Brazil

Brazil
Thursday, June 9th 2016 - 09:06 UTC

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

In a unanimous vote, Copom, decided at its last meeting led by governor Alexandre Tombini to keep its benchmark Selic rate at 14.25%, the highest in nearly a decade.

Brazil held interest rates steady for the seventh straight time on Wednesday, resisting pressure to slash borrowing costs amid a recession as inflation remains near double digits. In a unanimous vote, the central bank's monetary policy committee, Copom, decided at its last meeting led by governor Alexandre Tombini to keep its benchmark Selic rate at 14.25%, the highest in nearly a decade.

Wednesday, June 8th 2016 - 07:31 UTC

Brazilian prosecution asks for the arrest of senior figures of Temer's government

Media reported that Prosecutor Rodrigo Janot has asked the Supreme Court to authorize the arrests of four powerful leaders from the ruling PMDB of Temer

Brazil's political crisis heated up Tuesday, as authorities reportedly sought the arrests of senior figures behind the push to impeach suspended president Dilma Rousseff, accusing them of obstructing a corruption probe, according to the country's leading newspapers. This happens less than two months to go before Rio de Janeiro hosts the Summer Olympics.

Tuesday, June 7th 2016 - 08:46 UTC

Temer's Tourism minister might have to 'advance holidays' because of Petrobras

The messages supposedly show Alves offering political support to construction firm OAS Engenharia allegedly in exchange for campaign donations

Brazil's prosecutor general found evidence linking the tourism minister of interim President Michel Temer to the corruption scheme at Petrobras, newspaper Folha de S. Paulo reported on Monday. Prosecutor General Rodrigo Janot included intercepted phone messages in a request to the Supreme Court for a formal investigation of Tourism Minister Henrique Eduardo Alves, Folha reported in publishing excerpts of the messages.

Monday, June 6th 2016 - 10:51 UTC

Brazil's Lower House approves salary raises for military and civil servants

The increases were accounted for in this year's budget, according to the Planning Ministry, so they should find support in the coalition of interim President Temer

The lower house of Brazil's Congress approved last week salary raises for military and civil servants that will cost about 4 billion reais (US$1.12 billion) this year, the lower house said through its official news agency.

Monday, June 6th 2016 - 10:46 UTC

Petrobras will have full independence to set domestic fuel prices

Energy Minister Coelho said the energy, finance and planning ministries would review expected changes by Petrobras to gasoline, diesel and other fuel prices<br />

Brazil's energy ministry said on Saturday it backed full independence for Petrobras to set domestic fuel prices, blaming past controls for saddling the state-controlled oil company with crippling debt that is the oil industry's largest.

Saturday, June 4th 2016 - 08:34 UTC

Lula da Silva blasts media for trying to hide the “coup” against Rousseff

“After the coup, Globo simply took Dilma off the air as if she did not exist or had never existed”, claimed Lula.

Former Brazilian president Lula da Silva accused the media conglomerate Globo, the country’s largest, of censoring suspended president, Dilma Rousseff, adding that the interim government of Michel Temer is seeking to take away social rights and is “delivering” the nation’s oil for exploitation by foreign interests.

Friday, June 3rd 2016 - 09:13 UTC

Temer's administration confident of congressional support for its economic plans

Chief of staff Eliseu Padilha said government enjoys a solid two-thirds majority in Congress to push through legislation needed to contain a record deficit

President Michel Temer's will press ahead with ambitious plans to balance the budget, reform pensions and draw private money into the energy sector despite the loss of two ministers to a corruption scandal, his chief of staff said on Thursday.

Friday, June 3rd 2016 - 08:41 UTC

Brazil wants Venezuela out of the Mercosur rotating chair

Maduro's Venezuela is scheduled to take the Mercosur chair at the summit scheduled for the end of the month

Brazilian government would like to block Venezuela from taking the rotating presidency of Mercosur later this month, a move to further debilitate Venezuelan president Nicolas Maduro's power, according to Planalto sources close to interim president Michel Temer, who admitted the proposal has yet to be discussed with other members.

Thursday, June 2nd 2016 - 09:11 UTC

Temer's home in Sao Paulo is fenced off to keep protestors away

Police officers and members of the presidential security are posted in front of the home, where Temer usually spends weekends and his younger son and his wife live.

Brazil's acting president, Michel Temer, put a fence around his home in Sao Paulo to prevent protesters gathered in the vicinity from harassing his family. The measure, authorities said, was taken to “strengthen” the security surrounding the family of the interim president after on May 22 riot police dispersed a demonstration before his house.

Thursday, June 2nd 2016 - 07:31 UTC

Brazil's economy plunges 5.4% in the first quarter compared to a year ago

 The result confirms analysts' expectations that Brazil's economic performance in 2016 will be roughly similar to last year, when GDP shrank 3.8%

Brazil's economy sank further into recession in the first quarter, contracting 5.4% relative to the same three-month period of last year, the government said Wednesday. Compared with the final quarter of 2015, the economy shrank by 0.3%, according to the state-run Brazilian Institute for Geography and Statistics, or IBGE.

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