Inflation in Brazil rose more sharply in July than economists expected, official data showed, raising pressure on the central bank to keep interest rates on hold for some time.
The Brazilian Real weakened further on Friday after interim President Michel Temer showed concern over currency strength, while stocks edged lower following a heavy batch of quarterly results including state controlled oil company Petrobras.
Media exposes Brazil congress 'behind the scenes' plot for a 'corruption amnesty' in the Petrobras case
Brazilian financial newspaper Valor Econômico revealed details of an alleged corruption amnesty currently being discussed by lawmakers who have been accused of alleged involvement in the graft scandal at state oil firm Petrobras.
Brazil's Petrobras reported second-quarter profit that fell by nearly a third from a year earlier, missing expectations as oil prices fell and it took charges for layoffs and the impairment of a refinery. Petrobras said net income fell 30% to 370 million Reais (US$118 million) in the three months ended June 30 compared with a profit of 531 million Reais a year earlier.
Brazil, Argentina and Paraguay are waiting to see what happens on Friday, 12 August, when Venezuela has to prove that it has complied with all the pending requirements to confirm its Mercosur full membership condition dating back to 2012.
Venezuela is not helping much to resolve the unprecedented situation of Mercosur, said Uruguay's foreign minister Rodolfo Nin Novoa in reference to Venezuela's self proclaimed presidency of the group and which is rejected point blank by Brazil, Argentina and Paraguay who consider the post vacant.
A lower-than-anticipated domestic corn supply is pushing prices up, putting pressure on Brazil’s pork and poultry sectors, and forcing the government to intervene, the U.S. Department of Agriculture’s (USDA) Foreign Agricultural Service (FAS) said in its latest report.
Brazilian Senate has voted to begin the impeachment trial of embattled President Dilma Rousseff, a move that could officially hand over power to her former vice president – current interim president – Michel Temer. The impeachment trial is expected to open around August 25 - four days after the Olympics finish - and go on for five days, ending with a vote in judgment.
Brazil, Paraguay and Argentina are waiting for a report on Venezuela´s compliance with the accords agreed in 2012, which has to delivered next Friday 12 August, and could lead the group of three counties deciding the suspension of Caracas as full member of Mercosur. A week and a half later, 23 August, representatives of these countries will be meeting to address the issue.
The CEO of Brazil’s nuclear power company Eletronuclear, was sentenced to serve 43 years in prison by a Rio de Janeiro judge, Valor Economico newspaper reported. Othon Luiz Pinheiro da Silva considered the father of Brazil’s nuclear program and a pillar of the military-industrial establishment was convicted of corruption, money-laundering, organized crime and obstruction of justice, in the latest chapter of the country’s historic “Operation Carwash” investigation.