Petrobras Losses to Corruption May Top US$1.5 Billion

Petrobras Losses to Corruption May Top US$1.5 Billion

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – The investigation which seeks to determine the financial losses to Brazil’s oil giant, Petrobras, due to Operação Lava Jato (Operation Carwash) may take up to three years to be concluded and total R$4.06 billion (over US$1.5 billion), according to Petrobras President, Maria das Graças Foster. […]

Domestic Air Travel in Brazil Grew in 2014

Domestic Air Travel in Brazil Grew in 2014

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – Despite the economic slump faced by Brazil in 2014, domestic air transportation demand in Brazil grew by 5.7 percent last year, according to ABEAR (Brazilian Association of Airline Companies). According to the association however the growth is lower than that registered in 2013, when the […]

Brazil’s Rousseff Urges Cabinet to Reduce Spending

Brazil’s Rousseff Urges Cabinet to Reduce Spending

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – Brazil’s President, Dilma Rousseff, asked cabinet ministers to maintain strict control over government spending and combat corruption, during a meeting with her new cabinet members on Tuesday, January 27th. This is Rousseff’s first cabinet meeting since she started her second term in office, on January […]

Brazil’s Petrobras Releases Third Quarter of 2014 Results

Brazil’s Petrobras Releases Third Quarter of 2014 Results

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – After twice postponing the release of the third quarter financial results for 2014, Brazilian oil giant Petrobras released the report early Wednesday (January 28th) morning. The results show a net profit of R$3.084 billion. These results represent a 38 percent decline from the second quarter […]

Brazil Registers Record Deficit in Current Accounts

Brazil Registers Record Deficit in Current Accounts

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – Brazil’s current accounts in 2014 registered a record deficit of US$90.948 billion, according to data released by Brazil’s Central Bank (CB) on Friday, January 23rd. The result was well above 2013’s deficit of US$81.108 billion and the highest registered since the CB started the series […]

Ex-Petrobras Director Got US$1.5 Million For Pasadena Deal

Ex-Petrobras Director Got US$1.5 Million For Pasadena Deal

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – Former Petrobras director, Paulo Roberto Costa, told investigators that he received US$1.5 million from a lobbyist to aid in the purchase of the Pasadena refinery in the United States. The statement was made in September as part of his agreement with authorities for a reduced […]

Brazil has the 4th Costliest Big Mac in the World

Brazil has the 4th Costliest Big Mac in the World

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – According to a survey conducted by British weekly, The Economist, Brazil has the fourth most expensive Big Mac in the world. The latest Big Mac Index, released on January 22nd, shows that the ever-popular sandwich can be bought at McDonald’s restaurants all around the country […]

Brazil to Adopt Actions to Assure Energy Generation

Brazil to Adopt Actions to Assure Energy Generation

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – The government of Brazil is discussing measures to reinforce the generation of energy in the country after a partial blackout in eleven states and the capital, Brasília, on Monday, January 19th. The causes of Monday’s blackout are still in dispute, the Ministry of Mines and […]

Brazil Increases Taxes on Fuels, Imports and Credit

Brazil Increases Taxes on Fuels, Imports and Credit

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – The Brazilian government’s new economic team announced the first measures which they hope will reduce the country’s primary deficit and put the economy back into the path of sustainable growth. Finance Minister, Joaquim Levy, announced on Monday, the government will increase taxes on fuels, imports […]

Analysts Forecast Higher Inflation in Brazil for 2015

Analysts Forecast Higher Inflation in Brazil for 2015

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – For the third consecutive time financial analysts, surveyed for the Brazilian Central Bank’s Focus Bulletin, have increased their forecast for inflation in 2015, with the estimate going from 6.6 percent to 6.67 percent. The forecast continues to hover above the 6.5 percent maximum inflation target […]

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