Category: Brazil

will be joining us at Brazil – The Way Forward, The 3rd Brazil Investment Forum in Rio de Janeiro, 31 Aug – 1 Sep 2005. Join the dialogue at this annual high-level, invitation-only summit designed to advance discussion on the opportunities and challenges in Brazil, one of the world’s most exciting and dynamic economies. Apply for your invitation today at www.latinfinance.com/brazil

Brazil´s Treasury is considering taking its 8 percent bond due in 2014, the most-traded developing-nation security for much of the past decade, off the market in a swap for new debt that would lower the government’s borrowing costs. The Treasury said it may carry out the transaction “soon”, without providing more information. There are about $5.6 billion outstanding of the 2014 bonds, which have trailed the rally in Brazilian debt over the past two years.

will be joining us at Brazil – The Way Forward, The 3rd Brazil Investment Forum in Rio de Janeiro, 31 Aug – 1 Sep 2005. Join the dialogue at this annual high-level, invitation-only summit designed to advance discussion on the opportunities and challenges in Brazil, one of the world’s most exciting and dynamic economies. Apply for your invitation today at www.latinfinance.com/brazil

Companhia Vale do Rio Doce, the world’s largest iron-ore producer, will invest $1.2 billion to develop a nickel mine in the Carajas region of Brazil´s Para state. The price of nickel has more than tripled since 2002 on increased demand from China. The Vermelho mine, which has estimated reserves sufficient for about 40 years of production, is expected to begin operation in the fourth quarter of 2008.

will be joining us at Brazil – The Way Forward, The 3rd Brazil Investment Forum in Rio de Janeiro, 31 Aug – 1 Sep 2005. Join the dialogue at this annual high-level, invitation-only summit designed to advance discussion on the opportunities and challenges in Brazil, one of the world’s most exciting and dynamic economies. Apply for your invitation today at www.latinfinance.com/brazil

Sao Paulo-based Gol Linhas Aereas Inteligentes, Brazil’s third-biggest airline, agreed to team up with businessman Fernando Chico Pardo to set up a low-cost airline in Mexico. Flights are set to start in the second quarter of 2006. Within Brazil Gol is following Southwest Airlines´ low-budget model and is stealing business from Brazilian majors Varig and Vasp.

Two senior officials from Brazilian President Luiz Inacio Lula da Silva’s Workers’ Party stepped down in a bid to help the party restore its credibility, eroded by allegations of corruption. Workers’ Party Treasurer Delubio Soares took a leave of absence Tuesday, following a similar move Monday night by General Secretary Silvio Pereira. Jose Genoino, who helped form the Workers’ Party with Lula 25 years ago and now serves as its president, will remain in his post. Genoino denies claims the party paid bribes to lawmakers to win their support for legislation

Brazilian bank Banco Votorantim upped a Eurobond issue to $125 million from $100 million on strong investor demand. The three-year bonds were placed with a coupon 125 basis points above Libor. Banco Votorantim was Brazil’s ninth largest bank in terms of equity at the end of last year and is part of Votorantim Group, one of the biggest industrial conglomerates in Brazil.

Fifteen lawmakers from Brazilian President Luiz Inacio Lula da Silva’s Workers’ Party called on the party’s leadership, including party president Jose Genoino, general secretary Silvio Pereira and treasurer Delubio Soares, to step down to help restore confidence in the government amid mounting allegations of corruption. Former Lula ally Roberto Jefferson rocked the country last week with detailed accusations of government theft and vote-buying.

Brazil’s central bank cut its 2005 growth forecast to 3.4 percent, down from 4 percent, and said nine months of interest rate increases will help ease inflation next year to 3.7 percent, compared with a previous forecast of 3.8 percent. The bank increased its 2005 inflation forecast to 5.8 percent from 5.5 percent, citing short termfactors such as rising utility rates.