Brasilia - The Brazilian government enacted additional tax cuts on Monday in the face of shrinking forecasts for gross domestic product amid the global economic downturn.
The move came after the country's central bank on Monday reduced its economic outlook for GDP to 1.2 per cent for the year from 3.2 per cent.
Finance Minister Guido Mantega announced a reduction of taxes on building materials and an extension of a tax break on cars. The government hopes to make up for the expected tax shortfall by increasing cigarette taxes to 30 per cent.
Brasilia - Brazilian President Luiz Inacio Lula da Silva launched an ambitious two-year, 15-billion-dollar plan Wednesday to build affordable housing.
The programme has the two-fold goal of stimulating the construction sector amid the global economic slowdown and alleviating Brazil's severe housing shortage.
Experts estimate that 8 million new homes are needed to satisfy demand in South America's most populous country.
Brasilia - The referendum victory that enables Venezuelan President Hugo Chavez to stand for re-election in 2012 revealed that the country is "obviously divided," said a senior foreign policy advisor to Brazilian President Luiz Inacio Lula da Silva.
In an interview with Sao Paulo radio station Eldorado on Monday, Marco Aurelio Garcia said that the fact that Chavez's proposal was passed in a referendum Sunday did not guarantee his re-election.
Brasilia - Brazilian Foreign Minister Celso Amorim warned Tuesday that protectionism is "a poison, and not a remedy" for the ongoing economic and financial crisis, and he warned that Brazil will turn to the World Trade Organization (WTO) to prevent the "propagation of protectionist measures."
"We are certain that propagating protectionism is not a remedy, on the contrary, it is a poison that makes the situation even worse," Amorim said.
Brasilia - Outgoing US President George W Bush called Brazilian President Luiz Inacio Lula da Silva to say goodbye Monday, Brazil's presidential spokesman Marcelo Baumbach said.
The conversation was said to have lasted 10 minutes. Bush - who is set to hand over power to Barack Obama Tuesday - invited Lula to visit him in his home state, Texas, while Lula invited Bush to go fishing in Brazil.
Brasilia - The Brazilian government enacted additional tax cuts on Monday in the face of shrinking forecasts for gross domestic product amid the global economic downturn.
Brasilia - Brazilian President Luiz Inacio Lula da Silva launched an ambitious two-year, 15-billion-dollar plan Wednesday to build affordable housing.
Brasilia - The referendum victory that enables Venezuelan President Hugo Chavez to stand for re-election in 2012 revealed that the country is "obviously divided," said a senior foreign policy advisor to Brazilian President Luiz Inacio Lula da Silva.
Brasilia - Brazilian Foreign Minister Celso Amorim warned Tuesday that protectionism is "a poison, and not a remedy" for the ongoing economic and financial crisis, and he warned that Brazil will turn to the World Trade Organization (WTO) to prevent the "propagation of protectionist measures."
Brasilia - Outgoing US President George W Bush called Brazilian President Luiz Inacio Lula da Silva to say goodbye Monday, Brazil's presidential spokesman Marcelo Baumbach said.
Sao Paulo/Bras
