Tag: Brazil

Friday, June 24th 2016 - 22:10 UTC

Oi telecommunications US$ 19bn bankruptcy, the largest in Brazil's history

Oi sought protection from creditors on 65 billion reais (US$19 billion) in debt after failing to reach a restructuring agreement following a long saga of mergers

Brazilian telecoms giant Oi has filed the largest bankruptcy request in the country’s history, after failing to reach an agreement with creditors.

Friday, June 24th 2016 - 12:02 UTC

Ex-top minister of Lula and Rousseff arrested; Senator Gleisi Hoffmann house raided

Paulo Bernardo was wanted in connection with the paying of US$30 million worth of bribes to public officials, it said.

A top ex-minister of Brazil's suspended president Dilma Rousseff became the latest official to get arrested in a sprawling corruption probe on Thursday, authorities said. Police also searched the headquarters of Rousseff's Workers Party in Sao Paulo in one of a series of raids across five states in the country.

Friday, June 24th 2016 - 09:03 UTC

Brazil Lower House passes bill allowing foreigners 100% stake of national carriers

The executive order, presented in March by president Rousseff before she was stripped off her duties, was modified to be more wide ranging

Brazil's Chamber of Deputies approved this week an executive order allowing foreign investors 100% ownership of Brazilian airlines, compared to the current 20% limit, although the implementation depends on approval from the Senate.

Friday, June 24th 2016 - 08:38 UTC

Brazilian leading contractor, in plea bargain, expected to involve Rousseff directly in campaign illegal funding

Folha said Odebrecht will acknowledge having warned Rousseff in Mexico that prosecutors were about to discover illegal transfers to her re-election strategist

Marcelo Odebrecht, the former chief executive of Latin America’s largest construction company, will admit in a plea bargain testimony that he personally oversaw illegal campaign donations for suspended Brazilian president Dilma Rousseff in the 2010 and 2014 elections, Folha de São Paulo reported.

Wednesday, June 22nd 2016 - 05:53 UTC

Speaker of Brazil's Lower House will feel “proud” if Rousseff is impeached

“I'm neither a hero nor a villain in the case” against Rousseff, Eduardo Cunha told a press conference.

The speaker of Brazil's lower house of Congress, currently sidelined pending trial on corruption charges, said Tuesday that he will feel “proud” if the case against suspended President Dilma Rousseff ends with her impeachment.

Tuesday, June 21st 2016 - 07:55 UTC

Interim president Temer announces grace period for Brazilian states debts

The agreement brokered by minister Meirelles was a compromise between the two-year grace period requested by states and the partial relief proposed by Brasilia

Brazilian states will get a six-month grace period on debts with the federal government, followed by a year and a half of reduced payments, interim President Michel Temer announced.

Tuesday, June 21st 2016 - 07:29 UTC

Brazil slams Mercosur policies of 'populist governments”; proposes a more flexible working accord

 Serra pointed out it was not Brazil's intention to exterminate Mercosur, rather “we want deeper investment policies and physical integration”

Brazil wants a more flexible dynamic Mercosur which allows member countries to reach autonomous agreements with third parties, that can help overcome the de-industrialization process suffered by recent “populist governments”, said Brazilian foreign minister in a speech to the Sao Paulo State Federation of Industries, FIESP.

Monday, June 20th 2016 - 05:22 UTC

Peruvian First Lady charged with money laundering for electoral campaigns

Nadine Heredia is not to leave the country in order to answer charges of suspected money laundering in the electoral campaigns of 2006 and 2011.

Judge Richard Concepcion ordered Peru's first lady and the president of the ruling Nationalist Party, Nadine Heredia, not to leave the country in order to answer charges of suspected money laundering in the electoral campaigns of 2006 and 2011.

Saturday, June 18th 2016 - 07:13 UTC

Rio under “state of public calamity” with seven weeks before the Olympics

The Rio de Janeiro Olympics, which will run August 5-21, and Paralympics, which will run September 7-18, will be the first to be held in South America.

Brazil's Rio state authorities have declared a “state of public calamity” over a major budget crisis, in order to release emergency funds to finance the Olympic Games. The decree authorizes the state to “adopt all necessary emergency measures to ration essential public services in order for the Rio 2016 Olympic Games and Paralympic Games to take place”.

Friday, June 17th 2016 - 07:04 UTC

A furious Temer describes corruption implications as “irresponsible, lying and criminal”

Temer said “anyone who would have committed the irresponsible crime” of using corruption money for electoral campaigns “is not fit to govern this country.”

Brazilian interim president Michel Temer, described as “irresponsible, lying and criminal” a statement implicating him in the corruption at state oil company Petrobras.


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