Raymond's Feed
Sep 14, 2011

Brazil tourism minister quits, fifth this year

BRASILIA, Sept 14 (Reuters) – Brazil’s tourism minister
resigned on Wednesday over allegations of ethics violations, a
departure that President Dilma Rousseff hopes will signal the
end of months of scandals and negative headlines.

The resignation of Pedro Novais — the fifth cabinet member
to resign in just over three months — is a reminder of the
political volatility that has undermined Rousseff’s
administration as she struggles to contain unrest within her
ruling coalition stemming partly from fiscal belt-tightening.

Sep 14, 2011

BRICS give lukewarm response to Brazil euro plan

BRASILIA/NEW DELHI, Sept 14 (Reuters) – Brazil’s proposal
to support the crisis-hit euro zone garnered only lukewarm
support from fellow BRICS countries on Wednesday, as doubts
mounted whether the five emerging market powers have the
political will or financial clout to throw a lifeline to
Europe.

Brazil’s president, Dilma Rousseff, reiterated on Wednesday
that her country was ready to join an international rescue
effort, a day after officials said Brazil was in preliminary
talks with the four other members of the BRICS group — Russia,
India, China and South Africa — to make coordinated purchases
of bonds of euro zone countries.

Sep 14, 2011

BRICS weigh help for euro area, no firm commitment

BRASILIA/NEW DELHI (Reuters) – The BRICS emerging economies are considering offering support to the euro area, possibly by buying bonds, although doubts emerged that a significant plan would materialise.

A central bank adviser in China urged Beijing on Wednesday not to buy large amounts of euro area bonds and South Africa’s finance minister suggested his country might not have the financial firepower to support a bond-buying plan.

Sep 14, 2011

BRICS weigh help for euro area, but doubts emerge

BRASILIA/NEW DELHI, Sept 14 (Reuters) – The BRICS emerging
economies are taking tentative steps to offer support to the
euro area, possibly by buying bonds, although doubts emerged
that a significant plan could materialise.

A central bank adviser in China urged Beijing on Wednesday
not to buy large amounts of euro area bonds and South Africa’s
finance minister suggested his country might not have the
financial firepower to support a bond-buying plan.

Sep 13, 2011

BRICS weigh buying euro-denominated debt: source

BRASILIA (Reuters) – The BRICS major emerging economies are in preliminary talks on increasing their holdings of euro-denominated bonds to help ease Europe’s debt crisis, a senior Brazilian government official told Reuters on Tuesday.

The talks are still in a “preliminary stage,” said the source, who asked not to be identified because the negotiations are ongoing. The BRICS group comprises Brazil, Russia, India, China and South Africa

Sep 7, 2011

Brazil vows trade defense, targets Chinese steel

BRASILIA, Sept 6 (Reuters) – Brazil vowed on Tuesday to
defend its domestic industry against unfair competition and
slapped import tariffs on select Chinese steel products.

It is the latest in a series of measures to defend
struggling domestic manufacturers and help shield Latin
America’s largest economy from the fallout of global financial
turmoil.

Sep 1, 2011

Brazil rate cut stirs inflation, political concerns

BRASILIA/SAO PAULO, Sept 1 (Reuters) – Brazil’s shock
interest rate cut has raised concerns that the central bank is
letting its guard down on inflation and caving in to government
pressure to help cushion an economic slowdown.

The hefty cut in the benchmark rate to 12 percent from 12.5
percent at the central bank’s monetary policy meeting on
Wednesday comes as inflation in Latin America’s largest economy
is running at 7.1 percent.

Sep 1, 2011

Key political risks to watch in Brazil

BRASILIA, Sept 1 (Reuters) – President Dilma Rousseff’s
main challenge in coming months will be to maintain a course of
austerity and clean government amid growing dissatisfaction as
Latin America’s largest economy slows.

She will have to face rebellious allies, who could stall
her legislative agenda and approve costly bills that may
undermine fiscal discipline. Other risks include resistance to
long-term structural reforms, persistent inflationary
pressures, and renewed intervention in currency markets.

Sep 1, 2011

Brazil slashes interest rates on global worries

BRASILIA (Reuters) – Brazil’s central bank slashed its key interest rate to 12 percent from 12.5 percent on Wednesday in a shock decision that it said reflects a mounting global slowdown as well as weaker growth in Latin America’s largest economy.

The sharp 50-basis-point cut risks fanning investor worries about stubborn inflation and reviving concern about government influence in monetary policy after a series of comments by senior officials pushing for a rate cut in recent days.

Aug 31, 2011

Brazil 2012 budget assumes strong GDP growth

BRASILIA, Aug 31 (Reuters) – Brazil’s government presented
a 2012 budget to Congress on Wednesday that foresees a rosy
economic outlook and a lower budget surplus target, raising
questions about its commitment to fiscal discipline.

The budget proposal assumes 5 percent GDP growth next year,
far higher than economists’ consensus forecast of 3.9 percent
and a contrast with mounting signs of a sharp slowdown this
year. An optimistic growth outlook risks overestimating tax
revenues, which are expected to rise by 7 percent, and could
force a new round of budget cuts next year.