New Delhi, Oct 15 : Union Minister of Petroleum and Natural Gas Murli Deora met Miguel Jorge, Minister of Development, Industry and Foreign Trade of Brazil here today.

During the meeting, the two Ministers discussed measures to strengthen further ties of cooperation between the two countries in the oil and gas sector.

They also exchanged views on the use of ethanol in transport sector.

ONGC Videsh Limited (OVL) has significant presence in Brazil, having invested in the year 2006 an offshore block (BC 10) in Campos Basin of Brazil and acquired exploration rights of two offshore blocks in Brazil in March thisyear

Sao Paulo  - Trading was suspended Friday on the Sao Paulo Stock Exchange, after the leading index Bovespa plunged more than 10 per cent about an hour after opening.

The 10.1 per cent drop in share prices recorded at 10:35 am (1335 GMT) activated an automatic circuit breaker, triggered when stocks drop below a certain level and automatically suspending trading for half an hour.

On Friday morning, the Bovespa index - which had neared 74,000 in May - was on 33,308.08.

Brasilia - US President George W Bush told Brazilian President Luiz Inacio Lula da Silva Wednesday that a 700-billion- dollar rescue plan should be felt on US financial markets "in close to two-and-a-half weeks," according to Lula's office.

Bush spoke with the Brazilian leader by telephone Wednesday afternoon, after Lula called the US president over the weekend to discuss the global financial crisis.

Lula was said to have told Bush that the Brazilian economy remains firm despite the crisis.

Brasilia - US President George W Bush told Brazilian President Luiz Inacio Lula da Silva Wednesday that a 700-billion- dollar rescue plan should be felt on US financial markets "in close to two-and-a-half weeks," according to Lula's office.

Bush spoke with the Brazilian leader by telephone Wednesday afternoon, after Lula called the US president over the weekend to discuss the global financial crisis.

Lula was said to have told Bush that the Brazilian economy remains firm despite the crisis.

Rio de Janeiro - Brazilian President Luiz Inacio Lula da Silva on Tuesday criticised both the International Monetary Fund and the United States for their role in the ongoing global financial turmoil.

"Where is the IMF now?" Lula asked, before 3,000 metal workers at the seaside resort of Angra dos Reis.

Whenever there was financial turbulence in Brazil or Argentina, the IMF "always drew up recommendations and dictated what should or should not be done," he said.

Brasilia - Brazilian Finance Minister Guido Mantega said in no uncertain terms Monday that the current crisis in world markets is "perhaps the worst since 1929," as he announced new measures adopted by President Luiz Inacio Lula da Silva's government to increase access to loans for exporters.

"Brazil is not immune to the crisis, but this affects the countries with problems in their banks more, and countries like Brazil less," Mantega said.