The widening budget deficit has become a cause of concern for the Brazil. To speed up the economic recovery, the country needs a tax hike to ease the burden, the country's Chief of Staff Aloizio Mercadante said.
Tags: Brazil
Brazilian middle class struggles as economy drops
The commodities-fuelled boom has transformed many millions of Brazilian poor people into 'the new middle class' and the ongoing recession is again eroding their spending and earning capacity. Middle-class people in Brazil find it difficult to sustain their living standards amid intensifying economy recession and soaring inflation rate. Many owners of small shops, coffee stalls and other small vendors see their dwindling earnings by more than half during the past three years. As a result, many middle-class people are slashing their spending levels, which result in a cascading impact on other segments.
Caterpillar's part suppliers are feeling the economic slowdown too
The slump business in the mining industry had led Caterpillar to reduce its revenue expectation for this year. The latest revenue projection is $48 billion which is 25 percent lower compared to the last 4 years. The reduction means not only the company will suffer, but its heavy machinery parts supplier is feeling the effects too.
Facebook announced 360-degree video support
Facebook introduces the 360-degree video. It is a new feature which will let you roll videos in any angle. The new feature will be accessible first on the web and Android devices.
Brazil to host its own Internet high-speed exchange point away from the U.S. - Telebras
Brazil is to detach its internet connection with U.S., Telebras CEO Jorge Bittar said. A submarine cable with over 30 tbps will be installed from Lisbon to Fortaleza. This would boost Internet speed with Europe in 2017.
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Jan Koum, Whatsapp founder announced it on Facebook that the messaging app had reached 900 million users. Behind its first achievement, Facebook is aiming for 1 billion monthly users worldwide.
Russia has come up with a new law that empowers the government to not only block websites but also orders them to share data of Russian citizens.
British engineering crown jewel Rolls-Royce is dragged into the giant Brazilian scandal, as it has been accused of giving kickbacks to officials involved in the state-owned oil giant Petrobras.
The 40-year record high of US dollar against some major currencies is ringing alarm bells for another currency crisis. The ongoing situation could also trigger for another round of crash in the emerging markets. The world is more integrated now than in those days of 1980s and 1990s that witnessed major currency crisis.
China stocks fell sharply again on Thursday, fighting off fresh moves by regulators to restore confidence and raising questions about how much more firepower Beijing can bring to bear before a full-scale panic sets in.
U.S. authorities are examining payments made by Nike Inc under a 1996 soccer sponsorship deal with Brazil for possible evidence of wrongdoing by the company or others, the Wall Street Journal reported on Friday, citing people familiar with the matter.
Delta Air Lines Inc (DAL.N) is hoping to strengthen partnerships with carriers in South Korea, Mexico and Brazil, and it has been approached about investing in Japan's bankrupt Skymark Airlines, Delta's president Ed Bastian told reporters Monday.
HSBC (HSBA.L) pledged a new era of higher dividends on Tuesday, laying out plans to slash nearly one in five jobs and shrink its investment bank by a third to combat sluggish growth across its sprawling empire.
Indebted Brazilian oil company Petrobras (PETR4.SA) has brought in Bank of America Merrill Lynch (BAC.N) to help manage a multi-billion dollar divestment plan and has already contacted major oil companies who might be interested buyers, three sources familiar with the matter said on Wednesday.
