Brazil

Brazil
Thursday, March 5th 2015 - 08:23 UTC

US Judge names lead plaintiff in class-action lawsuit against Petrobras

U.S. District Judge Jed Rakoff also named Pomerantz LLP in New York as the lead counsel and ordered lawyers for both side to contact the court on March 6

A U.S. federal judge on Wednesday named a trustee of a British pension fund as the lead plaintiff in a class-action lawsuit against Brazil's state-run oil company Petrobras and its top executives.

Thursday, March 5th 2015 - 08:17 UTC

Brazil raises benchmark interest to 12.75%, highest level since 2009

Rates are likely to keep rising, as inflation remains at 7.1%, well above the central bank’s target range of 2.5% to 6.5%.

Brazil’s central bank raised its benchmark interest rate to 12.75% Wednesday, the highest level since 2009, as it struggles to get price increases under control amid sluggish economic growth and deepening political turmoil.

Thursday, March 5th 2015 - 07:11 UTC

Rousseff faces a revolt in Congress from her ruling coalition main ally

Senate President Renan Calheiros, a PMDB member, threw out one of Rousseff's austerity decree for what he called procedural reasons

Brazilian President Dilma Rousseff, (and her political mentor Lula da Silva), raced on Wednesday to defuse a rebellion by legislators upset about her budget austerity plans and her handling of a corruption scandal at state-run oil company Petrobras, which now threatens political stability.

Wednesday, March 4th 2015 - 06:14 UTC

Brazil's currency at its weakest since September 2004...and sliding

Brazil’s economy is expected to shrink this year, and may have contracted last year as well, while the trade deficit is ballooning

The Brazilian Real reached on Tuesday its weakest level against the dollar in more than 10 years, amid concern the country’s political and economic situation is growing worse.

Wednesday, March 4th 2015 - 05:38 UTC

Petrobras corruption: top prosecutor hands the Supreme Court names of 54 politicians

Janot's office did not release names of the politicians. Under Brazilian law, politicians and cabinet members can only be tried by the Supreme Court

Brazil's top prosecutor Rodrigo Janot asked the Supreme Court on Tuesday to open an investigation into 54 politicians who allegedly benefited from a multibillion-dollar kickback scheme at state-run oil company Petrobras a Supreme Court spokesperson said on Tuesday.

Tuesday, March 3rd 2015 - 06:17 UTC

Truckers strike in Brazil still disrupting traffic in several states; soy harvest delayed

The industrial action has slowed down exports of soy beans in the midst of harvest: 600 trucks instead of the usual 3.000 are reaching Paranagua.

Striking truck drivers resumed some roadblocks in Brazil on Monday even as the government cracked down on protesters and promised to implement a law to lower toll costs and give other benefits to the transport sector.

Tuesday, March 3rd 2015 - 06:05 UTC

“One Team, One Country, One Dream” - It's just Davis Cup tennis

Juan Martín del Potro will not play, but will assist Argentina's Davis Cup tennis team in any way he can to face Brazil over the weekend in Buenos Aires.

By Federico Coronado - Argentina's team prepares for this coming weekend's clash against Brazil. Statement of unity with controversial choice of words for tie versus sporting arch-rivals. Del Potro still not fit, will be there to assist teammates, anyway.

Sunday, March 1st 2015 - 22:03 UTC

Brazil consumers' power bills increase an average 23.4% as of next Monday

The rate hike is geared to cover the estimated 22.1 billion Real (7.77 billion dollars) cost of a subsidy program, the government no longer will finance

Brazil's utilities were granted an average special rate hike of 23.4% to cover the costs of a energy subsidy program that the government of President Dilma Rousseff has decided to stop funding directly, the country's electrical energy system regulator said on Friday, as reported by Folha de Sao Paulo.

Saturday, February 28th 2015 - 08:03 UTC

Brazilian Judge has ordered the suspension of the messaging WhatsApp

Judge Luiz de Moura Correia ordered the suspension earlier this month, though the service has continued to operate normally.

A Brazilian judge says he has ordered the suspension of the globally popular instant messaging system WhatsApp across the country because it has allegedly failed to help in an investigation.

Friday, February 27th 2015 - 08:22 UTC

Brazilian hard line unions win conflict and beat moderates in elections

In a compromise with the union, GM agreed to furlough 650 workers for five months, with a guarantee they will get their jobs back

Workers at a General Motors Co car factory in Brazil ended a six-day strike on Thursday after the company dropped plans to lay off 800 employees, the union said, ending the latest labor standoff in the troubled Brazilian auto industry.

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