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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 was the fourth year of lackluster growth for the South American giant, whose economy expanded 2.7 percent in 2013, 1.8 percent in 2012 and 3.9 percent in 2011, under a revised calculation system that took effect this month.Rousseff has never managed to match the blistering 7.6-percent GDP growth Brazil posted in 2010, the last year in office of her charismatic predecessor and mentor, Luiz Inacio Lula da Silva.The central bank is expecting an even worse ...

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 ...
Brazil's Rousseff's popularity slumps on economy, poll shows SAO PAULO: Brazilian President Dilma Rousseff's popularity fell to a new low in a poll released on Wednesday, with nearly two-thirds of respondents giving her bad marks due to a worsening economy and a corruption scandal at state-run oil company Petr?leo Brasileiro SA.Thirteen percent of respondents rated Rousseff's leftist government as "great" or "good" in the nationwide poll by Datafolha, down from 23 percent in a survey last month. About 62 percent said her government ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJune 25, 2015
Reserves $17.457 bln