Brazil

Fernando Collor de Mello, the former Brazilian president, was arrested in Maceio on Friday after a Supreme Court judge rejected his appeals against a prior conviction and ordered that he begin serving time behind bars. Collor's attorney, Marcelo Bessa said that Collor was arrested at 4:00 am local time (0700 GMT), while traveling to Brazil’s capital Brasilia. He planned to surrender himself following Supreme Court Judge Alexandre de Moraes’ arrest order. Bessa, in a press release, said that the former president had been detained by federal police officers in Maceio. This is the capital of Alagoas. Moraes issued his order...

Petrobras, the state-run Brazilian oil company, said that its board of directors had authorized it to sign a settlement agreement with Unigel Chemical Company to settle a legal dispute over two fertilizer factories in northeastern Brazil. Petrobras stated in a filing of securities that the agreement would restore Petrobras ownership over two fertilizer factories located in Sergipe state and Bahia state. Petrobras announced that the plants would resume operations after a process of bidding to contract for services to operate and to maintain them. The deal, however, still needs to be approved internally within Unigel, and it must also meet...

According to four sources with knowledge of the matter, the board of Brazilian state oil company Petrobras approved plans on Thursday to select a new partner to restart its fertilizer factories in northeastern Brazil. Sources who asked to remain anonymous because the decision had not been made public said that the move hinged on the resolution of ongoing disputes with the current leaseholder, Unigel. The chemical company Unigel demanded compensation from Petrobras, according to previous reports. This impasse marked a setback in President Luiz-Inacio Lula's plan to reduce Brazil's dependence on imported fertilizer. Brazil, a major agricultural powerhouse in the...

Petrobras, the state-run Brazilian oil company, announced on Thursday that it would reduce diesel prices by 0.12 reals ($0.0205) on average per liter. Crude prices have fallen in recent weeks following the tariffs imposed by President Donald Trump on April 2 on several countries. Fernando Melgarejo, the Chief Financial Officer of the company, said that the changes in the Brent crude oil price and the exchange rate influenced the decision to update the prices. Melgarejo stated, "We have a fundamentalist price analysis, and we believe that this adjustment is appropriate for the moment. This is mainly because of the Brent's...

A director of Brazil's state-run Petrobras said that the ongoing drop in crude prices was "scary", but the oil projects run by the company are resilient. The comments were made as Brazil's oil industry reacted to U.S. Tariffs imposed on last week. No Petrobras project is going to be paralyzed. These are long-term investments. This is a joke if you compare it to the (market drop in) 2020. Sylvia dos Anjos told journalists in Rio de Janeiro that it was a time of instability. Symone Araujo said that the lower price would not reduce interest in Brazil’s planned June auction...

Sources with knowledge of this matter said that Brazil's Mines and Energy Minister has asked Petrobras to consider a new reduction in the average price for diesel sold to Brazilian distributors. Sources said that Minister Alexandre Silveira had cited recent drops in oil prices as well as the stability of the US dollar to justify a price reduction for Petrobras Chief Executive Magda Chabriard. The talks took place last week, they added. CNN Brasil had previously reported Silveira's demand. The request is made as oil prices are falling due to President Donald Trump's tariffs, which could cause economies all over...

The partners announced on Monday that Brazil's state oil company Petrobras, and Brazil's development banking institution BNDES had partnered to create a financing program for forest restoration initiatives in Amazonia. Petrobras, under the ProFloresta+ Program, will hold tenders for carbon credits generated by restoration projects. The winning bidders can apply for low-interest loans to establish projects from BNDES. The pilot phase of the program is expected to generate investments of 450 million reais (78.45 millions) for restoration. This will lead to the replanting and regrowth of 15,000 hectares of forest. Petrobras is expecting to sign contracts for long-term with up...

Documents seen by revealed that Brazil's Petrobras had received approval from the environmental agency of the country to remove corals from undersides of the drilling vessels it intends to use in Foz do Amazonas. Monday, the firm's request for a vessel to drill off of the coast of northern Amapa State was granted if the firm obtains the long-sought exploration license in the environmentally sensitive area. Corals are a potentially invasive specie if they were moved to another biome. This process must be supervised by Ibama - Brazil's environmental agency. Petrobras considers the Equatorial margin as the most promising frontier...

