Monday, July 4th 2016 - 10:18 UTC

Brazilian unemployment reached a record 11.2% in the March/May quarter

The 11.2% jobless rate means 11.4 million people are officially out of work, IBGE said. A year ago, the jobless rate was 8.1%.

Brazil's jobless rate remained stuck at a record 11.2% at the end of May, the government statistics office reported. The rate for March through May was unchanged from the previous quarter, with 11.4 million people officially out of work, the Brazilian Institute of Geography and Statistics (IBGE) said. A year ago, the jobless rate was 8.1%.

Monday, July 4th 2016 - 09:45 UTC

New York Times gets involved in Rio Olympics Games catastrophe controversy

The Times’ opinion page article titled “Brazil’s Olympic catastrophe” cast a harsh light on what can be expected in August

Rio de Janeiro’s mayor lashed out Sunday at an opinion piece in The New York Times which warned of “catastrophe” at next month’s Olympic Games.

Thursday, June 30th 2016 - 13:22 UTC

Paraguay does not accept Venezuela as Mercosur pro tempore chair; group split in half

Loizaga said Paraguay will not accept Venezuela's presidency since “it's not a good message for Mercosur because we were not consulted, nor was Brazil”.

Mercosur is again split over Venezuela because Paraguay, and apparently Brazil, have not been consulted regarding the decision to hand the pro tempore presidency of the block to Venezuela in July, as was agreed in Montevideo by Uruguay and Argentina.

Wednesday, June 29th 2016 - 11:22 UTC

“Welcome to Hell”, Rio police and firefighters tell arriving passengers

Police and firefighters don't get paid,“ the banners, in English and Portuguese, went on. ”Whoever comes to Rio de Janeiro will not be safe”.

There was a nasty surprise awaiting passengers in the arrivals hall at Rio De Janeiro's Galeao International Airport on Monday. Along with the relatives carrying flowers and taxi drivers waiting with name boards there were lines of off-duty police with banners that had a far more ominous message: “Welcome to Hell”.

Wednesday, June 29th 2016 - 05:04 UTC

Brazil inflation should reach Central bank target by second half of 2018

The second quarter of 2018 should see Brazil finally make the cut, with inflation of 4.2%, the bank said.

Brazil's inflation will again miss the government target next year, but will be getting much closer at 4.7%, the Central Bank said on Tuesday. For this year, inflation is forecast at 6.9%, well off the 4.5% target. However, even that represents relief for Latin America's largest economy, but sickly economy where annual inflation hit 9.32% in May.

Wednesday, June 29th 2016 - 04:57 UTC

Investors suing Petrobras argue top executives knew of the massive bribery scheme

Prosecutors claim over US$2 billion of bribes were paid over a decade to Petrobras executives by construction and engineering companies to win lucrative contracts.

Investors suing Petrobras to recoup billions of dollars in losses argued on Tuesday that the arrests and plea deals of top company executives prove that it knew of a massive bribery and political kickback scheme. Lawyers for the investors asked U.S. District Judge Jed Rakoff in Manhattan to rule, ahead of a trial set for Sept. 19, on claims that the company violated U.S. securities laws, according to a court filing.

Tuesday, June 28th 2016 - 07:28 UTC

Rousseff signed budget decrees without congressional approval, claim Senate experts

Rousseff is charged with using cosmetics accounting to mask a ballooning budget deficit, allegations that she denies.

A nonpartisan team from the Brazilian Senate budget analysts on Monday handed potential legal ammunition both to opponents and supporters of suspended President Dilma Rousseff as she tries to survive n impeachment trial.

Tuesday, June 28th 2016 - 06:28 UTC

Mercosur presidential summit off, but chair transfer to Venezuela will be done at foreign ministers' level

“There won't be any presidential summit, but yes the Mercosur chair transfer to Venezuela for the next six months will take place”, pointed out the two ministers

Mercosur presidential summit next July in Montevideo has been cancelled, but the six-month presidency of the group, currently held by Uruguay will be transferred as scheduled to Venezuela, although some conditions of the event are “pending discussion”, said on Monday foreign ministers Susana Malcorra and host Rodolfo Nin Novoa.

Monday, June 27th 2016 - 08:01 UTC

Temer will be absent from Mercosur summit; displeasure with Venezuela

Temer ”does not wish to participate in the solemnity of the event when Venezuela takes over the Mercosur presidency “according to sources in Folha de Sao Paulo.

Brazilian interim president Michel Temer will be absent from the next Mercosur summit scheduled to take place in Montevideo, and this decision is considered a strong message to the Venezuelan government of president Nicolas Maduro that will be taking the group's chair for the next six months.

Monday, June 27th 2016 - 07:15 UTC

Brazil's recession greater risk than Brexit for Argentina: could chip 1.5 percentage points from GDP

“Brazil is the difference between growing and not growing for the first year of our administration. It’s really critical,” said Minister Prat Gay

Argentina’s annual rate of inflation was likely to have reached an annualized 42% through May, but should begin to slow in June with a return to growth also on the horizon, Finance Minister Alfonso Prat-Gay said in an address to investors in New York. The minister also said that for Argentina, Brazil's recession had a greater impact than Brexit.


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