In a gesture to improve biofuel trade relations with the U.S. and other countries, Brazil's Council of Ministers of the Board of Foreign Trade (MDIC) has temporarily lifted the country's tariff on imported ethanol, changing the tax rate from 20 percent to zero percent. The tariff will be lifted through the end of 2011.
We missed this item recently about a major new oil find off the coast of Brazil. If current estimates pan out, there may be as much as 33 billion barrels of crude oil in the new sub-Atlantic field. That would make the new find the third largest reserve in the world and it could be a huge boon to Brazil. Over at Motor Trend, there is an interesting piece that relates to this find about the late Sam Abuelsamid
The 2006 Formula One season came down to a nail-biting final race in Sao Paulo, Brazil today, as hometown hero Felipe Massa sailed to the checkered flag and reigning champion Fernando Alonso claimed his second consecutive title with a comfortable second place podium finish.