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Brazilian police arrest another executive in Petrobras probe SAO PAULO: Brazilian police on Friday arrested the CEO of Grupo Galvo, the latest executive arrested in a corruption probe focused on state-run oil firm Petroleo Brasileiro SA. Dario Galvo, chief executive of the construction group, and Guilherme Esteves, who is being investigated for funneling bribe money, were taken to federal police headquarters in the southern city of Curitiba, according to a court spokeswoman. Trials are underway there in what has become Brazil's biggest-ever corruption probe known as Operation Car Wash. In December, prosecutors accused the CEO of participating in a cartel of construction executives that fixed prices on contracts at Petrobras, as the oil company is known. Federal Judge Sergio Moro called Galvo the mastermind of the company's criminal activity and said he posed a risk of committing more crimes. Prosecutors have proof of his crimes from 2008 until 2014, Moro wrote in a court decision. Moro also cited ...

Brazil stagnates in 2014, recession looms for 2015 RIO DE JANEIRO: The Brazilian economy, the world's seventh-largest, posted near-stagnant growth in 2014, expanding just 0.1 percent, and will likely enter recession this year, officials said Friday.Hosting the World Cup in June and July and gearing up for the Olympics next year failed to reverse the drag of rising inflation, a ballooning deficit and a $4-billion kickbacks scandal at state oil giant Petrobras that has tarnished Brazil's largest company and President Dilma Rousseff's party.It ...
Brazil president's spokesman resigns after leaked memo BRASILIA: Brazilian President Dilma Rousseff's spokesman, Social Communications Minister Thomas Traumann, resigned on Wednesday, her office said in a statement. Traumann, a veteran journalist, resigned after a memo from his office criticizing the government's communications strategy was leaked to Brazilian media. Rousseff's opponents seized on the memo, attacking her administration for apparently planning to use public funds to increase her popularity in Sao Paulo, Brazil's richest state and a hotbed of discontent with her government. ...
At least seven dead in Peru landslide LIMA: Seven people were killed and more were feared dead in Peru after a massive landslide buried parts of a town amid heavy rains, authorities said on Tuesday. Six were missing and 25 injured in the disaster in Chosica, some 30 kilometers (18.6 miles) east of Lima, said Alfredo Murgueytio, the head of the National Civil Defense Institute, Indeci."There are likely more dead bodies under the debris," Murgueytio said on local broadcaster RPP.TV images showed ...
Rio needs planning, not Games- US economist RIO DE JANEIRO: Rio de Janeiro needs proper planned investment, rather than rush through improvements tailored to a three-week Olympic Games in August next year, a top US authority on major sports events planning said Tuesday."The Olympics are not the investment you need, or maybe 20 percent. Why not spend 80 percent of your money on the stuff you do need? Resources are scarce," Andrew Zimbalist, professor of economics at Smith College, told AFP.Zimbalist, whose ...
Chile declares red alert as forest fires rage SANTIAGO: Chile has declared a red alert for three national parks and reserves where massive wildfires are threatening forests that are thousands of years old, officials said Tuesday.The fires have been raging for more than a week in the southern region of La Araucania, which has been hit by a severe drought.The National Emergency Office (ONEMI) warned they would likely spread and intensify."It's going to be difficult to contain this fire today and tomorrow, but ...
Support plummets for Brazil's Rousseff: poll SAO PAULO: Public support for Brazil's President Dilma Rousseff plunged to 13 percent after mass protests over the weekend against government corruption, a new poll published on Wednesday found.The Datafolha poll underscored the swiftness of Rousseff's fall from grace since her re-election to a second term as leader of the South American powerhouse less than three months ago.The poll, taken Monday and Tuesday, showed a 10-point drop in Rousseff's already low approval ratings to 13 ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln