Page 2 - Brazil Economy

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.

Jair Bolsonaro emerges as a risk factor for Brazil IPO pipeline

Bolsonaro's recent confrontation with Brazil's Supreme Court amid an economic crisis has raised fears over the country's reform process and threatens to poison the environment for 25 IPOs-in-waiting

Brazil's striker Gabriel Jesus out of Copa America final due to suspension

Brazil striker Gabriel Jesus is out of the Copa America final because of a red card he received during his team's 1-0 quarterfinal win over Chile

India, Brazil have competing views on inflation: One of them must be right

Which of the two approaches proves most effective will shape the lessons a generation of officials take from the pandemic.

India's, Brazil's Q1 GDP data suggest strong post-pandemic rebound: Moody's

India's and Brazil's first-quarter 2021 real GDP data show a strong rebound in both economies following a contraction last year of 4.4% in Brazil and 7.1% in India, Moody's Investors Service said

At 1.2%, Brazil's economy grows more than expected in first quarter

Brazil's economy grew more than expected in the first quarter of 2021, continuing its rebound from pandemic recession as many declined to hunker down amid COVID-19's brutal second wave

Brazil offers global investors unique opportunities, says Jair Bolsonaro

Brazil offers investors around the globe "unique opportunities", thanks to its abundance of resources and strong legal framework, President Jair Bolsonaro said

Brazil Supreme Court allows probe of Bolsonaro's coronavirus response

The court is also weighing the political future of former president Luiz Incio Lula da Silva, a potential rival to Bolsonaro.