Brazil

Petrobras, Brazil's largest oil company, announced a first-quarter net profit of $35.2 billion, an increase of 48.6% over the same period last year. Non-recurring events boosted this figure. The company also announced dividends worth $2.1 billion. If not for one-off events such as fluctuations in the exchange rate of the real against the dollar, state-owned oil company would have seen a 12.1% decline in its net profits over the same period to 23.6 billion reais. Magda Chambriard, Petrobras' Chief Executive Officer, said in a press release that the company's financial results and operational performance were "robust." EBITDA (earnings before interest,...

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...

In a video posted on Monday, Augusto Vasconcelos, Bahia's state labor secretary, said that the new factory of Chinese electric car manufacturer BYD in Brazil would be "fully operational" by December 2026. Its operations had been delayed due to an investigation into possible labor abuses. He added that the factory would start to produce cars by the end of the year from semi-finished kit. Vasconcelos said in a video posted on social media that a new schedule was being set up so that the factory would be fully operational by December 2026, with an expectation of 10,000 jobs. Vasconcelos revealed...

In a video posted on Monday, Augusto Vasconcelos, Bahia's state labor secretary, said that the new factory of Chinese electric car manufacturer BYD in Brazil would be "fully operational" by December 2026. Its operations had been delayed due to an investigation into possible labor abuses. He added that the factory would start manufacturing cars by the end of the year from semi-finished kitted. Vasconcelos said in a video posted on social media that a new schedule was being created so the factory would be fully operational by December 2026, with an expectation of 10,000 jobs. Vasconcelos stated that the news...

China's exports of steel in April exceeded 10 million metric tonnes for the second consecutive month, bringing the total over the first four-month period to a new record high. This was largely due to the fact that shipments were made ahead of the hefty tariffs announced by U.S. president Donald Trump. Customs data released on Friday showed that the world's biggest steel exporter and producer shipped 10,46 million tons last month. Exports were up 13.5% from the same period in 2024, despite being largely unchanged since March. Exports between January and April increased by 8.2% compared to the previous year,...

The United States has imposed massive tariffs on Chinese goods, and the Chinese economy faces a huge blow. However, the commodity that is most vulnerable is not affected. China is most exposed to iron ore, as it buys over 70% of the seaborne volume, which is used to make just under half of the global steel. Iron ore prices have remained relatively stable since U.S. president Donald Trump began his trade war with China. The United States now imposes tariffs of up to 145% on China, its biggest trading partner. On Wednesday, iron ore contracts on the Singapore Exchange closed...

As it nears the end of the current investment cycle, the month of May is crucial for ArcelorMittal in deciding whether or not it will make new investments in Brazil. ArcelorMittal is considering its next move in light of the approaching deadline for the extension trade protection measures implemented by the Brazilian Government and the import tariffs imposed by U.S. president Donald Trump. Steelmakers have complained for years about unfair competition in Latin America’s largest economy. They claim that China floods their market with cheap materials and call on the government to take more action to limit these imports. In...

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...

Gerdau, a Brazilian steelmaker, announced on Monday that it had slightly surpassed its first-quarter core earnings. The company attributed this to the United States changing its trade policy for steel. Gerdau, Brazil’s largest steelmaker based on market capitalization, and owner of mills in the Americas, reported adjusted earnings before taxes, depreciation, and amortization (EBITDA), of 2.4 billion reais. This was higher than the 2.29 billion reais expected by analysts according to an LSEG survey. The adjusted EBITDA still fell by nearly 15% compared to the previous year, and the adjusted net profit dropped 39%, reaching 758 million reais. Gerdau stated,...

The Brazilian miner Vale announced on Friday that the ongoing trade war has not had a material effect on its operations or sales. However, it pledged to continue monitoring it closely in light of uncertain market conditions. Vale is the largest iron ore producer in the world and its top client is China. China has been involved in a dispute with the United States over President Donald Trump’s tariffs. On a conference call with analysts, Vale executives stated that it was still too early to discuss the impact of the trade war on the price of iron ore. The Chief...

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...

Brazilian steelmaker Usiminas delivered results for the first quarter that were above the market's expectations on Thursday, but warned of challenges in the second half due to high interest rates and uncertainty surrounding trade. Businesses around the globe have been preparing for the impact of U.S. president Donald Trump's sweeping trade tariffs. These have sparked an international trade war, and have led to growing concerns and uncertainty about the global economic situation. The Brazilian company said that it foresaw a difficult and uncertain scenario in the second half 2025. This was stated in a filing of securities after the firm...

The Brazilian miner Vale reported that it produced 67.7 millions metric tons (tonnage) of iron during the first quarter 2025. This is a 4.5% decrease from the year before, according to its report on sales and production. Vale, one of the largest iron ore producers in the world, said that high rainfall levels affected its Brazilian Northern System mining complex. However, the company added that the performance was within its plans, and adhered to its 2025 output guidance. Vale confirmed its forecast of producing between 325 and 335 millions tons of iron ore by 2025. The report shows that sales...

The Peruvian Court sentenced Ollanta Humala, the former president of Peru, to 15 years behind bars for illegally receiving campaign funds from a Brazilian company. He is now the latest former leader in Peru to be sent to prison. Humala, his wife and their campaign team were accused of receiving money from Brazilian Odebrecht (now known as Novonor) during his successful 2011 elections. Nadine Heedia, Humala's spouse, was sentenced on Tuesday to 15 years of prison. The former president, a retired officer who led Andean nations from 2011 to 2016, is likely to serve his sentence in a police station...