Brazil

Brazil
Thursday, December 24th 2015 - 08:57 UTC

Brazilian economy will contract 3.6% this year confirms Central bank

The Central Bank attributed Brazil's economic woes to external factors, domestic “imbalances” and “uncertainty associated with non-economic events.”

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%.

Wednesday, December 23rd 2015 - 10:07 UTC

Brazil's Barbosa insists fiscal policies to shrink budget deficit “will be maintained”

“Our economic policy remains in the same direction,” Barbosa told reporters in English on a conference call

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.

Wednesday, December 23rd 2015 - 09:42 UTC

Rousseff off the hook until February: Supreme Court and Congress in recess

Time is running on president Rousseff's side since the Supreme Court entered into recess this week and Congress goes on vacation on Wednesday.

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.

Wednesday, December 23rd 2015 - 08:46 UTC

Despite falling oil prices, Brazil is developing the equatorial Barreirinhas basin

CGG is deploying its specialized seismic vessel, the Oceanic Vega, to acquire the 14 500 km² 3D seismic survey.

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.

Tuesday, December 22nd 2015 - 14:49 UTC

Brazil's new minister promises the same Levy targets, but fails to convince investors

“I want to underline that our economic policy is the same. Our focus remains on fiscal adjustment and reducing inflation,” said Nelson Barbosa

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.

Tuesday, December 22nd 2015 - 14:37 UTC

Rousseff's impeachment support score almost a tie, but 60% prepared to remove speaker Cunha

The poll shows 31% of deputies would vote against the motion to impeach President Rousseff, the equivalent of 159 guaranteed votes.

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.

Tuesday, December 22nd 2015 - 14:31 UTC

Brazil welcomes and supports Macri's policies regarding the dollar and trade

“A realistic exchange rate policy is very important, because it will help boost the relations between members of Mercosur” said minister Armando Monteiro

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.

Saturday, December 19th 2015 - 06:39 UTC

Rousseff picks Barbosa as finance minister, a strong critic of Levy and austerity

Barbosa was planning minister and has been one of the strongest opponents of the aggressive austerity drive by Levy to balance the budget

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.

Saturday, December 19th 2015 - 02:40 UTC

Close friend of Lula da Silva formally charged in the Petrobras corruption case

Allegedly Bumlai was an active member in the Petrobras corruption scheme and was involved in the transfer of funds to the ruling Workers' Party (PT). (Pic VEJA)

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.

Friday, December 18th 2015 - 08:40 UTC

Relief for Rousseff: Justices' ruling delays impeachment procedures

Justices voted to give the Senate the authority to review the grounds for Rousseff's impeachment even if the lower house votes to impeach her

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.

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