Brazil

Brazil
Thursday, August 20th 2015 - 06:32 UTC

Brazil in recession, according to the Central Bank's economic activity index

A comparison of the monthly indexes showed the Brazilian economy contracted by 1.89% in the second quarter from the first.

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.

Tuesday, August 18th 2015 - 09:28 UTC

Former Petrobras top official sentenced to 12 years in prison

Cervero and two other defendants are accused of organizing bribes from Korean shipbuilder Samsung Heavy Industries in exchange for two drillship contracts

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.

Tuesday, August 18th 2015 - 09:15 UTC

Markets estimate Brazil's recession will spill over to 2016, says Central bank

The US dollar will continue to climb against the local currency: up from R$ 3.40 to R$ 3.48 in 2015 and from R$ 3.50 to R$ 3.60 in 2016.

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.

Monday, August 17th 2015 - 06:21 UTC

“Dilma Out”, was voiced by hundreds of thousands across Brazil

Crowds chanting “Dilma out!” and singing the national anthem paraded through Brasilia, Rio de Janeiro, Sao Paulo, and across Brazil.

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.

Saturday, August 15th 2015 - 08:50 UTC

Uruguay says Brazil rejects idea of leaving Mercosur, but agrees that deep changes are urgent

Nin Novoa said that on Thursday when hearing about Senator Calheiros proposal he contacted Brazilian foreign minister Mauro Vieira

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.

Saturday, August 15th 2015 - 07:27 UTC

Massive protest turnout on Sunday could decide Brazilian president's future

This will be the year's third mass protest against Rousseff, who is facing growing calls for her impeachment. A strong showing could help support her ouster.

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.

Saturday, August 15th 2015 - 07:08 UTC

Twenty people killed overnight in Sao Paulo, in what seems rogue police vengeance

Alexandre de Moraes, head of the Sao Paulo security department, announced the death tally after media reports of deliberate massacre in the suburbs

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.

Friday, August 14th 2015 - 09:23 UTC

Political ally who can save Rousseff from impeachment wants Brazil out of Mercosur

Calheiros, president of the Senate belongs to the largest party in Brazil and main coalition ally of the ruling Workers Party, from president Dilma Rousseff

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”.

Thursday, August 13th 2015 - 07:32 UTC

Rousseff gets an extra 15 days to explain she did not doctor public accounts

The Federal Accounts Court granted extra time and could delay until September whether to reject or approve Rousseff's handling of the budget last year.

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.

Thursday, August 13th 2015 - 03:40 UTC

Political accord in Brazil to implement 27 market-friendly measures

The “Brazil Agenda” proposed by Senate President Renan Calheiros was discussed at a key dinner the embattled Rousseff hosted for coalition senators

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.

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