Brazil’s President Dilma Rousseff Thursday signed into law new legislation that extends simplified tax rules for small businesses to 142 activities in the country’s service sector. The measure, which is scheduled to take effect in 2015, is seen benefitting up to 450,000 small businesses with annual revenues of up to $1.6 million. Under the rules,…
Grains Crop To Increase By 2.6% In 2013-14 – CONAB
by BCR Staff •
Brazil’s grains harvest will expand by 2.6% in the 2013-14 growing season to 193.47 million tonnes, government agricultural supply agency Conab reported. Conab estimated that the country’s soybean crop would rise 5.1% to 85.7 million tonnes in the current harvest, while corn production is seen declining 3.6% to 78.6 million tonnes. The country’s wheat crop,…
Auto Output Down 20% In July Versus 2013
by BCR Staff •
Brazil’s auto production declined more than 20% in July versus the same month last year, amid tight local credit conditions and weak exports, the country’s automaking association, Anfavea, reported. The group said production of cars and trucks in the month totaled 252,600, bringing the total number of vehicles produced so far this year to 1.8…
Energy Regulator Aneel Oks Rate Increase In 3 States
by BCR Staff •
Brazil’s federal regulatory agency Aneel approved rate electric energy rate increases of between 23% and 36% for 6 million consumers in three states, the agency said. The agency said that beginning Thursday, consumers in the northern state of Para would see an increase averaging 35%, while consumers in the south and southeastern states of Santa…
Itau Bank Profit Up 37% In Second Quarter
by BCR Staff •
Brazil’s largest private bank, Itau, posted a 37% gain in net profit in the second quarter to $2.15 billion, the bank reported. The result left profit in the first half of the year 32% higher at $4.11 billion. The bank said its earnings in the first six months of the year were positively influenced by…
Central Bank President Confident Inflation Coming Under Control
by BCR Staff •
Brazilian inflation is already showing signs of decelerating and doesn’t require further interest rate tightening for the the time being, Central Bank President Alexandre Tombini said in testimony before the country’s Senate economic affairs committee. Brazil’s central bank beginning last year raised the country’s base Selic interest rate more than 3 percentage points to 11%…
