Fifth Minister About to Fall Due to Corruption

Some ten months after taking office, President Dilma Rousseff should soon receive a fifth Minister’s resignation due to allegations of corruption. The Minister of Sport, Orlando Silva, from the PCdoB (Communist Party of Brazil), is under scrutiny for his role in a corruption scheme whereby NGOs received contracts from the Ministry in return for kickbacks averaging 20%. The kickbacks were then funneled into party coffers. The Comptroller General of Brazil has mandated that NGOs pay back approximately R$50 million (about $30 million U.S.)...

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Crime Rates in Brazil– Grim Stats

The newspaper Globo reported some stark statistics today about how crime affects city-dwellers. According to the report undertaken by the National Confederation of Industry, “A Portrait of Brazilian Society: Public Security,” within the last twelve months more than 51% of Brazilians give public safety a failing grade; 79% say they have witnessed or experienced some type of crime within the last 12 months; 63% say they avoid carrying money while circulating around their respective cities; 57% report that they have increased the caution they...

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Brazil’s Banks: Record Profits and Striking Employees—What Gives?

Few other countries can boast banks whose profits were more fabulous than Brazil’s in 2010. As much of the world’s banks cowered under the threat that consumer and national debts might lead to insolvency, Brazil’s banks boomed.  According to the Economist, the sector enjoyed returns on equity of more than 25 percent, and the nation’s biggest private bank, Itaú, reported earnings of US$8 billion, 32 percent higher than in 2009. With all this financial success, why were Brazil’s banks not able to avert a 21-day banking workers strike...

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