Brazil

Brazil
Thursday, August 7th 2014 - 07:26 UTC

Brazil's July auto output and sales plummet 20.5% and 13.9% compared to 2013

Brazil's auto industry, which makes up a fifth of the country's manufacturing output, has slashed production by 16% in the first seven months of the year

Auto production in Brazil during July dropped 20.5% from a year earlier, national automakers' association Anfavea said on Wednesday, while sales slid 13.9%. Compared to June, production rose 17% and sales 11.8%, as July had an additional two working days.

Wednesday, August 6th 2014 - 07:57 UTC

Brazil denies any 'stagflation' and forecasts economy with 'reasonable' growth level in 2015

According to Tombini, the government is ensuring financial stability, “known as macro-prudential measures.”

Brazil is far from stagflation, central bank chief Alexandre Tombini said on Tuesday, forecasting the economy will pick up speed and inflation will ease in coming months. In similar terms Economy minister Guido Mantega said the economy should pick up in the second half of the year after a slow start and hit more “reasonable” growth levels in 2015.

Wednesday, August 6th 2014 - 07:46 UTC

Briton involved in World Cup tickets scam released from jail but must remain in Rio

Whelan has been charged with fraudulently selling 1000 tickets per World Cup match, allegedly worth tens of millions of dollars

British World Cup ticketing executive who allegedly took part in a scam to sell millions of dollars worth of fraudulent tickets was ordered to be released from prison Tuesday while awaiting trial in Brazil.

Monday, August 4th 2014 - 07:41 UTC

Trying to gauge the impact of Argentina's situation in Mercosur partners

Hotels and other tourist attractions in Punta del Este are bracing for a slow summer season after Argentina’s refusal to pay holdout bondholders.

Argentina’s debt problems threatens to worsen trade tensions in Mercosur, adding to the economic woes of Brazil in a tense election year and causing headaches in Uruguay as the Argentine economy looks likely to plunge deeper into recession.

Monday, August 4th 2014 - 07:16 UTC

Brazilian auto industry drops 36% in June and drags industrial output

The official excuse is that June/July were the months of the World Cup when many industries gave additional holidays

Brazil's industrial output fell 6.9% in June compared to the same month last year, mostly due to a contraction of the automobile industry, reported the official stats office last Friday.

Saturday, August 2nd 2014 - 08:46 UTC

Brazilian media call Cristina Fernandez, “inept, arrogant and incompetent”

No mercy for Cristina Fernandez and the Marxist professor of populist heterodox economic policies

The leading Brazilian newspapers blasted Argentine president Cristina Fernandez as the sole responsible for the 'default event' which followed the failure of negotiations with holdouts in New York. This despite the fact Brazilian economy minister Guido Mantega denied Argentina was in default and strongly supported the Argentine government.

Saturday, August 2nd 2014 - 08:29 UTC

Brazil's ruling party expels representative for alleged ties with organized crime

Moura was elected representative for the PT in 2010 with 104,705 votes and is running for reelection in the upcoming October elections

Brazil's ruling Workers Party in Sao Pablo decided to expel representative Luiz Moura following his alleged ties to organized crime exposed by a police investigation. Criminal gangs in Brazil are powerful and are known to have connections with the political system.

Saturday, August 2nd 2014 - 08:18 UTC

Rousseff defends industrial policy and economy performance before the sector's lobby

The president pledged tax reform as a priority but admitted it must pass through Congress first

Brazilian President Dilma Rousseff, who hopes to be re-elected for a second term in October’s elections, has defended her government’s industrial policy in front of the sector’s business leaders, the National Confederation of Industry (CNI).

Friday, August 1st 2014 - 14:40 UTC

World Cup helped a higher than expected surge in beer sales in Brazil

AB InBev, which sold more than one in five beers drunk worldwide last year, also took advantage of Brazil's hosting of the soccer tournament

The maker of Budweiser, Stella Artois and Corona beers experienced a sharp surge in sales in Brazil during the World Cup with the month-long contest leading to consumption of an extra 140 million liters or 2 million barrels.

Wednesday, July 30th 2014 - 15:18 UTC

Sao Paulo faces water rationing; in 100 days the system could run dry

The key Cantareira water system, which provides water to some 9 million of the 20 million people metropolitan Sao Paulo city, has less than 16% of its capacity

Federal prosecutors have asked the government of Sao Paulo to present water rationing plans for Brazil's most populous state to prevent the collapse of its main reservoir. If such plans are not presented in 10 days, the prosecutor's office said on its website it may ask courts to force rationing.

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