Brazil

Brazil
Friday, December 12th 2014 - 06:03 UTC

Brazilian executives from leading companies formally charged for the Petrobras corruption scandal

“These people stole the pride of Brazilians,” Prosecutor-General Rodrigo Janot said at a news conference in the southern city of Curitiba

Brazilian prosecutors formally charged executives from six of the country's largest engineering firms with forming a cartel to funnel kickbacks from state-run oil firm Petrobras to the ruling political party and its allies.

Wednesday, December 10th 2014 - 07:56 UTC

Weaker Latin American currencies against the US dollar next year

Strong dollar and fall in commodities prices will have an impact on the region's currencies

Latin American currencies will lose value against the US dollar in 2015 because of the strong US recovery and lower commodities' prices according to Itau-Unibanco, Brazil's largest private bank which also anticipates a strong fiscal adjustment by President Dilma Rousseff's next administration, in an effort to regain investors' 'confidence'.

Tuesday, December 9th 2014 - 23:08 UTC

Despite Petrobras corruption, Rousseff has strong public opinion support

Seven out of ten Brazilians believe Dilma is partly to blame for the extended corruption in the Petrobras case

Seven out of ten Brazilians believe President Dilma Rousseff has some responsibility in the Petrobras corruption scandal, which involves contractors and politicians, according to a public opinion poll from Datafolha, conducted on Dec. 2 and 3, including 2,896 interviews and published by Folha de Sao Paulo.

Tuesday, December 9th 2014 - 08:26 UTC

The man in charge of fighting corruption in Brazil resigns: “I've done my duty”

“I’ve done my duty. I’ve made my contribution. It’s time to rest,” said Hage marking international Anti-Corruption Day

Comptroller General Jorge Hage, the man in charge of fighting corruption in the Brazilian government, announced his resignation amid a widening graft scandal centered on state-run oil company Petrobras. Hage said he sent President Dilma Rousseff his resignation letter a few weeks ago, after she won re-election for a second term in office.

Monday, December 8th 2014 - 11:12 UTC

Dilma Rousseff after quick transition in Finance given the fiscal deterioration

Levy is expected to take over sometime this week and is currently working from the presidential palace

Brazil's new economic team headed by Joaquim Levy is expected to take office sometime in the next few days after the ruling coalition of President Dilma Rousseff finally managed Congress to approve a loosening of this year's budget targets including the crucial primary budget.

Thursday, December 4th 2014 - 05:09 UTC

Rousseff promises JPMorgan investors a balanced budget and full support of Levy

The new team will work “to gradually but structurally lift our primary surplus so we can stabilize and reduce the public sector's gross debt in relation to GDP”

President Dilma Rousseff said in a letter to investors that one of the main priorities of her second term will be to put Brazil's fiscal accounts in order, sending a strong message that her administration will adopt more market-friendly policies.

Thursday, December 4th 2014 - 05:03 UTC

Brazil raised the basic interest rate 50 basic points to 11.75%

Tombini had warned that the bank must 'maintain especially vigilant' monetary policy

Brazil's central bank on Wednesday raised its key interest rate by 50 basis points to 11.75%. The rise came on the back of a one quarter point rise just over a month ago which was the first since April and in the wake of populist Dilma Rousseff's re-election as president, who last week appointed a new finance team to tackle rising inflation.

Wednesday, December 3rd 2014 - 08:15 UTC

Falklands' patrol vessels support, allegedly from Brazil and Chile, trigger debate in Argentina

A recent foreign policy book from Di Tella's number two, Andres Cisneros has brought up the issue

Argentine opposition lawmakers expressed concern about alleged logistic support from Brazil and Chile to British warships and other auxiliary vessels in the South Atlantic and demanded the government of president Cristina Fernández report to Congress on the matter.

Wednesday, December 3rd 2014 - 08:06 UTC

Brazil posts in November its worst trade monthly result in 20 years

Brazil fell into recession earlier this year and has suffered relatively low growth for four years.

Brazil posted a 2.35 billion dollars trade deficit in November, the country's worst monthly result in 20 years, and cementing its slide into the red for the year after a decade of surpluses.

Tuesday, December 2nd 2014 - 06:01 UTC

Rousseff names another market-friendly minister to her new cabinet

Monteiro, an industrialist and senator from Pernambuco, led Brazil's most powerful business lobby: National Industry Confederation, from 2002 to 2010.

Brazilian President Dilma Rousseff has named business leader Armando Monteiro to head the industry and trade ministry in a new sign of more market-friendly policies as she tries to restore investor confidence and reignite economic growth.

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