BRASILIA (Reuters) – Mining companies often complain endless red tape makes it hard to do business in Brazil but prosecutors and environmentalists say burst dams at an iron ore mine that triggered massive flooding last week point to gaping lapses in regulation.
The floodwaters and mudflow killed at least two people and another 25 are still listed as missing in a disaster that came two years after a study requested by a prosecutor warned the dams in the mineral-rich state of Minas Gerais could collapse.
BRASILIA, Nov 3 (Reuters) – When he became finance minister
10 months ago, Joaquim Levy was an uncomfortable fit in Brazil’s
left-leaning government – an orthodox, University of
Chicago-trained economist, a fiscal hawk with an affinity for
Dogged by speculation over his departure amid vocal
opposition from the ruling Workers’ Party, Levy and his boss
President Dilma Rousseff have told officials and lawmakers he is
staying to see an unpopular fiscal austerity plan get through
Congress, according to sources in the government and party.
BRASILIA, Oct 29 (Reuters) – Brazil’s central bank said on
Thursday it will remain vigilant to battle inflation that is
under pressure from a widening budget deficit and a sharp fall
in the country’s currency.
In the minutes of its Oct. 21 policy meeting, the bank said
that the “intense” impact of a weakening Brazilian real and
uncertainty over fiscal results are complicating efforts to
lower near double-digit inflation.
BRASILIA, Oct 27 (Reuters) – Brazil’s National Treasury and
state development bank BNDES are in talks to abate
multimullion dollar debts that are eroding government fiscal
accounts, two sources with knowledge of the matter said on
In the last couple of years, President Dilma Rousseff has
delayed payments worth around 26.5 billion reais ($6.8 billion)
to the BNDES related to massive disbursements of subsidized
loans to local companies to boost capital spending.
BRASILIA, Oct 27 (Reuters) – Brazilian lawmakers are
considering changing the 2015 budget law to allow for the
deduction of up to 113.5 billion reais ($29.05 billion) from the
government’s main fiscal target in an attempt to clear one of
the main political hurdles for the approval of key economic
measures in Congress.
The budgetary commission of Brazil’s Congress suggested to
Finance Minister Joaquim Levy and Planning Minister Nelson
Barbosa the idea of deducting all the revenue lost due to tax
exemptions this year.
BRASILIA, Oct 23 (Reuters) – Brazil will more than halve
funds for a capital spending loan program known as PSI,
underscoring government efforts to roll back public subsidies
after years of costly aid to local companies, a government
official said on Friday.
The National Monetary Council, the country’s main economic
policymaking body, known as CMN, will announce later on Friday
that the new limit for PSI operations will be 19.5 billion reais
($5 billion), down from 50 billion reais, said the official, who
requested anonymity because of the sensitivity of the issue. The
official spoke at a briefing with reporters in Brasilia.
BRASILIA, Oct 21 (Reuters) – Brazil’s central bank kept
interest rates on hold on Wednesday, standing pat for a second
straight meeting despite a jump in inflation expectations to
avoid doing more harm to an economy mired in its worst recession
In a unanimous vote, the central bank’s monetary policy
committee, known as Copom, kept the benchmark Selic rate
at 14.25 percent, a nine-year high and still the
highest among the world’s top 10 economies.
BRASILIA, Oct 21 (Reuters) – Brazil’s central bank will
likely keep interest rates steady on Wednesday for the second
straight meeting, aiming to avoid further harm to an economy
mired in recession despite a recent jump in inflation
expectations for next year.
All 48 economists surveyed by Reuters last week expect the
central bank to hold its benchmark Selic rate at a nine-year
high of 14.25 percent.
SAO PAULO/BRASILIA, Oct 16 (Reuters) – Finance Minister
Joaquim Levy has not resigned and will stay in his post,
Brazil’s government said on Friday, denying a media report that
he planned to step down in a dispute over austerity measures.
A finance ministry spokeswoman told reporters that Levy
“continues to work and is committed to improve the country’s
BRASILIA, Oct 16 (Reuters) – Brazil’s government is
considering raising a fuel tax and other duties to help
rebalance its public accounts next year as it loses hope
Congress will approve on time a controversial tax on financial
transactions, three officials said on Friday.
President Dilma Rousseff’s administration is in talks with
the lawmaker drafting the 2016 budget bill to reduce its
projection for 32 billion reais in extra income next year
stemming the revival of the CPMF tax.