Brazil

Brazil
Tuesday, September 27th 2016 - 10:56 UTC

Palocci, the brainchild behind the successful years of ex president Lula da Silva

Palocci's arrest brings the investigation of Brazil's biggest corruption scandal further into the core leadership of the PT.

A medical doctor by training, Antonio Palocci was Brazilian former president Luiz Inacio Lula da Silva's finance minister and a key player in the 2002 election campaign that put the union and PT (Workers Party) leader in the presidential seat.

Tuesday, September 27th 2016 - 10:48 UTC

Liaison man between Lula and Rousseff's presidencies, and corruption scheme arrested

Federal Judge Sergio Moro ordered Palocci's assets and of others accused of receiving as much as R$ 128 million (US$ 39,5 million) in bribes to be blocked.

Brazilian presidents Lula da Silva and Dilma Rousseff former Presidential Chief of Staff and Finance Minister Antonio Palocci was temporarily arrested on Monday morning in São Paulo as part of the 35th phase of the Lava Jato (Car Wash) Operation investigating the Petrobras corruption scandal.

Monday, September 26th 2016 - 13:16 UTC

Brazil Supreme Court opens the door to investigate Temer on campaign funding

Judge Teori Zavascki referred the case to Attorney General Rodrigo Janot, who should determine whether to open a case and formally investigate the president

Brazilian Supreme Court judge has authorized a preliminary investigation into allegations from former Transpetro head Sergio Machado that President Michel Temer illegally solicited campaign money in 2012. Machado, who secured a plea deal after being implicated in the widely publicized Lava Jato scandal, said in court that Temer had asked for donations to benefit Sao Paulo's mayoral campaign for Gabriel Chalita.

Monday, September 26th 2016 - 10:56 UTC

US Treasury Secretary on advisory visit to Argentina, Brazil, Colombia and Mexico

 “Our message is very much one about the benefits of ongoing economic reforms, and disciplined economic policies in these economies,” the Treasury official said

U.S. Treasury Secretary Jacob Lew will urge his counterparts in Argentina, Brazil, Colombia and Mexico to press ahead with economic and fiscal reforms aimed at restoring or strengthening growth, a senior Treasury official said on Friday. Lew will be visiting the four largest Latin American economies this week beginning with Argentina on Monday, recognizing efforts by President Mauricio Macri to reintegrate Argentina into the global economy.

Saturday, September 24th 2016 - 08:02 UTC

Temer links Rousseff's removal with the drastic change in economic policy

Temer candidly admitted that it had become imperious to change the economic course since Brazil has been in the worst recession since the 1930s

Brazilian president Michel Temer addressing business leaders and foreign policy experts in New York earlier this week revealed another twist to the recent political events in the country which led to the impeachment and removal of his elected predecessor Dilma Rousseff.

Saturday, September 24th 2016 - 07:46 UTC

Latam modifies ownership structure before the entrance of Qatar airlines

 ”The measure was necessary due to the 11% dilution for all shareholders resulting from the entrance of Qatar Airlines into (LATAM's) share structure”

The Amaro family from Brazil, one of the main controllers of LATAM Airlines, sold a 6.47% stake in the regional carrier on Friday on the Santiago stock exchange for some US$296 million, as part of a strategy to modify the company's ownership structure.

Saturday, September 24th 2016 - 07:27 UTC

Petrobras sells major gas pipeline which feeds Brazil's core industrialized regions

The pipeline connects the Brazilian states of Rio de Janeiro, São Paulo and Minas Gerais with natural gas coming from Bolivia and Brazil’s offshore oil and gas fields

A consortium led by Canada's Brookfield Infrastructure has signed a deal to buy a controlling stake in a natural gas pipeline system in Brazil from Petrobras for US$5.2 billion. Under the deal, the consortium will acquire a 90% stake in Nova Transportadora do Sudeste S.A. (NTS). Petrobras will retain a 10% stake.

Friday, September 23rd 2016 - 11:16 UTC

Petrobras cuts 5-year budget by 25% and will focus on core oil and gas business

Petrobras will focus on the most profitable project in deep waters, CEO Parente said. “Petrobras wants to spend less to produce the same”.

Brazil’s Petrobras announced it will be spending US$74.1 billion over the next five years, 25% reduction on the US$98.4 billion for the previous five years capital expenditure. This is also the company’s lowest five-year budget since 2006.

Friday, September 23rd 2016 - 09:28 UTC

Brazilian lawmakers in late night vote fail “to neutralize” Petrobras investigation

Temer distanced himself from the bill sent for debate by coalition party whips, including from his Brazilian Democratic Movement Party (PMDB).

President Michel Temer criticized a surprise move by Brazilian lawmakers, including some members of his party and even a cabinet minister, to wipe the slate clean on illegal donations they allegedly received.

Thursday, September 22nd 2016 - 15:40 UTC

Rousseff back on the political trail in defence of Lula da Silva

“Brazil is going through a very difficult moment. A process is underway that is systematically breaking the constitution,” Rousseff told supporters at a rally

Former President Dilma Rousseff called the prosecution of her predecessor on corruption charges another attack on Brazil's democracy, speaking just weeks after the Senate removed her from office in an impeachment trial.

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