Net savings withdrawals in Brazil rose to a record high in January, with deposit outflows exceeding inflows by 12.03 billion Reais (some $3.09 billion), the Central Bank said Thursday.
Brazil's corrupt government is hurting the country's business sector, including in agriculture, the head of one of the world's biggest tractor-makers said. Martin Richenhagen, chairman and CEO of Agco, manufacturer of Fendt, Massey Ferguson and Valtra machinery, claimed he tried, and failed, to persuade Brazil's government to speed up the payment of agriculture support programs used by farmers for funding equipment purchases.
Brazilian president Dilma Rousseff implemented a nationwide mandate this week allowing government health workers to enter private properties to crush Zika breeding grounds. Exterminators now have the right to inspect and disinfect households, even without the presence of its owners.
Brazil's federal police have included former President Luiz Inácio Lula da Silva in an investigation into the possible use of bribes to influence the passage of legislation benefiting the auto sector, a court document showed on Thursday.
Brazilian Congress gave on Tuesday a harsh welcome to President Dilma Rousseff at its yearly inaugural session, booing her and threatening new difficulties added to the turbulent relations that prevail between the executive and legislative branches.
Brazil factories and mine production plunges 8.3% in 2015, with little prospects of change in the short term
Industrial output in Brazil fell for a seventh straight month in December, capping the worst year for manufacturers in more than a decade as they struggle with inflation, high interest rates and political uncertainty.
Brazilian airline shares soared nearly 30% on Monday after a newspaper report said the government may scrap limits on foreign ownership of domestic airlines to attract investment to the struggling sector. President Dilma Rousseff may propose legislation giving her discretion to let foreign groups own as much as 100% of local airlines, up from 20%, Valor Econômico reported.
Brazil's Attorney General’s Office of Sao Paulo summoned former socialist president Luiz Inácio Lula da Silva to testify as a suspect in a investigation into money-laundering in the latest phase of the ongoing Petrobras corruption scandal.
As Brazil struggles with a corruption scandal in which executives and politicians face investigations of alleged bribery, Brazil’s state-run oil company Petrobras announced it will slash management jobs as part of an efficiency drive approved by its board of directors.
Brazil posted a primary budget deficit in 2015 of 111.25 billion Reais (roughly $27.29 billion), the biggest since the data series began in 2001, the Central Bank said on Friday. The primary budget deficit (before interest payments), equivalent to 1.88% of GDP, was more than triple the primary budget gap in 2014 (32.5 billion reais, or 0.57% of GDP).