Brazil

Brazil
Sunday, January 11th 2015 - 11:39 UTC

Rousseff orders ministries to cut spending by a third

The Brazilian president is committed to send a strong message to investors

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.

Thursday, January 8th 2015 - 06:24 UTC

Car sales in Brazil last year dropped 7.15% compared to 2013

Fenabrave is also anticipating that sales this year will continue sliding but in the range of 0.5%, probably reaching 3.479 million

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.

Wednesday, January 7th 2015 - 06:39 UTC

Land possession and peasants, the first strong clash in Rousseff's cabinet

Minister Abreu argued there no large estates left in Brazil, although 1% of entrepreneur farmers own half of the country's best land

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.

Wednesday, January 7th 2015 - 06:20 UTC

Brazil sends foreign minister to China/Celac meeting in Beijing

The China/Celac meeting is scheduled for next Thursday and Friday and will be the first event of this kind strongly sponsored by Chinese president Xi Jinping

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.

Tuesday, January 6th 2015 - 22:49 UTC

Aurelius hedge fund denies being part of lawsuit filed against Petrobras

“The lawsuit has been filed by the City of Providence (Rhode Island. Aurelius has nothing to do with it,” said the president of Aurelius Mark Brodsky

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.

Tuesday, January 6th 2015 - 07:50 UTC

Brazil posts first trade deficit since 2000: slower economy, fall in commodities' prices

Exports were 225 billion, down 7%; imports, 229 billion, a 4.4% decline from the previous year, but manufactured goods exports fell nearly 14% from 2013.

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.

Tuesday, January 6th 2015 - 07:32 UTC

Brazil' finance minister pledges fiscal balance and cuts in spending

Levy, educated at Chicago, is a fiscal conservative known for slashing spending during his 2003-2006 stint as treasury chief.

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.

Saturday, January 3rd 2015 - 06:32 UTC

Mujica defends Brazilian leadership in the region and called for strong unity

Outgoing Uruguayan president was one of the outstanding figures at the inauguration of Dilma Rousseff (Pic AFP)

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.

Saturday, January 3rd 2015 - 06:11 UTC

Maduro and Biden shake hands and meet briefly at Rousseff's inauguration

According to Venezuelan sources Maduro reiterated his call for respectful relations with the US

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.

Thursday, January 1st 2015 - 05:24 UTC

Rousseff begins second term promising economic recovery and anti-corruption crusade

The president addressed Congress with pledges to curb inflation, pull Brazil out of the slump, and calls to a national pact to combat corruption

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.

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