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Michel Temer (Reprodução de TV)
Politics

Brazil: Temer says govt spending cap can be revised in four or five years

President Michel Temer said Thursday (Oct. 13) that the proposed amendment to the Constitution that will set a ceiling for public spending for 20 years can be revised within “four, five or six years” depending on the conditions in the country.

Rio de Janeiro - A economista Maria Silvia Bastos Marques, toma posse como nova presidente do Banco Nacional de Desenvolvimento Econômico e Social (BNDES), no edifício-sede, centro do Rio (Tomaz Silva/Agência Brasil)
Economy

Brazil state development bank posts loss of $691 million

The Brazilian Development Bank (BNDES) posted a net loss of $691 million in the second quarter. The result reversed profit of $1.12 billion a year earlier.

Economy

World Bank expects Brazil's economy to shrink 2.5% in 2016

After severe recession in 2015, Brazil's economy will continue to shrink this year, the World Bank said in its Global Economic Prospects report released Thursday (Jan. 6). A 2.5% GDP contraction is expected. For 2015, the organization projected a 3.7% decline.