The Funding for Soy Farmers in the Cerrado Initiative (FSFCI) launched by Nutreco, Grieg Seafood and Tesco in December has already secured more than $14 million to provide savanna soy producers with financial incentives to ensure that future soy cultivation expansion in the Cerrado biome only is carried out on existing agricultural lands. The exact mechanism by which these funds will be disbursed has not yet been developed.
A Brazilian Minas Girais state judge has accepted charges of homicide against Vale SA former Chief Executive Fabio Schvartsman and 15 others related to the disaster at the iron ore miner’s Brumadinho tailings dam a year ago that killed 270 people. Prosecutors allege Vale, Brazil’s largest mining company, and German inspection firm TÜV SÜD systematically and intentionally hid information about safety issues at its tailings dams for years.
Opposition lawmakers called on Brazil’s Congress to reject a proposal by President Jair Bolsonaro to open indigenous reservations to commercial mining, saying it will endanger 200 tribes protected over decades by indigenous rights. Brazil has the largest number of isolated and uncontacted indigenous groups, 114 of the 185 known to exist in South America, said expert Antenor Vaz, who warned of the risk of ethnocide.
Banco do Brasil expects to post a return on equity above 18% this year and a net income between R$18.5bn and R$20.5bn after reporting Q4 profit rose by a fifth to R$4.62bn ($1.06bn). CEO Rubem Novaes, who has pushed unsuccessfully to privatise the entire bank, said that the lender will likely raise “billions of reais” from the sale of at least 51% of the lender asset management unit.
The Brazilian Senate has chosen to keep the veto on bill 8322/14 that grants a tax exemption for solar equipment imports. The government argued that the exemption could decrease the Federal revenue as it did not present compensation measures which is mandatory under the Fiscal Responsibility Law.
Brazil and Paraguay signed on Tuesday an agreement to boost autos and auto parts trade between the two countries. Under the agreement, Brazil will grant free trade treatment to Paraguayan automotive products immediately and Paraguay will allow Brazilian products to enter the country with lower taxes, which are of up to 2% and will gradually decrease until free trade conditions are met by 2022.
The presidents of Brazil, Jair Bolsonaro and Argentina, Alberto Fernández, could meet on March 1 in Montevideo, in a sign of truce after months of tension between the two heads of State. Bolsonaro made the proposal of the meeting on the occasion of the inauguration of the Uruguayan president, Luis Lacalle Pou, upon hosting on Wednesday the Argentine Foreign Minister Felipe Solá in Brasilia.
Brazilian President Jair Bolsonaro on Wednesday hosts Argentina’s Foreign Affairs Minister Felipe Solá, who will also meet his counterpart Ernesto Araújo. They will discuss bilateral trade, the Mercosur customs union and Venezuela, according to official sources. Relations between the two key trade partners worsened late last year as Bolsonaro’s far-right administration clashed with Alberto Fernandez’s left-leaning government.
The heavy downpour that struck São Paulo from late afternoon on Sunday, February 9th, has caused destruction and chaos during the day. The storm caused rivers to overflow, dozens of floods, landslides and brought the city to a halt. The water level only began to lower in the early […]
Deforestation in Brazil’s Amazon rainforest doubled in January compared with a year ago, reaching a five-year record for the month, according to the national space research agency Inpe. More than 280 sq km were cleared in January, an increase of 108%, and a record for the month since data started being collected in 2016. Deforestation in the Amazon soared last year.