Saturday, January 17th 2015 - 07:49 UTC

Petrobras corruption scheme could reach 28bn dollars according to police

The criminal investigation also involves foreign companies and 750 additional infrastructure contracts, revealed Ms. Marena

The corruption scheme in Brazil's leading corporation Petrobras could exceed 28 billion dollars, making it the largest corruption scandal that the country has ever seen. The development was reported through an interview by Reuters of Brazilian police officer, Erika Marena, investigating the corruption probe.

Saturday, January 17th 2015 - 07:46 UTC

Booming California overtakes Brazil as the world's seventh largest economy

The Golden State with GDP of 2.20 trillion dollars in 2013, expanded last year by almost every measure. Brazil’s GDP in contrast, declined 1% from 2.25tn

California is overtaking Brazil as the world’s seventh-largest economy, bolstered by rising employment, home values and personal and corporate income, a year after the US most-populous state surpassed Russia and Italy.

Friday, January 16th 2015 - 06:49 UTC

Bilateral trade between Mercosur main partners dropped 21.2% in 2014

The poor performance of the auto industry had an impact for both countries and their complementation

Bilateral trade between Mercosur two main partners, Brazil and Argentina (first and third largest economies in Latin America) dropped 21.2% last year and with a 139 million dollars deficit for Argentina, according to the Argentine Commerce Chamber, CAC.

Wednesday, January 14th 2015 - 22:46 UTC

Chinese jet fighters, an option to re-equip the Argentine Air Force

The FC-1/JF-17’s, 'Thunder' or 'Fierce Dragon' is a lightweight, single-engine, multi-role combat aircraft developed jointly by Pakistan and China

China has emerged as a possible supplier of jet fighters to help modernize the Argentine Air Force, depleted since the 1982 Falklands' war, according to reports from Defense News. In effect the FC-1/JF-17’s, 'Thunder' operational with the Pakistani air force and proven in combat could be a suitable, accessible option for the Argentines after the Spanish, French, Israeli offers seem to have fallen through.

Wednesday, January 14th 2015 - 09:19 UTC

Brazil anticipates 'program of targeted tax increases' and 'fare realism' for power and fuel

“We have no intention of producing a bag of tricks or packages -- but we shall have to take some measures,” Joaquim Levy told reporters

Brazil's finance minister said on Tuesday a program of targeted tax increases was designed with the intention to not harm fragile growth in Latin America's largest economy. Joaquim Levy also pledged 'fare realism' for electricity bills and fuel prices based on 'business reasons'.

Sunday, January 11th 2015 - 11:39 UTC

Rousseff orders ministries to cut spending by a third

The Brazilian president is committed to send a strong message to investors

Brazilian President Dilma Rousseff has instructed a budget cut which affects 39 ministries, reducing their funds by a third, in order to save a figure estimated at 703 million dollars per month.

Thursday, January 8th 2015 - 06:24 UTC

Car sales in Brazil last year dropped 7.15% compared to 2013

Fenabrave is also anticipating that sales this year will continue sliding but in the range of 0.5%, probably reaching 3.479 million

The sale of cars, commercial vehicles, trucks and buses in Brazil dropped 7.15% last year compared to 2013, and reached 3.498 million according to the Brazilian federation of car dealers, Fenabrave. It is the largest drop for the industry in twelve years and the second consecutive fall.

Wednesday, January 7th 2015 - 06:39 UTC

Land possession and peasants, the first strong clash in Rousseff's cabinet

Minister Abreu argued there no large estates left in Brazil, although 1% of entrepreneur farmers own half of the country's best land

Land possession has caused the first clashes in the newly named cabinet of President Dilma Rousseff with Agriculture minister Katia Abreu arguing there are no large estates ('latifundium') left in Brazil, while her Agrarian Development peer and a stalwart from the ruling party said a social approach was needed to the land and peasants issue.

Wednesday, January 7th 2015 - 06:20 UTC

Brazil sends foreign minister to China/Celac meeting in Beijing

The China/Celac meeting is scheduled for next Thursday and Friday and will be the first event of this kind strongly sponsored by Chinese president Xi Jinping

Brazil's new foreign minister Mauro Vieira has left for Beijing to attend the first ministerial meeting between China and the Community of Latin American and Caribbean States, CELAC, according to reports from Brasilia.

Tuesday, January 6th 2015 - 22:49 UTC

Aurelius hedge fund denies being part of lawsuit filed against Petrobras

“The lawsuit has been filed by the City of Providence (Rhode Island. Aurelius has nothing to do with it,” said the president of Aurelius Mark Brodsky

Aurelius Capital Management, one of the main plaintiffs against Argentina in New York District Judge Thomas Griesa’s courtroom, has denied being part in a lawsuit filed against Brazilian state-owned oil company Petrobras, in response to accusations by Argentina’s Economy Minister Axel Kicillof.


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