Friday, March 13th 2015 - 11:28 UTC

Brazil central bank admits interest policy has not been effective in fighting inflation

The bank said that despite credit being more expensive due to higher rates, domestic demand will remain “moderate” and household consumption should “stabilize.”

Brazil's Central Bank appears likely to continue raising interest rates in the short-term, saying in its most recent meeting that its inflation-fighting effort in recent months has been insufficiently effective. The view was reflected in the minutes, published on Thursday, of its monetary policy committee's March 4 meeting, when the bank raised its benchmark Selic interest rate by 50 basis points to 12.75%.

Wednesday, March 11th 2015 - 03:02 UTC

Petrobras whistleblower says Rousseff's party received US$ 200 million from Petrobras contracts

Pedro Barusco, a former executive at Petrobras' services division, said he had received payments as early as 1997 and in larger amounts starting in 2004

A former Petrobras executive told a congressional hearing in Brazil on Tuesday that the ruling political party received up to 200 million dollars skimmed from contracts with the state-run oil company, reiterating claims made in plea bargain testimony.

Tuesday, March 10th 2015 - 07:05 UTC

Brazilian lawmakers accused of Petrobras graft fight back

Farias told Folha de Sao Paulo that while he may have acted improperly, his actions weren’t illegal. The senator admitted taking a US$650,000 donation

Brazil’s congressional heads denied involvement in the country’s largest graft scandal after being named among dozens of politicians for investigation. Renan Calheiros and Eduardo Cunha, the heads of the Senate and Lower House respectively, and Rio de Janeiro Senator Lindbergh Farias all rejected allegations of graft in the Petrobras kickback scheme dubbed “Carwash.”

Tuesday, March 10th 2015 - 06:56 UTC

Renewal of car quotas with Mexico reveals shortcomings of Brazilian industry

“We need to deal with our competitiveness issues before reaching a free-trade agreement with any nation,” said Moan, head of Brazil’s auto-maker association

Brazil and Mexico announced the renewal of vehicle quotas for four years, delaying the implementation of a free-trade agreement between the two countries. Under the new agreement, Brazil and Mexico will permit $1.56 billion of duty-free vehicle imports for the first year of the agreement. That amount will rise 3% each year until the agreement expires, in 2019, when they’ll return to a free-trade regime.

Monday, March 9th 2015 - 07:34 UTC

Rousseff's message deafened by pot-banging, horn-blowing and messages calling for her resignation

The president did her best during the 16 minute national address but people from their homes expressed their disappointment

President Dilma Rousseff appealed to Brazilians on Sunday to back fiscal austerity policies, while saying that the belt-tightening will last as long as needed and results will only start showing at the end of this year.

Saturday, March 7th 2015 - 07:41 UTC

Petrobras corruption: Supreme Court approves investigation of 54 politicians

Leaders of the Senate Renan Calheiros and Lower House Eduardo Cunha are in the 54-name list. So is former president Collor and currently a Senator (photo)

Brazil's Supreme Court late Friday approved an investigation of dozens of top politicians, including a former president and leaders of congress, for alleged connections to what they call the biggest graft scheme ever uncovered in the country which has the largest economy in Latin America.

Saturday, March 7th 2015 - 07:37 UTC

February inflation in Brazil at 7.7% is at its highest level since May 2005

The figures highlighted the spiraling cost of education, transport and housing.

Inflation jumped in Brazil on February with price increases hitting an annual rate of 7.7%, the highest in nearly nine years, officials said on Friday. The national statistics institute IBGE said prices rose 1.22% in February, pushing inflation well above the government's target ceiling of 6.5%.

Friday, March 6th 2015 - 08:44 UTC

The Brazilian currency slides past three to the dollar, fist time since 2004

The Real has shed around one-third of its value against the US currency over the past two years as Brazil's economy has slumped

Brazil's currency, the Real slid past three to the dollar (3.01) for the first time in 10 years on Thursday, in the latest sign of weakness of Latin America's largest economy.

Friday, March 6th 2015 - 07:22 UTC

Argentina denies any devaluation to compensate for the plunge of Brazil's Real

Facing a “Brazil that devalues violently”, Argentina must “avoid instability“ and ”give certainty,” assured minister Kicillof

Despite Brazil's 'violent devaluation' of its currency, Argentina will not pursue the same path because the country needs “to give certainty” and “avoid instability” said Economy minister Axel Kicillof. This week the Real plunged to its lowest level in over a decade burdened by economic and political uncertainty

Thursday, March 5th 2015 - 08:23 UTC

US Judge names lead plaintiff in class-action lawsuit against Petrobras

U.S. District Judge Jed Rakoff also named Pomerantz LLP in New York as the lead counsel and ordered lawyers for both side to contact the court on March 6

A U.S. federal judge on Wednesday named a trustee of a British pension fund as the lead plaintiff in a class-action lawsuit against Brazil's state-run oil company Petrobras and its top executives.


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