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Brazil's current economic struggles are due in part to prolonged government stimulus that must be cut back, President Dilma Rousseff said on Monday, in a rare public acknowledgment that her policies had contributed to a deep recession. In a video posted online to mark Brazil's Independence Day, Rousseff renewed her commitment to an austerity agenda... Continue Reading →
A top aide to Luiz Inacio Lula da Silva when he was president was charged with corruption, money laundering and racketeering on Friday, making him one of the most senior members of Brazil's ruling Workers' Party targeted by prosecutors in a massive kickback scandal. Jose Dirceu, who was Lula's chief of staff between 2003 and... Continue Reading →
When he came aboard this year as Brazil’s finance minister, Joaquim Levywas hailed by many as the fiscal hawk who would bring discipline to the country’s big-spending leftist government. Nicknamed “Joaquim Scissorhands” for his penchant for cost-cutting, the conservative economist, who holds a doctorate from the University of Chicago, set aggressive fiscal targets and vowed... Continue Reading →
Brazil’s central bank left its benchmark interest rate unchanged on Wednesday at the highest level in nine years as the long battle with inflation continues with little relief in sight. The bank’s monetary-policy committee left the benchmark Selic rate at 14.25%. The committee repeated its statement from its previous meeting, saying the Selic should stay... Continue Reading →
Brazil’s President Dilma Rousseff said her Finance MinisterJoaquim Levy is not isolated and worn out, even after several of his recent proposals aimed at avoiding a sovereign credit rating downgrade were blocked. Brazil’s Congress has redoubled its opposition to Levy’s austerity proposals as Latin America’s biggest economy heads to its first two-year recession since 1931.... Continue Reading →
Saudi Arabia and its Gulf allies are at odds with Iran and other OPEC members over whether the organization should include oil-price forecasts in its long-term strategy report, according to three of the group’s delegates. The Gulf kingdom, which has led the Organization of Petroleum Exporting Countries in a battle against rival producers, is seeking... Continue Reading →
Brazil’s real slid for a fourth straight day and fell to a new 12-yearlow as a bigger-than-forecast drop in industrial production added to concern the nation is facing its longest economic contraction since the 1930s. The real declined 0.3 percent to 3.7111 per dollar Wednesday as of 10:08 a.m. in Sao Paulo, the weakest level... Continue Reading →
Much of Brazil’s plan to cut as many as 10 ministries by the end of the month is little more than re-branding, without saving the government much money, according to a cabinet member participating in the discussions. There are currently 38 officials in Brazil with the status of minister, including the heads of nine secretariats and... Continue Reading →
Brazil’s real fell to a fresh 12-year low and led losses among major currencies as a projected deficit in 2016 added to speculation that the nation will slip to a junk credit rating. The real depreciated 1.8 percent to 3.6875 per dollar at 3:36 p.m. in Sao Paulo, the weakest level on a closing basis... Continue Reading →
Brazil is enduring one of its most acute crises since the return of democracy in the 1980s. Amid a sharp economic downturn, the combination of growing popular discontent and a massive corruption scandal involving state-controlled oil giant Petrobras and major construction companies has prevented President Dilma Rousseff’s administration from being able to govern effectively. The... Continue Reading →
