Brazil

• Friday, January 8th 2016 - 18:15 UTC

  Petrobras plans further 2016/20 investments cuts, says Sao Paulo media

  

  Brazil state-run hydrocarbons giant Petrobras will reportedly present a five-year investment plan next month with a target lower than the US$19 billion plan announced last year. Despite two budget cuts last year, Petrobras' plans for the 2016 to 2020 period will include a further drop, with the cuts expected to come from onshore and shallow-water areas, according to a report in the Brazilian daily Estado de S Paulo.

• Friday, January 8th 2016 - 11:51 UTC

  Rousseff vows 'fiscal belt-tightening' but 'there's no rabbit in the hat' for the current situation

  

  Brazilian president Dilma Rousseff vowed Thursday that her administration would strive for fiscal belt-tightening and look to keep inflation in check in 2016, saying achieving those goals would help lift the economy out of recession.

• Thursday, January 7th 2016 - 08:08 UTC

  Rousseff's unaccomplished promise of no recession or retrocession

  

  On 2 February 2015, Brazilian president Dilma Rousseff sent the Executive message to Congress with her government's plan and promising she would not promote “recession or retrocession.” However eleven months later, Brazil is undergoing full recession and faces retrocession in several areas, having been downgraded by two credit risk agencies.

• Tuesday, January 5th 2016 - 08:34 UTC

  Confirmed: Brazil faces its worst economic plunge in 25 years

  

  Analysts expect Brazil's economy to contract by 2.95% this year after contracting by 3.71% in 2015, marking the biggest drop in economic output in 25 years, the Central Bank said on Monday. The first survey of analysts released this year shows that private sector economists expect the inflation rate to hit 6.87% in 2016.

• Monday, January 4th 2016 - 07:09 UTC

  Brazil's Rousseff faces Olympic political and financial challenges this year

  

  Brazilian President Dilma Rousseff began the new year on the offensive declaring the impeachment proceedings she faces as “unfair” and overruling by veto more than 50 amendments made by lawmakers to the nation’s budget, including reductions to her flagship Bolsa Familia social program.

• Wednesday, December 30th 2015 - 00:51 UTC

  Dismal prospects for Brazilian economy in 2016, according to Central bank and budget deficit

  

  Analysts expect Brazil's economy to contract by 2.81% in 2016 after contracting by 3.70% this year, marking the biggest drop in economic output in 25 years, the Central Bank said on Monday. Economists are forecasting an inflation rate of 10.72% this year, the highest rate in 13 years, and 6.86% in 2016. The estimates seem to be supported by the latest numbers referred to the budget deficit.

• Wednesday, December 30th 2015 - 00:46 UTC

  Petrobras corruption 'net' involves Norwegian companies, claim Oslo media

  

  The huge corruption case swirling around Brazilian oil company Petrobras is being called the world’s largest, and increasing numbers of Norwegian companies seem to be getting tangled up in it. Norwegian bosses mostly claim no knowledge of any bribes being paid, but investigations are underway on several fronts.

• Tuesday, December 29th 2015 - 21:54 UTC

  Environmental groups blame massive deforestation for floods in Mercosur members

  

  Deforestation is one of the main causes of the floods in South America that have left at least 160,000 people, 25,000 of them in Argentina alone, homeless, environmental groups said.

• Tuesday, December 29th 2015 - 08:23 UTC

  JPMorgan-Chase describes Macri's Argentina as “a ray of sunshine” in the region

  

  A growing number of foreign investors are signaling interest in Argentina following the pro-market turn that newly-inaugurated President Mauricio Macri started showing since taking office. The latest financial player to endorse the country as a promising investment destination was JP Morgan Chase, the largest bank in the United States, where current Finance Minister Alfonso Prat-Gay worked in the past.

• Tuesday, December 29th 2015 - 08:07 UTC

  Israel pressing Brazil to accept pro-settler activist as its ambassador

  

  Brazil’s reluctance to accept an Argentine born pro-settler politician as Israeli ambassador has triggered a diplomatic clash and concerns it could seriously damage future relations between the two countries.