Brazil’s economy is set to shrink by 5.8 percent in 2020, the International Monetary Fund said Monday, revising up an earlier forecast but warning the country faced “excpetionally high” risks.

“The economy is projected to shrink by 5.8 percent in 2020, followed by a partial recovery to 2.8 percent in 2021,” the IMF said in its annual report on Latin America’s largest economy.

The report released Monday revised upwards the more pessimistic forecast of a 9.1 percent contraction in June.

Aerial view showing factories at the Manaus Duty Free Zone (ZFM), Amazonas state, Brazil, in September 2020 Aerial view showing factories at the Manaus Duty Free Zone (ZFM), Amazonas state, Brazil, in September 2020 Photo: AFP / Michael DANTAS

It praised the right-wing government of President Jair Bolsonaro for its “swift and substantial” response to the economic crisis prompted by the coronavirus pandemic.

The government increased health spending, boosted financial support for state governments, extended state-backed credit lines and introduced employment retention schemes, which helped protect formal

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SAO PAULO (Reuters) – Brazilian federal and state prosecutors have asked a court to re-open a multi-billion-dollar civil action lawsuit against miners Samarco, Vale SA and BHP for damages caused by the Fundao dam burst in 2015, authorities said on Thursday.

The incident at Samarco’s Mariana facilities, a joint venture between Vale and BHP, which left 19 dead and polluted the River Doce, was Brazil’s biggest ever environmental disaster. The claim is for damages of 155 billion reais ($27.4 billion).

The suit had been suspended in 2018 after an agreement between prosecutors and the companies. But in the Thursday statement, state prosecutors in Minas Gerais, where Mariana is located, alleged that the companies were not meeting their obligations in a timely fashion.

In a joint statement, Vale, Samarco and BHP said they were surprised by prosecutors’ decision to attempt to re-open the suit, and said they vehemently disagreed with the

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(Bloomberg) — Brazil’s bumper coffee crop is starting to translate into record shipments as growers capitalize on the local currency’s slide against the dollar, according to one of the world’s largest traders of the commodity.

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Green coffee exports are expected to top 3.5 million bags this month, which would be the highest ever for September and the most since December 2018, said Carlos Alberto Fernandes Santana, a director at Empresa Interagricola SA, a unit of trader Ecom Agroindustrial Corp. Shipments are on track to hit a record in the three months through November after falling in August, he said.

“Despite logistical bottlenecks at ports, the flow of exports has increased a lot, signaling record volumes for this month and the next two,” Santana said in an interview.

The Brazilian real is the worst performer among major currencies in the past three months, providing growers and traders with an

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(Bloomberg) — Brazil’s bumper coffee crop is starting to translate into record shipments as growers capitalize on the local currency’s slide against the dollar, according to one of the world’s largest traders of the commodity.

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Green coffee exports are expected to top 3.5 million bags this month, which would be the highest ever for September and the most since December 2018, said Carlos Alberto Fernandes Santana, a director at Empresa Interagricola SA, a unit of trader Ecom Agroindustrial Corp. Shipments are on track to hit a record in the three months through November after falling in August, he said.

“Despite logistical bottlenecks at ports, the flow of exports has increased a lot, signaling record volumes for this month and the next two,” Santana said in an interview.

The Brazilian real is the worst performer among major currencies in the past three months, providing growers and traders with an

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According to a study published in the journal medRxiv, Manaus, a city in Brazil, may have developed herd immunity against the virus due to the unprecedented rate of coronavirus infection.

The city that comes under the area of the Amazon rainforest was ravaged by the coronavirus outbreak.

More than half the population seropositive

The study suggested that the coronavirus reached its peak in Manaus during March and April and the rate fell down in May and September.

Researchers found that in the peak, 44 per cent of the population were seropositive for the virus. This number was adjusted to 52 per cent after cases of false-negatives came to the picture.

Seroprevalence declined

The study noted that seroprevalence declined in July and August due to waning antibodies.

The study estimated after data adjustment that the final epidemic size was 66 per cent in terms of seroprevalence.

The authors of the

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By Sabrina Valle and Luciano Costa

RIO DE JANEIRO/SAO PAULO, Sept 18 (Reuters)Despite two major deadly mining disasters since 2015, Brazilian iron ore miner Vale SA VALE3.SA has not complied with a number of commitments signed with authorities to prevent a third disaster, federal prosecutor Edison Vitorelli told Reuters.

