Reuters: Regulatory News: UPDATE 1-Brazil's Rousseff tries to boost industrial investment

Reuters: Regulatory News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Brazil's Rousseff tries to boost industrial investment Dec 5th 2012, 14:38 Wed Dec 5, 2012 9:38am EST BRASILIA Dec 5 (Reuters) - President Dilma Rousseff announced on Wednesday the extension of a government lending program to boost purchases of capital goods, telling business leaders Brazil must increase industrial investment if it is to restore vigorous economic growth. In a speech to the country's main industrial lobby, Rousseff called on the private sector to invest more despite a period of slow economic growth that is in its second year. She also vowed to continue her efforts to reduce Brazil's high energy costs, complaining that companies that have resisted the terms for the renewal of concessions for power utilities were "insensitive." Brazil will expand a special lending program by the state development bank BNDES to 80 billion reais ($37.90 billion) for 2013, Rousseff said in a speech to the National Industry Confederation (CNI). She said Finance Minister Guido Mantega would formally announce the details of the extension of the program, known as PSI, into 2013 later on Wednesday. The Brazilian economy grew much less than expected in the third quarter, surprising economists and policymakers alike and putting pressure on the government to widen a barrage of stimulus measures and tax breaks it launched this year. On Tuesday, the government extended a payroll tax exemption to the country's construction industry in a new effort to encourage investment and lower the prices of homes. On Thursday, the government will unveil a new regulatory framework aimed at attracting private investment to modernize Brazil's overcrowded ports and eliminate bottlenecks, Rousseff said. By the end of the year, new airport concessions will also be announced, she said. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions