World Cup 2014: Brazil opens 46,000-seat Arena Pernambuco stadium

Karl Matchett – Bleacher Report, 05/22/2013

The FIFA World Cup 2014 in Brazil has taken one step closer to finalising its preparations with the news that the sixth and final stadium venue for the forthcoming Confederations Cup has been completed and enjoyed the formal opening of the Arena Pernambuco.

On Monday, two teams made up of construction workers who helped build the stadium played out a friendly match as the ground’s inaugural fixture, with 15,000 supporters being able to witness the first test run. The first professional game will take place between Nautico and Sporting Lisbon, who play a friendly at the Arena Pernambuco on Wednesday (via copa2014.gov.br).

The Arena Pernambuco is the smallest of the six stadia, which will host matches in the 2013 FIFA Confederations Cup, with a total capacity of 46,106. By contrast, the Nacional Mane Garrincha and the redeveloped Maracana both hold over 70,000.

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Philippines, Brazil agree on new flights

Paolo G. Montecillo – Philippine Daily Inquirer, 05/22/2013

Daily flights between the Philippines and Brazil, South America’s largest country, may start soon following the approval of new air rights between the two countries this week.

The  on Wednesday announced that the Philippine and Brazilian governments had signed an air agreement.

Under the accord signed by the Philippine air panel this week, a total of seven flights a week are now allowed between Manila and any point in Brazil. The agreement also includes an unlimited number of flights between any point outside of Manila to any point in Brazil.

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Brazil freezes $13.7 billion from budget to meet fiscal goal

Maria Luiza Rabello, Matthew Malinowski – Bloomberg, 05/22/2013

Brazil’s government has frozen 28 billion reais ($13.7 billion) in its 2013 budget as it tries to meet its primary surplus target, Finance Minister Guido Mantega said.

Officials did not freeze portions of the budget set aside for investments and hosting the World Cup soccer tournament, Mantega told reporters today in Brasilia. The government may increase abatements against this year’s fiscal surplus goal to 45 billion reais, Mantega said, up from February’s estimate of 25 billion reais.

President Dilma Rousseff’s administration this year is seeking to meet Brazil’s primary surplus goal of 155.9 billion reais without undermining economic growth. Authorities have extended tax cuts and increased spending to spur the economy, even as such measures have helped keep annual inflation near the 6.5 percent upper limit of the central bank’s target range.

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Struggling Spain offers engineers to Brazil

AP/ABC News, 05/51/2013

Spain’s development minister is urging Brazil to hire some of the engineers that her own economy doesn’t have room for.

Brazil is beefing up its infrastructure ahead of soccer’s World Cup and the Olympics. And Minister Ana Pastor says Spanish engineers could help, if allowed.

She told Brazilian journalists on Tuesday that she has talked with Brazilian officials about cutting red tape that hinders hiring of foreigners. Among the problems is a lengthy process for certifying university degrees.

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Despite stumbles, a promising path for start-ups in Brazil

Vinod Sreeharsha – The New York Times, 05/21/2013

Brazil’s Internet start-ups were once the darlings of emerging markets, attracting venture capitalists from around the world. But after two-plus years of growth, the sector is facing tougher times.

Numerous young companies, even those with prominent investors, are struggling to show sustainable profitability despite early rapid growth in revenue. A case in point: Shoes4You, an e-commerce site selling designer footwear, decided to close down last month, despite being backed by the prominent United States investment firms Redpoint Ventures, Accel Partners and Flybridge Capital Partners.

Many in the industry consider its failure a harbinger of things to come. “I expect a lot of shut-downs, and that a lot of companies will be firing people,” said one of the site’s backers, Fabrice Grinda, a prominent French angel investor.

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Brazil commission says abusers could be tried

AP/ABC News, 05/21/2013

A Truth Commission investigating human rights abuses under Brazil’s military dictatorship says that those it finds guilty of torture could be brought to trial.

A 1979 amnesty law protects civilians and military personnel from liability for politically motivated crimes committed during the 1964-1985 military regime. But commission coordinator Rosa Cardoso says they could be tried by the Costa Rica-based Inter-American Court of Human Rights.

She notes that “there are no statutes of limitations for crimes committed against humanity.” And adds, “Amnesties are not valid under international law.”

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Brazil’s Petrobras not facing cash flow difficulties – president

Fox Business/Dow Jones Newswires, 05/22/2013

Brazil’s state-run oil company Petrobras (PBR, PETR4.BR) remains well financed and isn’t facing cash flow difficulties as suggested by some market rumors, its president said Wednesday.

Responding to questions from lawmakers on a Brazilian congressional committee, Petrobras President Graca Foster said company initiatives to raise cash didn’t indicate it was undergoing problems.

“Petrobras has a cash reserve of $20 billion,” she said. “This information isn’t correct.”

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