Brazil’s economy will slowly regain health this year, buoyed by firmer consumer spending and a boost from privatisations, dispelling fears of the kind of social unrest affecting other Latin American nations, a Reuters poll of economists showed. However, the survey’s projection of 2.1% is well short of the government’s 2.4% view.
Brazil’s state-run oil firm Petrobras has lost an appeal over R$9 billion ($2.14 billion) of disputed taxes, but it will “take the appropriate judicial measures in its defence,” the company said. The procedures refer to the collection of taxes on remittances sent abroad for the payment of freight contracts in the years 2011 and 2012.
Brazil’s President Jair Bolsonaro said on Twitter he will create an “Amazon Council” led by vice president, General Hamilton Mourao, to protect and ensure the “sustainable development” of the world’s largest rainforest. Under Bolsonaro, the number of fires in the Amazon reached a 10-year high last year, prompting world leaders to denounce his environmental record.
Brazilian state prosecutors on Tuesday charged Fabio Schvartsman, the former chief executive of mining giant Vale SA, and 15 other people with homicide for a dam disaster last year that killed more than 250 people. Vale and TUV SUD were also charged with environmental crimes. Vale shares were down 2.5% in Sao Paulo yesterday trade.