Brazil

Brazil
Wednesday, May 18th 2016 - 06:01 UTC

Orthodox economist Goldfajn confirmed as Brazil's central bank governor

Ilan Goldfajn, chief economist of Itau Unibanco Holding, will replace Alexandre Tombini as central bank governor. Senate must ratify Goldfajn's appointment.

Brazil's interim government on Tuesday confirmed the lead economist of the country's largest private bank to head the central bank, in a further shift away from the interventionist policies that many blame for deep recession and near double-digit inflation.

Tuesday, May 17th 2016 - 11:00 UTC

Brazil's economy contracts for fifteenth consecutive month

Private economists consulted in the Central Bank's latest weekly survey expects Brazil's GDP to shrink by a further 3.86% this year.

Brazil's economic activity contracted by 1.44% in the first quarter relative to October-December 2015 and 6.27% compared to the same three-month period of 2015, the Central Bank said Friday. The figures come from the Central Bank's Index of Economic Activity, or IBC-Br, an indicator used as a preview of the gross domestic product (GDP) number.

Tuesday, May 17th 2016 - 10:50 UTC

Temer meets Brazilian unions to draft a blueprint for pension system reform

“Temer took no position at the meeting,” said Antonio Neto, head of the CSB union. “Temer just said he is in a hurry and wants a plan in 30 days.”

Brazilian interim President Michel Temer agreed with union leaders on Monday to draft a blueprint for overhauling the creaking pension system within a month, as he seeks to restore confidence in Latin America's largest economy. Temer has vowed to plug a fiscal gap equivalent to more than 11% of GDP last year.

Tuesday, May 17th 2016 - 07:25 UTC

Temer names a woman to head Brazil's giant development bank, BNDES

Maria Silvia Bastos Marques, a career bureaucrat and onetime steel executive who worked on Rio de Janeiro’s Olympics preparations, will head BNDES

Brazil’s interim President Michel Temer will replace the head of the government’s giant development bank with a female economist, following heavy criticism over his appointment of an all-male white cabinet.

Monday, May 16th 2016 - 18:45 UTC

Petrobras implosion takes a major player from the floating production systems market

Petrobras’ situation needs to stabilize and begin improving before the company can again be a major driver of production floater contracts.

Brazil´s Petrobras problems has taken a major player from the market for new floating production systems in the oil business, according to a report from the industry. In effect absence of new contracts has forced fabricators and equipment suppliers to make huge cutbacks in personnel and spending and the past 12 to 18 months have been a difficult period the whole deepwater production sector.

Monday, May 16th 2016 - 06:15 UTC

Temer government considering selling stakes of state controlled assets

Temer's government is working with a list of companies and sectors that would be the first targets of any move toward sales of state-controlled holdings, said O Globo

Brazil's government is considering selling stakes in state-controlled assets including its postal company as well as holdings in transport, power and insurance firms in a bid to raise capital and streamline the public sector, a newspaper reported on Sunday.

Monday, May 16th 2016 - 06:01 UTC

Brazil's Jewish community supports Temer; hopeful of normalization of relations with Israel

Temer was born in Sao Paulo, is Catholic and the son of Maronite Lebanese immigrants from Btaaboura, Koura district, neighboring Tripoli in north Lebanon

The elevation of a centrist vice president, Michel Temer, as Brazil’s president amid the impeachment process of Dilma Rousseff is expected to result in a less strained relationship between Brazil and Israel, as well as its Jewish community, Jewish leaders in Sao Paulo said.

Monday, May 16th 2016 - 05:46 UTC

Brazil warns neighbors about “propagating falsehoods over the internal political process”

Brazil's foreign ministry “emphatically rejects” neighbors “allowing themselves to opine and propagate falsehoods over internal political process in Brazil.”

Brazil's interim government dismissed criticism by populist countries in Latin America, including Venezuela, Cuba and Bolivia, over the impeachment process of Dilma Rousseff, who was suspended as president by the senate.

Saturday, May 14th 2016 - 09:09 UTC

Temer's team confident it has the political support to implement tough measures

“We have enough support to pass urgent measures through Congress,” said chief of staff Eliseu Padilha

Brazil's interim government said on Friday it has the political support for tough measures needed to return the economy to growth and can secure a permanent mandate once populist President Dilma Rousseff's impeachment trial is over. Presidential Chief of Staff Eliseu Padilha said the incoming government understood it was only provisional for now and had ordered portraits of Rousseff to be left hanging in federal buildings.

Friday, May 13th 2016 - 11:30 UTC

Argentina supports the institutional situation in Brazil, but fears effects of the neighbor's recession

 Argentina’s Foreign Ministry said that the government respects “the institutional process that is unfolding” and is confident in the strength of Brazilian democracy

The Argentine government publicly showed its support for the new status quo in Brazil, minutes after the country’s vice-president, Michel Temer, temporarily took power after President Dilma Rousseff was suspended from office after the Senate voted to open impeachment proceedings against her early yesterday morning.

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