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.
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.
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.
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.
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.
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.
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.
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%.
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.
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.