On Tuesday, President Donald Trump doubled the planned tariffs on steel and aluminum imports from Canada. This was in response to Ontario's decision on Monday to impose a 25% tariff for its electricity exports into the U.S. Trump posted on his Truth Social media page that he had instructed his Commerce Secretary to impose an additional 25% tariff for metals products. The new tariff will be in effect Wednesday morning. "Canada must also immediately remove their anti-American Farmer tariff of 250% to 390 % on various U.S. Dairy Products, which is long considered outrageous. "I will declare a National Emergency...

Howard Lutnick, the U.S. Secretary of Commerce, said that on Sunday tariffs against Canada and Mexico would go into effect starting on Tuesday. However President Donald Trump will decide whether or not to keep with the planned 25% rate. Lutnick said on the Fox News show "Sunday Morning Futures" that "that is a fluid scenario." There will be tariffs on Mexico and Canada on Tuesday. We'll leave it up to the president and his team of negotiators to decide what they are. Lutnick’s comments were Trump's first indication that he may not impose all the threatened tariffs of 25% on...

Empresas Copec, a Chilean conglomerate of industrial companies, announced a 15% increase in profit for the third quarter of 2024 thanks to higher pulp volumes and lower cost at its Arauco forestry unit. Arauco is the main source of Copec’s income, but Copec operates a large fuel distribution business, has stakes in mining, and also runs a fleet and factory of fishing vessels. The company's profit in the fourth quarter was $191 million, compared with $166 million one year ago. Earnings before interest, tax, depreciation and amortization (EBITDA), however, fell 1.7% to 644 million, while revenues dropped 6.4% to $6.77...

Petrobras, Brazil's state oil company, saw its shares fall 4% at the opening of Sao Paulo B3's exchange on Thursday after analysts were surprised by capital expenditures spending 15% over guidance for 2024. The Brazilian oil giant announced on Wednesday that it spent $16.6 billion in capex last year, $2.1 billion more than the company's original guidance. This was reduced from $18.5 billion to $16.6 billion. Petrobras has always spent less in previous quarters than it had planned. However, the company revised its forecast for the year downwards to better reflect reality. Magda Chabriard, the CEO of Petrobras, has stated...

The CEO of Brazilian nickel miner Vale said that the company is looking at alternatives to sell its nickel assets, including partnerships and putting them in care and maintenance. This is because the market has a difficult short-term outlook, he added. The chief executive of the company, Gustavo Pimenta, told reporters in Rio de Janeiro that there is a surplus on the market due to Indonesian production. "Nickel is attractive on a medium- and long-term basis," said Pimenta, citing the demand for electric car production. The executive said, "The question now is how to stay profitable in the short-term." Vale's...

Biomas, an initiative for reforestation in Brazil backed by several major corporations, unveiled on Friday its first project. It aims to restore 1,200 ha (2,965 acres), of Brazil's Atlantic coast rainforest, with more than 70 native tree varieties. The project represents a major milestone for the company formed in 2022 by Vale Mines, Marfrig Meatpackers, Suzano Pulpmakers, Santander Brasil, Itau, and Rabobank. The initiative comes at a time when Brazil's carbon removal industry is growing, and major reforestation initiatives are already underway. Startups Mombak and Re.green offer credits to companies who want to offset their greenhouse gas emission. These two...

The Brazilian miner Vale announced on Thursday that its net profit for the first quarter of 2014 was down 17% from a year ago, due to lower iron ore costs. Vale, the world's largest iron ore producer, reported a net profit of $1.39 billion for the three months ending in March. Analysts polled by LSEG expected a profit of $1.68 billion. Vale's earnings report stated that lower iron ore costs had a negative impact on its results. However, this was offset in part by the company's efforts to reduce the cost of iron ore production and the effects of the...

China's imports of iron ore in March were down slightly from the previous month, and reached a 20-month-low. This was contrary to analysts' expectations for a monthly increase as supply disruptions caused by weather eased. According to data, the world's biggest iron ore consumer imported 93.97 millions metric tons of this key ingredient for steelmaking last month. This was down 0.25% compared to the 94.21 millions tons of imports that were made in February, when cyclones disrupted supplies in Australia's major supplier. It was also down 6.7% compared to 100.72 millions tons of imports for the same period in 2024....

