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Brazil's Rousseff drops plan to restore unpopular tax BRASILIA: President Dilma Rousseff has dropped the idea of reinstating a tax on financial transactions to bridge a gaping fiscal deficit in Brazil after it ran into a barrage of criticism even from within her coalition, Brazilian media reported on Sunday.The Folha de S.Paulo and Estado de S.Paulo newspapers, citing presidential aides, said Rousseff abandoned the proposal because it realized there was no time to win its approval in Congress where the 2016 budget must be presented by Monday. The president's press office said it would not comment on the tax issue until Monday as Rousseff planned to continue discussing the budget with her ministers on Sunday. The government was planning a bill reintroducing a 0.38 percent levy on financial transactions, known as CPMF, to raise an estimated 68 billion reais ($19 billion) a year in revenue. Finance Minister Joaquim Levy said on Saturday the tax was needed to cope ...

Brazil ex-president Lula makes political comeback SÃO BERNARDO DO CAMPO: Brazil's popular ex-president Luiz Inacio Lula da Silva declared on Saturday that he is returning to the bruising political frontlines to defend his successor, the embattled Dilma Rousseff. "Our opponents talk about me from morning until night... Well, it's harder to kill a bird if he keeps flying. That's why I started flying again," Lula, 69, said at a rally in Sao Paulo state, a day after admitting he could even ...
Fire at Venezuela nursing home kills eight CARACAS: A major fire ripped through a private nursing home in Venezuela's capital Caracas on Sunday killing eight elderly people, authorities said, calling it "a miracle" there were not more victims.Firefighters were able to rescue more than 30 others and the local mayor praised neighbors who raced to the Chivacoa Seniors' Center as it was engulfed in flames and thick smoke."Unfortunately there are eight victims, three were burned to death and five suffocated," Ramon Muchacho, ...
Colombian father sentenced in case of child drug mule BOGOTA: A Colombian father who forced his 11-year-old daughter to swallow dozens of cocaine-filled capsules and tried to make her a drugs mule was sentenced to more than 14 years in prison, authorities said Saturday.Diego Mancilla Aguilar was convicted on charges of attempted aggravated murder, drug trafficking and use of a minor in the commission of a crime.Mancilla made an agreement with prosecutors in which he was sentenced to 14.5 years in prison, a judicial ...
Venezuela closes Colombia border indefinitely CARACAS: Venezuela's President Nicolas Maduro indefinitely closed his country's border with Colombia and declared a state of emergency in part of the frontier region Friday, following an earlier attack that wounded four people.Tensions run high along the 2,200-kilometer (1,400-mile) porous border, rife with guerrilla and smuggling activity, and the two countries almost went to war in 2008.Two men on motorcycles attacked soldiers involved in anti-smuggling operations along the northwestern border with Colombia on Wednesday, according ...
Brazil speaker, former president charged in Petrobras corruption BRASÍLIA: Brazilian prosecutors lodged corruption charges Thursday against the speaker of the lower house -- a key figure in the country's current political crisis -- and also against a former president.Eduardo Cunha, speaker of the Chamber of Deputies, was alleged to have taken at least $5 million in bribes as part of a sprawling kickbacks scheme centered on state oil company Petrobras.Prosecutor General Rodrigo Janot alleged that Cunha received payoffs relating to contracts to build ...
Brazil's embattled left strikes back RIO DE JANEIRO: Brazil's embattled left staged a string of protests Thursday in a show of support for President Dilma Rousseff, although turnout was markedly lower than at massive anti-government rallies over the weekend.The protests hit back at the right's push to impeach Rousseff, who less than a year into her second term is struggling for political survival."We want to continue with democracy. No to the coup, no to fascism!" said poet Jorge Salomao, 68, ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln