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Brazil’s new leader, Michel Temer, seeking to unite a splintered nation, has selected a cabinet of ministers from across this sprawling country -- young, old, northerners, southerners. But of some two dozen named so far, all are men and none are black. That has drawn instant and intense criticism. "After the governments of the Workers’... Continue Reading →
U.S. authorities are investigating more than a dozen companies as part of an international bribery probe that has already led to more than 150 arrests in Brazil, according to people familiar with the matter. Prosecutors in the U.S. and Brazil are effectively dividing the investigation to suit their respective strengths as they pursue suspected graft... Continue Reading →
Henrique Meirelles is one of Brazil’s most accomplished financial officials, a former president of BankBoston Corp. and President of the Central Bank during the country’s acclaimed period of growth and stability. But he will have to deliver fast to pull the nation out of its worst recession in a century and win back investor confidence.... Continue Reading →
Brazilians rarely do things small. They boast Latin America's biggest economy but also own its worst recession, a seemingly bottomless corruption scandal and a government allegedly so practiced at disguising budget shortfalls that President Dilma Rousseff was ordered to step aside early Thursday morning. She'll now face an impeachment trial in the Senate; few analysts expect she'll... Continue Reading →
Suspended Brazilian President Dilma Rousseff vowed on Thursday she would fight to prove her innocence after the Senate voted to put her on trial for breaking budget laws, a historic decision fueled by deep recession and a sprawling corruption scandal. Rousseff, a leftist in office since 2011, was replaced by her vice president, centrist Michel... Continue Reading →
Brazil’s new acting President Michel Temer moved swiftly to form his cabinet, appointing a successful inflation-fighter as finance minister only moments after Dilma Rousseff stepped aside, ousted by a Senate vote in favor of her impeachment. Temer, a 75 year-old constitutional lawyer appointed Henrique Meirelles, a former central bank chief and Wall Street banker, to... Continue Reading →
Brazilian real shrugs as Senate votes for Dilma Rousseff impeachment Muted early FX reaction suggest market had already priced in the vote Brazil's Senate voted early on Thursday to impeach President Dilma Rousseff © EPA by: Roger Blitz The Brazilian real, the best-performing major currency against the dollar this year, has failed so far to... Continue Reading →
To many investors, he seems to be riding in on a white steed, a seasoned insider who will turn around an economy of epic failure and enormous potential. Michel Temer has been the number two to President Dilma Rousseff of Brazil and now, with her temporary ouster, takes charge, buoyed by an almost evangelical market... Continue Reading →
True to her personality Dilma will fight to regain her presidency from what she calls a coup. Strangest coup ever witnessed since she was given all the opportunities to defend herself and government. A coup that allows her a 180 day period to prepare her defense. A coup that allows her to remain in the... Continue Reading →
As Dilma Rousseff steps aside from Brazil's presidency and Michel Temer ascends to the post, it's a moment of reckoning for a nation that's in the throes of recession, high inflation and a near-record budget deficit. The charts below detail the road that led Brazil into its economic predicament — and show that Temer's administration would have to oversee a... Continue Reading →
