Brazilian President Michel Temer won another victory on Tuesday in his efforts to restore fiscal discipline when the lower house of Congress approved a constitutional amendment to cap spending for 20 years. Heavy public spending, a recession and a massive corruption scandal rocking Brazil's political establishment undermined confidence in Latin America's largest economy.Add your comment!
President Michel Temer urged Congress on Monday to approve a bill that would ease oil industry regulation and strip state-controlled oil giant Petrobras of some of its privileges in Brazil's most promising oil fields. The proposed regulatory framework would create new jobs and provide a new boost to investment in the sector, Temer said in an address at the opening of the Rio Oil and Gas conference.1 comment
Authorities say they have arrested four Congressional police agents posted inside Brazil's Senate for allegedly obstructing an investigation into lawmakers' suspected involvement in the corruption-kickback scheme at state-owned oil company Petrobras. Federal police said in a statement that those arrested Friday include Pedro Carvalho, head of the Senate police, which is a distinct agency.1 comment
Brazil’s national development bank has frozen $13.5bn of funds for 47 overseas projects, including those in Angola, Mozambique, Cuba and the Dominican Republic, as yet more corruption charges are brought against politicians and executives arising from the Lava Jato corruption probe.3 comments
Brazilians have become more dissatisfied with the way President Michel Temer is running their country, a new poll says, as his policy of fiscal discipline continues to generate more public discontent.2 comments
The corruption-related arrest of a former top Brazilian lawmaker on Wednesday threatens to revive political turmoil and snap the momentum of a government economic reform campaign. Eduardo Cunha was taken into police custody Wednesday on accusations of corruption and money laundering related to oil platform contracts with state-controlled Petrobras. He denies the accusations.5 comments
A federal judge in Brazil ruled on Thursday that former President Lula da Silva will stand trial for an alleged bribery scheme related to work by construction giant Odebrecht in Angola. It's the second time in less than a month that a federal judge has ruled that Lula, a two-term president who left office in 2011 as Brazil's most popular president must stand trial.
Petrobras is reading to announce a domestic fuel policy that will avert costly subsidies that drained profits during Brazil’s previous government, Chief Executive Officer Pedro Parente said in an interview. For years fuel prices were manipulated as part of the government's policy to keep inflation under control.
Brazil's Lower House of Congress approved on Monday a document which is the base for a Proposed Constitutional Amendment (PEC) that would freeze federal spending for the next 20 years, a legislative priority for Michel Temer's government in 2016.
Brazil's lower chamber of Congress approved this week the main points of a bill removing a requirement that state-led oil company Petrobras be the sole operator of vast offshore oil reserves in the costly subsalt layer with a minimum 30% stake in their development.