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Moody's threatens to downgrade Brazil as economy stalls RIO DE JANEIRO: Moody's Investors Service on Tuesday said it may cut Brazil's credit rating in the next couple of years as the economy slows down, putting added pressure on whoever is elected president in October to change course on economic policy.Brazil will go to the polls on Oct. 5 with the debate about whether to tighten fiscal policy a hot campaign topic. President Dilma Rousseff, seeking re-election, faces a strong challenge from her main contender Marina Silva who is keen to cut government spending. Under Rousseff, Brazil's economic growth has slowed to an average of less than 2 percent a year, with a recession taking place in the first half of 2014, while heightened government spending led to a increase in the country's debt burden. Moody's revised the outlook on Brazil's "Baa2" rating to negative from stable, saying it could downgrade it if it sees indications that the next ...

Argentina eyes debt move to dodge US court BUENOS AIRES: Argentina's congress will likely pass Wednesday a measure aimed at side-stepping a US court order that has blocked the country from paying back debt tied up in a feud with hedge funds.The lower house will vote on legislation approved by the Senate last week that would move the repayment location from New York to either Buenos Aires or Paris.It is the latest move by President Cristina Kirchner's administration in a legal tussle with ...
Chiquita suspends Fyffes deal vote, to discuss Cutrale-Safra bid SAO PAULO: Banana producer Chiquita Brands International Inc adjourned a shareholder vote on a plan to merge with Fyffes Plc in order to engage in discussions with Grupo Cutrale and Safra Group regarding a $611 million unsolicited takeover bid.US-based Chiquita said in a statement on Monday that Irish tropical fruits producer Fyffes had granted it a waiver to negotiate with Cutrale and Safra. Chiquita's planned Sept. 17 shareholder meeting to vote on the Fyffes deal was ...
Petrobras scandal shakes up Brazil presidential race RIO DE JANEIRO: Brazil's October presidential race has been shaken up by a corruption scandal allegedly involving state-run oil firm Petrobras and dozens of lawmakers, with both leading candidates forced onto the defensive after colleagues were implicated. Media reported on Friday night that a jailed former Petrobras director had named dozens of politicians who allegedly received kickbacks off the company's contracts. The revelations are a headache for President Dilma Rousseff, undermining her reputation for zero ...
Ten killed in plane crash in Colombian jungle BOGOTA: A small airplane crashed minutes after take-off in Colombia's southern jungle on Saturday, killing all 10 people aboard, the country's civil aviation agency said."The airplane was found, broken apart and burned, 10 km (6 miles) from populated areas in the municipality of Puerto Santander, Amazonas department," the agency said in a statement. The Air Force was carrying out the effort to retrieve the bodies of the eight passengers and two crew members, who were ...
Ten feared dead in Colombia plane crash BOGOTA: Colombian authorities said there was little chance of finding survivors after a small plane with 10 people on board crashed in the Amazon jungle.The aircraft with registration number HK-4755 PA 34 Navajo took off from Araracuara Airport in the country's south around 3:00 pm local time (2000 GMT) on Saturday. It lost contact with air traffic control as it went over the town of Florencia.Authorities have yet to find the occupants -- two crew ...
Ecuador to target unhealthy diets with 'junk food tax' QUITO: Ecuador plans to impose a "junk food tax" on fast food restaurants, and will use the revenues to address the negative health effects on its citizens of diets laden with salt and fat. "We are moving past poverty-related problems since the country is progressing a lot, and moving on to problems of affluence," President Rafael Correa said Thursday.The chief of state, who holds a majority in parliament, said the tax would mainly target international ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 15, 2014
Reserves $13.414 bln