Brazil

Brazil
Wednesday, March 18th 2015 - 08:28 UTC

Rousseff pledges talks with critics and admits government needs to show humility

In a closely watched speech in Brasilia, Rousseff said her under pressure government had to open “dialogue” with society and act with “humility.”

Brazilian President Dilma Rousseff pledged to hold talks with her growing number of critics and said her embattled government needed to show humility, after the Sunday massive protests erupted across the country.

Tuesday, March 17th 2015 - 07:59 UTC

Treasurer of Brazil’s ruling party formally charged in the Petrobras corruption scandal

Prosecutors have “ample proof” that Workers ‘Party Treasurer Joao Vaccari solicited donations from Petrobras ex/services chief Renato Duque and engineering firms’ executive

Brazilian prosecutors have formally charged the treasurer of the ruling Workers' Party and 26 others with corruption linked to state-run Petrobras, in the latest blow to President Dilma Rousseff from the widening scandal.

Tuesday, March 17th 2015 - 07:18 UTC

More former Petrobras top officials arrested on money laundering investigation

Former services director Renato Duque, was arrested by Brazilian federal police at his house in Rio de Janeiro, TV Globo said, amid a new round of police operations (Pic: Estadão Conteudo)

Brazilian police arrested a former Petrobras executive on Monday, in a broad kickback and money laundering investigation that has rattled some of the nation's biggest companies and political parties.

Monday, March 16th 2015 - 11:00 UTC

Peaceful massive protests against Rousseff on Sunday throughout Brazil

Sunday-s larger than expected demonstrations promise to embolden opposition parties and restive allies who are nominally part of Rousseff's ruling coalition

Over one million demonstrators marched in cities and towns across Brazil to protest a sluggish economy, rising prices and corruption, and some even calling for the impeachment of populist President Dilma Rousseff. The marches on Sunday come as Brazil struggles to overcome economic and political malaise and pick up the pieces of a boom that crumbled once Rousseff took office in 2011.

Sunday, March 15th 2015 - 02:33 UTC

Argentina will keep to its monetary policy despite a 20% devaluation of the Brazilian Real

Vanoli said that the US dollar in Argentina is at an “adequate level” to combat volatility, bring down inflation and boost growth

Argentina’s central bank governor Alejandro Vanoli said that despite the continued erosion of the Brazilian currency against the US dollar, which ended the week trading at 3.28 Real to the greenback, monetary policy will continue to manage the foreign exchange to avoid volatility and ensure economic growth.

Sunday, March 15th 2015 - 02:25 UTC

Brazil readies for Sunday’s mass protests; tepid marches in support of Dilma on Friday

Police said 12,000 people blocked one of the main avenues of Sao Paulo, marching in defense of Petrobras and worker rights threatened by belt-tightening economic policies. (Pic Reuters)

Pro-government labor unions, student organizations and social activists staged demonstrations across Brazil on Friday in support of President Dilma Rousseff, two days before mass protests planned against her administration.

Friday, March 13th 2015 - 13:24 UTC

Brazil's meats giant JBS plans no further acquisitions; about 80% of debts in dollars

“Last year we made the decision to be 100 percent hedged. We paid a heavy price at the beginning of the year ... but we had the right strategy,” Batista said.

Brazilian meats giant JBS SA plans to focus on Australia, U.S. pork operations and its processed foods division under a 2015 strategy focused on “organic expansion” rather than acquisitions, CEO Wesley Batista said on Thursday, and estimated that between 2.5 billion to 3 billion reais (806 million/967 million dollars) in capital investment will be needed this year to support the strategy.

Friday, March 13th 2015 - 12:03 UTC

Brazil's Levy says austerity measures are more important than a weak currency

“The idea that a weaker currency is the big solution to Brazil is not correct, despite its popularity in some circles” pointed out minister Levy

Brazil's economic growth depends more on the approval of austerity measures needed to rebuild investor confidence than on a weaker currency, Finance Minister Joaquim Levy told O Globo newspaper.

Friday, March 13th 2015 - 11:53 UTC

Brazil's economic difficulties are cyclical argues President Rousseff

Rousseff again refused to characterize Brazil's current situation as a crisis, defended her austerity program in the face of criticism from the opposition

President Dilma Rousseff said here Thursday that Brazil's economic woes are cyclical in nature that the austerity measures her administration has adopted to rectify the situation will begin to bear fruit late this year.

Friday, March 13th 2015 - 11:28 UTC

Brazil central bank admits interest policy has not been effective in fighting inflation

The bank said that despite credit being more expensive due to higher rates, domestic demand will remain “moderate” and household consumption should “stabilize.”

Brazil's Central Bank appears likely to continue raising interest rates in the short-term, saying in its most recent meeting that its inflation-fighting effort in recent months has been insufficiently effective. The view was reflected in the minutes, published on Thursday, of its monetary policy committee's March 4 meeting, when the bank raised its benchmark Selic interest rate by 50 basis points to 12.75%.

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