Atlantico Weekly

Archive for the ‘Brazil’ Category

Angola Business News

In Angola, Brazil, Economy, Oil, Real estate, Stock exchange, Travel on August 27, 2010 at 8:34 am

ECONOMY

Angola has suspended efforts to get more foreign loans, so that the government can assess their benefit to the country’s development (Bloomberg).

Angola said it had paid $1.28 billion of a government-estimated $6.8 billion in overdue bills to local and foreign builders in the southern African nation as it tries to restore investor credibility (Reuters).

A proposed stock market in Angola, which vies with Nigeria to be Africa’s top oil producer, will rank “at least third” in sub-Saharan African market capitalization (Bloomberg).

OIL

Chevron Corp., the second-largest U.S. oil company, said it’s investigating an oil spill in Angola (Bloomberg).

Angolan state-run oil firm Sonangol will start building a long-delayed $8 billion refinery this year in a bid to cut back on imports of refined products, which have weighed on the economy, its oil minister said (Reuters).

AVIATION

Brazilian regional airline Puma Air has been authorised to provide four flights per week between Brazil and Angola, the Brazilian National Civil Aviation Agency (Anac) said (Macauhub).

EDUCATION

The Angolan minister of Higher Education, Science and Technology, Maria Cândida Teixeira, appealed to managers of Higher Institutes of Education Sciences (ISCED) to create of centres of excellence in their academic regions (AllAfrica).

BUSINESS

The South African Shoprite Group is investing USD 13 million in the construction of a supermarket, in Huambo city, whose works started in the first quarter of this year (AllAfrica).

REAL ESTATE

The Angolan subsidiary of the Brazilian group Build Brasil has changed its name to Build Angola and plans to launch on Monday a housing project budgeted at US$50 million (Macauhub).

Cape Verde Business & Economy

In Brazil, Cape Verde, Tourism, Travel on August 20, 2010 at 8:04 am

BUILDING OF THE WEEK

Render of the Vila Verde resort project to be built on the island of Sal (source).

TOURISM

“Cape Verde is an ideal winter-sun destination and a place of great contrasts, as each of the 10 islands offers a slightly different experience,” says Serenity. “It reflects an exotic blend of African, Brazilian and Portuguese cultures, and the beaches are among the best in the world” (TTG Live).

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AVIATION

Figures provided by PressTur reveal that Cape Verde is the third most sought-after destination for charter flights departing from Porto, Portugal’s second-most important city. Numbers for July indicate that 2,513 passengers traveled to Cape Verde on charter flights, 75% more than in the same month last year (A Semana).

HOUSING

The Cape Verdean government aims to build 3,000 houses by the end of 2011 under the “House for All” programme, financed by a 200 million euro credit line from Portugal, the Minister for Decentralisation, Housing and Territorial Planning has indicated (Macauhub).

DIASPORA

More than 17,000 took in Saturday’s Onset Cape Verdean Festival, which was a peaceful jubilee of music, sun, heritage, and food until a stabbing marred the otherwise festive celebration late in the afternoon (South Coast Today).

The US are entering prime time for the “Cape Verde hurricanes.” An average of two of these storms form each year, most in August and September, and usually within 600 miles of the Cape Verde islands, off West Africa. They gain strength as they cross the Atlantic. Some move into the Caribbean or Gulf of Mexico (Ike 2008). But others sweep up the Atlantic Coast, threatening coastal communities from Florida (Andrew 1992), the Carolinas (Hugo 1989) to New England (1938) (Baltimore Sun).

CLOSED POLL

Cape Verde politics & regional

In Agriculture, Airports, Brazil, Cape Verde, Elections, Infrastructure, Investments, Politics, Tourism on June 27, 2010 at 7:31 am

ELECTIONS

Praia’s Jorge Barbosa National Auditorium proved too small for the crowd of youths and batuko singers who made their way there to express their support for a possible presidential bid on the part of David Hopffer Almada. With a relative scarcity of major political names, the event was attended, among others, by former Minister of Culture Manuel Veiga (A Semana).

