Wednesday, October 14th 2015 - 07:37 UTC

Brazil's Supreme Court gives Rousseff a break in her battle to avoid impeachment

Brazil's highest court ruled against lower house speaker Eduardo Cunha -- the man with the power to trigger impeachment -- on procedural questions.

Brazilian President Dilma Rousseff won a temporary reprieve on Tuesday from threatened impeachment thanks to a Supreme Court intervention and her principal opponent's decision to hold off for now on opening proceedings.

Tuesday, October 13th 2015 - 07:13 UTC

Pacific Alliance members outstand in Latin American performance, says IMF

“Compared to 15 years ago, the region has changed for the better. It is now standing on much more solid ground,” Lagarde said

Brazil is still by far the largest economy in Latin America despite its recession and the impact of the devaluation of the Real, according to the latest report from the International Monetary Fund (IMF), which said Venezuela dropped to the position of the region’s seventh-largest economy with a GDP that’s now half the size of Colombia’s.

Monday, October 12th 2015 - 06:19 UTC

“Under no condition, I might resign” says Brazil's Lower House speaker

”Under no condition. There's not the smallest chance that I might resign, that I would request approval (to do so) or anything similar,” Eduardo Cunha said

The speaker of Brazil's lower house of Congress ruled out resigning in response to pressure from colleagues over allegations that he took bribes and stashed the money in Swiss bank accounts.

Monday, October 12th 2015 - 06:16 UTC

Petrobras corruption scandal could reach US$ 5.3bn: “we've only seen the tip of the iceberg”

Lead prosecutor Deltan Dallagnol said that losses to Petrobras itself amounted to some 6.2 billion Reais, but that “this is only the tip of the iceberg.”

Damage from the gargantuan corruption scandal centered on Brazilian state oil company Petrobras could amount to as much as 20 billion Reais ($5.3 billion), a lead prosecutor revealed last week.

Monday, October 12th 2015 - 06:14 UTC

Levy confident congress will finally approve austerity measures to help Brazil's economy

“I have no plans of leaving the government. We still have a long agenda to fulfill that includes structural reforms”, said Finance minister Joaquim Levy

The president Dilma Rousseff administration is geared to “preparing the country to deal with a new international reality”, Brazilian Finance Minister Joaquim Levy told Reuters in an interview on Saturday.

Saturday, October 10th 2015 - 07:11 UTC

Opposition will push for impeachment proceedings against Rousseff next week

PSDB will support an impeachment against Rousseff, said Neves: “we're not the only ones asking Rousseff to step down, 60% of Brazilian are saying the same”

Brazil opposition lawmakers will push for impeachment proceedings to begin next week against embattled President Dilma Rousseff, local media reported Friday. It comes after the country’s top audit court, the TCU, ruled that the government’s 2014 accounts had been manipulated in the run-up to last year’s presidential elections to give a better impression of the economy and sustain spending on social programs.

Thursday, October 8th 2015 - 18:51 UTC

Brazilian congress again exposes President Rousseff's political weakness

Her government failed to gather enough lawmakers to have a quorum for the session despite a cabinet reshuffle last week to bolster her position

Brazil's Congress on Wednesday postponed for a fourth time voting on whether to overrule President Dilma Rousseff's vetoes of two spending bills in a defeat for her government as it scrambles for support to rebalance overdrawn public accounts.

Thursday, October 8th 2015 - 12:14 UTC

Rousseff closer to impeachment: government accounting practices 'illegal' says Accounts Court

“The accounts are not a condition where they can be approved. We recommend their rejection,” said lead judge, Augusto Nardes, with unanimous support

Brazil's President Dilma Rousseff suffered a major new setback Wednesday when a court ruled that her government's accounting practices were illegal, handing ammunition to opponents threatening impeachment proceedings. The decision by the Federal Accounts Court or TCU was the latest blow to Rousseff, less than a year into her second term.

Thursday, October 8th 2015 - 12:08 UTC

Brazil's inflation eases in September but still too close to two digits

A consumer price as measured by Brazil’s IPCA index has fallen to 9.49% in last 12 months to September, compared to 9.53% in August.

Inflation in Brazil has eased for second consecutive month, which takes some pressure of the central bank to hike rates further. The Real has also gained pace last month after the central bank promised to do whatever it takes to stem the Brazilian currency's slide. The Real has strengthened to 3.84 per dollar after touching new all-time high of 4.247 per dollar only a couple of weeks ago.

Thursday, October 8th 2015 - 10:21 UTC

With Brazil contracting 3%, Latin America's economy will shrink 0.3%, says IMF report

“The downturn in Brazil was deeper than expected,” the IMF said and warned of “significant negative spillovers” in the region.

The International Monetary Fund said today that it now expects Latin America's economy to shrink 0.3% this year instead of growing 0.5%, largely due to a steep recession in Brazil and slumping commodity prices. It would be the first recession for the Latin American and Caribbean region since 2009.


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