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.
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.
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.
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.
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.
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.
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.
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.
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.
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.