Twenty-nine dams that Vale uses to store mining waste still present elevated safety risks, according to Vitorelli, who forms part of a task-force of about two dozen federal and state prosecutors who pressed charges against the company after the most recent disaster which killed 270 people in January 2019.

Some of the mines linked to the dams that Vitorelli’s team regard as unsafe are vital to Vale’s plans to recover lost iron ore production and grow capacity to 450 million tonnes per year, a level that would make it once again the world’s largest producer of the steel-making

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BRASILIA (Reuters) – Brazil’s Economy Ministry on Tuesday kept its forecast for a record 4.7% fall in gross domestic product this year, predicting that the recovery already underway from the depths of the pandemic-fueled crisis will accelerate as the year goes on.

The ministry said it expects growth in the third quarter to be led by industry, agriculture and trade, which will help drive an overall GDP expansion of 7.3% from the preceding three-month period.

Brazil’s economy shrank by a record 9.7% in the second quarter, figures earlier this month showed, a bigger fall than economists had expected.

The unchanged 2020 outlook came as a slight surprise, after Waldery Rodrigues, special secretary to the ministry, had indicated earlier this month that the forecast could be revised up.

Still, a contraction of 4.7% is smaller than the average forecast in the latest weekly central bank survey of economists, of around 5.1%,

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First appeared as Policy Brief PB-20/70, Policy Center for the New South

The “middle-income trap” has captured many developing countries: they succeeded in evolving from low per capita income levels, but then appeared to stall, losing momentum along the route toward the higher income levels of advanced economies (Gill & Kharas, 2007, 2015) (Canuto, 2019). Such a trap may well characterize the experience of Brazil and most of Latin America since the 1980s. Conversely, South Korea maintained its pace of evolution, reaching a high-income status (Figure 1).

Such divergence of economic growth can be related to their distinctive performances of domestic accumulation of technological and organizational capabilities. Their different approaches to global value chains and trade globalization reinforced such discrepancy in domestic accumulation processes.

The first item of this note reviews middle-income as a stage of development, while item 2 recalls how the rise of global value chains opened opportunities

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BROOMFIELD, Colo., Aug. 31, 2020 /PRNewswire/ — Ball Corporation (NYSE: BLL) has completed the acquisition of Tubex Industria E Comercio de Embalagens Ltda., an impact extruded aluminum aerosol packaging business that includes a manufacturing plant in Itupeva, which is near Sao Paolo, Brazil.” data-reactid=”12″BROOMFIELD, Colo., Aug. 31, 2020 /PRNewswire/ — Ball Corporation (NYSE: BLL) has completed the acquisition of Tubex Industria E Comercio de Embalagens Ltda., an impact extruded aluminum aerosol packaging business that includes a manufacturing plant in Itupeva, which is near Sao Paolo, Brazil.

Europe and India. The Itupeva plant includes eight extruded aluminum aerosol can lines, and produces personal care packaging for global and local customers in Brazil.” data-reactid=”13″The business, now part of Ball’s aluminum aerosol packaging division, complements Ball’s global aluminum aerosol and slug business in the Americas, Europe and India. The Itupeva plant includes eight extruded

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(Bloomberg) — President Donald Trump is cutting the cap on allowable steel shipments from Brazil, citing a slump in the U.S. market.



a large room: Steel pipes sit stacked at the Port of Houston in Houston, Texas, U.S., on Friday, April 12, 2019. The U.S. Census is scheduled to release trade balance figures on April 17.


© Bloomberg
Steel pipes sit stacked at the Port of Houston in Houston, Texas, U.S., on Friday, April 12, 2019. The U.S. Census is scheduled to release trade balance figures on April 17.

In a proclamation issued late Friday, Trump amended a previous decision under the so-called Section 232 national security powers to lower the cap on allowable imports. The limits were set in 2018 as part of a deal between the nations to avoid tariffs that Trump applied to other countries.

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Trump cited a slumping American steel market, which has only accelerated amid shutdowns spurred by the coronavirus pandemic.

“Imports from most countries have declined this year in a manner commensurate with this contraction, whereas imports from Brazil have decreased only slightly,” he said in

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