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Rousseff says Brazil will try to get out of first budget deficit BRASÍLIA: After presenting Brazil's first ever budget deficit, President Dilma Rousseff promised Wednesday that her government will work hard to get back in the black."We are being straightforward. And we are showing, clearly, that there is a problem," she said at a news briefing.Rousseff made her vow to get her nation's budget under control as Brazil's Central Bank kept its key interest rate at 14.25 percent Wednesday, breaking with a string of seven consecutive hikes aimed at holding back soaring inflation.Brazil just last week acknowledged that its battered economy -- the world's seventh largest -- has slipped into recession, hard-hit by plummeting oil and commodity prices. Inflation also is high at 9.56 percent and unemployment has risen to 7.5 percent. Rousseff's government delivered the proposed budget to Congress Monday predicting a primary deficit amounting to 0.5 percent of GDP, or 30.5 billion reais ($8.4 billion).This was the first time a ...

Venezuela takes census in border area amid row with Colombia CARACAS: Venezuela bolstered its military presence and started taking a census Monday in towns along the border with Colombia as part of a diplomatic spat that has seen more than 1,000 Colombians deported.The countries have been locked in a row since Venezuelan President Nicolas Maduro closed part of the border this month after unidentified assailants attacked a Venezuelan anti-smuggling patrol, wounding three soldiers and a civilian.Maduro blamed the attack on right-wing paramilitaries from Colombia.He has ...
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 ...
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 ...


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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