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Brazil’s inflation is approaching 10 percent and yet the central bank has opted not to raise interest rates in a meeting on Wednesday. Not only that, it pushed back its target to 2017. For many, the bank is staying put and tolerating a little more inflation because of the recession, the worst in decades. But... Continue Reading →
While the potential impeachment of Brazilian President Dilma Rousseff is seen as positive by some investors, Loomis Sayles & Co.’s Edgardo Sternberg says it would probably lead to more political confusion and a deeper fiscal impasse. “The market thinks impeachment would be a good thing,” Sternberg said at a conference Thursday at Bloomberg headquarters in... Continue Reading →
Rousseff in 1970 Source: Departamento de Ordem Política e Social (DOPS) de São Paulo For much of the past year, as Brazil plunged into economic and political crisis, President Dilma Rousseff seemed cornered in her bunker. Bookish and awkward, she rarely left the presidential palace, pouring over infrastructure reports, focusing on the technical side of... Continue Reading →
A group of high-profile Brazilian lawyers filed with the lower house today an impeachment request against President Dilma Rousseff. The petition, will be examined by the president of the lower house -- which may take days -- and if accepted, may set in motion a process that could take as long as several months to... Continue Reading →
Weatherford International Plc shareholders are asking the company for one thing this quarter: Please, just be a little more boring. Over the last decade, the oilfield-services provider has missed analyst estimates 20 times, settled a corruption probe and spent more than $150 million in professional fees to fix errors in its accounting. And last month, it... Continue Reading →
Brazil’s real fell the most in the region on speculation the government will change this year’s budget target to a deficit from a surplus, highlighting its inability to shore up the country’s finances. All four of Brazil’s largest newspapers now report that the government will revise this year’s budget target for a third time, forecasting... Continue Reading →
For the second time in Brazil’s 30-year-old democracy, the country finds itself lurching toward the impeachment of its president. A group of high-profile lawyers plans to file a request Wednesday to begin the proceedings, nudging President Dilma Rousseff closer to being ousted after months of will-she or won’t-she-be-impeached speculation that has paralyzed Congress, rattled financial... Continue Reading →
Brazil's government is considering slashing its key fiscal goal to a deficit of around 50 billion reais ($12.9 billion) this year as revenues plummet due to the ongoing recession, three sources with direct knowledge of the talks said on Tuesday. That primary budget deficit would be equal to 0.85 percent of the country's gross domestic... Continue Reading →
Eduardo Cunha on Oct. 19 Photographer: Evaristo Sa/AFP/Getty Images A group of high-profile lawyers, including a former member of the ruling Workers’ Party, will file a request on Wednesday to begin impeachment proceedings against Brazilian President Dilma Rousseff, alleging she continued to doctor fiscal accounts this year. The petition, which was originally expected Tuesday, is... Continue Reading →
Brazil’s real rose as volatility increased to the highest level in almost three weeks amid optimism that Finance Minister Joaquim Levy will stay in his post, offsetting concerns about the outlook for Latin America’s largest economy amid political strife. The real advanced 0.9 percent to 3.8529 per dollar at 9:40 a.m. in Sao Paulo. The currency is... Continue Reading →
