Growing economic momentum in Brazil is not expected to have kept inflation from hitting a new 18-year low in August, a Reuters poll of economists showed on Monday. The IPCA consumer price index probably rose 2.60 percent in the 12 months through August, according to the median of 23 forecasts in the poll, compared with... Continue Reading →

 Brazil’s central bank will probably maintain a fast pace of interest rate cuts next week despite signs that an economic recovery is gaining traction, a Reuters poll showed on Friday. All but one of 30 economists surveyed expect the central bank to cut its benchmark Selic rate by 100 basis points for a fourth straight... Continue Reading →

New rules governing Brazil’s ethanol imports, which slap a 20 percent penalty for volumes above a tax-free import quota, took effect on Friday, authorities said. Brazil’s foreign trade chamber Camex said in an official written resolution that the rules will be valid for two years. Read more

BRASILIA (Reuters) - Brazil’s trade surplus set a monthly record on August as commodity prices rose, contributing to a gradual economic recovery and a stable currency, official data showed on Friday. Brazil posted a trade surplus of $5.599 billion in August, the biggest for the month since the current data series began in 1989, the... Continue Reading →

State-owned conglomerate China Merchants Group is exploring acquisitions of offshore rig operators, which have struggled to recover from a collapse in oil-industry spending, people with knowledge of the matter said. As part of this analysis, the Chinese firm has looked at various assets and companies including Seadrill Ltd. and Shelf Drilling Ltd., the people said, asking not to be identified... Continue Reading →

A top Brazilian federal prosecutor defended the size of fines levied against companies involved in the nation’s graft probes, saying that despite a public outcry some were too low, it was more important to dismantle the schemes than punish firms. Fines of different sizes and different terms have raised concerns that Brazil’s sweeping anti-corruption investigation... Continue Reading →

(Reuters) - Brazil’s gross domestic product grew a stronger-than-expected 0.2 percent in the second quarter from the prior three months, statistics agency IBGE said on Friday, suggesting a recovery from the nation’s deepest recession on record remains on track. The Brazilian economy grew 0.3 percent in the three months through June compared to the same... Continue Reading →

World energy markets, from butane in Asia to gasoline in Latin America and diesel in Europe, are feeling the ripple effect of Texas’s deadly storm, highlighting the growing importance of the U.S. for the global oil industry. When Hurricane Katrina hit in 2005, the U.S. exported just 800,000 barrels a day of mostly refined products.... Continue Reading →

U.S. authorities are investigating China Petroleum & Chemical Corp. over allegations that the state-controlled oil producer paid Nigerian officials about $100 million worth of bribes to resolve a business dispute, according to people familiar with the probe. Investigators from the Securities and Exchange Commission and Justice Department are looking into allegations that outside lawyers acting as middlemen for the company, known... Continue Reading →

The latest hit list potentially reduces U.S. fuel-making capacity to the lowest since 2008, following Hurricane Ike. Motiva Enterprises LLC’s Port Arthur facility in Texas, the biggest U.S. refinery, is shutting because of severe flooding, said a person with knowledge of the operations. Total SA’s refinery in Port Arthur is out with a power loss, a person familiar with that plant... Continue Reading →