Page 2 - Brazil Economy

Brazil reels from massive flooding as it faces risk from new storms

Authorities in southern Brazil rushed on Wednesday to rescue survivors of massive flooding that has killed at least 100 people, but some residents refused to leave belongings behind while others returned to evacuated homes despite the risk of new storms. Heavy rains and flooding in the southern state of Rio Grande do Sul since last week also have left 128 people missing, authorities said. More than 230,000 have been displaced, and much of the region has been isolated by the floodwaters. More storms are expected in the state, with lightning strikes and wind gusts reaching up to 100 kilometers per hour (62 mph) in the south, according to Ctia Valente, the meteorologist in the state's situation room. Staffers of the state's civil defense agency told The Associated Press they have been struggling to persuade residents of the city of Eldorado do Sul, one of the hardest hit by the floods, to leave their homes. It is located beside Porto Alegre, near the center of the state's coastline. At

Floods in Southern Brazil kill at least 75 over 7 days, 103 people missing

Massive floods in Brazil's southern Rio Grande do Sul state have killed at least 75 people over the last seven days, and another 103 were reported missing, local authorities said Sunday. At least 155 people were injured, while damage from the rains forced more than 88,000 people from their homes. Approximately 16,000 took refuge in schools, gymnasiums and other temporary shelters. The floods left a wake of devastation, including landslides, washed-out roads and collapsed bridges across the state. Operators reported electricity and communications cuts. More than 800,000 people are without a water supply, according to the civil defence agency, which cited figures from water company Corsan. A rescue team pulled an elderly man in serious medical condition into a helicopter from a remote area in the Bento Gonalves municipality, according to footage from military firefighters. Torrents of brown water poured over a nearby dam. On Saturday evening, residents in the town of Canoas stood up

Why India's voter turnout is low and improving it will be complicated

Its numbers trail those of several developing countries like Indonesia and Brazil

Brazil's Lula calls meeting on future of Petrobras CEO Jean Paul Prates

The meeting takes place after a week of speculation that Prates would be replaced

Bolsonaro requests court permission to accept Netanyahu's invite to Israel

Brazil's former President Jair Bolsonaro has requested federal authorities return his passport and authorise travel to Israel so he can accept an event invitation from Prime Minister Benjamin Netanyahu to visit in May, Bolsonaro's lawyers said on Thursday in a statement. The attorneys submitted Bolsonaro's request to the Supreme Court on Monday, the same day The New York Times published security camera footage revealing that the former president spent two nights at Hungary's embassy in Brasilia. His stay, in February, came just days after Federal Police seized his passport during a raid related to an investigation into whether he and top aides plotted to ignore 2022 election results and stage an uprising to keep the defeated leader in power. The revelation of his stay sparked widespread speculation he may have been attempting to evade arrest, as agents would not have jurisdiction to enter embassy grounds due to diplomatic conventions restricting access. Bolsonaro's lawyers denied th

Brics' New Development Bank aims to make $5 billion in loans in 2024

Brics Chief Zhou also said he expected China's economy to grow about 5% this year, in line with the government's target

China orders indebted local govts to halt some infrastructure projects

Beijing has been tightening curbs on debt in recent months to defuse risks to the world's second-largest economy and its financial stability

India in talks with Brazil for tech partnership to expand ethanol usage

India is in talks with Brazil for a technological partnership to expand usage of ethanol, amid a push for alternative fuels to cut carbon emission. Brazil has been using ethanol for a very long time in vehicles and there is a lot to learn from the South American nation, Union Minister V K Singh said on Tuesday. "We can learn from them (Brazil) and collaborate with them to ensure that we also develop an ecosystem for ethanol and such alcohol-based fuels," the Minister of State (MoS) for Road Transport and Highways said at the 'Assocham-Fuels of the Future 2.0' conference in the national capital. He further said that there is a need for awareness on alternative fuels to replace fossil fuels. Beside sugarcane, ethanol can also be produced using broken rice, maize and corn. "There is also a push on sustainable aviation fuel and we have conducted a trial of sustainable aviation fuels powered flight. The greatest challenge before us today is what alternative fuel we adopt and how we can

Indonesian firms Bulog, IDFood to import meat from Brazil and India in 2024

The meat import quota for Bulog and IDFood has been kept around the same level as last year, NFA chief Arief said

A yr after pro-Bolsonaro riots, dozens of arrests, Brazil still recovering

Brazil's Congress has everything ready to open an exhibit Monday featuring pieces including a tapestry crafted by renowned artist Burle Marx and a replica of the country's constitution dated 1988. The display is notable not because of the rarity of the objects, but because they are the living memory of one of the grimmest episodes in Brazil's recent history: As unprecedented riots in support of former President Jair Bolsonaro took place on January 8, 2023, in government buildings in the capital Brasilia, the tapestry was damaged and the replica constitution was taken. Many saw the rioting as part of a failed attempt by Bolsonaro to remain in power following his election loss. A year and hundreds of arrests later, Brazil is still recovering. Brazil's society still doesn't know how to handle what happened, there's no consensus, said Creomar de Souza, founder of political risk consultancy Dharma Politics. Brazil's society is now in extreme opposites. And parts of those opposites are in

