Brazil’s industrial production rose by 0.7% for a second consecutive month in August, though was 5.4% lower than the same month in 2013, the IBGE statistics institute reported. With the latest result, industrial output is down 3.1% so far this year and down 1.8% in the past 12 months. Consumer goods output showed a decline…
US To Pay Brazil $300 Mln To Settle Cotton Dispute At WTO
by BCR Staff •
The U.S. will pay Brazilian cotton producers $300 million to end a long-standing dispute at the World Trade Organization over subsidies to the U.S. cotton industry, U.S. officials said. The accord was made with the stipulation that Brazil relinquish its right under a previous WTO ruling to impose trade sanctions against the U.S. and refrain…
Govt Sells Four 4G Broadband Concessions For R$5.8 Bln
by BCR Staff •
Brazil’s government sold only 4 of 6 700 MHz fourth-generation broadband concessions on auction Tuesday to raise R$5.8 billion, telecom regulatory agency Anatel said. The first three lots on offer, permitting nationwide operations, were purchased at just above the minimum price of R$1.9 billion each by mobile operators Claro, Tim and Vivo. Another lot covering…
Bank Workers Reject Pay Adjustment, Vote To Strike
by BCR Staff •
Brazilian bank workers around the country voted to reject a proposed pay increase and begin a strike Tuesday for better wages and benefits, according to bank union leaders. Bank unions said they rejected a proposed 7.35% pay increase from the National Bank Federation (Fenaban) and would continue to seek a 12.5% pay adjustment. In addition,…
Central Bank Sees 2014 Growth at 0.7%, Inflation At 6.3%
by BCR Staff •
Brazil’s central bank has cut its projection for inflation slightly in 2014, but simultaneously reduced its forecast for growth. According to the bank’s latest quarterly inflation report, the country’s IPCA consumer price index is seen ending 2014 near the top end of the country’s inflation target band, at 6.3%. That was down, however, from 6.4% seen in the previous…
Central Bank Steps Up Swaps Intervention To Bolster Real
by BCR Staff •
Brazil’s central bank will increase its intervention in the currency market with foreign exchange swaps to slow the weakening of the real, the bank said. The institution said it would more than double its daily offering of swap contracts to 15,000 from 6,000. The bank made the move after the real this week weakened to beyond…