FOREIGN AFFAIRS

Brazilian President Luiz Inácio Lula da Silva will begin a trip to the African continent on July 3. The trip, which will begin in Cape Verde, will also take him to Guinea Bissau, Equatorial Guinea, Tanzania, Zambia and South Africa (A Semana).

Portuguese President Aníbal Cavaco Silva will visit Cape Verde from July 4th to 7th at the invitation of his Cape Verde counterpart, Pedro Pires, in order to participate in the commemorative ceremonies of the 35th anniversary of Cape Verde’s independence.

Spanish Prime Minister José Luis Rodríguez Zapatero reiterated his government’s willingness to “reinforce the European Union’s strategic relationship with Cape Verde” during a meeting with Cape Verdean Prime Minister José Maria Neves. Madrid will maintain the financial support it has given Cape Verde, particularly in the fight against the threats posed by organized crime and drug trafficking (A Semana).

Cape Verde will participate in the implementation of a “One Stop Shop” for the tourism sector in five provinces of Mozambique, following the signing recently of a cooperation protocol between Cape Verde’s NOSi and Mozambique’s Ministry of Tourism (A Semana).

DEFENCE

The commander of the United States African Command Africom has affirmed that “trafficking of all kinds robs Africa of its economic potential” and cited Cape Verde’s fight against drug trafficking and maritime security program as “an example to follow” (A Semana).

SAL

The mortality rate of sea turtles on the island of Sal dropped by approximately 10% in 2009 as a result of the protection and preservation campaigns carried out last year (A Semana).

SANTO ANTAO

Prime Minister José Maria Neves presided over the groundbreaking ceremony for the expansion of the Porto Novo port dock on the island of Santo Antão (A Semana).

The next major investment planned for Cape Verde’s Santo Antao Island will be the airport, whose studies have already been completed, Cape Verdean Prime Minister Jose Maria Neves said (Macauhub).

About 15 thousand pines, grevillea and acacias will be planted during July and August in the forest perimeter of Planalto Leste, in Santo Antão.

SANTIAGO

The Capeverdean government signed the contract for the construction of three dams on Santiago, as part of the programme for infrastructure for the agricultural sector and water management. The dams are widely believed to spark of an agricultural revolution on the island.

SAO NICOLAU

The first dams to be built on São Nicolau will be in Ribeira Brava, in the Valley of Fajã, Tucudo, in the valley of Queimadas , and Ribeira de João (Inforpress).

Angola business news

In Airports, Angola, Brazil, Economy, Infrastructure, Investments, Oil, Tourism, Travel on June 6, 2010 at 7:47 am

ECONOMY

Grinding poverty, human rights abuses and police detentions are fuelling tension in Angola’s oil-rich province of Cabinda, but for now, international oil companies have little to fear (News24).

AVIATION

Beginning this week, Atlas Air is operating three weekly nonstop flights between George Bush Intercontinental Airport in Houston and Luanda, Angola. The newly customized Boeing 747-400 aircraft, provided by the Angolan SonAir company, feature 10 First Class, 143 Business Class and 36 Economy Class seats with the latest in-flight entertainment and comfort (Reuters).

OIL

Sonangol SA, Angola’s state oil company, will seek partners to help fund the development of Brazilian offshore blocks after buying exploration company Starfish (Bloomberg).

TRANSPORT

Angola’s Moçâmedes Railroad is to receive more locomotives and carriages for first, second and third class travel this year, which are due to start operating from the city of Lubango, Huila province (Macauhub).

ENTERTAINMENT

Angolan casino company Casinos de Angola plans to invest US$55 million over the next three years in opening three new casinos and refurbishing another (Macauhub).

SPLIT SECOND POLL

Angola news update, April 18th

In Angola, Brazil, Economy, Hotels, Infrastructure, Investments, Mining, Oil, Travel on April 18, 2010 at 2:25 pm

ECONOMY

Angola scaled back plans to raise as much as $4 billion in a sale of bonds without credit ratings, seeking instead to issue $1 billion to $2 billion, according to Finance Minister Carlos Lopes (Bloomberg).

