The International Monetary Fund expects Brazil's economy to contract by one percent this year, it said Tuesday, slashing its previous forecast of 0.3% growth. The world's seventh-largest economy is being hit by inflation, private-sector doldrums and a massive corruption scandal at state oil giant Petrobras, the IMF said in its latest forecast.
Brazil raised estimates for both its corn and soybean harvests, citing rains which had come in time to boost yields of later planted crops, besides boosting expectations for safrinha corn. The official Conab crop bureau lifted by 1.0m tons to 94.3m tons its estimate for Brazil's soybean production in 2014-15, as late rainfall helped results surprise positively in particular in central areas.
Hundreds of thousands of Brazilians took to the streets on Sunday, venting anger over government corruption and a souring economy a month after protests gathered more than a million people. With cries of Dilma out and corrupt government, marchers -- many wearing the yellow and green jerseys of the national football team -- called for President Dilma Rousseff's ouster and an end to impunity for corruption.
Uruguay and Brazil foreign ministers Rodolfo Nin Novoa and Mauro Vieira will be meeting this week in Brasilia in yet another attempt to push forward the stalled negotiations for a trade agreement between Mercosur and the European Union, according to the minutes of a meeting of the Uruguayan official with members of the Foreign Affairs committee.
US President Barack Obama announced that Brazilian counterpart Dilma Rousseff will visit Washington on June 30, almost two years after she cancelled a trip over a US spying scandal. Obama made the announcement during a bilateral meeting with Rousseff, on the sidelines of the Summit of the Americas in Panama City.
Brazilian police arrested on Friday three former congressmen broadening their corruption investigation beyond state-run oil giant Petrobras to state lender Caixa Economica Federal and the federal health ministry.
Fitch Ratings lowered Thursday the outlook on Brazil's investment grade BBB rating to negative, warning that government efforts to turn around the economy risked getting derailed. The Brazilian economy, the world's seventh-largest, stagnated with just 0.1% growth last year as the drag of rising inflation erased the effect of hosting the football World Cup in June and July and gearing up for the Rio Olympics next year.
Brazil's State-run oil company Petrobras has purged corrupt managers and put a graft scandal behind it, while hitting record output levels from offshore deposits, President Dilma Rousseff said Thursday. The indictment of former senior executives of Petrobras the investigation of dozens of political allies of Rousseff in the multibillion-dollar kickback scandal has thrown her government into crisis and undermined investor confidence in Brazil.
Oil and gas company Shell has agreed to buy British rival BG Group for the equivalent of 70 billion dollars, making Europe's largest oil company the pre-eminent player in global natural gas and adding world-class fields in Brazil. The deal may signal a new wave of mega-mergers as the energy industry tries to adapt to lower prices.
Brazilian congressional leaders within President Dilma Rousseff's coalition signed a joint letter on Wednesday pledging to support her austerity package, an unexpected sign that the ties with her unruly coalition are improving. The deal was brokered by Vice President Michel Temer on his first day as the official go-between tasked with mending Rousseff's tense relations with coalition lawmakers.