Brazil

Brazil
Thursday, April 7th 2016 - 10:06 UTC

Rousseff impeachment vote on Monday but outcome uncertain; Congress remains divided

The Rapporteur said there were “minimal indications” that Rousseff had committed an impeachable “crime of responsibility”

The rapporteur of a lower-house impeachment committee said in a report that congressional proceedings that could lead to Brazilian President Dilma Rousseff's removal from office should continue. The report by lawmaker and committee member Jovair Arantes must now be voted on by all 65 members of that Chamber of Deputies special panel on Monday.

Wednesday, April 6th 2016 - 08:42 UTC

Brazil's governance crisis closer to a snap election as soon as October

Justice Marco Aurelio Mello told the lower house to convene an impeachment committee to consider putting Temer on trial

A Supreme Court judge ordered Brazil's Congress on Tuesday to start impeachment proceedings against Vice President Michel Temer, deepening a political crisis and uncertainty over leadership of Latin America's largest country. Justice Marco Aurelio Mello told the lower house to convene an impeachment committee to consider putting Temer on trial on charges he helped manipulate budget accounting as part of President Dilma Rousseff's administration.

Tuesday, April 5th 2016 - 06:26 UTC

Brazil's defense makes its case before the congressional impeachment committee

“Impeaching Rousseff would be a coup, a violation of the constitution, an affront to the rule of law, without any need to resort to bayonets,” Cardozo told Congress

Attorney General Jose Eduardo Cardozo told the congressional impeachment committee Monday that Rousseff had done nothing wrong and to remove her would be tantamount to a putsch.“As such, impeaching her would be a coup, a violation of the constitution, an affront to the rule of law, without any need to resort to bayonets,” Cardozo told the 65-member committee.

Tuesday, April 5th 2016 - 05:47 UTC

Panama Papers: Brazil with 57 names including companies and politicians from all parties

O Estado said names in the leaked files included politicians from Brazil's largest party PMDB, which broke away from President Rousseff's coalition last week.

Politicians from seven parties in Brazil were named as clients of a Panama-based firm at the center of a massive data leak over possible tax evasion, O Estado de S.Paulo said on Monday.

Monday, April 4th 2016 - 04:12 UTC

Petrobras launches voluntary layoff program to cut 12.000 jobs

Investors have long criticized Petrobras for over hiring and struggling to cut some of the 57,000 people it directly employs when things get tough.

Brazil's embattled oil company Petrobras said it will launch a voluntary layoff program to cut an estimated 12,000 jobs in a bid to save up to 33 billion reais ($9.20 billion) by 2020. The program will cost 4.4 billion reais and is open to all employees, according to a statement from Petrobras, which has been hard hit by low oil prices, refinery project problems and a massive price-fixing, bribery and political kickback scandal.

Sunday, April 3rd 2016 - 07:52 UTC

Mega corporation Odebrecht involved in Petrobras case, plans to sell assets to meet debt obligations

Marcelo  Odebrecht was sentenced to 19 years in prision

Troubled Brazilian construction company Odebrecht SA plans to sell about 12 billion reais (US$3.4 billion) in assets to help meet its debt obligations, according to the builder’s chief executive officer. The company had a gross debt of 85 billion reais in 2014, the most recent figure available, but much of it is long-term debt and the biggest payments start only in 2025, Odebrecht CEO Newton de Souza said in an interview published Friday in the Folha de S. Paulo newspaper.

Thursday, March 31st 2016 - 02:04 UTC

Rousseff cancels Washington trip to avoid Temer from becoming acting president

Dilma and Temer in better times share a private conversation

President Dilma Rousseff decided on Tuesday to cancel her planned trip to the United States next Thursday to participate in the 4th Nuclear Security Summit, to be held in Washington.

Thursday, March 31st 2016 - 00:28 UTC

European Court supports UK ruling on Brazilian mistakenly shot dead in 2005

Judgment by the European Court of Human Rights is a blow to relatives of Jean Charles de Menezes, who have sought for years to have police charged

British authorities were right not to prosecute police officers over the killing of a Brazilian man who was shot dead on the London Underground after being mistaken for a suicide bomber, a European court ruled on Wednesday.

Wednesday, March 30th 2016 - 08:32 UTC

Brazil Finance minister disregards calls from Lula for tax breaks and more credit

“It is not the moment to insist on more tax breaks,” Barbosa told lawmakers at a congressional hearing. “That is not the best tool to promote development.”

Brazilian Finance Minister Nelson Barbosa said on Tuesday it is not the time for more tax breaks, disagreeing publicly with former president Lula da Silva's call for fiscal stimulus to revive a moribund economy.

Wednesday, March 30th 2016 - 06:28 UTC

Dilma main ally abandons government pushing her closer to impeachment

If Rousseff is finally impeached, Vice President Michel Temer, leader of the PMDB, will occupy the presidential seat.

A anticipated Brazil's largest party, the Brazilian Democratic Movement Party, PMDB, announced on Tuesday it was leaving President Dilma Rousseff's governing coalition and pulling its members from her government, a departure that raises the odds she could be impeached in a matter of months.

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