Brazil

Brazil
Saturday, May 23rd 2015 - 06:27 UTC

Brazil announces US$ 22.5bn spending cuts and confirms minister Levy

“This is a big effort that indicates the government willingness to meet our goal,” Planning Minister Nelson Barbosa told reporters in Brasilia.

Brazil finally announced its much expected budget resources reshuffle that will freeze 69.9 billion Reais (22.58 billion dollars) worth of spending on investment, education and health programs this year, limiting outlays in a bid to convince investors that President Dilma Rousseff is committed to saving the country's investment-grade rating.

Friday, May 22nd 2015 - 08:16 UTC

Brazil heading for full recession: economic activity down, unemployment up

Economists expect Brazil's GDP to shrink 1.2% in 2015, the steepest decline in 25 years, according to a central bank poll on Monday.

Economic activity in Brazil tumbled in the first quarter and unemployment climbed to a near four-year high, adding to signals that a looming recession could worsen as President Dilma Rousseff reins in public spending.

Friday, May 22nd 2015 - 05:49 UTC

Brazil and Uruguay on an “urgent and necessary” redesign of Mercosur

Vazquez said it was necessary to grant member countries “certain degree of flexibility, so that those who wish can advance with other trade partners”

Uruguayan president Tabare Vazquez said it was “urgent and necessary” to redesign Mercosur so as to give its members greater 'trade flexibility'. Vazquez made the statements following Thursday meeting with his peer Dilma Rousseff in Brasilia and underlined “it would be naive to admit that Mercosur as it stands currently, is satisfactory”.

Friday, May 22nd 2015 - 05:42 UTC

Lagarde preaches fiscal discipline in one of Brazil's most dangerous slums

“The people who suffer the most with fiscal indiscipline at the end of the day are generally the poor”, said Lagarde in the Complexo do Alemao favela

The head of the International Monetary Fund (IMF) encouraged Brazil on Thursday to pursue fiscal discipline, saying it was needed to protect social programs benefitting the poorest members of society. IMF chief Christine Lagarde made the link during a visit to Complexo do Alemao, one of Rio's largest and most dangerous slums and an example of the challenges the country faces as it struggles with low growth and high inflation

Thursday, May 21st 2015 - 07:27 UTC

Uruguay and Brazil summit to consider a more flexible Mercosur

“The presidents will discuss advances in the main bilateral integration projects and regional and multilateral issues, with emphasis on Mercosur”, said Brazil

Uruguayan president Tabare Vazquez will be meeting his peer, Dilma Rousseff in Brasilia this Thursday to address a dense bilateral agenda, and more specifically the workings and future of Mercosur, in search for a more flexible group, open to agreements with third parties.

Wednesday, May 20th 2015 - 05:44 UTC

Beijing to the rescue of sliding Brazil: 53bn dollars in trade, finance and investment

Li and Rousseff announced the Industrial and Commercial Bank of China, will set up a 50bn fund with Caixa Econômica Federal, for infrastructure projects

Beijing has come to the rescue of Brazil's slumping economy with trade, finance and investment deals worth at least 53 billion dollars in energy, mining, aviation and upgrading of dilapidated infrastructure.

Tuesday, May 19th 2015 - 07:33 UTC

Chinese PM in Brasilia; Beijing prepared to invest 100bn in transport and energy

PM Li Keqiang will be meeting with President Rousseff Tuesday in Brasilia and sign a raft of agreements before flying to Rio do Janeiro  (Pic Xinhua)

China's Premier Li Keqiang arrived in Brasilia on Monday to sign agreements on infrastructure, energy and aviation that experts say could reach 100 billion dollars. The South American tour also includes Colombia, Peru and Chile and aims to restructure China's resource-driven trade with Latin American countries by including more value-added products.

Saturday, May 16th 2015 - 07:58 UTC

Congress upsets Rousseff: votes to boost pension benefits

Many lawmakers from allied parties, including from Rousseff’s own Workers’ Party, voted for the amendment, highlighting resistance to the austerity push

Brazilian President Dilma Rousseff saw allies and members of her own Workers’ Party challenge her in Congress by voting in favor of boosting pension benefits.

Saturday, May 16th 2015 - 07:46 UTC

Levy tries to convince investors in London that Brazil slowdown is temporary

Levy reiterated that the government is sticking to its primary surplus target of 1.2% of GDP, something the IMF said is crucial to regain investors’ confidence.

Brazilian Finance Minister Joaquim Levy said he expected the country’s economic slowdown to be temporary and that fiscal discipline remained central to ensuring the recovery as a commodity price boom waned. Addressing investors in London, Levy said fiscal discipline was needed to cushion the economy against the inflationary effects of the falling Real currency.

Friday, May 15th 2015 - 07:53 UTC

Uruguay convinced Mercosur will be more flexible regarding trade accords with third parties

Uruguay believes there is a basic consensus to be more flexible in allowing Mercosur members to reach agreements with third parties, said Nin Novoa

Mercosur countries have reached a basic consensus to look for mechanisms that will allow individual members to negotiate trade agreements outside the block, announced Uruguay's foreign minister Rodolfo Nin Novoa, who has been leading a strong campaign (with Brazilian support) on the issue.

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