The Brazilian government has scrapped import duties on machinery and IT products whose tariffs had been raised in February, after hearing from companies that cited a lack of domestic production and insufficient supply in the local market.
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Commenting on the impact of the war in the Middle East during the company’s earnings presentation on Thursday (26), CEO Gilberto Tomazoni said JBS continues to supply the region normally.
The International Monetary Fund forecasts GDP will sustain around 4% annual growth in the medium term but warns of risks stemming from the conflict in the Middle East.
Oil prices fell and stocks rose after U.S. President Donald Trump said the country will not target Iran’s energy infrastructure over the next five days.
Attacks on oil and natural gas facilities have driven prices higher. UN shipping agency IMO calls for a safe navigation corridor in the Strait of Hormuz.
The company’s CEO, Miguel Gularte, said demand in the region is being met through an operational stock strategy and by redirecting cargo to active ports, using feeder vessels and overland freight.
Despite the closure of a key Middle East strait, the country has sufficient essential stocks and has airlifted 300 metric tons of goods, the minister said.
This week, representatives from some of the world’s largest central banks are meeting to analyze the consequences of the conflict in the Middle East. Rising energy costs are expected to trigger higher prices.
Global oil prices are rising due to the conflict in Iran.
Government signed an agreement with the Islamic Corporation for the Development of the Private Sector (ICD) to mobilize funds for major strategic projects in the country and expand companies’ capacities.
The shipping company announced on its website an overland transport service from Asia to Middle East destinations via Saudi Arabia and Turkey. Some countries in the region currently lack maritime access due to the closure of the Strait of Hormuz.
In the first two months of the year, 3,400 pairs were imported from the Arab country, more than double the same period last year, according to Abicalçados data.
International agency kept Morocco’s Ba1 long-term debt rating in local and foreign currency but revised the outlook from stable to positive. Fiscal performance was one of the reasons.
Oil prices rose sharply on Monday (9) amid the conflict between the United States and Israel against Iran. Since the attacks began, the price of a barrel of WTI has increased by 70%, something never recorded over such a short period.
