Brazil exits recession with fastest growth rate since 2013

Brazil Central Bank Keeps Rate Cut Pace as Uncertainty Looms
Brazil exits recession with fastest growth rate since 2013
Author

02 June, 2017

It said record grain harvests boosted the economy in the first three months of the year and that the period's GDP came to about $500 billion.

Gross domestic product grew 1 percent from the fourth quarter of 2016, when the economy shrank 0.5 percent.

Poor economic situation was worsened by several political scandals and economists warn that the latest one involving President Michel Temer has the potential to derail the economic recovery.

But Temer celebrated: "Brazil has left the recession", he said.

But that narrative is being undercut by a corruption crisis that threatens to bring down Temer and cast the country's political class into ever greater turmoil. Services were flat and while that was an improvement on negative growth, it also signaled a lack of confidence by a public battered by unemployment and continuously falling family consumption.

Apple's Siri-powered smart speaker will reportedly debut next month
The final piece of the puzzle, of course, is to try and lock users further into Apple's ecosystem of products and services. Soon, a device embossed with "Designed by Apple in California" may be on your nightstand or kitchen counter as well.

Irving and James lead the way as Cavs down Celtics
Love had his next two-point attempt blocked by Boston forward Jae Crowder, but that is when James went to work scoring the ball. Irving had led a 17-point swing in the quarter. "The only thing that matters now is to get a win back in Boston".

North Korea Threatens Russia, China with Launch of New Missile
Analysts said the UN Security Council would likely discuss new sanctions, with China possibly playing a role in their formation. On May 14 (May 13 EDT in the U.S.), the DPRK did a new - and successful - launch of a ballistic missile.

The better numbers "do not yet signify a tendency". Already the key Selic rate has dropped from 14.25% in October to 11.25% in April. By comparison, unemployment in April past year was 11.2 percent, while back in December 2013 only 6.2 percent were unemployed. The move was spurred by Brazil's struggling economy and below-target inflation, according to the central bank's statement announcing the cut.

Until a couple of weeks ago the market consensus was for a 1.25 percentage points cut to the Selic, but in Valor financial daily's survey of 41 experts, 35 now forecast a one percentage point reduction.

The recording of a conversation between Temer and Batista lasts around 40 minutes and has the two men discussing politics and economics, before addressing the bribing of former Speaker Eduardo Cunha to buy him silence.

A delay or further watering down of Temer's pension reform could hit business and consumer confidence and hamper efforts to close a fiscal deficit that soared past 10 percent of GDP previous year.

Temer, whose term runs out at the end of 2018, has said he does not mind being unpopular as long as he gets the reforms through and he has been lucky to enjoy a large majority in Congress.


More news


  • Major League Baseball  suspends Harper 4 games, Strickland 6

    Major League Baseball suspends Harper 4 games, Strickland 6

    He went 0-for-5 with three strikeouts, booed vociferously by the crowd at AT&T Park every time he stepped to the plate. He will begin serving the suspension when the Washington Nationals face the Giants on Wednesday night.
    Pope prays for Manchester blast victims

    Pope prays for Manchester blast victims

    Prime Minister Theresa May said "a significant amount of police activity" and several arrests had led to the level being lowered. Britain's top police officer for counter-terrorism said 11 men were being held by police with more arrests expected.

    Celtics star Isaiah Thomas unsure if he'll need hip surgery

    One question mark lingering over this newly built Warriors team before the beginning of the season was their ability to co-exist. We will use it as motivation, but the idea of playing into it? "Everybody's said I've gotta be patient", Thomas said.
  • Lorde surprises lucky NYC cashier with free concert tickets

    Lorde surprises lucky NYC cashier with free concert tickets

    Other performers across the weekend include Chance the Rapper, Phoenix, Tool, Childish Gambino, and Cage the Elephant. She is set to drop a new single on the same day ahead of the release of her new album Melodrama on June 16.
    IAS officer drowns in pool while saving woman colleague

    IAS officer drowns in pool while saving woman colleague

    Dahiya, a native of Sonipat in neighbouring Haryana, was rushed to Fortis Hospital where he was declared brought dead at 12.50am. Kuldeep, who said he was an ace swimmer , found it hard to believe that Dahiya could have drowned.

    G-7 unity on North Korea puts China in spotlight

    Abe said he meant to use the G7 summit to underscore the danger posed by the unpredictable regime in North Korea. President Donald Trump for about 55 minutes Friday before the summit began.
  • Drugmaker rejects lawsuit over opiate sales

    People who take prescription painkillers can get addicted, and some turn to drugs like heroin when their prescriptions run out. Joe Schiavoni of Boardman sent DeWine a letter asking him to seek damages to pay for addiction treatment.
    Uber fires engineer at center of trade secret suit

    Uber fires engineer at center of trade secret suit

    District Judge William Alsup has since recommended that Justice Department officials investigate the accusations against Mr. In a statement on Tuesday, his lawyers argued that a person can not be fired for invoking one's Fifth Amendment rights.

    Merkel: Europe can no longer rely on allies

    Trump returned to the White House late Saturday from a nine-day foreign tour that he described as a "great success for America". President Donald Trump said he needed more time to decide whether to back a key climate accord.
  • Mr Met gives fan the finger, employee done with mascot duty

    Mets has been around for more than five decades, long popular with Mets fans for his oversized head with baseball seams. Met has only four fingers , so this particular obscene gesture is literally impossible for the beloved mascot.

    Kushner back channel with Russia involved Syria

    The banker, Sergey Gorkov, is the head of VEB Bank, a state-owned Russian entity that is the subject of USA government sanctions. Kushner's lawyer, while not addressing the alleged communications channel, said Kushner would cooperate with any investigations.
    Kunitz's double-OT goal sends Penguins back to Stanley Cup

    Kunitz's double-OT goal sends Penguins back to Stanley Cup

    As Chris Kunitz said after becoming the hero of the Penguins' Game 7 win over Ottawa , "they have four Erik Karlssons". The Pens also got a lift when Sullivan inserted goalie Matt Murray into the lineup in place of Marc-Andre Fleury.