Brazilian steelmaker CSN posted a net loss for the fourth quarter due to "still high financial expenses," however, core earnings and revenue exceeded market expectations. Why it's important CSN is one the largest Brazilian steelmakers and miner. By the Numbers CSN reported a loss of $ 14.66 million in the quarter October-December, according to a filing with the Securities Commission. This is a significant drop from the $851 million profit it had posted a year ago. According to an LSEG survey, the company reported adjusted earnings before taxes, interest, depreciation, and amortization of 3.33 billion reais. This is down 8%...

The U.S. president Donald Trump ordered on Saturday a new investigation into trade that could add more tariffs to imported lumber. This would be in addition to the existing duties on Canadian softwood timber and 25% tariffs due next week on all Canadian and Mexican products. In his third new investigation in a single week, Trump has signed a memorandum ordering Commerce Secretary Howard Lutnick that he initiate a national-security investigation into U.S. Lumber Imports under Section 223 of the 1962 Trade Expansion Act. Trump used the same trade law to impose tariffs against global imports of steel and aluminum....

The CEO of Brazilian steelmaker Gerdau said that the company may decide to increase its production capacity in the United States rather than build a new facility in Mexico. This is because tariffs imposed by President Donald Trump are affecting global trade. Gerdau announced in 2013 that it was looking at installing a special steel mill for Mexico. The new mill would have a capacity of 600,000 tons per year and require an investment between $500 million and $600 million. Gerdau originally expected to make a final decision on investment by the end 2024, and start construction this year. However,...

Luiz Inacio Lula Da Silva, President of Brazil, said that his country would respond to the decision by Donald Trump to impose tariffs on imports of steel. He suggested that Brazil could either file a complaint with the World Trade Organization or tax U.S. goods. "I heard they were going to tax Brazilian Steel." Lula told a radio station that if they did it, "we will respond commercially either by filing a WTO complaint or taxing the products we import from Brazil." South America is the biggest source of U.S. imports of steel. Trump raised steel and aluminum tariffs by...

The Brazilian miner Vale announced on Wednesday that it would announce a 70 billion real investment ($12.2 billion), on Friday, to expand its copper and iron ore mining operations in the Carajas Complex located in the north of Brazil. The presidential palace announced that the investments would be completed by 2030. It added that the announcement would be made during an event attended by Brazilian President Luiz inacio Lula Da Silva and his cabinet. Vale, the world's largest iron ore producer, didn't immediately respond to an inquiry for comment. Carajas is Vale's biggest iron ore production facility, located in Brazil's...

Brazil's Vice-President Geraldo Alckmin called on Wednesday for "caution", and said that the South American nation would seek dialogue after President Donald Trump decided to impose 25% tariffs on steel and aluminium imports. Alckmin told reporters in Brasilia that Brazil is open to dialogue, and will reach out to Trump's administration. He suggested that quotas might be an alternative. Alckmin said that the U.S. trades with Brazil in a surplus, which means that the country's biggest economy is "not the issue". Trump, who was sworn in last month to his second term non-consecutive, is the first target. Steel and Aluminum...

There are two ways of looking at the 1.7% decrease in China's steel output last year. The very first is that it verifies that the world's biggest manufacturer of the crucial industrial metal is now in an established downtrend, and even more weakness is likely this year. The second is that the steel industry is really remarkably resilient in the face of significant financial obstacles, which output has actually been essentially flat at incredibly strong levels for the previous five years. Both are basically accurate, and reflect the traditional glass half-full or half-empty problem. On the half-empty side of the...

Rio Tinto on Thursday reported its least expensive annual iron ore shipments in two years, partly as heavy rains in Western Australia impacted output in the December quarter, but said the international economy was showing signs of strength. Its fourth-quarter iron ore shipments decreased 1%, falling somewhat short of market expectations. For the calendar year, Rio Tinto delivered 328.6 million metric tons of iron ore from Pilbara, the lowest since 2022. It is under hazard of Brazilian competing Vale possibly retaking its crown as the world's greatest manufacturer. Vale expects to produce 323-330 million tonnes for 2024. The international economy...