Brazil

Brazil
Wednesday, July 15th 2015 - 06:25 UTC

Petrobras board member criticizes oil-exploration and local content policies

Castello Branco said the local-content rules create a situation that favors the formation of cartels.

Brazil's oil-exploration and local-content policies harm Petrobras and the country as a whole, a government-appointed member of the state-run company's board said on Tuesday. The comments were made by Roberto Castello Branco, who was named earlier this year by President Dilma Rousseff's administration to be one of the government's seven representatives on Petrobras board.

Wednesday, July 15th 2015 - 05:45 UTC

Brazilian politicians' property raided by police in connection with Petrobras corruption

Senator Collor De Melo confirmed on Twitter police had searched his house, and denounced “the climate of terror” he said the investigation is creating.

Brazilian police have carried out search operations across seven states amid an ongoing investigation into a major corruption scandal involving state-run company Petrobras. The police said in a statement on Tuesday that the 53 search and seizure operations took place in “residences, offices, company headquarters, law firms, and public institutions” and were aimed at saving evidence from destruction.

Tuesday, July 14th 2015 - 06:00 UTC

Brazil's economic team reaching out to credit rating agencies for a vote of confidence

A downgrade from investment to speculative “junk” status would be a significant blow to Rousseff’s plan to revive investment and growth in Brazil

Concerns that Brazil may lose its coveted investment grade credit rating are again on the rise among government officials and investors who worry that President Dilma Rousseff’s austerity push won’t fully offset plunging government revenues.

Monday, July 13th 2015 - 09:30 UTC

Petrobras faces major class action lawsuit in US next February

The investors of the company argue that Petrobras had window dressed the company’s accounts in order to make them appear more attractive

Brazil's state-run oil producer Petrobras, said in a securities filing on Friday that its motion to dismiss a class-action lawsuit in the United States had been denied by the court. Petrobras said part of the complaint against the company relating to bonds issued in the United States in 2012 was denied.

Thursday, July 9th 2015 - 06:46 UTC

Brazil's six-month inflation at 6.17%, highest for half year since 2003

Finance Minister Levy, expects inflation starts to slow down at the end of this year towards the centre of the target in 2016: 4.5% with a maximum of 6.5%.

Brazil's inflation was little changed at 0.79% in June, rising to 8.89% over the last 12, reported the Brazilian Institute of Geography and Statistics, IBGE, on Wednesday. May's rate was 0.74%. Main price rises accounting for a third of June's inflation included 29.19% for plane tickets, 4.95% in water taxes and gambling rates, officials said.

Thursday, July 9th 2015 - 06:29 UTC

Brics summit takes off in Russia with an agenda full of economic and political issues

Putin met with Brazilian president Rousseff in the sidelines of the summit. Brazil is interested in funding for an ambitious railway infrastructure project

Russian President Vladimir Putin met on Wednesday with his Brazilian counterpart, Dilma Rousseff at the Siberian city of Ufa, where the Brics group summit is taking place. Previously, Putin had met with president Xi Jinping (China); Jacob Zuma (South Africa) and Indian Prime Minister Narendra Modi, the five countries that make up the group.

Thursday, July 9th 2015 - 06:18 UTC

Petrobras 'suspicious' activities could involve as much as 16bn dollars

Rodrigues told a congressional committee that the “suspicious movement of 51.9 billion Reales in operations linked to Petrobras” had been detected

Investigators with Brazil’s Finance Ministry say they have identified as much as US$16 billion worth of suspicious activity that may be part of a kickback scandal engulfing the state-owned oil company Petrobras.

Wednesday, July 8th 2015 - 07:37 UTC

Dilma rejects any suggestion of stepping down and blames “a bunch of coup mongers”

“I'm not going to fall. No, I'm not. It's a political struggle. People fall when they're ready to fall and I'm not. There's no reason for it” Dilma said

Brazilian President Dilma Rousseff said in an interview published Tuesday in the daily Folha de Sao Paulo that there's no reason she should be ousted, so she has no fear being removed. Rousseff went further and accused certain sectors of the opposition of being “a bunch of coup mongers”.

Tuesday, July 7th 2015 - 06:55 UTC

Brazil's main opposition party ready “to take on whatever the future holds”

Cardoso emphasized that “whatever the path we have to take is, the PSDB and its allies will have a way”, because “the way under the PT has been lost”.

Brazil' former president Fernando Henrique Cardoso said on Sunday addressing his party's convention, the main opposition force in the Brazilian congress, that the PSDB was ready 'to clear the country of its problems' and accused leader Lula da Silva and the ruling Workers Party (PT) of bankrupting Brazil.

Tuesday, July 7th 2015 - 06:46 UTC

Brazilian organizations allege there is an attempt to topple President Rousseff

The statement is also signed by 10 lawmakers from Rousseff's Workers Party, or PT, as well as by dozens of individuals who signed on a personal basis.

A raft of Brazilian organizations issued a statement on Monday denouncing what they described as the 'right's' attempts to topple President Dilma Rousseff. The statement was signed by 28 groups including the MST Landless Movement and the Catholic Church's Pastoral Land Commission.

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