The Brazil Business and Politics Round-up May 2nd 2018

Politics

  • Jailed in Brazil’s Lava Jato Operation Have Assets Blocked and Cannot Pay for Compensation
    The compensation for damage is a type of indemnity for the crime committed in which the resources embezzled are returned; The payment of compensation for damage has made the concession of reduction of prison sentences to those jailed in the Operation come to a standstill.
  • President Michel Temer Cancels Trip to Asia as Investigations Advance His decision coincides with the request made by the Federal Police to continue with investigations against him over the decree that benefitted a port company
  • Former Lula and Dilma Minister Reaches Plea Bargain Agreement with Investigators Antonio Palocci, the right hand man to presidents Luiz Inácio Lula da Silva (2003-2010) and Dilma Rousseff (2011-2016) in terms of their economic and political agendas, has been in pre-trial detention since September of 2016, had tried to reach an agreement previously with investigators, but hadn’t succeeded

Business

  • Vale Profits Fall 36% in ‘Very Complex’ Q1 Brazil’s Vale, the world’s largest iron ore producer, posted a 36% drop in net income in a “very complex” first quarter of the year; Results released on Wednesday show the company reported US$ 1.59bn in net income, down from US$2.49bn a year ago
  • Unemployment Hampers Advance of Labor Reform Breakthrough The agreement between an employer and a fired employee, one of the breakthroughs introduced by labor reform last year, has hardly been used due to high levels of unemployment

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