Financial experts expect Brazil's economy to shrink 0.83% in 2015, its biggest contraction since 1990, and inflation to climb to 8.12%, its highest level since 2003, according to the results of a Central Bank survey released on Monday.
Swiss prosecutors have uncovered over 300 accounts at more than 30 Swiss banks that they suspect are linked to the massive corruption and money-laundering scandal at Brazil's state-run oil company Petrobras.
Petrobras corruption scandal reaches New York court: banks will have to explain sale of bonds to US investors
Fifteen banks will join Petrobras next week, April 3, in a New York court to explain how they did nothing wrong when selling 98 billion dollars worth of the Brazilian state oil company’s bonds to American investors. Of the 15, lawyers representing the investment banking divisions of Itau and Bradesco will appear before New York judge Jed Rakoff in hopes to escape the scandal.
Brazilian state-controlled oil giant Petrobras on Saturday said it has suspended operations at a major offshore platform, citing safety concerns. The P-58 platform, which extracts 106,000 barrels per day, was taken out of service for unscheduled maintenance and to improve its operational efficiency, the company said in a statement Friday.
Prosecutors who uncovered Brazil's biggest corruption case called for tougher prison sentences and more legal powers to crack down on rampant graft that costs taxpayers more than the annual budget for education and health.
A Brazilian museum received 139 works of art, including a painting by Joan Miro, seized from individuals involved in the corruption scandal rocking state oil giant Petrobras. Works by Brazilian artists Djanira and Heitor dos Prazeres were among the trove that police delivered to the Oscar Niemeyer Museum in the city of Curitiba.
No end to Brazil's economic woes: the Brazilian currency depreciated 2.7% on Thursday, at 3.30 Reales to the US dollar, its worst performance since April 2003. With this loss of ground the Real cut short a three day recovery, because since last Monday it had been climbing against the greenback.
Brazil's opposition has announced that it will ask the Supreme Federal Court to investigate President Dilma Rousseff for the Petrobras corruption scandal in which her party's treasurer Joao Vacari is also implicated.
Brazil's Dilma Rousseff tried to get ahead of the storm of scandal bearing down on her presidency on Wednesday, unveiling a raft of anti-corruption measures she hopes will appease her critics.
Uruguay's Economy minister Danilo Astori warned about the new regional and international context, not so favorable to his country's interests as in recent years, and underlined that Mercosur is going through one of its worst moments since foundation in 1991.