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Dilma Rousseff

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  • CURITIBA, Brazil, Dec 11- Brazilian prosecutors formally charged executives from six of the country's largest engineering firms of forming a cartel to funnel kickbacks from state-run oil firm Petrobras to the ruling political party and its allies on Thursday. They were also indicted on charges of corruption, money laundering and organized crime in a...

  • SAO PAULO, Dec 11- Brazilian retailers are expecting their worst Christmas season in a decade and signs are pointing to an unhappy New Year ahead. But most consumer companies, such as cosmetics maker Natura SA and apparel chain Cia Hering, are likely to continue to struggle with weak demand. Brazil's National Confederation of Commerce estimated Christmas sales...

  • Petrobras funding options run slim as scandal deepens Wednesday, 10 Dec 2014 | 9:55 AM ET

    SAO PAULO, Dec 10- Brazil's state-controlled oil firm Petrobras may have to hike fuel prices, cut spending or seek a capital injection from the government next year as a widening corruption probe threatens to temporarily leave it out of capital markets. If auditors fail to approve its annual results by April, that could trigger early repayment of as much as $11...

  • BRASILIA, Dec 9- Brazil's Congress approved late on Tuesday a controversial budget target bill whose passage opens the way for President Dilma Rousseff's new economic team to take office as soon as this week. A senior government official said last week that incoming finance minister Joaquim Levy would take office once the budget bill got passed so as to "avoid a...

  • BRASILIA, Dec 9- Brazil's prosecutor-general Rodrigo Janot on Tuesday called for the replacement of state-controlled oil company Petrobras' top management and punishment of everyone involved in a scheme to funnel kickbacks from contracts to politicians. Janot made his strongest comments so far on Brazil's latest corruption scandal as federal...

  • SAO PAULO, Dec 9- Retail sales in Brazil probably rose in October for the third straight month, according to a Reuters survey of economists, extending a weak recovery but remaining vulnerable to a plunge in consumer confidence. Household spending, which represents nearly two-thirds of Brazil's economy, has dropped in each of the first three quarters of 2014,...

  • BRASILIA, Dec 9- Brazil's top prosecutor called on Tuesday for the punishment of everyone involved in a scheme to funnel kickbacks from contracts with state-run oil firm Petrobras to politicians, and said he expected the company's management to be replaced. Rodrigo Janot's strongest comments so far on Brazil's latest corruption scandal were made as federal...

  • Brazil's anti-corruption comptroller Hage resigns Monday, 8 Dec 2014 | 11:32 AM ET

    BRASILIA, Dec 8- Comptroller General Jorge Hage, the man in charge of fighting corruption in the Brazilian government, announced his resignation on Monday amid a widening graft scandal centered on state-run oil company Petrobras. The process against Camargo Correa SA, Engevix SA, Galvao Engenharia SA, IESA, Mendes Junior SA, Grupo OAS SA, Queiroz Galvao SA and...

  • BRASILIA, Dec 4- The appointment of fiscal conservative Joaquim Levy as Brazil's finance minister sent a stronger-than-expected message of positive policy changes during President Dilma Rousseff's second term, Standard& Poor's senior analyst Lisa Schineller told Reuters on Thursday. However, S&P's future credit rating decisions on Brazil will depend on...

  • BRASILIA, Dec 4- The Brazilian government aims to bolster its fiscal credibility using more moderate economic growth estimates to set future savings goals, a government official briefed on the decision told Reuters on Thursday. President Dilma Rousseff's government used estimates from private economists to set its primary surplus goals for the next three...

  • BRASILIA, Dec 4- Brazil's new economic team headed by Joaquim Levy will likely take office next week once the dust settles on President Dilma Rousseff's battle to loosen this year's budget targets, a senior government official said on Thursday. In a heated 17- hour joint session, Congress approved the text of a bill that frees the Rousseff administration from...

  • BRASILIA, Dec 4- President Dilma Rousseff won a hard-fought victory in Brazil's Congress early on Thursday with the passage of legislation that frees her administration from complying with its fiscal savings goal for this year. The amendment to the budget law, approved in a heated 17- hour joint session of Congress, allows her government to deduct...

  • SAO PAULO, Dec 3- Brazil's comptroller general opened cases on Wednesday against eight engineering firms suspected of bribery and fraud in deals with Petrobras, holding them accountable for their role in a widening corruption scandal at the state-run oil company. If found responsible for the alleged graft scheme, some of Brazil's biggest industrial...

  • SAO PAULO, Dec 3- The chief financial officer of Brazil's Petroleo Brasileiro SA has agreed to a fine for stifling the influence of minority shareholders, the country's securities regulator said, as corruption allegations swirl around the state-run oil company. Securities watchdog CVM said on Wednesday that by letting state development bank BNDES and...

  • SAO PAULO, Dec 3- In a sign of the distortions plaguing Brazil's stagnant economy, a wide range of companies are sharply cutting back output of their main products to instead sell electricity back into the national grid because it is more profitable. Usiminas, Brazil's biggest producer of flat steel, said in its latest earnings report that revenues from...

  • BRASILIA, Dec 2- A former Petrobras executive at the center of an alleged multibillion-dollar graft scheme involving the state-run oil company said on Tuesday that similar bribery and kickback schemes are prevalent in many Brazilian public-infrastructure projects. "What has been reported occurring at Petrobras happens all over Brazil in contracts for...

  • BRASILIA, Dec 1- Brazilian President Dilma Rousseff named business leader Armando Monteiro on Monday to head the industry and trade ministry in a new sign of more market-friendly policies as she tries to restore investor confidence and reignite economic growth. Monteiro, an industrialist and senator from the northern state of Pernambuco, led Brazil's most...

  • BRASILIA, Nov 27- Incoming finance minister Joaquim Levy faces tough hurdles, including resistance from within the ruling party, as he sets out to restore order to Brazil's messy public accounts, regain investor confidence and get a stagnant economy moving again. Levy's biggest challenge will be to convince skeptical investors that Brazil has a viable plan to...

  • BRASILIA, Nov 28- Brazil's economy pulled out of a brief recession in the third quarter due to a spike in public spending before presidential elections, suggesting growth could be short-lived as the government now plans to tighten policy. That stimulus is set to end in coming quarters as re-elected President Dilma Rousseff reins in spending to restore market...

  • BRASILIA, Nov 27- Brazil's incoming finance minister Joaquim Levy promised more realistic fiscal targets and balanced economic growth on Thursday, aiming to rebuild investor confidence after years of weak growth and erratic economic policies. A former executive at Banco Bradesco with a reputation for fiscal discipline, Levy is expected to roll back costly...