Brazil's Petrobras has reduced prices for the gasoline it sells in Brazil to below parity with the fuel imported from the United States, reducing profit margins to regain market share. The company has sharply reduced the price gap between the value of gasoline sold at its refineries and the spot price in the U.S. Gulf of Mexico since early July, when it announced changes to its pricing to adopt almost daily adjustments, according to fuel market experts.
Brazil’s attorney general strongly criticized Congress’ lower house on Monday for voting against putting President Michel Temer on trial for bribery, adding that plea bargains being negotiated could lead to charges of racketeering and obstruction of justice.
Thousands of Brazilian army troops raided Rio de Janeiro slums in a pre-dawn crackdown on crime gangs over the weekend, leaving parts of the city looking like a war zone on the first anniversary of the opening of the Olympic Games. Five favelas were targeted by around 1,300 police and 3,600 troops in a sweep starting at 4 a.m., the Rio state security service said in a statement.
Brazilian farmers are in the midst of collecting their biggest corn harvest ever, and American supplies are also plentiful -- setting the stage for a stiff battle to win world buyers in the second half of the year.
Mercosur foreign ministers are scheduled to meet this Saturday in Sao Paulo to decide on to how to address latest events in Venezuela, the fifth member of the group which remains suspended, and so far has not replied to calls to cancel the constituent assembly procedure and attempt some form of dialogue with the political opposition.
Brazil's Congress is expected to reopen the door for a modest pension overhaul as soon as October, lawmakers said before returning to normal business on Thursday following a vote to block a corruption trial against President Michel Temer. Still, legislators warned that Temer must spend some of his newfound political capital either on measures raising tax revenue or a new, less ambitious 2017 budget target.
Brazil revealed mixed economic reports: record trade surplus, slight drop in unemployment and a stable industrial output. The July trade surplus was US$6.298, according to government data. Exports totaled US$18.769 billion and imports US$12.471 billion. This follows a surplus of US$7.195 billion in June.
Brazilian federal judge Sergio Moro, the man behind Brazil's largest ever corruption investigation, said there is still lack of interest from the country's political establishment to fight corruption, despite the political and economic crisis the practice sent the country into.
Shareholders of a company set up to run Brazil's Viracopos airport have decided to return the concession to the government to seek other bidders in a new auction, they said, citing unexpectedly low passenger traffic.
Brazilian lawmakers tossed out a corruption charge against scandal-plagued President Michel Temer on Wednesday, saving the conservative leader from becoming the country’s second leader in 12 months to be forced from office. Despite hugely embarrassing bribery allegations, Temer had been expected to survive.