Brazil announces new tax breaks for business

September 16, 2014

EFE – Fox News Latino, 09/15/2014

Finance Minister Guido Mantega presented here Monday a package of tax measures aimed at stimulating Brazil’s economy less than a month ahead of the presidential election.

“We want to make Brazilian industry more competitive and reduce juridical insecurity,” he said after meeting in Sao Paulo with representatives of the powerful CNI business confederation.

The changes include extending to all industries a reduction in the rate of tax on overseas profits from 34 percent to 26 percent. Until now, that benefit has been available only to firms in construction, services, food processing and the beverage sector.

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Factbox: Marina Silva’s policy proposals for Brazil

September 3, 2014

Anthony Boadle and Paul Simao – Reuters, 08/30/2014

Environmentalist Marina Silva unveiled her campaign platform for Brazil’s Oct. 5 presidential election on Friday, boosted by government data that showed the economy had fallen into a recession in the first half of this year.

Following are her main policy proposals aimed at restoring business confidence and investment in Brazil and putting the country on a path to sustainable growth:

ECONOMY: Return to the basic tripod of policies that gave Brazil financial stability a decade and a half ago: fiscal discipline, inflation targeting and a floating exchange rate, ending central bank intervention that has overvalued the real currency.

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Brazil’s Silva winning over investors in presidential race

August 28, 2014

Walter Brandimarte – Reuters, 8/27/2014

Investors are warming up to a possible victory by Marina Silva in Brazil’s presidential election as the popular environmentalist emerges as their best shot at avoiding four more years of a government they strongly dislike.

Disdain for President Dilma Rousseff’s leftist policies runs so deep in Brazilian financial markets that one comment making the rounds there says: “Marina is like Russian roulette, but Dilma is like a fully-loaded revolver.”

It captures the mistrust that many investors feel toward Silva, whose history of volatile decisions, lack of executive experience and emphasis on eco-friendly policies, even at the possible expense of economic growth, have all raised red flags.

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Brazil’s star, Petrbras, is hobbled by scandal and stagnation

April 16, 2014

Simon Romero & Landon Thomas Jr – The New York Times, 4/15/2014

No company has embodied Brazil’s rise like the oil giant Petrobras.

Bolstered by some of this century’s largest oil discoveries, Petrobras soared into the top ranks of global energy producers. Executives at the state-controlled company boasted that it could even outstrip Apple as the world’s most valuable publicly traded company. Political leaders here said Brazil was on the cusp of energy independence.

Now Petrobras is coming to symbolize something else entirely: the disarray afflicting Brazil’s sluggish economy and the reassessment of growth prospects in emerging markets around the world.

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Brazil and U.S., like star-crossed lovers, foiled again

September 19, 2013

Brian Winter – Reuters, 09/18/2013

Every time Brazil and the United States get to the altar, the roof of the church seems to collapse.

In 1982, U.S. President Ronald Reagan traveled to Brazil for a dinner banquet meant to herald a new era in ties between the Americas’ two biggest countries. But when Reagan raised his wine glass and toasted “the people of Bolivia,” it seemed to confirm his hosts’ worst fears: that the United States saw Brazil as just another poor country in its so-called backyard.

This week, hopes for a breakthrough fell apart once again, in even more dramatic fashion.

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Brazilian Congress overturns presidential veto

March 7, 2013

The New York Times – Associated Press, 03/07/2013

Brazil’s congress has overridden the presidential veto of part of a new law that gives a greater share of royalty revenues from the country’s vast oil fields to non-producing states.

The new law aims to share oil royalties more evenly among Brazil’s 27 states instead of favoring top oil producers such as the states of Rio de Janiero, Espirito Santo and Sao Paulo.

Congress approved the law late last year but President Dilma Rousseff vetoed the part that decreased the percentage of petroleum royalties going to producing states from 26.25 percent to 20 percent. Non-producing states that now receive 7 percent are to see their share increase to 21 percent.

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Global currency war could get nastier, warns Brazil’s Mantega

February 8, 2013

Alonso Soto and Luciana Otoni – Reuters, 02/08/2013

Brazilian Finance Minister Guido Mantega told Reuters European countries should focus on reviving their economies with more investments, rather than trying to weaken the euro to protects jobs as France has suggested ahead of next week’s meeting of G20 economic powers.

“We will continue to have this currency problem unless the global economy takes off,” Mantega said in an interview late Thursday. “The solution here is to make their economies more dynamic and jolt them out of stagnation.”

More than two years ago Mantega used the term “currency wars” to describe the series of competitive devaluations adopted by rich nations to bolster their exports amid the global slowdown to the detriment of emerging market nations.

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