Economic activity in Brazil fell more quickly than expected in June, central bank data showed on Wednesday, adding to evidence that the once-booming economy is suffering a painful recession. The Brazilian central bank's IBC-Br economic activity index fell 0.58% in June from the prior month, the bank said in a report released on Wednesday.
A Brazilian judge sentenced Nestor Cervero, former international chief of state-run oil firm Petrobras, to just over 12 years in prison on Monday for corruption and money laundering related to a bribe allegedly paid to the speaker of Brazil's lower house of Congress.
The Brazilian Central Bank weekly Focus Bulletin released on Monday indicates, for the first time, according to the prevailing opinion among financial institutions that the current recession of the country's economy will extend well into 2016. According to Focus the market forecasts a retraction of the Brazil's GDP of 0.15% in 2016.
Hundreds of thousands of demonstrators took to the streets across Brazil to call for the impeachment of president Dilma Rousseff, whom they blame for a vast corruption scandal and the economy's worst slump in a quarter-century. Less than a year into her tumultuous second term, the president's support has dwindled to single digits in recent polls, while two in three support calls for her impeachment.
Uruguay's foreign minister said on Friday that nobody supports the proposal from the Brazilian Senate president Renan Calheiros to put an end to the Mercosur customs union. However he did point out that he proposal exposed that the block effectively is 'not working' and needs to have its foundations reviewed.
Hundreds of thousands of angry of citizens are expected to take to the streets of more than 114 Brazilian cities on Sunday as allegations of corruption and incompetence swamp the government, and plummeting commodity prices sap its economy, posing a key test for President Dilma Rousseff.
A least twenty people were killed and seven injured in a wave of Thursday/Friday overnight shootings in Brazil's biggest city, Sao Paulo, some of them gunned down in cold blood as they sat in a bar.Alexandre de Moraes, head of the Sao Paulo state security department, announced the death tally -- originally placed at 20 -- Friday after media reports of a deliberate massacre in the suburbs, possibly by rogue police.
Renan Calheiros, president of the Brazilian Senate, and the man who could help President Dilma Rousseff avoid impeachment in Congress, has proposed a package of measures to rescue Brazil from its current stagflation, but among his demands is “an end to the customs union of Mercosur”.
President Dilma Rousseff got an extra 15 days on Wednesday to respond to allegations that she doctored public accounts last year, delaying a decision by a court that could pave the way for the populist leader's impeachment.
President Dilma Rousseff and leading Brazilian senators are preparing a joint set of major reforms that seek to introduce an agenda of market-friendly proposals, in a move one senior official says is an effort to counter a revolt by lawmakers in the Lower House.