Brazil's economy improves during Prez Lula's first yr back, divide remains

Brazilian President Luiz Incio Lula da Silva likes to boast he had a good first year after returning to the job. The economy is improving, Congress passed a long-overdue tax reform bill, rioters who wanted to oust him are now in jail, and his predecessor and foe Jair Bolsonaro is barred from running for office until 2030. Still, the 78-year-old leader has struggled to boost his support among citizens and lawmakers. Some major setbacks, including a series of votes by Congress to override his vetoes, signaled that Lula's future could be less productive in a Brazil almost evenly split between his supporters and Bolsonaro's. Brazil's political polarization is such that it crystallized the opinions of Lula and Bolsonaro voters beyond the economy, said political consultant Thomas Traumann, the author of a recent best-selling book on Brazil's political divisions. These groups are separated by very different world views, the values that form the identity of each group are more important than

Bolsonaro should be charged with attempting a coup: Congressional panel

A Brazilian congressional panel on Wednesday accused former President Jair Bolsonaro of instigating the country's Jan 8 riots and recommended that he be charged with attempting to stage a coup. An inquiry panel of senators and representatives mostly allied with the current leftist President Luiz Incio Lula da Silva who narrowly defeated Bolsonaro in last fall's election voted 20-11 to adopt the damning report drafted by Sen. Eliziane Gama. The move was largely symbolic for Bolsonaro because it amounts to a recommendation for police and prosecutors to investigate, and federal law enforcement officials separately have already been investigating his possible role in inciting the Jan 8 uprising. Bolsonaro has denied involvement in the rioting, which took place more than a week after the right-wing leader had quietly left the country to stay in Florida while refusing to attend Lula's inauguration. It's completely biased, Bolsonaro said Wednesday of the inquiry, in comments to reporter

India, Brazil target over 3-fold rise in trade to $50 bn: Commerce secy

India and Brazil are looking at an "aspirational" target of increasing the two-way trade by over three-fold to USD 50 billion by 2030, Commerce Secretary Sunil Barthwal said on Friday. He was in Brasilia from October 1 to 4 to discuss ways to promote trade between the two countries. He chaired the sixth meeting of the India-Brazil Trade Monitoring Mechanism (TMM). At present, the bilateral trade stood at USD 15.2 billion. "We are looking at USD 30 billion in the next 3-4 years and by 2030, we are looking at an aspirational target of USD 50 billion. There is a huge potential for trade growth," he told reporters here. He added that during his visit, the two sides also discussed market access issues as well as new areas of cooperation. Two working groups have been formed - market access issues and sectors of cooperation. "Biofuels and renewables are important sectors which we will be looking at...Ethanol and biofuel blending is another area of cooperation," he said. Brazil has adva

Brazil's Lula welcomes back Venezuelan Prez for first time after ban

Brazilian President Luiz Inacio Lula da Silva welcomed back his Venezuelan counterpart Nicolas Maduro

Lula promises public works in Brazil to create jobs, boost economy

Brazilian President Luiz Inacio Lula da Silva has promised that his government will promote public works throughout the country to create jobs and boost economic growth

Lula da Silva's efforts to boost spending in Brazil rattles markets

On the campaign trail, Luiz Incio Lula da Silva promised to sustain a massive welfare programme, increase the minimum wage and boost health and education spending. Now, Brazil's president-elect is trying to make good on those pledges -- and investors are showing concern. Da Silva's transition team on Wednesday night presented Congress with an outline of a proposal to skirt a constitutionally imposed spending cap by creating a carve-out for welfare. Then, at the climate talks in Egypt on Thursday, he reiterated that he pays little heed to whether his plans to lead a socially responsible government might cause jittery speculators to sell off. When trading opened on Thursday, Brazil's currency slid to its weakest level against the dollar since July and the benchmark Bovespa stock index fell more than 2.5 per cent, before trimming losses hours later. Traders have begun pricing in interest-rate hikes next year rather than cuts, as da Silva's proposal "confirmed (fiscal) risk that before .

Why even a leftist govt under Lula may not restore Brazil's forests

A sharp left-right dichotomy is a common way to think about the stakes in the runoff poll on Oct. 30. Still, as with the candidates' economic platforms, their forest policies have a lot more in common

Inflation to exceed official target ceiling in 2022: Brazil's central bank

For 2022, the official inflation target was set at 3.5 per cent, with a margin of tolerance of 1.5 percentage points

Brazil sacks IMF office over estimate complaints, says 'not useful anymore'

Economy Minister Paulo Guedes said on Wednesday Brazil won't recognize the IMF's office starting from June 30, when the current representative is due to be replaced

Brazil's Petrobras ups investment plan to $68 bn, lowers output forecast

By 2026, Petrobras said it sees oil production of 2.6 million barrels per day.