Brazil

Brazil
Wednesday, March 16th 2016 - 06:36 UTC

Lula da Silva on the run ready o accept position in cabinet; markets and Real collapse on the news

”Rumors have been around for the last two weeks, but gained strength when Lula traveled to Brasilia to meet with (president Dilma) Rousseff” according to O Globo.

Brazil's ex-president Lula da Silva will accept a position in his successor's cabinet, according to a leading national newspaper, in order to protect himself from prosecution in a corruption case involving the state-run oil company, Petrobras. Rio-based O Globo newspaper reported on Tuesday that Lula had told several close advisers that he would rejoin the cabinet, citing no sources. Brazilian markets and currency collapsed on the news.

Tuesday, March 15th 2016 - 05:06 UTC

Lula prepared to accept a ministry to avoid arrest, according to Brazil's leading media

Brazil's top three papers reported Lula was expected to accept a ministerial position after a federal judge was given jurisdiction to rule over charges against him.

Former Brazilian leader Lula da Silva has accepted a key ministerial role in President Dilma Rousseff's government, leading media in Sao Paulo have reported. Members of the governing Workers' Party say his appointment will strengthen her beleaguered administration. In becoming a minister, Lula will also have some legal protection. Allegedly the two are to meet on Tuesday in Brasilia.

Sunday, March 13th 2016 - 23:17 UTC

Mercosur/EU will exchange trade proposals in April, is announced in Argentina

“We are working hard in the EU and Mercosur for a positive exchange of offers to happen in April. It’s an ambitious but realistic goal”, Mogherini said

Mercosur and the European Union will exchange trade proposals in April, a key step for the long delayed trade and cooperation agreement between the two blocks and which has gained strength since the change of administration in Argentina with president Mauricio Macri.

Sunday, March 13th 2016 - 21:50 UTC

More than a million people fill the streets of Brazil demanding removal of Rousseff

In Rio, which hosts the Summer Olympics in August, the crowd took over a long section of Avenida Atlantica, running along the beachfront of Copacabana.

More than a million people have poured onto the streets of Brazil to demand the removal of the country's president Dilma Rousseff. The president is struggling to hold on to power in the face of a massive corruption scandal and the worst recession in decades.

Sunday, March 13th 2016 - 16:50 UTC

Brazil's largest party agrees that if Rousseff is forced out, Temer will replace her

The party also re-elected as its leader Vice President Michel Temer, the man who would take over as president if Rousseff is forced out.

Brazil's largest political party and decisive member of the ruling coalition said on Saturday it will take 30 days to decide whether to break with President Dilma Rousseff as she faces an impeachment battle. Calls within the Brazilian Democratic Movement Party, PMDB, to ditch the coalition have been growing as Rousseff faces a bruising recession, a spiraling corruption scandal and a probe of alleged electoral violations, as well as possible impeachment.

Saturday, March 12th 2016 - 06:59 UTC

Brazilian political leaders discuss strategy in the event of a presidential removal

PMDB Senator Tasso Jereissati told reporters after the meeting that the coming together of the two parties was a sign of how serious the political crisis has turned.

After expressing support for former president Lula da Silva, the Brazilian Democratic Movement Party (PMDB) met with main opposition leaders who are demanding President Dilma Rousseff be impeached. President of the Senate and member of the PMDB Renán Calheiros held extensive talks with the strongest opposition force, the Brazilian Social Democratic Party (PSDB), led by Aécio Neves, and agreed a joint strategy to face the crisis.

Friday, March 11th 2016 - 20:47 UTC

Odebrecht's involvement in Petrobras corruption scandal costing the conglomerate dearly

Creditors are demanding the company's crown jewel as collateral to refinance the group's debt. The company has an annual turnover of US$ 31bn

The Odebrecht group of companies, whose top officials have been sentenced to prison for involvement in the corruption scheme of Brazil's largest company Petrobras, has come under strong pressure from its creditors to use the crown jewel, the petrochemical company Braskem as collateral to avoid filing for bankruptcy.

Friday, March 11th 2016 - 20:06 UTC

Brazil's February inflation down, but central bank calls for structural reforms and budget control

Inflation slowdown came on easing food and transportation costs. Food prices rose 1.06% in February (2.28% in January). Transportation 0.62% versus 1.77%

Brazil’s consumer-price index slowed in February, providing relief for the country’s central bank amid its efforts to curb inflationary pressures. The consumer-price index, IPCA, rose 0.90% in February, compared with an increase of 1.27% in January, the Brazilian Institute of Geography and Statistics, or IBGE, said.

Friday, March 11th 2016 - 20:03 UTC

Rousseff rejects calls for her resignation and confirms Finance minister Barbosa

“No one has the right to ask for the resignation of a legitimately elected president,” Rousseff told reporters

Brazil's President Dilma Rousseff rejected calls for her resignation on Friday midst a political storm deepened by a massive corruption scandal and blamed her opponents for causing a crisis that has damaged the Brazilian economy. She also confirmed her Finance minister Nelson Barbosa.

Friday, March 11th 2016 - 06:16 UTC

Sao Paulo prosecutors insist on an arrest warrant for ex president Lula da Silva

The effort to arrest the former president raised the stakes dramatically in the current crisis and was likely to further polarize protests planned for Sunday

Sao Paulo state prosecutors in Brazil are seeking the arrest of former President Lula da Silva on charges of money laundering and identity fraud for concealing ownership of a beachfront apartment, his foundation said on Thursday. The effort to arrest the former president raised the stakes dramatically in the current crisis and was likely to further polarize protests on Sunday calling for the impeachment of president Dilma Rousseff.

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