10022016Sun
Last update: Sun, 02 Oct 2016 03am

South America

World - South America

Brazil's economy shrinks for 6th quarter but signals recovery BRASILIA: Brazil's economy shrank for a sixth straight quarter between April and June, but investments grew for the first time since 2013 and fueled hopes of a modest recovery following the likely ousting of President Dilma Rousseff on Wednesday. Gross domestic product fell 0.6 percent in the second quarter compared with the first, statistics agency IBGE said on Wednesday, slightly more than the 0.5 percent drop expected by economists in a Reuters poll. Investments rose 0.4 percent though, in the first increase after 10 straight quarters of contraction.Brazil's industrial output also hit an inflection point, edging up after shrinking for five consecutive quarters. "We've hit bottom in the second quarter," said Jos? Francisco Gon?alves, chief economist at Banco Fator, in Sao Paulo. "We may see the economy stabilizing in the third quarter, and some growth in the fourth." Optimism over the end of Brazil's worst recession in decades could boost ...

World - South America

Colombia July urban jobless rate 10.4pc, national 9.8pc BOGOTA: Colombia's urban jobless rate, based on surveys in the 13 biggest cities, was 10.4 percent in July, up from 9.0 percent in the same month of 2015, the government said on Wednesday.The national jobless rate was 9.8 percent, up from 8.8 percent in the same month in 2015, the DANE statistics agency said.Colombia's urban rate is more closely watched by financial markets than the national figure because close to 70 percent of the country's ...

World - South America

Rousseff ouster gives Brazil impetus to grow NEW YORK: Brazil may be on the road to recovery. Wednesday's Senate vote to impeach Dilma Rousseff should lend incoming President Michel Temer the impetus to push unpopular measures that will cement recovery in 2017. But there's one big caveat: the country's lawmakers. Latin America's biggest economy is in its worst downturn since records began more than a century ago, hit by a commodity-price bust and Rousseff's statist incompetence. But there are signs of an ...

World - South America

Brazil's Rousseff faces impeachment trial verdict BRASÍLIA: Brazil's Senate was to vote Wednesday on stripping Dilma Rousseff of the presidency in a traumatic impeachment trial set to end 13 years of leftist rule over Latin America's biggest country.Senators loyal to Brazil's first female president debated through the night in a last-ditch attempt to halt seemingly unstoppable momentum toward her dismissal on charges that she illegally manipulated the national budget.Despite the impassioned speeches, which followed 14 hours of testimony by 68-year-old Rousseff ...

World - South America

Brazil Senate braces for Rousseff impeachment vote BRASÍLIA: Brazil's Senate was to vote Wednesday on stripping Dilma Rousseff of the presidency in a traumatic impeachment trial set to end 13 years of leftist rule over Latin America's biggest country.Senators loyal to Brazil's first female president debated into the night Tuesday in a final attempt to halt the apparently unstoppable momentum toward her dismissal.Despite the impassioned speeches, which followed 14 hours of testimony by 68-year-old Rousseff herself on Monday, her fate was apparently ...

World - South America

Brazil's Temer denies plan to privatize subsalt oil, raise retirement age SAO PAULO: The office of interim President Michel Temer denied any plans to privatize Brazil's oil reserves in an offshore region known as the subsalt, rebutting what it called "false accusations" made by suspended President Dilma Rousseff during her trial in the Senate on Monday. A statement from Temer's office also said the government was not discussing an increase in the minimum retirement age to 70 or 75. Copyright Reuters, 2016 ...

World - South America

Brazil's Rousseff says democracy at stake in Senate trial BRASILIA: A defiant President Dilma Rousseff warned Brazilians on Monday that her conservative opponents were trampling on democracy by using trumped-up charges to oust her and roll back the social advances of the past 13 years. The leftist leader, appearing before the Senate in a trial expected to remove her from office this week, said Brazil's economic elite had sought to destabilize her government since her narrow re-election to a second four-year term in 2014. ...