Brazil's securities industry regulator accused the former board of state-run oil producer Petrobras of setting a fuel pricing policy that misguided investors and hurt the company.
Brazil's government on Thursday announced 44 billion Reais (18.41 billion dollars) in spending cuts as it seeks to meet its primary budget surplus target for 2014. This year's cuts exceed the 38 billion Reais (some 15.9 billion) in budget reductions announced in 2013 and extend to all government departments except education, health, social development, and science and technology.
Brazil is cutting spending for the second time in two months to help meet its fiscal target as it forecasts slower growth this year which was also confirmed according to the latest Central Bank survey. The economic data was announced while Brazil had its eyes and ears in Rio do Janeiro to receive Pope Francis.
The Brazilian government said Friday it was cutting its economic growth forecast for this year from 4.5% to 3% due to the impact of the global slowdown. However the figure is still higher than the 2.5% predicted by the Central Bank.
Infrastructure and integration investments totalling 13.7 billion dollars in the next ten years to 2022 were announced by the Unasur (Union of South American Nations) infrastructure chapter this week in Brasilia.
Brazil is aiming for a primary budget surplus of 3.1% of GDP in 2012 as the government tries to put its public accounts back into better shape. Brazil’s economy is expected to grow 5.0% in 2012, compared to a 4.5% growth forecast for this year, according to an outline of the 2012 budget released Friday.
Brazil's Planning Minister Miriam Belchior pressed the Inter-American Development Bank, IDB, to move quickly with its planned 70 billion US dollars capitalization to expand the reach of projects in Latin America.
Brazil announces 50 billion Real (30 billion US dollars) cuts from this year’s budget as President Dilma Rousseff seeks to help the central bank contain inflation and lower some the world’s highest real interest rates.