The directors of the Brazilian Socialist Party, or PSB, Wednesday voted to name former senator and leading environmentalist Marina Silva as the party’s candidate for Brazil’s upcoming presidential elections, the party said. Silva will take the place on the ticket of former Pernambuco state governor Eduardo Campos, who was killed last week in a plane…
Central Bank Alters Bank Reserve Rules To Free $11B For Economy
by BCR Staff •
Brazil’s central bank altered reserve requirement and loan loss provision rules to help free up some $11 billion to the economy via credit operations, the institution announced Wednesday. According to the latest measures, the monetary authority will allow that 60% of term deposit requirements be complied with through credit operations. The central bank also said it would…
Power Regulator Oks Rate Hikes In SP, Brasilia
by BCR Staff •
Brazil’s power regulator Aneel authorized a round of new rate hikes for power distributors in the state of São Paulo and in Brasilia, the agency said Tuesday. Aneel authorized increases of between 36%-41% to São Paulo distributor Elektro, which serves 2.4 million consumers in 228 municipalities in the states of São Paulo and Mato Grosso.…
Marina Silva In Second Place In Voter Preferences – Poll
by BCR Staff •
Brazilian Socialist Party member Marina Silva would enter the presidential race in second place in voter preferences behind incumbent President Dilma Rousseff, according to a poll published by the Folha de S. Paulo newspaper. The poll showed Ms. Silva with support from 21% of respondents, while Ms. Rousseff had 36%. Brazilian Social Democratic Party candidate…
Economy Slowed 1.2% in 2Q – Central Bank
by BCR Staff •
Brazil’s economy slowed by 1.2% in the second quarter according to the central bank’s IBC-Br activity index. Activity was 1.5% lower in the month of June from the previous month, registering a fifth consecutive month of declines. The latest figures come after the country’s IBGE statistics institute reported Thursday that retail sales fell 0.7% in…
Banco do Brasil Profit Up 14% to $1.3 Bln
by BCR Staff •
Profit on recurring earnings at state-owned bank Banco do Brasil rose 14% in the second quarter to $1.3 billion, the bank reported Thursday. With the result, profits in the first half of the year were up 2.2% to $2.3 billion. Bank officials said earnings during the quarter were favorably influenced by a growing credit operations,…
Brazil Candidate Campos Dies In Plane Crash
by BCR Staff •
Brazilian presidential candidate Eduardo Campos was among passengers that died in a plane that crashed in the city of Santos Wednesday, local aviation authorities confirmed. Campos, the popular former governor of the state of Pernambuco, represented the Brazilian Socialist Party in the presidential race and had been running third in recent opinion polls, behind President…
Regulator Orders SP Utility CESP To Raise Output, Water Flow
by BCR Staff •
Brazil’s federal power regulatory agency, Aneel, has ordered São Paulo state power company CESP to raise power production and the rate of water flow at its Jaguari hydroelectric facility, the regulator said. CESP and the state of São Paulo have been maintaining the water flow rate at the facility at 10 cubic meters per minute…
Government Oks $3 Bln Loans To Eletrobras
by BCR Staff •
Brazil’s government has authorized guarantees for more than $3 billion in new loans to state power company Eletrobras according to information published in the country’s federal register. The loans will be made by state banks Banco do Brasil and Caixa Economica Federal through 2015 to cover operating costs and investment, and will be scheduled for…
Petrobras Profit Drops 20% In Second Quarter
by BCR Staff •
Profit at Brazil’s state-owned oil company Petrobras declined 20% in the second quarter under the weight of elevated costs during the period, the company reported. Petrobras posted profits of $2.18 billion, down from $2.73 billion in the same period last year. With the quarter’s result, the company’s profits in the first half of the year…
