Brazil's economy will shrink 3.6% this year and inflation will come in at 10.8%, according to a Central Bank report released Wednesday. The bank expects a continued recession in 2016, albeit with a less severe contraction of 1.9%, and an inflation rate of 6.2%.
Brazil’s new finance minister, Nelson Barbosa, continued his effort to win over investors on Tuesday reiterating that the government of president Dilma Rousseff will maintain the same fiscal policies intended to shrink the budget deficit and cut debt that were favored by his predecessor.
Brazilian President Dilma Rousseff said on Tuesday that her opponents' bid to impeach her has no legal basis since there are no charges against her. At the opening of a metro station in the northeastern city of Salvador, Rousseff said a country cannot resort to impeachment just because it does not like its president, and said Brazil should focus on restoring economic growth and creating jobs.
Inchcape Shipping Services (ISS), the world's leading maritime and logistics service provider, has signed a contract with CGG to provide offshore agency support services for a new oil and gas exploration project in the Barreirinhas Basin in the equatorial margin of northern Brazil.
Brazil's new finance minister sought to reassure investors on Monday as he took the reins of the recession-hit economy, but the Sao Paulo stock market and the Brazilian real both fell. In his first full business day on the job, Finance Minister Nelson Barbosa held a teleconference with international investors, promising to practice the same fiscal discipline as his predecessor, Joaquim Levy.
An estimated 42% of Brazilian Lower House lawmakers (513) are prepared to support the impeachment of president Dilma Rousseff, which is equivalent to 215 votes. But the impeachment motion requires at least 342 votes, two thirds of the total number, which means supporters are still 127 votes short. These numbers belong to a Congress members survey from Datafolha, which was taken between December 7 and 18.
The Brazilian government has welcomed Argentina's realistic foreign exchange policy unifying the Argentine peso exchange rate, saying the latest economic measures taken by the Mauricio Macri administration will be “very positive” for the commercial relationship between the two countries.
Brazilian President Dilma Rousseff on Friday picked her close aide Nelson Barbosa, a left-leaning economist, to take over the finance ministry from Joaquim Levy who is leaving after a series of disagreements over economic policy.
The sprawling Petrobras corruption scandal web is again close to former president Lula da Silva, this landowner Jose Carlos Bumlai, arrested during Operation Lava Jato, was charged with corruption, money laundering and fraud.
Brazil's Supreme Court gave a relief to embattled President Dilma Rousseff two victories on Thursday in rulings that improve her chances of blocking an impeachment bid by opponents seeking to oust the unpopular leader.