Brazil

Brazil
Thursday, December 4th 2014 - 05:09 UTC

Rousseff promises JPMorgan investors a balanced budget and full support of Levy

The new team will work “to gradually but structurally lift our primary surplus so we can stabilize and reduce the public sector's gross debt in relation to GDP”

President Dilma Rousseff said in a letter to investors that one of the main priorities of her second term will be to put Brazil's fiscal accounts in order, sending a strong message that her administration will adopt more market-friendly policies.

Thursday, December 4th 2014 - 05:03 UTC

Brazil raised the basic interest rate 50 basic points to 11.75%

Tombini had warned that the bank must 'maintain especially vigilant' monetary policy

Brazil's central bank on Wednesday raised its key interest rate by 50 basis points to 11.75%. The rise came on the back of a one quarter point rise just over a month ago which was the first since April and in the wake of populist Dilma Rousseff's re-election as president, who last week appointed a new finance team to tackle rising inflation.

Wednesday, December 3rd 2014 - 08:15 UTC

Falklands' patrol vessels support, allegedly from Brazil and Chile, trigger debate in Argentina

A recent foreign policy book from Di Tella's number two, Andres Cisneros has brought up the issue

Argentine opposition lawmakers expressed concern about alleged logistic support from Brazil and Chile to British warships and other auxiliary vessels in the South Atlantic and demanded the government of president Cristina Fernández report to Congress on the matter.

Wednesday, December 3rd 2014 - 08:06 UTC

Brazil posts in November its worst trade monthly result in 20 years

Brazil fell into recession earlier this year and has suffered relatively low growth for four years.

Brazil posted a 2.35 billion dollars trade deficit in November, the country's worst monthly result in 20 years, and cementing its slide into the red for the year after a decade of surpluses.

Tuesday, December 2nd 2014 - 06:01 UTC

Rousseff names another market-friendly minister to her new cabinet

Monteiro, an industrialist and senator from Pernambuco, led Brazil's most powerful business lobby: National Industry Confederation, from 2002 to 2010.

Brazilian President Dilma Rousseff has named business leader Armando Monteiro to head the industry and trade ministry in a new sign of more market-friendly policies as she tries to restore investor confidence and reignite economic growth.

Monday, December 1st 2014 - 08:19 UTC

Slow planting season cuts soybean production prospects for Brazil

The US Department of Agriculture bureau in Brasilia pegged the Brazilian soybean crop, the world's second biggest after that of the US, at 92.0m tons.

US officials joined market analysts cutting Brazilian soybean production prospects thanks to a slow planting season, but maintained expectations of a, small, rise in exports to a record high.

Friday, November 28th 2014 - 06:46 UTC

New Brazilian minister pledges realistic fiscal targets and balanced economic growth

“We are not in a moment of crisis, so it is important to lay the basis for the next few years,” Levy told reporters in a first attempt to transmit confidence

Brazilian President Dilma Rousseff finally announced on Thursday the appointment of Joaquim Levy, as her next Finance minister who is also known as the 'scissors man', who pledged more realistic fiscal targets and promised more balanced economic growth.

Friday, November 28th 2014 - 06:13 UTC

Petrobras agrees to appoint a “governance, risk management and compliance” director

The creation of this new position will not increase the number of Board Members, since it will replace that of International Executive director.

Brazil's oil and gas giant Petrobras (and currently immersed in a major corruption scandal) has decided the appointment of a director of governance, risk management and compliance mainly to ensure risk mitigation and ensure the repeat of situations of fraud and corruption, according to a release from the corporation.

Wednesday, November 26th 2014 - 06:39 UTC

US Securities & Exchange Commission investigating Petrobras corruption scandal

Petrobras received a SEC subpoena requesting material and is working with law firms Trench, Rossi and Watanabe, and Gibson, Dunn & Crutcher

Brazil’s state-run oil firm Petrobras said on Monday it had received a subpoena from the US Securities and Exchange Commission asking for documents relating to an investigation it is pursuing. The SEC investigation is the latest in a multi-layered probe into Petrobras which is spreading beyond Brazil’s borders.

Monday, November 24th 2014 - 07:14 UTC

Brazil's JBS purchases leading ham and bacon supplier in Australia

The deal represents an “outstanding opportunity to expand our business in Australia”, a major meat exporting country, said JBS CEO Batista

Brazil's JBS, the world's biggest meat group, beefed up its growth in Australia with the 1.25bn dollars purchase of Primo Smallgoods Group. JBS said that through its JBS Australia business, it had paid Aus$1.45bn in cash for the supplier of the likes of ham and bacon to Oceania.

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