South African political scientists suggest voters in the Western Cape are more likely to consider alternatives in this election.
Read the analysis in the Mail & Guardian
Archive for March, 2009|Monthly archive page
Who wins the Western Cape?
In Elections, Politics, South Africa on March 25, 2009 at 1:27 pmBrazil news update, March 21th
In Argentina, Banking, Brazil, Economy, Elections, Energy, Investments, Oil, Politics, Polls, Security, Tourism, Travel on March 21, 2009 at 5:23 pmBANKING & FINANCE
Brazil’s national development bank is looking to loan up to $700 million to Argentina’s national airline to buy Brazilian-made planes (IHT).
Banco Azteca, the financing arm of Mexico’s Grupo Elektra, plans to expand in Brazil with new branches and possibly through takeovers, betting that demand from low-income consumers will grow despite the global economic downturn (Reuters).
ECONOMY
Brazil’s economy added more than 9,000 jobs in February after three straight months of job losses. The Labor Ministry reports that the gain, while small, is vital in the climate of a global economic crisis (IHT).
Brazil’s government said on Thursday it will reduce its primary budget surplus target in 2009 and freeze less spending than initially planned even after a sharply slowing economy caused tax income to tumble (Reuters).
BUSINESS
German truckmaker MAN AG said Tuesday the company completed the €1.2 billion ($1.5 billion) purchase of Volkswagen AG’s truck and bus operations in Brazil, announced in December (IHT).
Gol Airlines, Brazil’s second-biggest airline, said its fourth-quarter net loss widened after a weaker currency boosted financial expenses and costs to lease planes (Bloomberg).
Brazil’s largest meat processor, Sadia, said it was considering a business tie-up with Perdigao, another major meat processor and exporter (Reuters). But Perdigao and Sadia likely won’t merge, wrote an analyst based in Sao Paulo, citing a statement by Perdigao posted yesterday on Brazil’s securities regulator Web site and talks with the company’s management. Perdigao said in the statement that it didn’t reach an agreement with Sadia and currently isn’t in talks for a takeover (Bloomberg).
New vehicle sales in Brazil rose 4.4 percent in the first half of March to 123,757 units, the country’s dealership federation said on its Web site today (Bloomberg).
Electrobras, Latin America’s largest utility, plans to help finance 30.2 billion reais ($13.2 billion) of investments through 2012 to expand Brazilian electricity output and transmission as demand for power grows (Bloomberg).
Brazil’s Air Force will help finance the $500 million development of a new Embraer military transport aircraft, which the company seeks to sell to armed forces around the world, the Estado de S. Paulo reported (Bloomberg).
OIL & GAS
Brazil’s president says a new natural gas terminal will reduce the nation’s dependence on buying the fuel from Bolivia (IHT).
Oil workers at state-controlled Brazilian energy firm Petrobras will strike for five days from Monday and attempt to cut crude output in protest over job cuts, pay and working conditions (Reuters).
Greek owned DryShips Inc said its unit Ocean Rig ASA has won a three-year $630 million drilling contract from Petrobras , Brazil’s state-controlled oil company, sending its shares up 28 percent (Reuters).
Brazil needs $270 billion in investment over the next 10 years to develop massive new deepwater oil reserves, its energy minister said on Thursday (Reuters).
Petrobras said it signed 2.89 billion reais ($1.28 billion) of contracts for an oil refinery in Brazil, moving ahead without partner Petroleos de Venezuela (Bloomberg)
SECURITY
Iran is increasing its activity in Latin America and the Caribbean, including actions aimed at supporting the Lebanese militant group Hezbollah, a top U.S. military commander said on Tuesday (Reuters).
Brazilian President Lula da Silva will propose the creation of a Latin American council to combat drug trafficking in the region (Bloomberg).
Angola plans to buy domestic diamonds
In Angola, Economy, Mining on March 21, 2009 at 5:07 pmAngola, the world’s fifth-largest diamond producer, will buy gems from local mining companies to bolster the industry as global demand and prices decline, Energy and Mining Minister Makenda Ambroise said.
Read the full story at Bloomberg
Brazil’s Lula: economy will grow in 2009
In Brazil, Economy on March 21, 2009 at 5:00 pmBrazil’s economy will expand this year as domestic demand and government investment make up for pressures from the global financial crisis, President Luiz Inacio Lula da Silva and his top ministers said on Monday.
Read the full story at Reuters
In Brazil, Telefónica bets on celebrity’s’ Twitter
In Brazil, Investments, Telecom on March 21, 2009 at 4:45 pmThe Spanish telecom company signs up a TV personality with big following Online to promote a new internet service.
Read the full article in the Wall Street Journal
Brazilian favela turned tourist hotspot?
In Brazil, Hotels, Security, Tourism on March 21, 2009 at 4:41 pmA 52-year-old German born entrepreneur, who made his money in currency trading, plans to build around 10 well-appointed villas on top of Rio shantytown Vidigal where tourists will be able to taste luxury and the gritty life of the slum at the same time.
