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%.
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.
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.
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.
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.
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.
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.
Mercosur presidential summit off, but chair transfer to Venezuela will be done at foreign ministers' level
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.
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.
Brazil's recession greater risk than Brexit for Argentina: could chip 1.5 percentage points from GDP
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.