Brazil

Wednesday, February 3rd 2016 - 06:15 UTC
Brazil airline shares soar as regulator admits opening to foreign capital

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

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

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 posted a primary budget deficit in 2015 of 111.25 billion Reais (roughly $27.29 billion), the biggest since the data series began in 2001, the Central Bank said on Friday. The primary budget deficit (before interest payments), equivalent to 1.88% of GDP, was more than triple the primary budget gap in 2014 (32.5 billion reais, or 0.57% of GDP).
Friday, January 29th 2016 - 04:31 UTC
Brazil unveils US$ 20bn credit plan to revive economy; 'raid' on workers' pension funds

Brazil will release 83 billion reais (US$20.4 billion) in new credit from state-run banks for farmers, builders and other businesses suffering in a shrinking economy, resuming stimulus efforts it had largely eschewed in last year's austerity drive.
Friday, January 29th 2016 - 03:58 UTC
Petrobras corruption uncovers beach-side apartments used as bribes and money laundering

Beach-side apartments in Brazil may have been used as bribes and to launder money for members of the ruling Workers’ Party (PT), police and prosecutors said as they carried out six arrests and executed 15 search warrants in four cities.
Thursday, January 28th 2016 - 07:14 UTC
Petrobras scandal leads to real estate transactions investigation

Brazilian police and prosecutors said Wednesday that as part of their investigation into a massive corruption scheme centered on Petrobras they were looking into whether some of the money diverted from the state-controlled oil company was laundered through real-estate transactions coordinated by a Panamanian-based law firm.
Thursday, January 28th 2016 - 06:49 UTC
Brazil expected to announce massive injection of loans to revive the economy

Brazil’s Finance Minister Nelson Barbosa is expected to announce as much as 60bn Reais (US$15bn) in loans as the government seeks to revive growth amid the worst economic downturn in over a century.
Thursday, January 28th 2016 - 06:28 UTC
Guanabara Bay pollution at the heart of Olympics sailing competition controversy

The former CEO of World Sailing says he was fired for pushing to get rid of polluted Guanabara Bay as the sailing venue for this year’s Olympics in Rio de Janeiro. Peter Sowrey tried to change the venue, or at least have a “B plan” but says “I was told to gag myself on the subject.”
Wednesday, January 27th 2016 - 08:28 UTC
Brazil's current account deficit drops to 3.32% of GDP, lowest since 2010

The soaring US dollar and Brazil’s slumping economy led to a weaker demand for imported goods and services in 2015. As a result, Brazil’s current account deficit reached USD 58.942 billion, equivalent to 3.32% of GDP. The result is the smallest amount since 2010. In 2014, the current account deficit reached USD 104.181 billion, or 4.31% of GDP.