Tuesday, August 4th 2015 - 05:02 UTC

Lula da Silva's 'fund-raiser' Dirceu again involved: this time with Petrobras

Dirceu, popular former President Lula da Silva's chief of staff between 2003 and 2005, was already under house arrest for running a vote-buying scheme (Pic Reuter)

Brazilian police on Monday arrested former government minister Jose Dirceu, one of the most senior members of the ruling Workers' Party to be detained so far in a corruption scandal engulfing state-run oil company Petrobras.

Monday, August 3rd 2015 - 09:40 UTC

Brazilian currency at its weakest against the US dollar since March 2003

On Friday the US dollar broke the 3,40 Reais barrier for the first time since 20 March 2003. The Brazilian currency in the month of July lost 10.2%.

The Brazilian currency Real lost 1% at the end of trading on Friday and begins this week at 3.42 Reais to the US dollar, the lowest in twelve years, because of the political and economic uncertainties surrounding Latin America's largest economy.

Saturday, August 1st 2015 - 09:55 UTC

Brazil reports its worst half year primary deficit since 1997

Last week the government lowered its fiscal targets and this prompted ratings agency S&P to threaten to downgrade Brazil’s investment-grade rating.

The Brazilian government registered a primary deficit of $470 million (1.6 billion Real) in the first half of 2015, according to figures from the National Treasury release on Thursday, O Globo newspaper reported. The deficit is the worst result since 1997. In the same period last year, the government recorded a surplus of $5 billion (17 billion real).

Thursday, July 30th 2015 - 22:28 UTC

For the sixth straight time, Brazil raises interest rate 50 points to 14.25%

Copom said keeping rates at 14.25% level for a sufficiently long period of time was needed for inflation to converge to the target in late 2016.

Brazil's central bank raised interest rates to 14.25% from 13.75% as expected on Wednesday, delivering another hefty increase to stifle inflationary risks from a sharp depreciation of the local currency. This is the highest rate since October 2006.

Thursday, July 30th 2015 - 09:39 UTC

Brazil's agriculture minister optimistic about a Mercosur/EU trade accord by end of the year

“Mercosur is on the right track, countries of the region have virtually agreed on the proposals to exchange with the European Union”, said Ms Abreu

Brazil' minister of agriculture Katia Abreu said she was very optimistic about Mercosur reaching a trade agreement with the European Union, and if there are problems look to Europe, because Mercosur members have almost agreed and finished their proposal.

Wednesday, July 29th 2015 - 06:12 UTC

“Operation radioactivity” unveils corruption in Brazil's Electrobras

“Unfortunately, it looks like we will go into other sectors as well, and the energy sector alone is already huge,” federal police agent Igor Romario de Paulo said

Brazilian police on Tuesday arrested two executives involved in building a nuclear power plant for Eletrobras, pulling the state-run utility into a corruption scandal that has engulfed government-owned oil company Petrobras.

Wednesday, July 29th 2015 - 06:00 UTC

S&P warns Brazil could lose investment-grade rating as economic slippage continues

The statement sent Brazil's currency tumbling and is a setback to Finance Minister Joaquim Levy's efforts to win back investor confidence

Standard & Poor's on Tuesday said Brazil could lose its coveted investment-grade rating in the coming year if fallout from a number of corruption investigations further stymies economic growth and the implementation of austerity measures.

Tuesday, July 28th 2015 - 06:13 UTC

Brazil central bank survey confirms worst economic performance since 1990

President Dilma Rousseff not only has to deal with a contracting economy but also with a complicated political situation in Congress

Analysts expect Brazil's economy to contract by 1.76% this year, marking its worst performance since 1990, with the inflation rate hitting 9.23%, the Central Bank said on Monday.

Monday, July 27th 2015 - 06:45 UTC

Banks forecasting two years of economic contraction for Brazil

Last Friday, Credit Suisse put out a note revising his forecast for Brazilian GDP this year to -2.4% from an already bleak -1.8%.

Banks in Brazil are now forecasting economic contraction in 2016 and if this proves correct it will be first time Latin America's largest economy shrinks two years running since the Great Depression.

Saturday, July 25th 2015 - 06:16 UTC

Petrobras workers on a nationwide 24 hour strike to protest sale of assets

Caroline Cavassa, a press officer for the National Oil Workers Federation, said 90% of the company's 86,000 workers joined the strike in 12 states.

Tens of thousands of workers at Brazil's state-owned Petrobras went on a nationwide 24-hour strike on Friday to protest the oil company's plans to sell 15.1 billion dollars worth of assets by the end of next year to help pay off a debt of about 120 billion dollars.


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