Saturday, May 9th 2015 - 09:34 UTC

Mujica's book rekindles Brazilian scandal involving Lula da Silva

Allegedly Lula told Mujica back in 2010 that “he had to deal with many immoral things including blackmail” and “this was the only way to rule Brazil”

Uruguay's president Jose Mujica has now denied alleged statements collected in a book about his life written by two journalists, that he personally presented last Sunday in Buenos Aires and in which there is a mention to former president Lula da Silva and the 'mensalao', one of Brazil's largest corruption scandals involving monthly payments to have bills passed by Congress.

Friday, May 8th 2015 - 07:48 UTC

Brazil's central bank to continue increasing rate, with inflation on target at the end of 2016

Central bank director Luiz Awazu Pereira said secondary effects 'should be limited to 2015', the first time the bank acknowledged it in the minutes.

Brazil's central bank expects inflation to run above the official target this year and next, despite months of monetary tightening, signaling policymakers could maintain an aggressive pace of interest-rate hikes to lower stubborn prices. In the minutes of its April 29 rate-setting meeting, the bank said it would remain vigilant to ease persistently high inflation.

Thursday, May 7th 2015 - 06:55 UTC

Brazil wants to review Mercosur 'liberty' rules; sends strong public message to Argentina

“We want to send a clear strong signal, particularly to Argentina, of the urgency to reach a trade agreement with the European Union”, underlined Monteiro

Brazil has proposed reviewing Mercosur rules so that its members can enjoy more 'liberty' to negotiate trade agreements with other blocks or third parties, because even when “Mercosur is an indissoluble marriage, this does mean that relations can't be discussed” and thus a 'different speeds' group should not be discarded.

Thursday, May 7th 2015 - 06:48 UTC

Purchase real estate prices in Brazil have fallen in first months of 2015

Rio remains the most expensive with an average purchase square meter price of R$10,653 (approx US$ 3.450), followed by São Paulo: R$8,570 ( US$ 2.760).

Purchase real estate prices all over Brazil have fallen a combined 3.47% in real prices the first months of 2015 according to the Fipe-Zap index. The index collected real estate prices in twenty Brazilian cities and measured them against inflation, registering monthly price rises below inflation for the sixth time in a row.

Thursday, May 7th 2015 - 06:08 UTC

Brazil's industrial production continues to skid, 4,7% in twelve months

“With the March 2015 result, industrial production is 11.2% below the record level reached in June 2013,” the national statistical institute IBGE said.

Brazil's industrial production has dropped 4.7% in the last twelve months after slipping in March by 0.8% amid a sharp downturn in the country's economy, official figures showed Wednesday.

Thursday, May 7th 2015 - 05:56 UTC

Probing Petrobras corruption scandal becoming tougher for prosecutors

Dario de Queiroz Galvão, chief executive of the construction group Grupo Galvão, was ordered released although he will remain under house arrest.

Brazil's Supreme Court ordered another engineering executive released from jail on Wednesday, complicating prosecutors' efforts to expand the current corruption investigation at Petrobras.

Thursday, May 7th 2015 - 05:22 UTC

US for third year running main wheat supplier for Brazil displacing Argentina

Argentina is expected to have a surface reduction of 10%. Uruguay, a drop of nearly 17%; Paraguay 10% and Brazil anywhere from 10% to 20%.

For a third year in a row the United States will be the top wheat supplier for Brazil, displacing Argentina from its historic position, according to the latest release from Brazilian consultancy Trigo & Farinhas. This piece of information is significant given the world prices for grains and wheat planting prospects in South America.

Wednesday, May 6th 2015 - 17:36 UTC

Brazil's securities regulator CVM formally accuses Petrobras former board members

The former Petrobras board was presided by ex Finance Minister Guido Mantega for several years.

Brazil's securities industry regulator accused the former board of state-run oil producer Petrobras of setting a fuel pricing policy that misguided investors and hurt the company.

Wednesday, May 6th 2015 - 17:24 UTC

Petrobras awarded in Houston highest recognition for offshore oil operators

Accepting the award Guedes highlighted the importance of the recognition for Petrobras' technical staff and partnerships, as well as suppliers and academics

Petrobras’ Exploration and Production Director, Solange Guedes, received the OTC Distinguished Achievement Award for Companies, Organizations and Institutions, the highest recognition that an oil company can be given as an offshore operator.

Wednesday, May 6th 2015 - 07:16 UTC

Brazilian leading bank prepares ahead of the country's 'steepest recession in two decades'

CEO Roberto Setubal cut expenses and set aside more profit to help cover problematic loans in the future.

Itaú Unibanco Holding SA, one of Brazil's strongest and leading banking groups is provisioning more for loan losses and curbing loan book growth in a bet that careful risk management will help the bank navigate the country's steepest recession in over two decades.


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