Brazil's opposition parties on Thursday filed a request in Congress to impeach President Dilma Rousseff for breaking fiscal rules by allegedly manipulating government finances to benefit her re-election last year. The request was backed by some members of Rousseff's main political ally, the fractious PMDB party, Brazil's largest, whose votes would be needed to succeed... Continue Reading →
Brazil – Impeachment Pressures Mount
Brazil’s opposition leaders this week are taking the most decisive steps so far to try and remove President Dilma Rousseff from office amid growing discontent over her handling of a tanking economy. Lawmakers this week for the first time formally discussed the procedures for impeachment on the floor of the lower house, asking the head... Continue Reading →
Odebrecht’s Alleged Money Launderer Points Brazil Probe To Banks
An investigation into Latin America’s largest construction group is steering prosecutors to a transnational money laundering scheme allegedly conducted through Swiss branches of banks including HSBC Holdings Plc, Royal Bank of Canada and Deutsche Bank AG. Bernardo Freiburghaus, 47, a Brazilian-Swiss dual citizen, is accused by a judge in Brazil of setting up a money... Continue Reading →
Brazil’s Real Weakens as Goldman Sachs Questions Political Will
Brazil’s real declined as Goldman Sachs Group Inc. questioned the viability of proposals to cut spending and raise taxes as the government seeks to reassure investors of the country’s creditworthiness. Finance Minister Joaquim Levy proposed a new round of fiscal tightening designed to protect Brazil from further credit-rating downgrades after Standard & Poor’s cut to... Continue Reading →
OPEC Trims 2016 Estimates for Rival Supplies as U.S. Oil Suffers
OPEC trimmed estimates for supplies from outside the group in 2016 as the slump in prices takes its toll on the U.S. shale-oil industry. The Organization of Petroleum Exporting Countries cut 2016 estimates for non-OPEC output by 110,000 barrels a day, its Vienna-based secretariat said Monday in its monthly market report. Still, the group sees... Continue Reading →
Last chance for Brazil’s Rousseff to save mandate
Brazilian President Dilma Rousseff has one last chance to stem a growing political and economic crisis before being forced to step down, one of the country's leading daily newspapers said on Sunday. In an unusual front-page editorial, Folha de S.Paulo said Rousseff needs to take "drastic measures" including additional spending cuts and tax increases to... Continue Reading →
Brazil’s downgrade sparks concerns over forced selling
Pessimism about Brazil deepened this week after Standard & Poor's downgraded both the sovereign and Petrobras to junk status, reigniting fears of forced selling in a country sinking fast into high-yield territory. The other agencies are expected to follow suit soon, further clouding the picture for Brazil, which is undergoing its worst economic crisis in... Continue Reading →
Brazil investigators aim to question Lula in corruption probe
Brazil's Supreme Court said on Friday it had received a request from federal investigators to question former President Luiz Inacio Lula da Silva in a political kickback scheme engulfing the state-run oil company. According to a motion filed with the court, federal police suspect the former president "may have benefited" from a political kickback scheme... Continue Reading →
Brazil likely to lose investment grade by other agencies: Reuters poll
At least one other rating agency is likely to withdraw Brazil's investment grade this year as renewed efforts to cut a budget deficit will probably fail, a Reuters poll showed, potentially deepening the country's economic and political crisis. All but one of 26 economists surveyed by Reuters on Thursday expect Brazil's rating to be cut... Continue Reading →
Brazil Real Volatility at Six-Month High After S&P Downgrades
Brazil’s real volatility climbed to a six-month high as traders weighed whether Standard & Poor’s move to cut the nation’s credit rating to junk will prompt lawmakers to work with the government to shore up the budget. One-week implied volatility on options for the real, reflecting projected shifts in the exchange rate, increased to 26.83 percent... Continue Reading →