Angolan inflation accelerated to 13.8 percent in March from 13.66 percent in February because of food and beverage costs, the National Statistics Institute said (Bloomberg).

The National Private Investment Agency (ANIP) approved until 30 November 2009 projects amounted to about USD 1.4 billion, more than the USD 105.8 million of 2008 (Angop).

BUSINESS

M-I SWACO, a drilling fluids venture partly owned by Schlumberger Ltd, has won a contract from Chevron Corp for work off Angola that could lead to $800 million in revenues over six years (Reuters).

TRAVEL

Angolan group Silisa has invested some US$2.5 million in the construction of a hotel complex in the Benfica neighbourhood of Luanda, the “Sunsil Hotel” (Macauhub).

INFRASTRUCTURE

The Angolan Council of Ministers has approved the acquisition of 15 locomotives, 150 carriages and 231 wagons for the country’s rail network (Macauhub).

MINING

Angola is once again moving ahead with the mega mining projects for extraction and processing of iron and copper, which involves a search for international investors to support the projected high level of investment. Amongst the companies that have already been in contact with Empresa Nacional de Ferros de Angola (Ferrangol) are Brazil’s Vale, one of the world’s biggest mining companies, and Korea’s Samsung (Macauhub).

Angola news update, April 11th

In Angola, Banking, Brazil, Economy, Foreign Trade, Infrastructure, Investments, Mining, Oil, South Africa on April 11, 2010 at 7:46 pm

ECONOMY

As Africa’s largest exporter of oil — surpassing Nigeria last year — Angola is one of the largest investment destinations on the continent. Despite the enormous opportunities South African business presence is still relatively insignificant. Instead, China, Brazil and even Russia are playing an important role in Angola in sectors such as construction, civil engineering and resource extraction — traditional sweet spots for South African companies (BusinessDay).

The Ministry for Agriculture, Rural Development and Fishing plans to increase inspection of Angolan territorial waters with the introduction of new patrol vessels, the Minister said in Lobito (Macauhub).

OIL

Petrobras, Brazil’s state-run oil company, plans to expand its exploration activities in Angola, Petrobras Chairman Gabrielli said in Luanda. Gabrielli held talks with Angolan President dos Santos while on a visit to Angola (Bloomberg).

The heads of Sonangol and Petrobrás analysed co-operation ties and issues related to international oil market (Angop).

Angola, which vies with Nigeria as Africa’s biggest oil producer, expects new discoveries to boost crude output by 16 percent next year. Oil production will reach 2.2 million barrels a day by 2011, compared with 1.9 million barrels at present, Deputy Petroleum Minister Anibal Octavio da Silva said (Bloomberg).

TOURISM

There is one thing you should know about Luanda: hardly any tourists come here. Getting a visa can take many months and finding a hotel room, if you can afford it, is equally challenging. Read the travel postcard from Luanda at Reuters.

AIR TRAVEL

Taag, Angola’s flagship airline plans to acquire two aircraft in order to cover European routes, following its recent authorisation to re-launch flights to the European Union airspace. A quick and cheap way for the Angolan government to solve the problem would be to hand over the modern Boeing 777s owned by Sonair, the air carrier of Angolan national oil company, Sonangol (Macauhub).

BANKING

Portugal’s main banks will be able to maintain their levels of profitability in 2009 due to a rise in spreads and of foreign operation, particularly in Angola, the Fitch agency said (Macauhub).

Cape Verde news update, April 4th

In Brazil, Cape Verde, Hotels, Telecom, Tourism, Travel on April 4, 2010 at 1:46 pm

POLITICS

The Cape Verdean government does not have enough diplomats to place in all of the countries where Cape Verdean communities exist, Minister of Foreign Affairs José Brito, admitted (A Semana).

ECONOMY

2010 began with a 10.2% drop in remittances from Cape Verdean émigrés in January, in comparison to the month before. And those remittances coming from the United States and the Euro Zone saw even more drastic drops, of 11.8% and 11.1%, respectively, in comparison to December 2009 (A Semana).

