
Former president Jorge Batlle (2000/2005) said that the inclusion of Venezuela in Mercosur “is favourable for Uruguay” but at the same time insisted it was “wrongly done” for not having taken into account Paraguay’s opposition currently suspended as member of the regional block.

Brazil state-controlled oil company Petrobras reported a net loss of 1.35 billion Reais (some 633 million dollars at the current exchange rate) in the second quarter, attributing the result to the depreciation of the Real relative to the dollar.

Under the heading of “In by the back door” referred to the expansion of Mercosur, The Economist says “bringing Venezuela certainly was smart, in the sense of cunning rather than wise”, but it was done ignoring the block’s rules which call for unanimity in admitting new members.

An international controversy has surfaced between President Hugo Chavez and Paraguayan senators as to who really tried to bribe whom regarding failed attempts to have Venezuela incorporated to Mercosur.

President Dilma Rousseff continues to enjoy high popularity as Brazilian consumers sound very optimistic about the future of their country and trust they can hold on to their jobs despite the recent economic slowdown.

Brazil’s government controlled oil and gas corporation Petrobras and Britain’s BP announced the discovery of oil in a deep-water offshore well in a new area for exploration off Brazil's northeast coast, according to a securities filing on Thursday.

Seven years after a corruption scandal rattled the government of former President Lula da Silva, Brazil's Supreme Court began on Thursday a landmark trial that could mar the wildly popular leader's legacy.

Thanks to sound policies and built-in cushions, Brazil’s financial system weathered the global crisis that began in 2008 remarkably well, but now policymakers need to monitor for signs of home-grown financial trouble, the IMF said in its later report.

The Brazilian government will spend 30.4 million Reais (15.05 million dollars) to buy 76,000 metric tons of excess live swine, through a minimum-price plan created to help Brazilian producers get out from under a national oversupply of pork, the Ministry of Agriculture announced.

Brazilian president DIlma Rousseff said that with the incorporation of Venezuela, Mercosur has become a global power in food and energy and becomes the fifth world economy with a GDP of 3.3tn dollars.