Brazil

Brazil
Tuesday, March 24th 2015 - 05:08 UTC

Brazilian economy on path to biggest contraction since 1990, says central bank survey

If Central bank's Focus forecast proves accurate the economy which expanded 2.49% in 2013 and 0.2% last year, will post its worst result since GDP contracted 4.35% in 1990.

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.

Monday, March 23rd 2015 - 17:35 UTC

Swiss prosecutors have uncovered over 300 accounts suspected linked to Petrobras corruption

“We do not tolerate the misuse of the Swiss financial system with corruption or money laundering,” said Swiss Attorney General Lauber

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.

Monday, March 23rd 2015 - 17:13 UTC

Petrobras corruption scandal reaches New York court: banks will have to explain sale of bonds to US investors

 Itau and Bradesco were book runners on a number of Petrobras bond issues.

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.

Monday, March 23rd 2015 - 17:05 UTC

Petrobras suspends operations in major offshore rig for safety reasons

The P-58 is one of Petrobras' biggest-producing platforms in the Campos basin, a region off the coast of the southeastern state of Rio de Janeiro

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.

Saturday, March 21st 2015 - 06:43 UTC

Brazilian prosecutors call for tougher prison sentences and legal power to crack down corruption

The 'Car Wash' case has angered Brazil but it has not reduced corruption or impunity in the country,” said the lead prosecutor in the probe, Deltan Dallagnol.

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.

Saturday, March 21st 2015 - 06:36 UTC

Brazilian museum receives 139 works of art seized from Petrobras corruption scandal

Local media reported that the majority of artwork was seized from Petrobras’ former director of services Renato Duque, who was arrested Monday.

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.

Friday, March 20th 2015 - 07:19 UTC

Brazil's Real drops to lowest since April 2003; loss of 17% against the dollar this year

The political stalemate situation with congress and the Petrobras corruption scandal is eroding confidence in the Brazilian currency

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.

Thursday, March 19th 2015 - 07:42 UTC

Brazilian opposition insists Supreme Court must investigate Rousseff

Two weeks ago the Supreme Court ruled out investigations against Rousseff arguing she can only be charged for actions carried out during her presidency.

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.

Thursday, March 19th 2015 - 07:32 UTC

Rousseff unveils anti corruption measures, but her approval has fallen to 13%

“We are a government that does not tolerate corruption and we have the duty and obligation to fight impunity and corruption” said Rousseff.

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.

Thursday, March 19th 2015 - 07:26 UTC

Uruguay's Economy minister warns about Mercosur and Brazilian situation

“There are complications at global level and very significant at regional scale, not only relative to economic affairs but also to political affairs” said Astori

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.

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