The Rio Times » Business
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Economic and Business News in Rio de Janeiro and Brazil. Latin America's Voice from Brazil The Rio Times is an English-language publication dedicated to anyone interested in Brazil and Latin America.
The Rio Times » Business
4d ago
Roberto Campos Neto, President of the Central Bank of Brazil, emphasized on Friday that Brazil's economy still significantly depends on the US dollar. This statement came despite government strategies initiated in the early 2000s aimed at reducing foreign debt and boosting domestic borrowing. During a lecture organized by the International Monetary Fund, Campos Neto highlighted ..read more
The Rio Times » Business
6d ago
The International Monetary Fund (IMF) has downgraded its fiscal projections for Brazil, predicting continued budget deficits until the end of President Luiz Inácio Lula da Silva's term. Revised IMF forecasts, unveiled during Spring Meetings in Washington, reflect consequences of Brazil's fiscal target adjustments by the economic team. Brazil is expected to face a primary deficit ..read more
The Rio Times » Business
6d ago
(Analysis) The Brazilian Real has significantly weakened since the beginning of the year, culminating in the dollar peaking at R$5.268 on Tuesday, April 16. Economists attribute this trend to global risk aversion, which complicates the economic landscape for President Lula's administration. Initially, in early 2024, the dollar was trading below R$4.90. However, strong economic data ..read more
The Rio Times » Business
6d ago
(Analysis) In Brazil, tensions between Congress and the Supreme Court (STF) are escalating, drawing attention nationwide and beyond. Criticism has peaked, with Elon Musk calling STF Justice Alexandre de Moraes a "brutal dictator" and pushing for his impeachment. This conflict now focuses on the Senate, where significant future clashes may occur. During a pivotal dinner ..read more
The Rio Times » Business
1w ago
The Brazilian steel industry has witnessed notable shifts in early 2024, with crude steel production increasing by 6.2% in the first quarter, reaching 8.3 million tons. This growth occurs against a backdrop of surging imports, particularly from China, which rose by 25.4% year-on-year to 1.3 million tons. These imports have grown by an alarming 49.9 ..read more
The Rio Times » Business
1w ago
In April, industrialists showed less confidence in the economy, marking a shift from the stable sentiment observed in March. The National Confederation of Industry's (CNI) recent survey reveals the Industrial Entrepreneur Confidence Index (Icei) fell to 51.5 points this month, down by 1.3 points from March's 52.8. Despite this drop, the index still indicates overall ..read more
The Rio Times » Business
1w ago
Brazil is overhauling how it taxes cryptocurrencies, with changes to be proposed in the National Congress. This new plan will treat digital currencies similarly to stocks and securities, marking a shift from viewing them as commodities. A 15% profit tax on cryptocurrency earnings is proposed, moving away from taxing based on the volume of trade ..read more
The Rio Times » Business
2w ago
In March, Brazil experienced a notable 30.4% reduction in its trade surplus from February, landing at $7.48 billion. The Secretariat of Foreign Trade (Secex) at the Ministry of Development, Industry, and Foreign Trade (MDIC) reported this decline. A 14.8% decrease in exports, totaling $27.98 billion, and a 7.1% drop in imports to $20.50 billion contributed ..read more
The Rio Times » Business
3w ago
New Era, a global leader in cap manufacturing, is honing in on Brazil for its next phase of growth. The brand, famous for its New York Yankees caps, has identified Brazil as a crucial market in its Latin American strategy. Plans are in place to increase its retail and online footprint to 150 stores by ..read more
The Rio Times » Business
3w ago
Brazil's jobless rate slightly rose to 7.8% by February, a small climb from November but an improvement from last year. This figure met expert predictions. Year-on-year, unemployment fell by 0.8%. Even with this uptick, employment numbers stayed consistent. Adriana Beringuy from the IBGE linked the increase to more people seeking jobs after a brief pause ..read more