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Brazil makes deep cut to fiscal savings goal BRASÍLIA: Brazil's government announced Wednesday a radical cut to its fiscal savings goal and said it would increase austerity measures, citing the worsening performance in the world's seventh largest economy.Finance Minister Joaquim Levy said the lowering of the surplus goal from 1.1 percent of GDP to just 0.15 percent reflected the weakening economy.With Brazil on the brink of recession, "there has been an effect on tax receipts," he said.However, the government's commitment to austerity measures was unshaken.Cuts of 8.6 billion reais ($2.66 billion) were announced, raising this year's cuts to $24 billion, the ministry of planning and budget said.The Sao Paulo stock market, which had expected the changes, closed 1.08 percent lower.Copyright AFP (Agence France-Presse), 2015 ...

Conservative candidate elected mayor of Buenos Aires BUENOS AIRES: Conservative PRO Party candidate Horacio Rodriguez Larreta was elected mayor of Buenos Aires Sunday in a closely fought race with the opposition ahead presidential elections later this year. With 99 percent of the vote counted, Larreta, the head of the rightist PRO Party, had secured 51.6 percent of the vote, just beating his opponent, ECO Party leader Martin Lousteau, who garnered 48.4 percent.Larreta replaces the current mayor, PRO Party's Mauricio Macri, who will ...
Argentina's Kirchner to attend papal mass in Paraguay BUENOS AIRES: Argentine President Cristina Kirchner on Sunday will attend a mass in neighboring Paraguay said by Pope Francis, with whom she had stormy relations when he was a cardinal in Buenos Aires.Kirchner traveled to the Paraguayan capital Asuncion on Saturday, accompanied by several high-ranking Argentine officials, the presidency said.Kirchner will return to Buenos Aires after the mass. Francis is also due to depart Sunday for the Vatican after a trip that took him to ...
Brazil lawmakers endorse reducing age of criminal responsibility BRASILIA: Brazilian lawmakers approved a constitutional amendment Thursday that would reduce the country's age of criminal responsibility from 18 to 16 years of age.With 323 votes in favor and 155 against, the first hurdle was cleared for the country to be able to charge people aged 16 and over as adults in cases of murder, rape and kidnapping.The constitutional amendment, which is opposed by the leftist government of President Dilma Rousseff, the Catholic Church and ...
Bolivian villagers ban booze, set curfew over crimes LA ASUNTA: The police car lights flashed in the dark and dusty streets of the Bolivian mountain village of La Asunta. The officers approached two boys and told them: "Go home, there's a curfew."But it's not the authorities who decided to order minors to stay home at night and prohibit alcohol consumption in La Asunta, a coca-growing community of 2,000 people beset by a spasm of crime.It was the villagers themselves.They demanded the strict measures ...
Brazil lawmakers narrowly reject criminal age reduction BRASÍLIA: Brazilian lawmakers narrowly rejected a proposed constitutional change early Wednesday that would have reduced the age of criminal responsibility from 18 to 16 years of age.The Chamber of Deputies was five votes short of passing the proposal to the Senate: 303 lawmakers voted for the reduction of the 308 required, while 184 legislators were in opposition.The measure was opposed by President Dilma Rousseff's leftist's government, the Catholic Church, human rights groups and the United ...
Brazil's Rousseff expresses confidence in Obama in wake of NSA scandal WASHINGTON: Brazilian President Dilma Rousseff said Tuesday she had confidence in her US counterpart Barack Obama, laying to rest a scandal over US intelligence monitoring of her telephone calls and those of millions of other Brazilians."Since then, some things have changed and the change is particularly due to the fact that President Obama and the US government have stated on several occasions that they would no longer engage in intrusive acts of spying on friendly ...


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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 $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 05, 2015
Reserves $18.349 bln