Brazil

Brazil
Tuesday, May 10th 2016 - 06:38 UTC

Brazil's Byzantine politics: clash between senior lawmakers extends power vacuum

Acting House speaker Waldir Maranhao argued the annulment of Rousseff's impeachment because procedural flaws invalidated a House vote on April 17

Brazil's Senate forged ahead with impeachment proceedings against President Dilma Rousseff on Monday, rejecting a surprise decision by the acting speaker of the lower house, who tried to annul a key vote just days before the president could be suspended from office.

Tuesday, May 10th 2016 - 06:03 UTC

Lawmakers planning to remove House acting speaker who annulled Rousseff's impeachment process

Maranaho has called for an extraordinary session this Tuesday with an agenda that includes 64 points but dissident lawmakers are planning not to give quorum

Waldir Maranaho's acting speaker post in Brazil's Lower House and his decision to annul the April 17 impeachment procedure vote against Dilma Rousseff, could be on the fire line, and even the countdown, following on fourteen parties decision to impede him from acting, according to Veja, Brazil's leading magazine.

Monday, May 9th 2016 - 11:29 UTC

Fitch downgrades Brazil's sovereign debt into junk territory, as political crisis deepens

Henrique Meirelles, a likely finance minister if Vice President Michel Temer becomes president, said the first step Brazil must take is to establish realistic targets.

Fitch Ratings downgraded Brazil's sovereign debt further into junk territory on Thursday, citing a deeper-than-expected economic contraction and changing fiscal targets that have undermined credibility. The agency downgraded Brazil to BB from BB+ with a negative outlook a week before a Senate vote that is expected to lead to the suspension of unpopular leftist President Dilma Rousseff.

Monday, May 9th 2016 - 11:20 UTC

JBS denies making illegal payments for Rousseff's campaign in 2014

Monica Moura, wife of Rousseff's campaign chief Joao Santana, reported that JBS paid the Rousseff campaign's debt to Focal, a visual communications firm.

JBS SA, the world's largest beef producer, denied a Saturday newspaper report that it had made illegal payments for President Dilma Rousseff's 2014 reelection campaign. O Globo newspaper, citing leaked testimony given to federal investigators by Monica Moura, the wife of Rousseff's campaign chief Joao Santana, earlier reported that JBS paid the Rousseff campaign's debt to Focal, a Sao Paulo-based visual communications firm.

Monday, May 9th 2016 - 11:13 UTC

Brazilian deputy asks the Supreme Court to block Rousseff's impeachment

 Deputy Paulo Teixeira asked the court to annul a vote taken on April 17, saying political leaders had exercised illegal and improper pressure on their members

The deputy from the ruling Workers’ Party has appealed to Brazil’s Supreme Court in an effort to block the impeachment of President Dilma Rousseff ahead of Wednesday’s Senate vote.

Monday, May 9th 2016 - 09:17 UTC

S&P raises Argentina's credit rating, but warns about the 40% inflation

The rating boost comes after Argentina ended a decade-long legal battle with creditors led by billionaire Paul Singer

Argentina’s credit rating was raised to B- from selective default by S&P Global Ratings, which cited the country’s payment last Thursday of $2.7 billion of past-due interest on bonds in default since July 2014.

Monday, May 9th 2016 - 09:04 UTC

Brazilian prosecutors after another can of worms: the huge development bank

Folha de S.Paulo cited Marcelo Odebrecht testimony, the jailed former CEO of the Odebrecht conglomerate, who is trying to broker a deal to become a state's witness.

A former Brazilian finance minister and the current head of the nation's state economic and social development bank allegedly pressured big construction firms into making campaign donations for President Dilma Rousseff, a newspaper reported on Sunday. If it proves correct it would be the first concrete lead linking the Petrobras corruption with BNDES, long suspected by Brazilian prosecution.

Saturday, May 7th 2016 - 00:08 UTC

A Temer government would allow full foreign control of Brazilian airlines

 Moreira Franco, economic adviser and a former aviation minister, said relaxing the current limits on foreign ownership would help bolster competition in the industry

A Brazilian government led by Vice-President Michel Temer would consider allowing foreign owners to acquire a controlling stake in local airlines, one of his closest aides revealed. Wellington Moreira Franco, a chief economic adviser for Temer and a former aviation minister, said relaxing the current limits on foreign ownership would help bolster competition in an industry suffering its worst crisis in decades.

Friday, May 6th 2016 - 08:22 UTC

Brazil's Lower House speaker removed by the Supreme Court on justice obstruction

The removal of Eduardo Cunha, one of Brazil's most divisive public figures, was the latest in a series of political earthquakes

Brazil's Supreme Court removed the speaker of the lower house of Congress on Thursday on charges of obstructing a corruption investigation, days before an impeachment process that he engineered was expected to oust President Dilma Rousseff.

Friday, May 6th 2016 - 08:07 UTC

Folha exposes Rousseff's 'exit with dignity' next week and plans for a comeback strategy

On May 12, Rousseff will leave the presidential Planalto Palace descending by the main ramp accompanied by ministers, advisors, to a crowd of supporters

President Dilma Rousseff laid out the details last Monday for what she calls her “bunker of resistance”: a team of advisors to be installed in the Alvorada Palace next week. It will have a maximum of 15 members, according to a report to one of the main dailies, Folha de Sao Paulo.

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