Brazil

Brazil
Tuesday, June 28th 2016 - 07:28 UTC

Rousseff signed budget decrees without congressional approval, claim Senate experts

Rousseff is charged with using cosmetics accounting to mask a ballooning budget deficit, allegations that she denies.

A nonpartisan team from the Brazilian Senate budget analysts on Monday handed potential legal ammunition both to opponents and supporters of suspended President Dilma Rousseff as she tries to survive n impeachment trial.

Tuesday, June 28th 2016 - 06:28 UTC

Mercosur presidential summit off, but chair transfer to Venezuela will be done at foreign ministers' level

“There won't be any presidential summit, but yes the Mercosur chair transfer to Venezuela for the next six months will take place”, pointed out the two ministers

Mercosur presidential summit next July in Montevideo has been cancelled, but the six-month presidency of the group, currently held by Uruguay will be transferred as scheduled to Venezuela, although some conditions of the event are “pending discussion”, said on Monday foreign ministers Susana Malcorra and host Rodolfo Nin Novoa.

Monday, June 27th 2016 - 08:01 UTC

Temer will be absent from Mercosur summit; displeasure with Venezuela

Temer ”does not wish to participate in the solemnity of the event when Venezuela takes over the Mercosur presidency “according to sources in Folha de Sao Paulo.

Brazilian interim president Michel Temer will be absent from the next Mercosur summit scheduled to take place in Montevideo, and this decision is considered a strong message to the Venezuelan government of president Nicolas Maduro that will be taking the group's chair for the next six months.

Monday, June 27th 2016 - 07:15 UTC

Brazil's recession greater risk than Brexit for Argentina: could chip 1.5 percentage points from GDP

“Brazil is the difference between growing and not growing for the first year of our administration. It’s really critical,” said Minister Prat Gay

Argentina’s annual rate of inflation was likely to have reached an annualized 42% through May, but should begin to slow in June with a return to growth also on the horizon, Finance Minister Alfonso Prat-Gay said in an address to investors in New York. The minister also said that for Argentina, Brazil's recession had a greater impact than Brexit.

Monday, June 27th 2016 - 07:04 UTC

Anti-Doping agency suspends testing laboratory in Rio for coming Olympics

 The decision adds to concerns about Rio‘s readiness to host the global sporting event in August as public services suffer amid a crisis in state finances.

The World Anti-Doping Agency (WADA) has suspended the credentials of a testing laboratory in Rio de Janeiro that didn’t conform with international standards, just over a month before the city hosts the Olympic Games.

Friday, June 24th 2016 - 22:10 UTC

Oi telecommunications US$ 19bn bankruptcy, the largest in Brazil's history

Oi sought protection from creditors on 65 billion reais (US$19 billion) in debt after failing to reach a restructuring agreement following a long saga of mergers

Brazilian telecoms giant Oi has filed the largest bankruptcy request in the country’s history, after failing to reach an agreement with creditors.

Friday, June 24th 2016 - 12:02 UTC

Ex-top minister of Lula and Rousseff arrested; Senator Gleisi Hoffmann house raided

Paulo Bernardo was wanted in connection with the paying of US$30 million worth of bribes to public officials, it said.

A top ex-minister of Brazil's suspended president Dilma Rousseff became the latest official to get arrested in a sprawling corruption probe on Thursday, authorities said. Police also searched the headquarters of Rousseff's Workers Party in Sao Paulo in one of a series of raids across five states in the country.

Friday, June 24th 2016 - 09:03 UTC

Brazil Lower House passes bill allowing foreigners 100% stake of national carriers

The executive order, presented in March by president Rousseff before she was stripped off her duties, was modified to be more wide ranging

Brazil's Chamber of Deputies approved this week an executive order allowing foreign investors 100% ownership of Brazilian airlines, compared to the current 20% limit, although the implementation depends on approval from the Senate.

Friday, June 24th 2016 - 08:58 UTC

Two presidents at opening of Rio Olympics in August

Temer in his role as head of state will officially declare the first Games in South America open, said Mario Andrada, spokesman for Rio 2016 organizing committee.

Dilma Rousseff, Brazil's suspended president, will be invited to the opening ceremony of the Rio Olympics on August 5, the organizing committee said Thursday. Rousseff has been replaced by vice-president Michel Temer pending her impeachment trial over allegations of fiddling government accounts.

Friday, June 24th 2016 - 08:38 UTC

Brazilian leading contractor, in plea bargain, expected to involve Rousseff directly in campaign illegal funding

Folha said Odebrecht will acknowledge having warned Rousseff in Mexico that prosecutors were about to discover illegal transfers to her re-election strategist

Marcelo Odebrecht, the former chief executive of Latin America’s largest construction company, will admit in a plea bargain testimony that he personally oversaw illegal campaign donations for suspended Brazilian president Dilma Rousseff in the 2010 and 2014 elections, Folha de São Paulo reported.

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