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Brazil court seizes some of builder OAS's shares in Invepar

Fri, 01/30/2015 - 12:58pm
A court in Brazil's São Paulo state seized on Friday 8.9 percent of the shares that construction group OAS SA has in infrastructure company Investimentos e Participações em Infraestrutura SA, alleging that the debt-ridden group is in imminent risk of insolvency. Judge Roberto Corcioli Filho of the state of São Paulo Justice Court told Reuters that he ordered the seizure at the behest of ...

Brazil economy posts first budget gap in 12 years

Fri, 01/30/2015 - 11:23am
Brasília (AFP) - Brazil on Friday posted its first budget deficit in 12 years -- more bad news for an economy already battling high inflation and facing deep spending cuts. The central Bank released data showing a public sector primary deficit equal to 0.63 percent of gross domestic product in 2014. It marks the first time that the figure has been in the red since 2002, when its central bank ...

Brazil's swelling budget gap compounds dire 2015 for Rousseff

Fri, 01/30/2015 - 5:36am
Brazil fell far short of its main fiscal target in 2014, underscoring the uphill battle that President Dilma Rousseff faces to shore up public accounts to prevent a credit downgrade as recession risks loom. Brazil posted a primary budget deficit of 32.536 billion reais ($13.76 billion) for last year, equal to 0.63 percent of gross domestic product, the central bank said on Friday. The country's ...

Brazil Corruption Probe Follows Italian Model From 1990s

Fri, 01/30/2015 - 5:04am
As Brazil prosecutors continue to relentlessly pursue building company executives implicated in a kickback and corruption scandal tied to the state oil company, Petroleo Brasileiro SA, an academic paper is playing a surprising role. A decade ago, Sergio Moro, then a little-known 31-year-old Brazilian judge, penned a treatise based on a 1990s probe into a scheme of kickbacks between politicians ...

Brazil's Bradesco says ready to weather corporate defaults

Fri, 01/30/2015 - 4:56am
Banco Bradesco SA is prepared to weather an expected wave of corporate defaults and debt restructurings in Brazil, executives said on Friday, expecting strict risk assessment and provision policies to protect the loan book of Brazil's No. 2 private sector lender. While more "credit events" could take place this year, they are unlikely to "significantly impact Bradesco's asset quality or force ...

Brazil posts 2014 primary budget deficit, first in over a decade

Fri, 01/30/2015 - 2:49am
Brazil posted a primary budget deficit of 12.894 billion reais ($4.85 billion) in December, capping the worst year for the country's public accounts in more than a decade, central bank data showed on Friday. Brazil ended 2014 with a primary budget deficit of 32.536 billion reais, or the equivalent of 0.63 percent of gross domestic product. In 2013, Brazil posted a budget surplus of 91.3 billion ...

IndyCar opener in Brazil cancelled

Thu, 01/29/2015 - 8:12pm
The IndyCar racing league said an apparent decision by a promoter to cancel the season-opening race scheduled for March 8 in Brazil has left them stunned and disappointed. US media reported the race was cancelled because a major financial backer had pulled out of the event. "IndyCar had received every indication that the race was already a success," IndyCar said in a statement Thursday night ...

Brazil Corruption Probe Follows Italian Model From 1990s

Thu, 01/29/2015 - 4:00pm
As Brazil prosecutors continue to relentlessly pursue building company executives implicated in a kickback and corruption scandal tied to the state oil company, Petroleo Brasileiro SA, an academic paper is playing a surprising role. A decade ago, Sergio Moro, then a little-known 31-year-old Brazilian judge, penned a treatise based on a 1990s probe into a scheme of kickbacks between politicians ...

Brazil has no favorites in possible telecom tie-up: source

Thu, 01/29/2015 - 12:07pm
By Leonardo Goy and Jeferson Ribeiro BRASILIA (Reuters) - Brazil's government has no preferred model for consolidation of the country's telecom market, a source told Reuters on Thursday, leaving behind the days when Brazilian telecom company Oi SA was held up as a "national champion". Oi has been in talks with Spain's Telefonica SA and Mexico's America Movil SAB about making a joint bid to buy ...

Brazil has no favorites in possible telecom tie-up: source

Thu, 01/29/2015 - 12:07pm
Brazil's government has no preferred model for consolidation of the country's telecom market, a source told Reuters on Thursday, leaving behind the days when Brazilian telecom company Oi SA was held up as a "national champion". Oi has been in talks with Spain's Telefonica SA and Mexico's America Movil SAB about making a joint bid to buy rival TIM Participações SA and dividing it three ways. TIM ...

Brazil: Petrobras Case Had $800M in Kickbacks Found So Far

Thu, 01/29/2015 - 5:08am
Brazil prosecutors say they've found $800 million in kickbacks in Petrobras scandal

Brazil's Bradesco sets lower loan book growth forecast

Thu, 01/29/2015 - 3:30am
Banco Bradesco SA, Brazil's second-biggest private sector bank, on Thursday forecast lower lending growth for this year than it estimated for 2014, highlighting the economic headwinds facing Latin America's ...

Brazil's central bank opens door to smaller rate hike in March

Thu, 01/29/2015 - 3:11am
Brazil's central bank cemented expectations of another interest rate hike in March but suggested it could slow the pace of increases going forward, according to the minutes of its last monetary policy meeting released on Thursday. The bank said it has not yet made sufficient progress in curbing price increases but noted inflation now looks more likely to ease towards the 4.5 percent target in ...

Brazil's jobless rate drops as fewer people seek work

Thu, 01/29/2015 - 2:01am
Brazil's jobless rate returned to historic lows in December, but wages dropped from the month before in another sign that a once-booming labor market was losing momentum. The non-seasonally adjusted jobless rate fell to 4.3 percent in December from 4.8 percent in November, statistics agency IBGE said on Thursday, matching the previous all-time low hit in December 2013. Brazil's economy ground to ...

Brazil's Bradesco sees loan book growing 5 pct-9 pct this year

Wed, 01/28/2015 - 9:30pm
Banco Bradesco SA , Brazil's second-biggest non-government bank, announced on Thursday the following operating estimates for this year: 1) The bank expects growth in its loan book between 5 percent and ...

Brazil's Cielo misses profit estimate in fourth quarter

Wed, 01/28/2015 - 12:46pm
Cielo SA, Brazil's largest card payment processor, missed fourth-quarter profit estimates on Wednesday after expenses rose at a faster-than-expected pace and prepayment of receivables revenues came in ...

What A Surreal Day For Brazil

Wed, 01/28/2015 - 8:32am
In the past year or so Brazil's economy has...

Brazil ETF Steady, Sort of, Following Petrobras Plunge

Wed, 01/28/2015 - 7:43am
Shares of the iShares MSCI Brazil Capped ETF (NYSEArca: EWZ) are off 1.6% Wednesday. That is nothing to brag about but that showing by the largest Brazil ETF on a day when Petrobras (NYSE: PBR), one of ...

TV star's plastic surgery disaster tests Brazil

Wed, 01/28/2015 - 4:58am
SAO PAULO (AP) — Andressa Urach went from being a single teenage mom nicknamed "Beanpole" to a reality TV bombshell in Brazil thanks to silicone implants, anabolic steroids, a nose job, and gel and botox injections, a fact she wasn't ashamed to share with fans.

Brazil Resources Inc. Reports on Company Outlook for 2015

Wed, 01/28/2015 - 3:30am
Brazil Resources Inc. Reports on Company Outlook for 2015