Brazil

Brazil
Saturday, March 28th 2015 - 11:15 UTC

Brazil just managed to skim recession last year with 0.1% growth but is expected to shrink in 2015

The bureau said the better-than-expected 2014 results were mainly due to 0.7% growth in the services sector and a 0.4% rise in the agribusiness sector.

Brazil's economy grew just 0.1% last year, barely keeping the country out of a recession, the government's statistics bureau said on Friday. It was the worst result since 2009 and bad news for President Dilma Rousseff, whose popularity has plummeted along with Brazil's economic performance.

Friday, March 27th 2015 - 08:36 UTC

Another major corruption scandal hits Brazil, this time fraud at the tax office

The tax office detected suspect appeals rulings that cost the state 5 billion Reais in tax evasion and are probing other cases that could raise the total to 19 billion Reais

Brazilian authorities on Thursday said they uncovered a tax fraud scheme at the Finance Ministry's tax appeals board that may have cost taxpayers up to 19 billion Reais (5.96 billion dollars).

Friday, March 27th 2015 - 08:31 UTC

Brazilian industry confident depreciation of the currency will help spur exports

“The new level the dollar has reached benefits local manufacturing and exports,” Fiesp's foreign relations and foreign trade director, Antonio Bessa said.

Brazil's private sector believes the depreciation of the Real against the dollar can help spur a manufacturing sector recovery even though the business climate has been affected by the Petrobras scandal, an official with the Federation of Industries of the State of São Paulo, Fiesp, said.

Friday, March 27th 2015 - 08:23 UTC

Brazil's central bank forecasts economy will contract 0.5% and inflation climb to 7.9%

The bank's president Tombini said before the Senate that the inflation rate should be much lower in April than in the year's first three months.

Brazil's economy will contract 0.5% in 2015 and inflation will climb to 7.9%, ending the year far outside the tolerance range, the Central Bank admitted on Thursday in its latest quarterly inflation report.

Friday, March 27th 2015 - 08:07 UTC

Petrobras engineering firm contractor files for bankruptcy

Grupo Galvao is one of the first to break under the strain of canceled projects and suspended payments as a result of the broad police probe into Petrobras

Brazilian engineering firm Galvao Engenharia said on Wednesday it filed for bankruptcy protection, as state-run oil company Petrobras cut off payments due to a broad corruption scandal in which it had been implicated.

Thursday, March 26th 2015 - 09:20 UTC

Argentina considers Citigroup deal with US Judge Griesa could have violated local law

“Reading the fine print of the deal, what we find is a trap possible aimed at scamming the bondholders,” Kicillof told a news conference in Buenos Aires.

Argentina's Economy Minister Axel Kicillof said on Wednesday a deal between Citigroup Inc and U.S. judge Thomas Griesa allowing the banking giant to process two Argentine debt payments violated the country's laws.

Thursday, March 26th 2015 - 09:07 UTC

Brazil central bank will cease forex intervention program as of April

The Brazilian Real has been one of the worst performing currencies this month losing 10% against the dollar

Brazil's central bank announced on Tuesday it will not extend its currency intervention program past March 31 as a combination of political problems at home and fears of higher U.S. interest rates push the Real near its lowest levels in a decade. The bank will, however, roll over all swaps expiring after May 1.

Thursday, March 26th 2015 - 08:34 UTC

Majority of Brazilians favor impeaching President Rousseff; opposition leaders resist the move

The MDA poll showed that 59.7% favor Rousseff's impeachment, and 68.9% believe she is responsible for the corruption involving a massive kickback scheme at Petrobras.

A majority of Brazilians favor impeaching President Dilma Rousseff due to the economic slump and a snowballing corruption scandal at state-run oil company Petrobras, according to a poll released this week. But despite calls for Rousseff's ouster and recent street demonstrations against her government, opposition leaders have resisted pushing for impeachment and say it is unlikely.

Wednesday, March 25th 2015 - 07:35 UTC

Obama and Rousseff look to improved relations with a visit to the White House

Rousseff had been scheduled to make a state visit in October 2013, but she cancelled angered by revelations that the NSA spied on her

The Obama administration has again invited Brazil's President Dilma Rousseff for a state visit to Washington, a diplomatic breakthrough that both sides hope will lead over time to greater trade between the two biggest economies in the Americas.

Tuesday, March 24th 2015 - 05:08 UTC

Brazilian economy on path to biggest contraction since 1990, says central bank survey

If Central bank's Focus forecast proves accurate the economy which expanded 2.49% in 2013 and 0.2% last year, will post its worst result since GDP contracted 4.35% in 1990.

Financial experts expect Brazil's economy to shrink 0.83% in 2015, its biggest contraction since 1990, and inflation to climb to 8.12%, its highest level since 2003, according to the results of a Central Bank survey released on Monday.

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