Brazil Economy

Why are 70,000 Chinese electric vehicles clogging the Brazilian port?

The backlog of vehicles at Brazilian ports stems from Chinese manufacturers rushing to deliver EVs ahead of the recently reinstated import tariffs as high as 35 per cent

Brazilian currency faces volatility as Prez Lula criticises rates level

Speaking in an interview with TV Globo aired late on Sunday, the leftist leader called the interest rate hikes "irresponsible" and said his government would "take care of that"

Brazil urges G20 leaders to move faster on net zero climate targets

World leaders are trying to shore up a global response to climate change before Donald Trump retakes the US presidency

All you need to know about challenges Trump govt will impose on Brazil

Trump's latest win provoked immediate reactions in Brazilian politics

Explosion outside Brazil's Supreme Court leaves one dead, forces evacuation

At least one explosion Wednesday outside Brazil's Supreme Court killed a man and forced the justices and staff to evacuate the building in the capital of Brasilia, police and firefighters said. A police statement said an artifact exploded outside the court without providing more details. Local firefighters later confirmed that one man died at the scene, but did not identify him. The court's justices and staff safely left the building after the incident, which took place at about 7:30 pm local time, shortly after Wednesday's session finished. Jorge Macedo, a staffer at Brazil's top court, confirmed the evacuation to The Associated Press. Local media showed footage suggesting two blasts outside the court, with 20 seconds between the first and the second explosions. The incident took place in Brasilia's Praca dos Tres Poderes, an area where Brazil's main government buildings are located. President Luiz Incio Lula da Silva was not in the neighbouring presidential palace at the time of

Alberto Fujimori, Peru's ex prez dies at 86 after tumultuous tenure

Alberto Fujimori, whose decade-long presidency began with triumphs righting Peru's economy and defeating a brutal insurgency only to end in a disgrace of autocratic excess that later sent him to prison, has died. He was 86. His death Wednesday in the capital, Lima, was announced by his daughter Keiko Fujimori in a post on X. He had been pardoned in December from his convictions for corruption and responsibility for the murder of 25 people. His daughter said in July that he was planning to run for Peru's presidency for the fourth time in 2026. The former university president and mathematics professor emerged from obscurity to win Peru's 1990 elections over writer Mario Vargas Llosa. He took over a country ravaged by runaway inflation and guerrilla violence, mending the economy with bold actions including mass privatizations of state industries. He also defeated fanatical Shining Path rebels, winning him broad-based support. Fujimori, who governed Peru from 1990 to 2000, was sentence

Brazil to freeze $2.7 bn from budget as govt tries to meet fiscal target

The decision to hold back on spending comes amid market worries about the government's ability to meet its goal of eliminating the primary deficit.

Bolsonaro embezzled $1.2 mn worth of jewellery from Saudi Arabia: Police

Brazil's Federal Police allege former president Jair Bolsonaro embezzled jewellery worth 6.8 million Brazilian reals (about USD 1.2 million) during his time in office, according to the investigative report unsealed on Monday by the Supreme Court. Bolsonaro was indicted last week charging embezzlement, asset laundering and criminal association in connection with the luxury jewellery from Saudi Arabia. The investigation adds pressure on the far-right leader who governed in 2019-2022 before losing his reelection bid to Luiz Incio Lula da Silva. He has already lost his political rights until 2030. Bolsonaro has not commented on the indictment, but has previously denied any wrongdoing involving the jewellery. The police report alleges there was "a criminal association for the embezzlement of high-value gifts that were received due to the position of former President Jair Bolsonaro". The jewellery included diamond-encrusted Rolex and Patek Phillipe watches, a necklace, rings and cufflinks

President Lula approves spending cuts to meet Brazil's fiscal framework

The Brazilian real has weakened around 13% against the US dollar this year

New Petrobras chief sworn in amid market fears of increased govt control

President Luiz Inácio Lula da Silva, who nominated Chambriard, attended the ceremony at a Petrobras research center in Rio de Janeiro

Brazil pushes out Petrobras CEO, names ex-regulator to top job; shares dip

New York-listed shares of Petrobras fell more than 6% in after-hours trading as news broke that Prates was headed for the exit

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