Brazil's legislature will likely postpone a vote on whether to allow Venezuela into South American trading block Mercosur until 2008.
Argentine President-Elect Cristina Kirchner said that foreign policy will be a pillar within her administration and dispelled the idea that Argentine "closeness" with Brazil does not equate "distance" from Venezuela. Kirchner confirmed that Argentina supports Venezuela's full entry into Mercosur.
Brazil's armed forces are badly equipped, demoralized over pay and stuffed with generals, according to a report by news magazine Veja. Brazil’s military is the largest in the region.
National Economic Trends
Brazil's currency weakened on Monday for the sixth straight session on strong dollar outflows, while stocks seesawed near the break-even mark as renewed credit concerns in the United States and high oil prices cast a shadow over global stock markets.
Brazil's central bank said on Monday it would hold an auction to buy dollars on the spot foreign exchange market as part of an ongoing effort to boost international reserves.
Seven of Brazil's 27 states are responsible for more than 75 percent of the country's GDP. Sao Paulo alone generates one third of Brazil's entire economy.
Business, Energy or Environmental regulations or discussions
Automaker Fiat Auto said today it plans to invest more than $3.5 billion in South America, most of it to boost annual vehicle production in Brazil to more than a million units by 2010. $2.8 billion of its investment will be used to expand Brazil's Betim plant which will become Fiat's largest assembly facility after it is expanded.
Brazilian mining company CVRD said today it is interested in a listing on the French stock exchange.
Capital earning of Brazilian banks outpace earnings in the mining and petroleum sectors, according to a report issued today.
The production of soy in Brazil for 2007/2008 will hit a record of 62.4 million tons, slightly below prior estimates of 62.8 tons.
Activity in the Oil and Gas sector (including regulatory)
Brazil will open bidding Nov. 27-8 on 271 oil and gas blocks. 180 blocks are at sea; 91 on land. 67 firms are preregistered to bid, including Petrobras, Chevron, Esso, Devon, BP, Royal Dutch Shell, Total and Norse.
Brazilian state energy company Petrobras has developed a robot to monitor pipeline gas leak. The device is designed to help Petrobras meet environmental obligations under its license to operate a pipeline through the Amazon.