The 23-story Serrador building rises gracefully in downtown Rio de Janeiro, a rounded granite-and- glass art deco masterpiece that conjures the opulence of another era. Completed in 1944 and named for Spanish cinema-house promoter Francisco Serrador, it once held a luxury hotel with a nightclub that attracted a mix of Rio elites and visiting American movie stars.
The Brazilian government’s pledge to help power distributors cope with the worst drought in four decades is set to fall short of their additional spending, according to data compiled by an industry association.
Brazil is considering a request by Petroleo Brasileiro SA, the country’s state-owned oil company, to increase the amount of ethanol added to gasoline, said two government officials with knowledge of the discussions.
Petroleo Brasileiro SA’s decision to suspend investment in a $3.1 billion ethanol pipeline, the world’s largest, is spurring speculation the project will be scaled back and fail to lower fuel prices at the pump.
Petroleo Brasileiro SA , the Brazilian state-owned oil company, said its fuel distribution unit will cut gasoline prices by 6 percent as the government battles to slow inflation from its fastest pace in more than five years.