ATLANTICO

The 4th General Cape Verdean Population and Housing Census will be carried out in 2010 with the support of Brazil, which will make 150 handheld computers, known as PDAs, available for census-taking activities. The technology, which was developed by the Brazilian Geography and Statistics Institute (IBGE), will be used to count the population and in the training of Cape Verdean census-takers (A Semana).

The Chamber of Commerce, Industry, Agriculture and Service is preparing three business missions in April, to China, Brazil and Canary Islands (Inforpress).

HOTELS

Six of Cape Verde’s hotels have been nominated for the 17th edition of the World Travel Awards. The Oásis Atlântico Novorizonte, Oásis Atlântico PraiaMar, Dunal del Sol, Foya Branca, Morabeza and Migrante Guest House have been nominated in the Cape Verde’s Leading Hotel category (A Semana).

The proposed 7star Palm View Resort on Boa Vista was awarded building licenses by the Cape Verdean authorities. The luxury will be constructed on the exclusive beach front of Chaves Beach (Visao News).

TELECOMS

Cape Verde jumped from 107th to 102nd place on the list of countries in terms of the development of information and communication technology. Cape Verde occupies fourth place in Africa (A Semana).

Angola news update, April 4th

In Airports, Angola, Brazil, Economy, Oil, Travel on April 4, 2010 at 1:46 pm

ECONOMY

The Angolan economy is expected to return to growth of close to 10 percent this year, with the recovery of the oil sector and expected investments, according to estimates from Espírito Santo Research published Monday in Lisbon (Macauhub).

AIR TRAVEL

Angola’s TAAG airline received partial exemption from the European Union (EU) blacklist of foreign airlines banned from flying to Europe (BusinessDay).

OIL

Total SA discovered hydrocarbons for the second time in the north-eastern area of Block 17 deep offshore Angola (Bloomberg).

Sinopec (China Petroleum & Chemical Corp) announced it had agreed to acquire deepwater oil assets in Angola, paying US$2.46 billion for a 55 percent stake in Sonangol Sinopec Internacional (Macauhub).

ATLANTICO

MAN Latin America, a subsidiary of German group MAN, has opened a showroom in Angola to sell Volkswagen trucks produced in Brazil (Macauhub).

Brazil Weekly, March 28th

In Brazil on March 28, 2010 at 11:58 am

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Brazil Weekly, March 21st

In Brazil on March 21, 2010 at 12:49 pm

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Angola news update, March 21st

In Angola, Banking, Brazil, Economy, Investments, Oil, Ports, Travel on March 21, 2010 at 10:57 am

ECONOMY

Angola must take further steps to create a “sustainable” fiscal position, limit inflation and build its foreign-exchange reserves, the International Monetary Fund said (Bloomberg).

Angola’s economic indicators remained stable in 2009 with the economy growing 2.7 percent in real terms due to the expansion of the non-oil sector, according to a report approved by the Angolan government (Macauhub).

PORTS

The country has saved between 500 million to one billion US dollars, through the reduction in the time of goods clearance at the Luanda Port to about 10 to 15 days (ANGOP).

Soyo Port, in the northern Zaire Province, is increasing its investments framework in technical and administrative infrastructures to meet the economic growth demand in this region of the country (ANGOP).

OIL

Angola may request a review of its oil-production quota, the country’s Oil Minister said (Bloomberg).

BUSINESS

The internationalisation of the Portuguese Modelo Continente supermarket chain to Angola is due to happen this year, the chairman of the Sonae group, Model’s mother company, said (Macauhub).

Edifer Angola increased its turnover in 2009 by 35 percent to US$202 million and posted a net profit of US$22 million, the chairwoman of the Edifer group, Vera Pires Coelho said (Macauhub).

Net profit at Banco Espírito (BES) Angola rose to 152 million euros in 2009, a year on year rise of 86 percent (Macauhub).

ATLANTICO

Brazilian airline Puma Air is due to begin flights to Angola next June or July.
A Boeing 767 will be used on the Recife-Luanda, Angola route,” CEO Gambogi said adding, “we will be the only Brazilian airline with flights to Africa.” As well as Brazilian investors, one of Puma’s shareholders, with 20 percent, is air carrier Angola Air Service. Puma Air said that there 45,000 Brazilians living in Luanda, a market that is boosted by projects of Brazilian companies such as Petrobras (Macauhub).

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Brazil Weekly, March 7th

In Brazil on March 7, 2010 at 2:28 pm

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Brazil Weekly

In Brazil on February 28, 2010 at 10:24 am

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Angola news update, February 21st

In Airports, Angola, Banking, Brazil, Investments, Oil on February 21, 2010 at 10:55 am

LAW

Government ministers and senior officials could be quizzed in a $137m embezzlement probe at Angola’s central bank, the public prosecutor siad (News24).

OIL

Brazil’s state-controlled oil company Petrobras said it found oil in two wells off the coast of Angola, according to a regulatory filing (Reuters).

Angola, vying with Nigeria to be Africa’s biggest oil producer, plans to ship 3.5 percent fewer crude cargoes in April than in the previous month (Bloomberg).

BUSINESS

The Portuguese Barbot paint and varnish company is preparing to nearly double production in Angola by building a second factory, the company’s executive director for Angola, Joao Carlos Barbot, told the newspaper Publico (Macauhub).

AIRPORTS

The second phase of refurbishment and expansion work on 4 de Fevereiro International Airport in Luanda, is due to be concluded in March, the chairman of Angolan state airport manager, Enana, said (Macauhub).

Cape Verde news update, February 21st

In Banking, Brazil, Cape Verde, Economy, Politics, Security on February 21, 2010 at 10:36 am

POLITICS

Strengthening municipal authorities’ powers is the main objective of a proposal approved in the most recent Council of Ministers meeting. The government will submit a proposal to parliament to alter the legal regime regulating the organization and functioning of Cape Verde’s municipalities (A Semana).

Some 50 Europeans residing on the island of Boa Vista met this week to discuss the social situation and the problems affecting the European community on the island (A Semana).

The Prime Minister of Libya arrived February 19 in Cape Verde for a 24-hour visit. Baghdadi Mahmoudi’s trip is aimed at lending continuity to bilateral cooperation projects defined during the visit Cape Verdean President Pedro Pires made to Tripoli in June of 2009 (A Semana).

ATLANTICO

Brazil is helping Cape Verde to prepare its population census, the first one to be entirely electronic, to be carried out this year, the chairman of Brazil’s Geographical and Statistics Institute (IBGE) said in Brasilia (Macauhub).

ECONOMY

A reduction in public and private investment in Cape Verde, especially after 2011, alongside reduced foreign demand, is expected to slow the rate of economic growth in Cape Verde, according to the International Monetary Fund (IMF) (Macauhub).

Cape Verde has risen one slot on the 2010 edition of the Doing Business report, elaborated by an entity connected to the World Bank, and is currently 146th in the ranking. According to the report, it is still difficult to do business in Cape Verde, which remains near the bottom of the list that ranks countries in terms of the ease of doing business in them (A Semana).

The Minister of Labour, Vocational Training and Social Solidarity, Madalena Neves, announced the increase of the social minimum pension for five thousand escudos from July (Inforpress).

BANKING

Commercial bank BAI (Banco Africano de Investimentos) opened its first branch on the island of São Vicente, located next to the Ponte d’Água complex on the Mindelo seafront (A Semana).

Brazil Weekly, February 14th

In Brazil, Economy, Elections, Infrastructure, Oil, Politics on February 14, 2010 at 2:43 pm

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Brazil Weekly, February 7th

In Banking, Biofuels, Brazil, Economy, Elections, Hotels, Infrastructure, Investments, Oil, Politics on February 7, 2010 at 3:27 pm

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Introducing Brazil Weekly

In Airports, Banking, Brazil, Economy, Energy, Investments, Mining, Oil, Politics, Real estate on January 31, 2010 at 2:19 pm

From now on Brazil will have its own pages on Atlantico Weekly, which of course does justice to the country’s size and importance. The first issue of Brazil Weekly is now online. It deals with political, economic, business and related news in the same way as you may expect from Atlantico Weekly.

