Tag: Brazil

Brazil
Saturday, August 1st 2015 - 09:55 UTC

Brazil reports its worst half year primary deficit since 1997

Last week the government lowered its fiscal targets and this prompted ratings agency S&P to threaten to downgrade Brazil’s investment-grade rating.

The Brazilian government registered a primary deficit of $470 million (1.6 billion Real) in the first half of 2015, according to figures from the National Treasury release on Thursday, O Globo newspaper reported. The deficit is the worst result since 1997. In the same period last year, the government recorded a surplus of $5 billion (17 billion real).

Thursday, July 30th 2015 - 09:39 UTC

Brazil's agriculture minister optimistic about a Mercosur/EU trade accord by end of the year

“Mercosur is on the right track, countries of the region have virtually agreed on the proposals to exchange with the European Union”, said Ms Abreu

Brazil' minister of agriculture Katia Abreu said she was very optimistic about Mercosur reaching a trade agreement with the European Union, and if there are problems look to Europe, because Mercosur members have almost agreed and finished their proposal.

Wednesday, July 29th 2015 - 06:12 UTC

“Operation radioactivity” unveils corruption in Brazil's Electrobras

“Unfortunately, it looks like we will go into other sectors as well, and the energy sector alone is already huge,” federal police agent Igor Romario de Paulo said

Brazilian police on Tuesday arrested two executives involved in building a nuclear power plant for Eletrobras, pulling the state-run utility into a corruption scandal that has engulfed government-owned oil company Petrobras.

Wednesday, July 29th 2015 - 06:00 UTC

S&P warns Brazil could lose investment-grade rating as economic slippage continues

The statement sent Brazil's currency tumbling and is a setback to Finance Minister Joaquim Levy's efforts to win back investor confidence

Standard & Poor's on Tuesday said Brazil could lose its coveted investment-grade rating in the coming year if fallout from a number of corruption investigations further stymies economic growth and the implementation of austerity measures.

Tuesday, July 28th 2015 - 06:13 UTC

Brazil central bank survey confirms worst economic performance since 1990

President Dilma Rousseff not only has to deal with a contracting economy but also with a complicated political situation in Congress

Analysts expect Brazil's economy to contract by 1.76% this year, marking its worst performance since 1990, with the inflation rate hitting 9.23%, the Central Bank said on Monday.

Monday, July 27th 2015 - 06:45 UTC

Banks forecasting two years of economic contraction for Brazil

Last Friday, Credit Suisse put out a note revising his forecast for Brazilian GDP this year to -2.4% from an already bleak -1.8%.

Banks in Brazil are now forecasting economic contraction in 2016 and if this proves correct it will be first time Latin America's largest economy shrinks two years running since the Great Depression.

Saturday, July 25th 2015 - 06:16 UTC

Petrobras workers on a nationwide 24 hour strike to protest sale of assets

Caroline Cavassa, a press officer for the National Oil Workers Federation, said 90% of the company's 86,000 workers joined the strike in 12 states.

Tens of thousands of workers at Brazil's state-owned Petrobras went on a nationwide 24-hour strike on Friday to protest the oil company's plans to sell 15.1 billion dollars worth of assets by the end of next year to help pay off a debt of about 120 billion dollars.

Saturday, July 25th 2015 - 00:39 UTC

Brazil's Odebrecht CEO charged with money laundering, corruption and criminal conspiracy

“Today we take yet another important step in combating impunity,” prosecutor Deltan Dallagnol said at a news conference.

Brazilian prosecutors presented formal charges on Friday against the chief executive of Latin America's largest engineering firm and other senior executives detained last month in a landmark investigation meant to show that the country's elite are not above the law.

Friday, July 24th 2015 - 10:39 UTC

Brazilian currency and markets drop on latest fiscal savings goals

The real  closed 2.2% lower at 3.29 per dollar, its lowest level in four months on late Wednesday' announcement reducing the primary surplus for the year

Brazil's currency, the Real, tumbled on Thursday after the government announced it would slash its fiscal savings goals for this year and next, raising investor fears that the country may lose its investment-grade credit rating.

Thursday, July 23rd 2015 - 08:52 UTC

Brazil's recession expected to continue next year according to top bank

Ilan Goldfajn  forecasts a drop of 2.2% in 2015 and 0.2% in 2016, down from previous estimates a 1.7% decline in 2015 and an increase of 0.3% in 2016.

Brazil's recession will extend into next year, hurting President Dilma Rousseff's efforts to shore up public finances and arrest a sharp increase in unemployment, Itau Unibanco's chief economist said in a report on Wednesday. Ilan Goldfajn forecasts a drop of 2.2% in 2015 and 0.2% in 2016, down from previous estimates for a decline of 1.7% in 2015 and an increase of 0.3% in 2016.

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