Tag: Brazil

Friday, February 5th 2016 - 08:27 UTC

Recession biting in Brazil: record net savings withdrawals in January

Brazilians withdrew 161.59 billion Reais (some $41.52 billion) and deposited 149.56 billion Reais (around $38.43 billion) last month.

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.

Friday, February 5th 2016 - 07:46 UTC

Brazil's 'corrupt' government hurting business and agriculture, says Agco CEO

Martin Richenhagen, chairman and CEO of Agco, manufacturer of Fendt, Massey Ferguson and Valtra machinery, claimed “politicians right now don't listen”

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.

Friday, February 5th 2016 - 07:41 UTC

Brazil: health workers can enter private properties to crush Zika breeding grounds

Brazilian law expert Luiz Flavio Gomes sees no reason for people to be distressed, as Rousseff's mandate would play a huge role in curbing the spread of Zika virus.

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.

Friday, February 5th 2016 - 07:17 UTC

Lula da Silva included in criminal investigation involving bribes

Police Chief Oliveira Cajado dos Santos wrote the document into the investigation of ex president Lula

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.

Wednesday, February 3rd 2016 - 07:04 UTC

Harsh time for Rousseff in Congress: booing and threats of more difficulties

Rousseff's participation at the ceremony was a gesture of rapprochement toward Congress, as in previous years she had delegated the task on one of her ministers.

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.

Wednesday, February 3rd 2016 - 06:55 UTC

Brazil factories and mine production plunges 8.3% in 2015, with little prospects of change in the short term

“2015 was quite a negative year for the sector,” CNI chief economist Flavio de Castelo Branco said, adding the industrial workforce was down 6.1%

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.

Wednesday, February 3rd 2016 - 06:15 UTC

Brazil airline shares soar as regulator admits opening to foreign capital

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.

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.

Monday, February 1st 2016 - 05:34 UTC

Lula and wife summoned to testify as suspects into money-laundering scheme

Attorney General Casio Conserino has summoned Lula and his wife Marisa Leticia Lula da Silva to testify on February 17

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.

Saturday, January 30th 2016 - 13:11 UTC

Petrobras plans to slash 30% of management jobs in non-operating areas

Petrobras said the reforms are a response to lower oil prices and mark a shift to more profitable activities. It hopes the restructuring will trim US$440 million

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.

Saturday, January 30th 2016 - 11:53 UTC

Brazil ends 2015 with record deficits: primary, 1.88% and fiscal 10.34%, of GDP

Brazil's primary budget deficit of 71.7 billion reais ($17.59 billion) in December contributed heavily to the annual result.

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).


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