Go to Brazil Weekly

Angola news update, January 31st

In Airports, Angola, Banking, Brazil, Economy, Energy, Hotels, Infrastructure, Investments, Oil, Politics, Ports, Real estate, Retail, Security, South Africa, Telecom, Travel on January 31, 2010 at 12:32 pm

ECONOMY

Two years ago, oil-rich Angola was reckoned to have one of the world’s fastest-growing economies. In both 2006 and 2007 real GDP had surged by around 20%, and double-digit growth rates were widely predicted for at least the next five years. Then oil prices crashed with the global recession. Last year the economy is estimated to have grown, at best, by 1.5%. But it is bouncing back. Some say Angola will be among the world’s top five performers again this year, with growth exceeding 8%. Read the full story in The Economist.

Though Angola wants to woo foreign investors, everything seems contrived to deter all but the most intrepid and patient. Getting a visa, for a start, can take many months. Finding somewhere to stay in Luanda, a capital city built for 500,000 that is now home to 5m, is not much easier. A single hotel room, if you can find one, will set you back $500-600 a night. Read about the virtues you need for doing business in Angola in The Economist.

ATLANTICO

The political and economic rivalry between SA and Angola is expected to graduate into a battle for dominance in the Southern African Development Community (Sadc) , says US-based global intelligence think-tank Stratfor (BusinessDay).

BANKING

Standard Bank sees Angola as key growth market. Warming relations between Angola and SA and the ties Africa’s biggest bank by assets has with China and Russia — rivals in attempts to secure access to Angolan resources — should help the new business, a senior executive said (BusinessDay). Africa’s biggest bank by assets plans to invest millions of dollars in Angola to set up a commercial and investment bank and offer retail banking services (News24).

BUSINESS

A new production line for soft drinking production will be operating from May this year at Sefa factory, that will increase the company’s production capacity from 3,000 to 10,500 cases per day (Angop).

PORTS

Lobito Port, in the central Benguela Province, will handle over 12,000 tons of load per year, its director told ANGOP.

OIL

Angola and India have signed a memorandum of understanding in the oil sector, aimed at strengthening bilateral cooperation, mainly in the entrepreneurial field (ANGOP).

AIR TRAVEL

Angolan airline Taag plans to carry 1.7 million passengers per year as of 2012 as compared to 1.1 million currently, the coordinator of the company’s management commission, Pimentel de Araújo said (Macauhub).

INVESTMENT

The Angolan government approved 39 investment projects valued at a total of US$7 billion. In a statement released after a Council of Ministers meeting, the government said that the investments were focused on the retail, real estate, telecommunications, energy and transport sectors (Macauhub).

Portuguese group Unicer plans to invest US$120 million, US$85 million of which in the first phase, in construction of a beer factory in Angola’s Bengo province, the group’s representative in Angola, José Teixeira said in Luanda (Macauhub).

Brazilian group Odebrecht is analysing the possibility of investing in a petrochemical project in Angola, the group’s chief executive told Brazilian newspaper Estado de São Paulo (Macauhub).

Brazil news update, January 24th

In Airports, Banking, Brazil, Economy, Energy, Foreign Trade, Investments, Mining, Oil, Politics, Real estate, Retail, Tourism, Travel on January 24, 2010 at 10:45 pm

POLITICS

Gandhi had to wait until 34 years after his death before he appeared on cinema screens around the world. George Bush junior, by contrast, was the victim of an Oliver Stone biopic during the last year of his presidency. Now a Brazilian director, Fábio Barreto, has done the same for Brazil’s president, Luiz Inácio Lula da Silva, as he starts his final year of office (The Economist).

