Brazil

Brazil
Tuesday, January 12th 2016 - 06:50 UTC

Brazilian prosecutors looking into possible foreign and local banks involvemrny in Petrobras corruption

Banks under investigation include Ita BBA - Itau investment-banking unit--,Banco Bradesco, Santander, HSBC Holdings Plc, Deutsche Bank and Banco Votorantim

Brazil's federal tax authority and prosecutors are investigating 13 foreign and local banks for possible financial crimes intermediating loans to Brazilian engineering conglomerate Grupo Schahin, newspaper O Estado de S Paulo says.

Monday, January 11th 2016 - 14:09 UTC

Rioting and clashes with police in Sao Paulo and Rio to complain transport fares

Protesters smashed the windows of buses and vandalized bank agencies. They also threw rocks and bottles at the police, who responded with tear gas

Brazilian riot police on Saturday evening fired tear gas and stun grenades to disperse a violent protest against a rise in public transport fares in the country’s largest city, Sao Paulo. Television images showed small groups of rock-throwing, masked youths clashing with police in the centre of the metropolis, amid burning piles of rubbish.

Saturday, January 9th 2016 - 11:29 UTC

Brazilian industry contracts 12.4% in the year to November; auto production down 23%

Output of cars, light vehicles, trucks and buses tumbled 30% in December to 204,000 units. For the full year, production was down 23% at 2.43 million units.

Brazilian industry contracted in November, breaking all negative estimates as the country’s worst recession in decades deepened. Industrial production declined 2.4% from October in seasonally adjusted terms and 12.4% from November 2014, the Brazilian Institute of Geography and Statistics, or IBGE, said.

Saturday, January 9th 2016 - 11:26 UTC

Brazil' inflation hit a 13-year high in 2015, and double the government's target

Annual inflation reached 10.67% in 2015, the government said Friday, the highest rate since 2002 and more than double the government's 4.5% target.

Brazil's inflation rate hit a 13-year high in 2015, in what analysts called the result of years of economic mismanagement, worsened by a political crisis in Latin America's biggest economy. Annual inflation reached 10.67% in 2015, the government said Friday, the highest rate since 2002 and more than double the government's 4.5% target.

Friday, January 8th 2016 - 18:15 UTC

Petrobras plans further 2016/20 investments cuts, says Sao Paulo media

The revised investment plans will focus on deep-water production, with less dedicated to exploration

Brazil state-run hydrocarbons giant Petrobras will reportedly present a five-year investment plan next month with a target lower than the US$19 billion plan announced last year. Despite two budget cuts last year, Petrobras' plans for the 2016 to 2020 period will include a further drop, with the cuts expected to come from onshore and shallow-water areas, according to a report in the Brazilian daily Estado de S Paulo.

Friday, January 8th 2016 - 11:51 UTC

Rousseff vows 'fiscal belt-tightening' but 'there's no rabbit in the hat' for the current situation

“There's no rabbit in the hat for dealing with the current situation. We need macroeconomic stability, to grow again,” Rousseff said

Brazilian president Dilma Rousseff vowed Thursday that her administration would strive for fiscal belt-tightening and look to keep inflation in check in 2016, saying achieving those goals would help lift the economy out of recession.

Thursday, January 7th 2016 - 08:08 UTC

Rousseff's unaccomplished promise of no recession or retrocession

Of the 34 main goals for 2015 specified by President Rousseff in her message, only 11 (32.3%) were achieved, while 17 (50%) had unsatisfactory results.

On 2 February 2015, Brazilian president Dilma Rousseff sent the Executive message to Congress with her government's plan and promising she would not promote “recession or retrocession.” However eleven months later, Brazil is undergoing full recession and faces retrocession in several areas, having been downgraded by two credit risk agencies.

Tuesday, January 5th 2016 - 08:34 UTC

Confirmed: Brazil faces its worst economic plunge in 25 years

GDP and inflation forecasts come from Boletin Focus, a Central Bank survey of analysts from about 100 private financial institutions on the state of the economy

Analysts expect Brazil's economy to contract by 2.95% this year after contracting by 3.71% in 2015, marking the biggest drop in economic output in 25 years, the Central Bank said on Monday. The first survey of analysts released this year shows that private sector economists expect the inflation rate to hit 6.87% in 2016.

Monday, January 4th 2016 - 07:09 UTC

Brazil's Rousseff faces Olympic political and financial challenges this year

In a leader for the influential Folha de S. Paulo newspaper, Rousseff wrote that the economy for 2016 will be “better than current predictions.”

Brazilian President Dilma Rousseff began the new year on the offensive declaring the impeachment proceedings she faces as “unfair” and overruling by veto more than 50 amendments made by lawmakers to the nation’s budget, including reductions to her flagship Bolsa Familia social program.

Wednesday, December 30th 2015 - 00:51 UTC

Dismal prospects for Brazilian economy in 2016, according to Central bank and budget deficit

GDP and inflation forecasts from the Boletin Focus, a weekly Central Bank survey of analysts from about 100 private financial institutions on the state of the economy.

Analysts expect Brazil's economy to contract by 2.81% in 2016 after contracting by 3.70% this year, marking the biggest drop in economic output in 25 years, the Central Bank said on Monday. Economists are forecasting an inflation rate of 10.72% this year, the highest rate in 13 years, and 6.86% in 2016. The estimates seem to be supported by the latest numbers referred to the budget deficit.

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