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Brazil recorded the largest-ever primary budget gap in 12 months through February as a two-year economic recession sapped tax collection while expenses grew further. The deficit before interest payments, which includes results of states, municipalities and government-owned companies, reached 125.14 billion reais ($35 billion) in the 12-month period, or a record 2.11 percent of gross domestic... Continue Reading →
Brazil's judiciary will not end systemic corruption unless society also demands change, the federal judge presiding over a massive graft investigation that may topple President Dilma Rousseff's government said. Judge Sergio Moro, a hero to many Brazilians who has recently been criticized for pushing the boundaries of the law, compared the investigation he oversees to... Continue Reading →
Brazil's President Dilma Rousseff smiles as she attends a meeting with jurists at Planalto Palace in Brasilia, Brazil, March 22, 2016. REUTERS/ADRIANO MACHADO President Dilma Rousseff's popularity remains close to historic lows, according to a poll on Wednesday, amid a mounting political crisis following the loss of her main coalition partner this week that increased... Continue Reading →
As impeachment of President Dilma Rousseff grows more likely, chances are rising that Brazil’s central bank may also go under new management in a matter of months. But regardless of whether central bank chief Alexandre Tombini stays in office for long, prospects of interest rate cuts have found their way back on investors’ radar. Brazil’s economy is... Continue Reading →
Brazil's President Dilma Rousseff (L) talks to Vice President Michel Temer at the Planalto Palace in Brasilia, Brazil, in this March 2, 2016 file photo. REUTERS/ADRIANO MACHADO/FILES Brazil's largest party announced on Tuesday it is leaving President Dilma Rousseff's governing coalition and pulling its members from her government, a departure that cripples her fight against... Continue Reading →
The U.S. Department of Justice is investigating possible corruption in contracts among Brazilian petrochemical company Braskem, engineering conglomerate Odebrecht and the country's state-run oil company Petrobras, a newspaper said on Tuesday. Local daily Valor Economico said the Justice Department was focusing its investigation on whether the companies violated the Foreign Corrupt Practices Act in naphtha... Continue Reading →
Former Brazilian President Luiz Inacio Lula da Silva urged a return to pro-growth economic policies like tax breaks and more consumer credit on Monday, doubling down on a strategy that has strained public accounts in recent years. Lula said during a news conference that he wanted to serve as an advisor to his successor, President... Continue Reading →
Mar 29, 2016 Reuters UPDATE 1-Brazil's government seeks re-election of Petrobras chairman Brazil's government, the controlling shareholder of Petroleo Brasileiro SA, proposed re-election of economist Luiz Nelson Guedes de Carvalho as board chairman of the state-run oil producer, the company said in a statement on Tuesday. The nomination will be subject to a vote at... Continue Reading →
Brazil's President Dilma Rousseff arrives to a meeting with jurists at Planalto Palace in Brasilia, Brazil, March 22, 2016. REUTERS/ADRIANO MACHADO Brazil's largest party will decide on Tuesday to break away from President Dilma Rousseff's floundering coalition, party leaders said, sharply raising the odds that the country's first woman president will be impeached amid a... Continue Reading →
With President Dilma Rousseff of Brazil looking increasingly likely to face impeachment by early May, investors are turning their attention to the man who’d succeed her. Michel Temer, the vice president, has plenty of traits that’d be welcomed in a country mired in a brutal recession. Those who know him best say he’s a business-friendly... Continue Reading →
Brazil Energy Insight 