It is 25 years since Brazil moved from dictatorship to democracy, but its army remains surprisingly unreformed. President Luiz Inácio Lula da Silva was rudely reminded of this just before Christmas when he signed a decree calling for a truth commission to investigate torture, killings and disappearances during military rule between 1964 and 1985. Within 24 hours the heads of the three armed forces threatened to resign along with Nelson Jobim, the defence minister. Lula seemed quick to retreat. He was reported as saying the government would think again (The Economist).

Speculation is intensifying over the political future of Henrique Meirelles, Brazil’s central bank chief, as October’s general elections draw closer, raising concerns over the continuity of monetary policy (Reuters).

2010 will mark the election of the 36th official President of the Brazilian Republic. Although the official calendar for campaigning does not begin until October 3rd, the political atmosphere is already dense with debate. The deadline for candidate registry isn’t until July 5th, but with parties looking to affiliate themselves to recent Brazilian political triumphs – such as the Olympics – a handful of pre-candidates for the presidency are already popping into the limelight. Amongst the many who plan to run, the current forerunners are: Marina Silva (PV-AC), José Serra (PSDB-SP), Dilma Rousseff (PT), and Ciro Gomes (PSB-CE). Check them out at Rio Times.

ECONOMY

Brazilian households like to buy the newest gadget and prefer to spend on items that will enhance their short-term wellbeing rather than save for a rainy day. This partly explains Brazil’s low saving rate – which has fluctuated around 17 per cent of GDP over the last decade, a number that contrasts sharply with China’s 45-50 per cent. Read the view by Arminio Fraga.

Brazil’s economy should grow 5.2 percent in 2010, the country’s finance minister said, underscoring a strong rebound in Latin America’s largest economy (Reuters).

The European Union and Mercosur, the South American trade bloc led by Brazil and Argentina, are studying restarting talks this year to reach a free-trade agreement, an EU trade official said (Bloomberg).

Brazilian exports to the US fell by 42 percent in 2009, to US$15.7 billion, with China replacing the US as Brazil’s top export market, with US$19.9 billion of exports, or more than 13 percent of all Brazil’s exports, according to figures released by the Ministry of Trade (Rio Times).

BANKING & FINANCE

Banco Bradesco, Brazil’s second-largest private-sector bank, said it agreed to buy Mexican bank Ibi Mexico for an undisclosed sum, marking its first international foray in retail banking as it seeks to take advantage of rising credit demand (Reuters).

Brazil’s state-run utility holding Eletrobras plans to raise $4 billion this year to hedge costs associated with the commercialization of energy from the giant Itaipu dam. However, that money will not go to paying overdue dividends, company president Jose Antonio Muniz said. Eletrobras will pay those dividends from its own funds, he said. The company agreed earlier on Friday to pay 10.33 billion reais ($5.65 billion) in overdue dividends dating to the 1970s (Reuters).

Qatar is interested in buying minority stakes in Petrobras and Banco do Brasil, a Brazilian cabinet official told Reuters. The country’s investment agency already owns a $300 million stake in Brazil’s Vale, the world’s largest iron ore miner (Reuters).

OIL

Brazilian oil and gas start-up company OGX Petroleo e Gas Participacoes saidit had found signs of hydrocarbons in a well in the southern part of the offshore Campos basin (Reuters).

MINING

A Brazilian scientist is developing a method of purifying contaminated waste water that accumulates at mining sites by using a genetically modified bacteria that can absorb heavy metals (Reuters).

INVESTMENT

Carrefour SA, Europe’s biggest retailer, plans to invest 2.5 billion reais ($1.4 billion) in Brazil in the next two years to expand in the north and northeast regions of Latin America’s largest economy (Bloomberg).

REAL ESTATE

Housing prices in Sao Paulo and Rio de Janeiro will jump as much as 40 percent in the next year as record-low interest rates and a growing Brazil economy boost demand, according to the chief executive officer of Gafisa SA (Bloomberg).

AIR TRAVEL

The continuing growth of the domestic airline industry has stimulated investors and over the last few months more airlines have obtained permits to begin operations while others have obtained concessions for new domestic routes (Rio Times).

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