Tuesday, September 15th 2015 - 10:13 UTC

Brazil announces measures to balance budget; it includes controversial tax on financial transactions

Less subsidies for the chemical industry, cuts refunds to manufactured goods exporters by 2 billion Reais and raised the capital gains tax to up to 30%

Brazil's government announced on Monday spending cuts and tax increases totaling 65 billion Reais ($16.9 billion) as it races to close a budget deficit that led to a downgrade of the country's credit rating last week.

Tuesday, September 15th 2015 - 09:40 UTC

Lula 'intimately' wants Dilma removed from office, says O Estado de Sao Paulo

 The column, “Lula in the opposition” suggests that the former president is considering the possibility letting go the government and Dilma Rousseff

Former Brazilian president Lula da Silva, “intimately celebrates” a possible political action that would remove president Dilma Rousseff from the Planalto Palace, according to one of the country's most respected and serious dailies, O Estado de Sao Paulo.

Monday, September 14th 2015 - 10:24 UTC

Folha: “President Rousseff's last chance to save her government”

In an unusual front-page editorial, Folha de S.Paulo said Rousseff needs to take “drastic measures” to make up for a 2016 budget gap

Brazilian President Dilma Rousseff has one last chance to stem a growing political and economic crisis before being forced to step down, one of the country's leading daily newspapers said on Sunday.

Saturday, September 12th 2015 - 11:05 UTC

Police want to question Lula da Silva on Petrobras; request to the Supreme Court

“In his capacity as chief executive of the country”, Lula “could have benefited from the scheme at Petrobras, obtaining benefits for himself”, said the Police

Brazilian police have asked the Supreme Court for permission to question former president Lula da Silva, who they say may have benefited from the corruption scandal roiling state oil giant Petrobras.

Friday, September 11th 2015 - 09:41 UTC

Brazilian Real falls to its lowest against the dollar since 2002; central bank injected funds

Brazil’s benchmark stock index is down 20% over the past year and has dropped nearly twice that much since reaching a high in 2008.

A day after Standard & Poor’s slashed Brazil’s credit rating to junk, the Brazilian Real lost close to 2% by the end of the day to 3.865 per dollar—its weakest level since 2002. In an effort to stem the decline, Brazil’s central bank injected $1.5 billion into the financial system Thursday.

Friday, September 11th 2015 - 09:33 UTC

Cristina Fernandez wants Argentina in BRICS and asks Lula da Silva to act as the lobbyist

“Lula, you have to be the ambassador for Argentina to join BRICS and for it to no longer be BRICS but rather BRICSA,” the Argentine president said

President Cristina Fernández called on Brazil’s former president Lula da Silva to become Argentina’s “ambassador” to help it join the group of emerging countries known as BRICS, acronym for Brazil, Russia, India, China and South Africa. Lula is currently campaigning in support of incumbent presidential candidate Daniel Scioli, and the so called 'Kirchner' model that 'transformed Argentina'.

Thursday, September 10th 2015 - 08:50 UTC

Business lobbies feeling the pinch, impatient with Rousseff's budget cuts

“If the finance minister can't fix the economy without raising taxes, he should pack his bags and go” said Skaf, head of Sao Paulo's Industrial Confederation

After months of trying to shore up Brazil's public finances, President Dilma Rousseff now faces political and business pressure to ease up on painful austerity measures in a country long hooked on the helping hand of a big state.

Thursday, September 10th 2015 - 08:33 UTC

Lula da Silva campaigns for Scioli and is full of praise for Cristina Fernandez and the 'K' model

Lula said Cristina Fernandez “is reaching the end of her presidency as a heroine and victor,” regretting Nestor Kirchner “was not here to see her with pride.”

Brazil's popular but scandal-weary former leader Lula da Silva endorsed Argentina's ruling party presidential candidate on Wednesday, identifying Daniel Scioli's credentials with the political left, and hoping the current project “that began in 2003 is re-elected”. The former president was also full of praise for president Cristina Fernandez.

Thursday, September 10th 2015 - 07:52 UTC

Brazil loses investment-grade credit rating, with outlook remaining negative

S&P cut Brazil's rating to BB-plus, which means substantial credit risk, from BBB-minus. Outlook remains negative because of possible further downgrades

Standard & Poor's has stripped Brazil of its investment-grade credit rating, further hampering President Dilma Rousseff's efforts to regain market trust and pull Latin America's largest economy out of recession.

Wednesday, September 9th 2015 - 08:10 UTC

No end to Brazil's bad news: two consecutive years of recession ahead

GDP estimates come from the Boletin Focus, a weekly Central Bank survey of analysts from 100 private financial institutions on the state of the economy.

Analysts expect Brazil's economy to contract by 2.44% this year, marking the worst performance since 1990, and inflation will hit 9.29%, the Central Bank said Tuesday. The latest figures represent a downward revision from last week, when analysts expected Latin America's largest economy to contract by 2.26% and inflation to come in at 9.28%.


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