Brazil

Brazil
Tuesday, August 16th 2016 - 21:12 UTC

Temer banned from running for political office by a Sao Paulo electoral court

The court determined that Temer spent personal funds on his election campaign in excess of campaign finance limits.

A regional electoral court in Sao Paulo issued a guilty verdict against interim Brazilian President Michel Temer on election law violation charges, and declared the politician ineligible to run for political office for eight years as a result of having a “dirty record.”

Tuesday, August 16th 2016 - 20:12 UTC

Brazilian flag flies at half mast in the Olympics in honor of Joao Havelange

Havelange lobbied strongly and called on IOC members at the host city vote in 2009 to “join me in celebrating my 100th birthday'” at the Rio Olympics.

Former FIFA president and IOC member Joao Havelange has died aged 100. The Brazilian, whose name is one of those used for the track and field stadium for the Rio Games (Estádio Olímpico João Havelange), played a key role in bringing the Olympics to his country. He called on IOC members at the host city vote in 2009 to “join me in celebrating my 100th birthday'” at the Rio Olympics.

Tuesday, August 16th 2016 - 07:17 UTC

Mercosur on collision course: Uruguay rejects collective presidency sponsored by Brazil

The collective presidency proposal has been sponsored by Paraguay and Brazil for several weeks, particularly Brazil's Foreign Minister Jose Serra.

Uruguay's Foreign Minister Rodolfo Nin Novoa said on Monday that he was opposed to the proposal that the Mercosur presidency should be held collectively, as a number of countries are opposed to Venezuela taking over the role. The proposal has been sponsored by Paraguay and Brazil for several weeks, particularly Brazil's Foreign Minister Jose Serra.

Tuesday, August 16th 2016 - 06:50 UTC

Sao Paulo's bull stock market reflects investors' confidence of Brazil's GDP rebound

Improved prospects and increased confidence in acting President Temer’s ability to shore up Brazil’s finances have prompted analysts to raise GDP forecasts

Brazil's Ibovespa rose on Monday to the highest level in almost two years as an advance in crude oil lifted the shares of Petrobras while estimates for a faster economic recovery fueled bets on companies that rely on domestic demand.

Tuesday, August 16th 2016 - 06:38 UTC

Fearful of public's reaction Temer will not attend Rio Olympics closing ceremony

Temer's only appearance was at the end of ceremony, when he declared the Games open, and reactions were as bad as expected: he was booed during his entire speech

Brazil's interim President Michel Temer's press office informed on late Monday that he will not attend the closing ceremony of the Rio Olympic Games, which will be held on the evening of August 21 at the world-renowned Maracana stadium.

Monday, August 15th 2016 - 15:09 UTC

July inflation in Brazil remains over target: 8.74% in twelve months

Higher-than-expected inflation this year has forced the central bank to keep its benchmark Selic rate near 10-year highs despite a crippling recession

Inflation in Brazil rose more sharply in July than economists expected, official data showed, raising pressure on the central bank to keep interest rates on hold for some time.

Monday, August 15th 2016 - 07:19 UTC

Brazil concerned about the 25% surge of the Real against the US dollar

Temer said he was worried about the Real's recent appreciation against the dollar and added his government will “look for an equilibrium” in the exchange rate.

The Brazilian Real weakened further on Friday after interim President Michel Temer showed concern over currency strength, while stocks edged lower following a heavy batch of quarterly results including state controlled oil company Petrobras.

Saturday, August 13th 2016 - 08:50 UTC

Media exposes Brazil congress 'behind the scenes' plot for a 'corruption amnesty' in the Petrobras case

Operation “Car Wash,” the gargantuan investigation into endemic corruption in Brazil, has jailed scores of elite politicians and business leaders

Brazilian financial newspaper Valor Econômico revealed details of an alleged corruption amnesty currently being discussed by lawmakers who have been accused of alleged involvement in the graft scandal at state oil firm Petrobras.

Friday, August 12th 2016 - 07:08 UTC

Petrobras Q2 profit tumbles by a third; massive debt condition performance

Part of the problem is Petrobras' huge debt, Chief Financial Officer Ivan Monteiro told reporters on Thursday.

Brazil's Petrobras reported second-quarter profit that fell by nearly a third from a year earlier, missing expectations as oil prices fell and it took charges for layoffs and the impairment of a refinery. Petrobras said net income fell 30% to 370 million Reais (US$118 million) in the three months ended June 30 compared with a profit of 531 million Reais a year earlier.

Thursday, August 11th 2016 - 16:40 UTC

“Moment of truth” for Venezuela's standing in Mercosur

The Nicolas Maduro government still has yet to incorporate 400 rules and regulations plus 50 accords to be considered a full member of Mercosur

Brazil, Argentina and Paraguay are waiting to see what happens on Friday, 12 August, when Venezuela has to prove that it has complied with all the pending requirements to confirm its Mercosur full membership condition dating back to 2012.

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