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On the lush savanna in the upper reaches of South America looms a $1.2 billion monument to the deepening troubles of Brazil. Spanning the mighty Orinoco River in Venezuela, the Orinoquia Bridge stands as a rusting reminder of a not-long-ago time when a prosperous Brazil sometimes channeled taxpayer money to ambitious projects across the continent... Continue Reading →
An investor in state-controlled Centrais Elétricas Brasileiras SA has filed a lawsuit that accuses Brazil's largest power holding company and three of its executives of involvement in a graft scandal that artificially inflated stock prices, according to a court document. The plaintiff, the City of Providence, Rhode Island, is seeking class action status for the... Continue Reading →
Despite protests by hundreds of thousands of Brazilians against President Dilma Rousseff and ongoing calls for her impeachment, little suggests radical change in Brazil anytime soon. With the country hobbled by legislative gridlock, a lack of viable alternatives to the established political parties and an economic reversal so complete that its currency is trading at... Continue Reading →
The Brazilian real is trading at or near fair value after losing one quarter of its worth since Jan. 1, economists said, suggesting a possible respite for one of the year's most battered currencies. Emerging market currencies in general have been sliding, and unexpected domestic and international events could still cause the real to overshoot... Continue Reading →
The Brazilian government's attempts to reduce the country's rapidly expanding debt by raising taxes and to stem a decline in the currency by using futures contracts are "stupid" and will only do the opposite, opposition Senator José Serra told Valor Econômico newspaper in an interview published on Monday. Serra, the runner-up in the 2002 and... Continue Reading →
Nationwide street protests Sunday against Brazilian President Dilma Rousseff kept the pressure on the government without dealing her administration a fatal blow. More than half a million people, many wearing the yellow jersey of the national soccer team, took to the streets to denounce corruption and economic mismanagement amid calls for Rousseff’s impeachment or resignation.... Continue Reading →
Brazilians took to the streets Sunday in anti-government protests as President Dilma Rousseff tries to rebuild her coalition and outlast a political crisis. Tens of thousands of demonstrators came out by mid-afternoon in the country’s largest cities to denounce corruption and economic mismanagement, in many cases demanding impeachment or Rousseff’s resignation. Waves of people marched... Continue Reading →
State-run oil company Petroleo Brasileiro SA said it will take a 2 billion reais ($576 million) charge against third-quarter earnings to pay a disputed tax bill with Brazil's federal government, its second unexpected tax charge in a month. The charge is related to 6 billion reais of disputed tax assessments over eight years between 1999... Continue Reading →
More defendants are negotiating and signing plea bargain deals in a massive bribery case focused on Brazil's state-run oil firm Petrobras as federal prosecutors prepare charges against higher-profile suspects, including politicians. Petrobras' former head of corporate services Renato Duque and Fernando Soares, a lobbyist who helped firms win drillship contracts with Petrobras and is accused... Continue Reading →
Prosecutors and federal police in Brazil have unearthed the country's largest-ever corruption scandal by linking a ring of black-market money changers to a price-fixing and political kickback scheme at state-run oil company Petrobras . Executives from two dozen engineering firms are accused of inflating the value of contracts and funneling the excess funds into their... Continue Reading →
