Brazilian President Dilma Rousseff has instructed a budget cut which affects 39 ministries, reducing their funds by a third, in order to save a figure estimated at 703 million dollars per month.
The sale of cars, commercial vehicles, trucks and buses in Brazil dropped 7.15% last year compared to 2013, and reached 3.498 million according to the Brazilian federation of car dealers, Fenabrave. It is the largest drop for the industry in twelve years and the second consecutive fall.
Land possession has caused the first clashes in the newly named cabinet of President Dilma Rousseff with Agriculture minister Katia Abreu arguing there are no large estates ('latifundium') left in Brazil, while her Agrarian Development peer and a stalwart from the ruling party said a social approach was needed to the land and peasants issue.
Brazil's new foreign minister Mauro Vieira has left for Beijing to attend the first ministerial meeting between China and the Community of Latin American and Caribbean States, CELAC, according to reports from Brasilia.
Aurelius Capital Management, one of the main plaintiffs against Argentina in New York District Judge Thomas Griesa’s courtroom, has denied being part in a lawsuit filed against Brazilian state-owned oil company Petrobras, in response to accusations by Argentina’s Economy Minister Axel Kicillof.
Brazil registered its first annual trade deficit since 2000, according to official data released on Monday. Latin America's largest economy slowed down in 2014 and prices fell for iron ore, soybeans and other key commodities exports.
Brazil must focus on making difficult fiscal adjustments in order to get economic growth and investment back in gear, the country's new Finance Minister Joaquim Levy said on Monday. At his swearing-in ceremony in Brasilia, Levy said the process will require the participation of society as a whole and will involve changes to taxes and spending, without resorting to accounting shortcuts.
Uruguayan president Jose Mujica defended Brazil's leadership in helping Latin America carve a place and advance in the world context, but at the same time underlined that even when Brazil seems large to its neighbors, together with the rest of the countries, the region is still small in global terms.
On the sidelines of the inauguration of Brazil's President Dilma Rousseff at the Planalto Palace seat of Brazil's Executive, U.S. Vice President Joe Biden met briefly with Venezuela President Nicolas Maduro in a hand-shake facilitated by Uruguay President Jose Mujica.
Brazil’s President, Dilma Rousseff, 67, began her second term Thursday, January first vowing to rein in government spending to curb inflation and pull Latin America’s largest economy out of a four-year slump.