Read the full article in the International Herald Tribune
Approval for Brazil’s Lula down
In Brazil, Economy, Elections, Politics, Polls on March 21, 2009 at 4:29 pmThe global economic crisis has caught up to Brazil’s popular president, Luiz Inacio Lula da Silva, denting his approval ratings for the first time in well over a year as unemployment rose sharply.
Read the full article in the International Herald Tribune
Panama offers to reopen 2015 bonds
In Banking, Panama on March 20, 2009 at 7:42 pmPanama on Wednesday offered to issue additional global bonds due 2015 <PANGLB15=RR> for general budgetary purposes. The reopened bonds, which carry a coupon of 7.25 percent, should be priced around $101.00, according to sources quoted by Reuters (Reuters)
South Africa to export biodiesel to Germany
In Biofuels, South Africa on March 20, 2009 at 7:35 pmSouth Africa has secured a long term contract to export between 70-90 percent of the output from a planned 400,000 ton a year biodiesel plant to Germany, the Business Day newspaper reported on Thursday.
Read the news feature at Reuters
Cape Verde news update, March 20th
In Biofuels, Cape Verde, Politics, Security on March 20, 2009 at 7:29 pmThe protocol on renewable energies signed Saturday in Mindelo is the best reflection so far of the new direction being taken in the cooperation program between Cape Verde and Portugal, based on the exchange of knowledge, investments in new technology, research and a great deal of audacity. This was the message the prime ministers of the two countries, José Maria Neves and José Sócrates, stressed during their joint lecture on sustainable energy at the University of Cape Verde campus in the Mindelo neighborhood of Ribeira de Julião Saturday (A Semana).
The main highlights of Portuguese Prime Minister José Sócrates’ three-day official visit to Cape Verde, along with a 120-member delegation that included government ministers, business leaders and journalists are: Biennial Summits between both countries, a Euro 200 million credit line,a mini-computer project for schools, and an online library for Uni-CV University, among other things (A Semana).
Judiciary Police have arrested a couple – a 38-year-old man and a 33-year-old woman – in possession of enough cocaine for more than 200 individual doses in the town of Santa Maria, on the island of Sal. Both are natives of the island of Santiago (A Semana).
Magistrate António Pedro Borges, the president of the Praia Attorney General’s office, was shot Tuesday as he attempted to help a woman who was being mugged by two young men. During the chase that ensued, one of the muggers pulled out a 6.35 mm revolver and shot Borges in the leg. In his haste, the mugger also ended up shooting himself in the knee. Both of the assailants have been arrested by the National Police (A Semana).
The National Police reports that it has dismantled several groups of criminals that have been operating in Praia. One of these groups is believed to be responsible for various robberies committed at a number of commercial firms in the capital city. Another group made up of three employees of bottled water and soft-drink company Trindade has been arrested for stealing merchandise from the company’s factory (A Semana).
National Police officers on the island of Boa Vista have arrested two young men suspected of having violently attacked and robbed a German couple last week (A Semana).
Surinam news update, March 20th
In Economy, Foreign Trade, Ports, Surinam on March 20, 2009 at 7:17 pmForbes has placed Surinam 107th on the list of “Best countries for Business”, one place up from last year.
Trade between Surinam and the U.S. in 2008 amounted 530 million US dollar, a rise of 23 percent from 2007. Surinam ranked as the 118th tranding partner of the U.S. The economic superpower in 2008 exported more than 400 million US dollar of goods to Surinam, while a mere 126, 5 million dollar went the other way. Surinam last year traded for a total amount of 1,5 billion US dollar.
NV Havenbeheer, Surinam’s Port authority, recently entered in a leasecontract valued 55 million US dollar. The 15 year deal was closed with port operators Integra Marine Freight Service, VSH Shipping and CSA.
(De Ware Tijd)
Pope visits Angola
In Angola on March 20, 2009 at 6:53 pmPope Benedict XVI begins a visit on Friday to Angola, a country with an estimated nearly 10-million Catholics where bishops have condemned the grinding poverty amid multibillion-dollar oil revenues.
Read the full article in the Mail & Guardian
ANC to lose Cape and two thirds majority
In Elections, Politics, South Africa on March 20, 2009 at 6:48 pmAn internal ANC survey has shown that the ruling party will lose its two-thirds majority and the Western Cape in next month’s general election. But although it finds the party will suffer a marginal loss in support overall it will retain power in the other eight provinces.
Read the full article in the Mail & Guardian
Brazilian banking
In Banking, Brazil on March 20, 2009 at 9:11 amBrazilian banking seems likely to remain a profitable exception to the disasters elsewhere.
Read the full article in The Economist
Brazil news update, March 13th
In Agriculture, Banking, Biofuels, Brazil, Economy, Energy, Mining, Oil, Politics, Security on March 13, 2009 at 10:25 pmECONOMY
Brazil’s economy had its worst showing in more than a decade in the last quarter of 2008, shrinking a larger-than-expected 3.6 percent from the previous quarter as the global financial crisis took a heavy toll on Latin America’s biggest country (Reuters).
