The head of Brazilian state development bank BNDES has submitted a letter of resignation amid public tensions with president Jair Bolsonaro, reflecting the serious divisions that continue to plague the administration’s upper echelons.1 comment
Brazilian banks are chalking up “excessive” profits, Economy Minister Paulo Guedes said, adding that the country needs an injection of competition to end what he called the cartels that dominate many of its major sectors.
Brazil’s Economy Minister Paulo Guedes threatened to step down if his ambitious plans to overhaul the country’s social security system are watered down and diluted into what he called a “little reform.”
Feeble growth forecasts and waning confidence in President Jair Bolsonaro sent Brazil's stocks and currency to their lowest level of the year this week, as analysts warned of further falls.
Brazil’s government will cut its 2019 economic growth forecast to below 2% and seek supplementary funding from state-run BNDES development bank to meet current expenditure and avoid breaking its fiscal rules, Economy Ministry officials said on Tuesday.
Brazil plans to reduce import tariffs by 10 percentage points during the new government’s four-year term, Economy Minister Paulo Guedes said, a move away from the direction currently being taken by countries such as the United States.
Brazil's state-controlled oil company Petrobras on Friday for the first time detailed long-awaited plans to sell a series of refineries and other assets as the company focuses on its core oil and gas exploration business.
Brazil’s Economy Ministry on Thursday raised its projected savings from its pension reform bill over the next decade to 1.237 trillion reais (US$ 312 billion), well above the “minimum” 800 billion reais President Jair Bolsonaro said he expects.
Brazil will hold an offshore oil deposit auction in October featuring blocks that were the object of a long-running dispute with state energy giant Petrobras. Reuters reports, citing Economy Minister Paulo Guedes, that participants in the auction will need to cough up a signing bonus of a total US$26.9 billion for the four blocks.
Brazil's economic growth may accelerate to a 3.5% annual rate in the second half of the year after the approval of pension reforms, Economy Minister Paulo Guedes said in an interview with TV channel Globo news.