Thursday, September 3rd 2015 - 10:29 UTC

Brazil's central bank leaves basic interest rate unchanged at 14.25%

In a unanimous vote, the central bank's Copom kept its benchmark Selic rate at 14.25%, a 9-year high and still the highest among the world's top 10 economies

Brazil's central bank halted one of the world's boldest rate-hiking cycles on Wednesday, taking pressure off an economy struggling with recession even amid concerns that a looming budget crisis could stoke inflation.

Thursday, September 3rd 2015 - 08:30 UTC

Brazilian industrial production plummets in July: 8.9% from a year earlier

Industry output sank 1.5% in July from June in seasonally adjusted terms and was down 8.9% from a year earlier, the IBGE said

Brazil's industrial production plummeted in July and fell well below economists' worst predictions. Industry output sank 1.5% in July from June in seasonally adjusted terms and was down 8.9% from a year earlier, the Brazilian Institute of Geography and Statistics, or IBGE, said Wednesday. The IBGE also revised June's drop to 0.9% from 0.3% from the previous month.

Thursday, September 3rd 2015 - 07:21 UTC

Rousseff pledges to reduce budget deficit; denies Levy was stepping down

The budget was presented with a deficit with the idea of being “transparent” and showing that the economy “clearly has problems,” Rousseff affirmed

President Dilma Rousseff vowed on Wednesday to take new measures to reduce the deficit her administration is projecting for 2016, without ruling out more spending cuts and additional taxes in Brazil. The 2016 budget unveiled on Monday projected Brazil’s first-ever primary fiscal deficit, before payment of interest on the national debt, sparking controversy.

Thursday, September 3rd 2015 - 07:13 UTC

Brazilian VP calls on business community for a 'national alliance'

“There's a need for national unity if we are to have social peace. The antagonism we see in the streets cannot go on,” Temer said

President Michel Temer asked business owners and executives for a “national alliance” to deal with Brazil's political crisis and shaky economic situation. Temer is leader of the centrist PMDB, the main governing partner of Rousseff's center-left Workers Party, PT.

Wednesday, September 2nd 2015 - 08:06 UTC

Petrobras union announces an 'open-end' strike to protest investment cuts

The union is against any sale of Petrobras assets and would like to see the company to be 100% owned by Brazil's government.

Brazil's largest oil workers' union advised Petrobras that it plans to begin an open-ended strike against the state-run oil company starting at midnight (0300 GMT) on Friday. The strike is in protest at a recent cut of about 40% in investments by Petrobras and the planned sale of about $15.1 billion of assets, the union, known as FUP, said in a statement on Tuesday.

Wednesday, September 2nd 2015 - 06:27 UTC

Petrobras increases price of LPG by 15%, the first adjustment in 13 years

The gas, sold in standard and ubiquitous steel bottles holding up to 13 kilograms of LPG, is essential for cooking and heating for millions in Brazil

Brazil's Petrobras announced late Monday that it would raise the wholesale price of liquefied petroleum gas (LPG) by 15% effective Tuesday, the first price adjustment for the essential cooking gas in 13 years. The move is part of efforts by Petrobras to reduce losses on fuel sales, a company Petrobras source said.

Tuesday, September 1st 2015 - 07:08 UTC

Brazil Central bank survey says economy will shrink 2.26% this year and 0.40% next year

Analysts expect Brazil's economy to contract by 0.40% in 2016, while they were forecasting a contraction of just 0.24% for next year in the prior weekly survey.

Analysts expect Brazil's economy to contract by 2.26% this year, reflecting greater pessimism in the wake of the release of figures last week showing that the country is in a recession, the Central Bank said Monday.

Tuesday, September 1st 2015 - 06:48 UTC

Moody's cuts 2016 global economic forecast; no commodities rebound in near future

Moody’s kept its Euro zone forecast unchanged despite the recent turbulence in Greece, at one and two percent in 2015 and 2016.

Credit rating firm Moody’s cut its 2016 global economic growth forecasts, with China and United States both trimmed and Russia and Brazil seen staying in recession.

Tuesday, September 1st 2015 - 06:36 UTC

Brazil presents 2016 budget and Real drops to a 12-year low against the dollar

The budget plan calculates inflation of 5.4% next year and anaemic GDP growth at 0.2%.

Brazil's government presented a 2016 budget Monday that for the first time projects the world's seventh largest economy operating in the red, sparking worries that the country's investment grade rating will be put at risk.

Tuesday, September 1st 2015 - 06:26 UTC

Rolls Royce cooperating with Petrobras corruption investigators

“We are cooperating with investigating authorities in Brazil but are unable to comment further on a continuing investigation,” a Rolls-Royce spokesman said

Britain's Rolls-Royce is cooperating with investigators in a massive corruption scandal at Brazilian state oil giant Petrobras, a spokesman said. The engineering company confirmed it had been contacted by investigators involved in the probe, which has engulfed Brazil's political and business establishment amid allegations of a massive kickbacks scheme.


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