (Cemig), the state’s power utility, is seeking a private-sector partner to try to maintain the control over three hydroelectric dams that are at the center of a strife already lasting four years between the company and the federal government. The power company has been holding talks with foreign groups, including […]

Footwear industry manages to create jobs amid recession

The footwear industry is one of the few in manufacturing that has been creating jobs in 2016. From January to September, it formally hired 20,400 more workers than it dismissed, according to the General Register of Employed and Unemployed Workers (Caged), against 4,300 net hires a year earlier. The balance raised the number of workers […]