Brazil

Brazil
Saturday, January 31st 2015 - 10:44 UTC

Moody's downgrades Petrobras credit rating because of corruption scandal

The rating “reflected concerns about corruption investigations and liquidity pressures that might result from delays in delivering audited financial statements.”

Moody's Investors Service has downgraded the credit rating of Brazil's state-owned oil company Petrobras because of the widening kickback-corruption scandal affecting the country's largest corporation.The credit rating agency announced its decision late Thursday in a statement posted on its website.

Friday, January 30th 2015 - 08:03 UTC

Petrobras former CEO has assets frozen under court investigation

Gabrielli was CEO of Petrobras between 2005 and 2012 and allegedly is involved in a scheme to overbill the company an estimated 12.4 million dollars

A Brazilian state court froze the assets of former Petrobras Chief Executive Officer Jose Sergio Gabrielli amid an investigation of graft and money-laundering in the government-run oil producer's contracts with construction companies.

Thursday, January 29th 2015 - 07:23 UTC

Petrobras releases long delayed 3Q results but did not include reserves for corruption scandal

CEO Graças Foster said testimony indicates bribes were “improperly recognized as part of the cost of our fixed assets, therefore requiring adjustments.”

Brazil’s embattled Petrobras released its long delayed third quarter results Wednesday but did not include any reserves tied to an ongoing corruption scandal that has already landed three former executives in jail. The company recorded a third quarter 2014 net profit of 1.18 billion dollars, down from 1.32 billion during the same period last year.

Thursday, January 29th 2015 - 07:17 UTC

Consumer confidence in Brazil drops in January to its lowest

President Rousseff has a long, hard road ahead to get the economy rolling again

The reading of consumer confidence dropped in Brazil in January--to its lowest level ever--as the country's economy struggled. Brazil's main consumer-confidence index was at 89.8 points in January, down from 96.2 points in December, the Getulio Vargas Foundation, or FGV, said earlier this week.

Wednesday, January 28th 2015 - 07:40 UTC

Rousseff calls on fractious cabinet to embrace belt-tightening to restore growth

The president said the fiscal adjustment will be done gradually and has started with budget cuts for all ministries

Brazil's President Dilma Rousseff has urged her cabinet to embrace fiscal belt-tightening and other measures aimed at restoring business confidence and growth in her second term.

Monday, January 26th 2015 - 08:34 UTC

Brazil supportive of Mercosur “as long as it does not turn into a burden”

“Mercosur must ensure freedom to its members to negotiate with other parties and must not become a burden” said Agriculture minister Abreu

Brazil is ready to preserve the advances achieved by Mercosur but as long as the block does not turn into 'a burden' when it comes to negotiate trade agreements with third parties, according to Agriculture minister Katia Abreu.

Saturday, January 24th 2015 - 05:32 UTC

Argentina's CARI ranked as the highest Spanish language think-tank globally

In the overall listing CARI and CIPPEC from Argentina took the third spot within the Latin American subset of rankings.

Two of the world’s leading 40 think-tanks are from Latin America, with the top spot in the region going to Brazil’s Fundação Getúlio Vargas. However Argentina's Council for International Relations, CARI, was ranked as the highest Spanish language think-tank on a global scale according to a report from the University of Pennsylvania Lauder Institute.

Thursday, January 22nd 2015 - 06:39 UTC

Brazil central bank increases basic rate to 12,25%, highest since August 2011

“Considering the macroeconomic outlook and perspectives for inflation, Copom decided unanimously to raise the Selic rate by 0.50 percentage point,”

Brazil's central bank raised interest rates to a more than three-year high on Wednesday, maintaining an aggressive pace of monetary tightening to contain high inflation, help the economy back on its tracks and win investors disillusioned with the once-booming economy.

Thursday, January 22nd 2015 - 06:09 UTC

Right to sunbathe topless triggers spontaneous protest in Rio beaches

It’s illegal in Brasil for women to show their breasts in public. The offense is punishable by three months to a year in prison under Brazil’s penal code

A scantily clad group of female protesters drew a heavily breathing gaggle of journalists and cell-phone wielding onlookers to the beaches of Rio de Janeiro. The protest was not meant to draw attention to another corruption scandal, police killing, or unwanted hike in transit fares, rather demand women’s right to sunbathe topless, a cause that most of the onlookers appeared to support.

Tuesday, January 20th 2015 - 05:48 UTC

Party is over in Brazil: increase in fuel, tax on consumer loans and imports

“The main goal of these measures is to boost confidence on the economy,” said Levy, who took office at the start of the year

Brazil on Monday announced tax increases on fuel, imports and consumer loans aimed at raising 20.6 billion Reais (7.7bn dollars) in additional revenues this year. The plan is part of an effort to help balance budget accounts and revive investor confidence, Finance Minister Joaquim Levy said at a news conference.

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