The Brazilian economy is expected to see close to zero growth in 2009, as a result of a sudden halt in economic activity, according to a projection from Brazil’s National Confederation for Industry (CNI) (Macauhub).
BANKING & FINANCE
Santander, Spain’s biggest bank, bought out Tokio Marine Holdings’ stake in a jointly owned Brazilian insurance group for 678 million reais ($284.9 million), aiming to strengthen its position in Brazil (Reuters).
BUSINESS
For-profit education company DeVry Inc said it agreed to acquire a majority stake in Brazil’s privately held Fanor, a post-secondary education provider, to boost its international presence (Reuters).
Automobile sales in Brazil rose for a third straight month in February from January, helped by government tax breaks, but compared to a year ago sales fell and exports halved as the global financial crisis took a toll (Reuters).
Lojas Americanas SA, Brazil’s biggest discount retailer, rallied to the highest level in more than a month after reporting a 40.7 percent rise in fourth- quarter profit (Bloomberg).
Aracruz Celulose SA common shares rose the most in six weeks after Votorantim Clelusoe e Papel SA said it will purchase a 28 percent stake and offer to buy out minority investors of the world’s biggest eucalyptus-pulp maker (Bloomberg).
Embraer is likely to take at least two years to recover from a 30 percent reduction in its industrial activity, O Estado de Sao Paulo reported, citing Chief Executive Officer Frederico Curado (Bloomberg).
COFFEE
Brazil, the world’s biggest coffee producer, may buy as many as 3 million bags of the beans at above-market prices to boost stockpiles, reducing supplies in a year where production may slump as much as 20 percent (Bloomberg).
OIL
Brazilian state oil company Petrobras said on Friday fourth-quarter net profit jumped sharply from a year ago due to higher fuel prices, a stronger dollar and greater output, all of which helped push annual profit to a record (Reuters).
Galp Energia SA, Portugal’s biggest oil company, plans to invest 5.2 billion euros ($6.5 billion) through 2013 as it develops projects including Tupi, the biggest oil discovery in the Americas in three decades (Bloomberg).
Japan’s Marubeni industrial group is close to bankrolling all of a $20 billion premium refinery in partnership with Brazil’s state-run oil company Petrobras, a Brazilian financial daily said on Thursday (Reuters).
Use of smaller platforms to pump subsalt oil from deep under the ocean bed would make it cheaper to extract and profitable at an oil price of $40 per barrel, Petrobras said on Monday (Reuters).
Petrobras Thursday launched production on the platform ship, Cidade de Niterói, in the Marlim Leste field, in the Campos basin, the company said in a statement (Macauhub).
Petrobras will extract its first crude oil on May 1 from the potentially huge find it made below the salt layer of the Santos basin in late 2007, the country’s president said on Friday (Reuters).
EXXON MObile Corp.’s oil discovery off the coast of Brazil may hold enough crude to rival the nearby Tupi prospect as the Western Hemisphere’s largest find in three decades (Bloomberg).
Petrobras also discovered traces of natural gas in a well in Brazil’s Santos basin (Bloomberg).
ETHANOL
The Brazilian subsidiary of U.S. grain processor Archer Daniels Midland Co said on Tuesday it is about to close a deal to lease 17 silos of an inoperative grain cooperative in Mato Grosso do Sul (Reuters).
Cosan Industria e Comercio, the world’s biggest sugar-cane processor, posted a third-quarter profit, after a year-earlier loss, helped by the acquisition of Exxon Mobil Corp. service stations in Brazil (Bloomberg).
The chairman of Petrobras Biocombustível, Alan Kardec, said Wednesday in Brasilia that studies on the development of a project together with Portugal’s Galp Energia would go ahead, despite the current financial crisis (Macauhub).
MINING
Brazilian mining giant Vale (formerly Companhia do Vale do Rio Doce – CVRD), is expected to beat its quarterly record for deliveries of iron ore to China in the first quarter of 2009, with China accounting for 30 million tonnes of total iron ore exports of 50 million tonnes, one of the group’s executives said Tuesday in Rio de Janeiro (Macauhub).
SECURITY
Brazil and Colombia have agreed to develop military equipment together, conduct joint maneuvers in the jungle and monitor airspace used by drug smugglers, officials from both nations said on Thursday (Reuters).
POLITICS
Brazil is preparing to oust scores of foreign aid groups it considers a threat to national security and will restrict foreign ownership in the Amazon, a senior government official told Reuters.
The World Bank on Thursday approved a $1.3 billion loan to help Brazil’s environmental management and climate change efforts (Reuters).
Brazil’s state nuclear energy company says it has received environmental approval to resume construction of the country’s third nuclear power plant (IHT).
Brazilian beach culture to dominate retail
In Brazil, Retail on March 13, 2009 at 10:07 pmBrazil currently ranks 10th in the world, led by China and the European Union, for beachwear exports and No.1 for consumption. Its beachwear exports in 2007 yielded nearly $24 million and, when fully tallied, the 2008 figures should increase by more than 20 percent, said Rafael Cervone Netto, director of the Texbrasil Program of the Brazilian Textile and Apparel Industry Association.
Read the full article at the International Herald Tribune
