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%.

Tuesday, September 8th 2015 - 08:54 UTC

Brazil confident it can stand 'first period of volatility' if Fed raises rates

“There will be volatility, but in Brazil we are well prepared to confront this first period of volatility” Levy said.

Brazil is well prepared to cope with any market volatility resulting from a U.S. interest rate rise, Finance Minister Joaquim Levy said on Monday. The minister told a meeting in Madrid that Brazil's banks were well capitalized and the country has large foreign exchange reserves.

Tuesday, September 8th 2015 - 06:01 UTC

Rousseff leads Independence Day celebrations with tight security and no speech fearing pot banging

Rousseff, in the official Rolls Royce with the top down and wearing the presidential ribbon, led the military parade for 2 kilometers

Brazilian Independence Day celebrations were marked Monday by the extra security surrounding President Dilma Rousseff during the ceremonies in Brasilia. Rousseff, in the official Rolls Royce with the top down and wearing the presidential ribbon, led the military parade for 2 kilometers before taking part in the program of events prepared by the armed forces.

Monday, September 7th 2015 - 10:09 UTC

Brazil's Lula da Silva supports Scioli as Argentina's next president

“From Brazil I'm obviously backing Cristina to make sure her favored successor is chosen in the presidency. Even more so when that successor is Scioli.”

Former Brazilian head of state Lula da Silva joined the Argentine presidential electoral campaign and made public his support for the incumbent Daniel Scioli in the October dispute, stating that the Victory Front candidate would maintain strong relations with Brazil

Saturday, September 5th 2015 - 06:35 UTC

Rousseff is a 'fighter' but “no one can hold on for 3.5 years with a 70% disapproval rating”

The vice president said economic improvement and better relations with Congress will be crucial to turning around Rousseff's political fortunes.

Brazilian Vice President Michel Temer said it would be difficult for head of state Dilma Rousseff to last until the scheduled end of her second presidential term in 2018 without a rise in her approval rating, which currently stands at just 8%, the local press reported Friday.

Friday, September 4th 2015 - 09:00 UTC

First oil production off Rio de Janeiro with FPSO 'Cidade de Itaguai', five months ahead of schedule

Moored 240km off Rio at a water depth of 2,240 meters, the FPSO is capable of processing  150,000bopd and 280 MM standard cubic feet of gas per day

MODEC Inc. announced on Thursday that its FPSO 'Cidade de Itaguai MV26', operating in the Iracema Norte area of Lula field, in the Pre-Salt layer of Santos Basin offshore Brazil, has achieved First Oil production on July 31, 2015, five months ahead of the schedule anticipated under the contract.

Thursday, September 3rd 2015 - 10:29 UTC

Brazil's central bank leaves basic interest rate unchanged at 14.25%

In a unanimous vote, the central bank's Copom kept its benchmark Selic rate at 14.25%, a 9-year high and still the highest among the world's top 10 economies

Brazil's central bank halted one of the world's boldest rate-hiking cycles on Wednesday, taking pressure off an economy struggling with recession even amid concerns that a looming budget crisis could stoke inflation.

Thursday, September 3rd 2015 - 08:30 UTC

Brazilian industrial production plummets in July: 8.9% from a year earlier

Industry output sank 1.5% in July from June in seasonally adjusted terms and was down 8.9% from a year earlier, the IBGE said

Brazil's industrial production plummeted in July and fell well below economists' worst predictions. Industry output sank 1.5% in July from June in seasonally adjusted terms and was down 8.9% from a year earlier, the Brazilian Institute of Geography and Statistics, or IBGE, said Wednesday. The IBGE also revised June's drop to 0.9% from 0.3% from the previous month.

Thursday, September 3rd 2015 - 07:21 UTC

Rousseff pledges to reduce budget deficit; denies Levy was stepping down

The budget was presented with a deficit with the idea of being “transparent” and showing that the economy “clearly has problems,” Rousseff affirmed

President Dilma Rousseff vowed on Wednesday to take new measures to reduce the deficit her administration is projecting for 2016, without ruling out more spending cuts and additional taxes in Brazil. The 2016 budget unveiled on Monday projected Brazil’s first-ever primary fiscal deficit, before payment of interest on the national debt, sparking controversy.

Thursday, September 3rd 2015 - 07:13 UTC

Brazilian VP calls on business community for a 'national alliance'

“There's a need for national unity if we are to have social peace. The antagonism we see in the streets cannot go on,” Temer said

President Michel Temer asked business owners and executives for a “national alliance” to deal with Brazil's political crisis and shaky economic situation. Temer is leader of the centrist PMDB, the main governing partner of Rousseff's center-left Workers Party, PT.


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