from Global Investing:

No more currency war. Mantega dumps the IOF

June 5, 2013

Brazil's finance minister Guido Mantega, one of the most shrill critics of Western money-printing, has decided to repeal the so-called IOF tax, he imposed almost three years ago as a measure to fend off  hot money flows.

from MacroScope:

Brazil’s capital controls and the law of unintended consequences

June 5, 2013

Brazilian economic policy is fast becoming a shining example of the law of unintended consequences. As activity fades and inflation picks up, the government has tried several different measures to fix the economy - and almost every time, it ended up creating surprise side-effects that made matters worse. Controls on gasoline prices tamed inflation, but opened a hole in the trade balance. Efforts to reduce electricity fares ended up curbing, not boosting, investment plans.

from Photographers' Blog:

The new soulless Maracana

June 4, 2013

Rio de Janeiro, Brazil

By Sergio Moraes

Last Sunday, June 2, I returned to Maracana to cover Brazil and England playing a friendly soccer match that was also the re-inauguration of this iconic stadium. The first sensation I felt when entering the building was nostalgia for the old Maracana. The new one is beautiful and modern with fantastic lighting, but it didn’t move me. The truth is, it’s no longer Maracana, but rather a different stadium built for the 2014 World Cup. Even the acoustics are different.

from The Human Impact:

Postcard from Brazil: A woman free in Rio, not in Delhi

May 29, 2013

I have lived in the Indian capital for several years and, like many other women in this metropolis of 16 million, I soon learned how to deal with the lecherous stares and dirty comments, the drunken men in cars who follow my auto-rickshaw home from work at night.

from Ian Bremmer:

The underappreciated tensions between China and Brazil

May 28, 2013

If you believed the conventional wisdom, this week’s meeting between Chinese Premier Li Keqiang and Indian Prime Minister Manmohan Singh was bound to be fraught. The leaders of the world’s two largest countries, only a month removed from a standoff in the Himalayas, were meeting. Acrimony was sure to follow, right?

from Global Investing:

Not all emerging currencies are equal

May 28, 2013

The received wisdom is dollar strength = weaker emerging market currencies. See here for my colleague Mike Dolan's take on this. But as Mike's article does point out, all emerging markets are not equal. It follows therefore that any waves of dollar strength and higher U.S. yields will hit them to varying degrees.

from Photographers' Blog:

The Pope is pop

May 24, 2013

Rio de Janeiro, Brazil

By Sergio Moraes

When we recently received the official agenda for Pope Francis’ July trip to Rio de Janeiro, we went straight out to photograph the sites he will visit. Brazil has 123 million Roman Catholics according to the last census, more than any other country. Since Rio is the world’s most irreverent city, according to its own residents, all Popes are received here with the slogan, “The Pope is pop.”

from David Rohde:

Prosperity without power

May 22, 2013

A woman walking near the headquarters (L) of the Federal Security Service, in central Moscow, May 14, 2013. REUTERS/Maxim Shemetov

from Full Focus:

Message of humility

May 22, 2013

A religious fraternity in Rio considers the election of Pope Francis, the first pontiff to take the name of St Francis of Assisi, a confirmation of their beliefs in poverty and simplicity.

from Photographers' Blog:

In the spirit of a Franciscan Pope

May 22, 2013

Rio de Janeiro, Brazil

By Ricardo Moraes

It was Palm Sunday in Rio’s cathedral when I found them in a small group wearing their simple, traditional robes, with short hair and beards, praying, concentrating, amidst hundreds of other Catholics.  I’m talking about the Franciscans, young followers of Saint Francis of Assisi who on some occasions I had seen roaming the city, almost invisible, helping Rio’s poor.