Thursday, May 25, 2017

Riots In Brasilia As Political Tensions Mount

Under Fire

Brazil’s President Michel Temer deployed the army to quell widespread protests demanding his resignation, as demonstrators waged a fierce battle with police on Wednesday.
Police used tear gas, stun grenades and rubber bullets to try to stop tens of thousands of protesters as they marched towards Congress to call for Temer’s ouster and an end to his austerity program, Reuters reported.
The most violent protest in Brasilia since 2013, the demonstration saw protesters shoot powerful fireworks at police, burn furniture in the Agriculture Ministry, and spray anti-Temer graffiti on government buildings.
The spark for the outrage is a disputed audio recording in which Temer can allegedly be heard instructing a top businessman to bribe a politician convicted for corruption to remain silent rather than implicating other government officials. But Temer was already dismally unpopular, thanks to planned pension reforms and other austerity measures designed to rejuvenate Brazil’s flagging economy.
The violence only fans the flames of uncertainty that have roiled financial markets, as Temer already faces potential removal from office if the top electoral court annuls the results of the 2014 election due to illegal campaign financing.

Tuesday, May 23, 2017

Bourse Bet-Argentina's New Stock Exchange

Bourse bet: Argentina’s new exchange
​Shares in BYMA, a new stock-exchange operator, begin trading in Buenos Aires today. The company is a product of the merger of several exchanges in cities across Argentina. Unlike its forerunners, BYMA—Bolsas y Mercados Argentinos—is “demutualised”: its shares will be publicly traded rather than restricted to a number of brokers. The change is overdue. The demutualisation trend began in Stockholm in 1993; big exchanges including Deutsche Börse and the London Stock Exchange soon followed. Shares in BYMA are likely to prove popular with investors, many of whom hope President Mauricio Macri’s market-friendly reforms will encourage higher trade volumes. Interest in Argentina has jumped since its return to capital markets last April. Next month MSCI is expected to re-admit Argentina into its emerging-market index. But confidence remains fragile. Last week shares fell after new corruption allegations swirled around Michel Temer, Brazil’s president. Argentines hope their northern neighbours don’t spoil the party.
May 23rd 2017
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Argentina To Modernize Its Air Force With 34 Turboprop Airplanes From Textron

Monday, May 22, 2017

Argentina's Future

Sour Paolo

Sour Paolo

As many as 20,000 protesters marched on Sao Paolo’s main art museum to call for the impeachment of Brazilian President Michel Temer.
Other cities across the country also held protests against the president and other politicians besmirched by the long-running investigation of a corruption scandal involving the state-owned oil company Petrobras, the Los Angeles Times reported.
Unlike past protests, these demonstrations included people from both the political right and left coming together against Temer, who was allegedly caught on tape encouraging a powerful businessman to bribe the jailed former speaker of the Lower House to keep him quiet.
In plea-bargain testimony given to Brazil’s Supreme Court, Joesley Batista, the head of the meat-packing giant JBS, accused Temer and former Presidents Dilma Rousseff and Luiz Inacio Lula da Silva of receiving millions in bribes. Temer became president in September when Rousseff was impeached.
The testimony is expected to derail the controversial pension reform that Temer was attempting to push through Congress. However, he has denied any wrongdoing and vowed he will not step down.
“The only future for Brazil now is an election,” the Times quoted a protester as saying.