Month: November 2015
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CEO of Brazil’s largest investment bank arrested
Brazil arrested the CEO of Latin America’s largest investment bank and the governing party’s leader in the nation’s Senate on Wednesday.The arrests stem from an investigation into a money laundering scandal that has undermined Brazil’s government and once-strong economy. The scandal involves Brazil’s state-run oil company, Petrobras, and has entangled many of the country’s business…
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Central Bank in Brazil Forcasts 2016 Inflation Above Target Ceiling
While there was a consensus among financial analysts that consumer inflation in Brazil would top ten percent this year, the latest report by the Central Bank (CB) shows that analysts’ forecasts for 2016 inflation are also above the target limit of 6.5 percent. According to financial institutions surveyed by the CB for its Focus Report,…
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Foreign Investors Buy into Brazil, Lead M&A Activity
Brazilian companies are the cheapest they have been in years, presenting bargain hunters with prime buying opportunities.But foreign investors appear to be keener on the nation’s prospects than Brazilians, many of whom are spooked by the political turmoil that is worsening the nation’s economic slowdown. Earlier this month, New York’s Coty Inc. agreed to pay…
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Brazil keen to further strengthen trade ties with India
Brazil today called for expanding a trade pact with India by adding more products such as frozen chicken (whole) and processed soyabean in the tariff agreement and also stressed on technology transfer and investment in agriculture research. Brazil is also keen to export ethanol and milk products to India and boost shipments of edible oils. India…
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Europe’s Top Banks Are Cutting Losses Throughout Latin America
European banks are on the retreat all across Latin America.Societe Generale SA announced in February that it’s dismissing more than 1,000 workers while exiting the consumer-finance business in Brazil. In August, HSBC Holdings Plc sold its unprofitable Brazilian unit, with more than 20,000 employees. Two months later, it was Deutsche Bank AG’s turn. The German…
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Shares Drop As Commodity Saga Continues, Finance Minister Out?
Some headlines from Brazil, with the iShares MSCI Brazil Capped exchange-traded fund (EWZ) down 2.4% Local press reports in Brazil Wednesday said Brazil’s Finance Minister Joaquim Levy could be replaced within months as the economy and currency collapse. Brazil President Dilma Rousseff may choose Henrique Meirelles, a former central bank president. Brazil’s government says it…
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Oil Workers Strike in Brazil for Wages, Investments, Assets
Twelve oil work unions which are part of the Oil Workers Federation (FUP) in Brazil began on November 1st, a strike at Petrobras refineries all over the country. According to union officials, strikers are protesting against Petrobras’ asset sales, investment cuts, project suspensions, and reduction of some workers’ rights. “The strike was agreed upon more…