Brazil

Brazil
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.

Wednesday, December 30th 2015 - 00:46 UTC

Petrobras corruption 'net' involves Norwegian companies, claim Oslo media

A company named in the Petrobras scandal is Akastor, a spun off from the large Norwegian oil supply company Aker Solutions in 2014.

The huge corruption case swirling around Brazilian oil company Petrobras is being called the world’s largest, and increasing numbers of Norwegian companies seem to be getting tangled up in it. Norwegian bosses mostly claim no knowledge of any bribes being paid, but investigations are underway on several fronts.

Tuesday, December 29th 2015 - 21:54 UTC

Environmental groups blame massive deforestation for floods in Mercosur members

“Increasing rainfall and significant loss of forest cover in Argentina, Brazil and Paraguay, have not allowed the natural absorption of water,” Greenpace said

Deforestation is one of the main causes of the floods in South America that have left at least 160,000 people, 25,000 of them in Argentina alone, homeless, environmental groups said.

Tuesday, December 29th 2015 - 08:23 UTC

JPMorgan-Chase describes Macri's Argentina as “a ray of sunshine” in the region

In and end-of-year survey Bloomberg business news agency quotes JP Morgan Latam expert Tulio Vera: Argentina is the “ray of sunshine” in the region

A growing number of foreign investors are signaling interest in Argentina following the pro-market turn that newly-inaugurated President Mauricio Macri started showing since taking office. The latest financial player to endorse the country as a promising investment destination was JP Morgan Chase, the largest bank in the United States, where current Finance Minister Alfonso Prat-Gay worked in the past.

Tuesday, December 29th 2015 - 08:07 UTC

Israel pressing Brazil to accept pro-settler activist as its ambassador

 The appointment four months ago of Dani Dayan, a former head of the Jewish colony movement, did not go down well with Brazil’s government

Brazil’s reluctance to accept an Argentine born pro-settler politician as Israeli ambassador has triggered a diplomatic clash and concerns it could seriously damage future relations between the two countries.

Thursday, December 24th 2015 - 11:11 UTC

Capital-strapped Petrobras wants to extend oil and gas fields contracts

By renewing early Petrobras will ensure it can count remaining reserves on its financial accounts for a longer period, making it easier to raise capital.

Brazil's state-run oil company Petrobras will have to agree to extract at least 900 million barrels more of oil and natural gas equivalent from its Marlim and Voador offshore oil fields to win early renewal of its concession rights, oil regulator ANP said.

Thursday, December 24th 2015 - 10:56 UTC

Brazil is suing BHP and Vale 'at least' US$ 5bn for Minas Gerais mining disaster

 The action against the two mining giants relates to the catastrophe that hit Samarco iron ore operation in Minas Gerais, Brazil on 5 November.

A Brazilian federal court has ordered BHP Billiton and Vale to set aside US$ 491.5 million, with the possibility of billions more, has frozen the mining giants' assets in the country, and ordered it to carry out extensive environmental and social work in the region hit by a dam burst at its joint venture.

Thursday, December 24th 2015 - 08:57 UTC

Brazilian economy will contract 3.6% this year confirms Central bank

The Central Bank attributed Brazil's economic woes to external factors, domestic “imbalances” and “uncertainty associated with non-economic events.”

Brazil's economy will shrink 3.6% this year and inflation will come in at 10.8%, according to a Central Bank report released Wednesday. The bank expects a continued recession in 2016, albeit with a less severe contraction of 1.9%, and an inflation rate of 6.2%.

Wednesday, December 23rd 2015 - 10:07 UTC

Brazil's Barbosa insists fiscal policies to shrink budget deficit “will be maintained”

“Our economic policy remains in the same direction,” Barbosa told reporters in English on a conference call

Brazil’s new finance minister, Nelson Barbosa, continued his effort to win over investors on Tuesday reiterating that the government of president Dilma Rousseff will maintain the same fiscal policies intended to shrink the budget deficit and cut debt that were favored by his predecessor.

Wednesday, December 23rd 2015 - 09:42 UTC

Rousseff off the hook until February: Supreme Court and Congress in recess

Time is running on president Rousseff's side since the Supreme Court entered into recess this week and Congress goes on vacation on Wednesday.

Brazilian President Dilma Rousseff said on Tuesday that her opponents' bid to impeach her has no legal basis since there are no charges against her. At the opening of a metro station in the northeastern city of Salvador, Rousseff said a country cannot resort to impeachment just because it does not like its president, and said Brazil should focus on restoring economic growth and creating jobs.

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