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