Brazil's government delayed the announcement of looser budget targets for 2017 and 2018, previously expected for Monday, as authorities struggled to estimate revenues given strong opposition in Congress to tax hikes.1 comment
Brazil's Congress is expected to reopen the door for a modest pension overhaul as soon as October, lawmakers said before returning to normal business on Thursday following a vote to block a corruption trial against President Michel Temer. Still, legislators warned that Temer must spend some of his newfound political capital either on measures raising tax revenue or a new, less ambitious 2017 budget target.
The Chancellor, Philip Hammond, has unveiled a series of new commercial agreements with Brazil on Monday, on day one of his visit to showcase British business and deepen trade and economic ties with South America’s biggest economies. Among the measures has been doubling support to £3 billion, to promote bilateral trade.
Brazil's government increased a spending freeze and raised taxes to cover a budget gap this year, reinforcing its commitment to fiscal discipline but dealing a potential blow to fragile economic growth. In a statement by the Finance and Planning Ministries, the government said it will freeze an additional 5.9 billion Reais (US$1.9 billion) in federal spending this year
Speaking during the G20 summit in Hamburg, Germany, Henrique Meirelles gave more details about Brazil's economic recovery trajectory.
Brazilian presidential decree raising fines on banks and listed companies involved in illicit acts aims to empower the central bank and the country's securities industry watchdog in their efforts to bolster transparency, Finance Minister Henrique Meirelles said in Paris.
Brazil's economy is clearly growing again after a severe recession and will be shielded from a political crisis by widespread support for the government's reform agenda, Finance Minister Henrique Meirelles said, despite the fact Moody's on Friday announced it was lowering the country's credit outlook.
Demonstrators marched across Brazil on Sunday calling for the resignation or ouster of President Michel Temer who is implicated in a widening corruption scandal that is undermining his government's fragile efforts to end a historic recession. Protests took place in cities including São Paulo and Rio de Janeiro, where hundreds of demonstrators marched along the shoreline, chanting and waving banners reading “Temer Out!”
Brazilian markets plummeted on Thursday as allegations that President Michel Temer condoned bribes to silence a key witness deflated investor optimism about the prospects for his ambitious pension and labor reform agenda.
Retail sales in Brazil unexpectedly fell in March at the steepest monthly rate in 14 years, strengthening bets on a bolder interest rate cut at the end of this month. Sales volumes excluding cars and building materials fell 1.9% in March from February, government statistics agency IBGE said. Sales fell 4.0% from the year-earlier period.