#Germany, #France, Italy say #Europe must move forward after Brexit vote

The leaders of the euro zone's biggest economies held talks on Monday in the aftermath of Britain's shock decision to leave the European Union and said Europe had to turn its back on populists who blamed Brussels for all its problems. Speaking on an ...

UK banks seen losing customers after Brexit – #Study

About 40 percent of European companies and nearly 25 percent of U.K. companies already have or are planning to reallocate their banking business due to Brexit, the survey from Greenwich Associates showed. Some European companies plan to shift their ...

Brexit: Owen Smith to oppose #Article 50 unless new vote

Owen Smith has said he will try to stop Theresa May triggering official EU exit talks unless she offers a referendum on the final Brexit deal or agrees to call a general election to approve it. The Labour leadership challenger said if he is elected, the ...

U.K. Banks to Lose EU Access After Brexit, Merkel Ally Says (1)

(Bloomberg) -- The European Union won’t bend its rules to preserve access for the City of London once Britain leaves the bloc, according to German lawmaker Michael Fuchs, an ally of Chancellor Angela Merkel. The legal and regulatory framework for so ...

Brazil sobers to Rousseff impeachment trial

Impeaching Rousseff, analysts warn, could plunge Brazil into further political crises and divide the country already beleaguered by economic contraction [Xinhua]

Impeaching Rousseff, analysts warn, could plunge Brazil into further political crises and divide the country already beleaguered by economic contraction [Xinhua]


With the largely successful Rio summer Olympics at an end, Brazilians are forced to return to the sobering political reality of their country.

President Dilma Rousseff will be put on trial by the end of the week on charges of mismanaging the federal budget and breaking a number of fiscal policy rules during her reelection campaign.

Days after the games began, the Brazilian Senate voted to impeach Rousseff and she is due to stand a four-day trial on August 25-26 and August 29-30.

She is facing charges of doctoring accounts to hide the size of the public budget deficit and has been suspended since early May while investigations continued.

Stand-in interim President Michel Temer was not popularly received at the games, being the target of loud boos during the opening ceremony.

Consequently, he kept a low profile for the duration of the events and skipped the closing ceremony altogether.

And while Temer has done much to bolster the Brazilian economy and to boost investor confidence in the lead-up to the international sporting event, his role in his predecessor’s impeachment process has painted him in an unfavorable light for crowds of Rousseff supporters who took to the streets to protest her suspension.

Rousseff has pleaded her innocence and pledged to hold a referendum on holding early elections, should she return to office.

However, it appears there is growing momentum to impeach her in the senate.

If she is finally impeached later this month, Temer will serve as president for the remainder of her mandate.

But some national polls say that Brazilians are fed up with corrupt politicians leading the country and would rather see an election held after impeachment.

Temer himself is considered corrupt and is just slightly less unpopular than Rousseff.

Meanwhile, many Brazilians wait to feel the economic impact of the conclusion of the games. It is estimated that Brazil spent approximately $11 billion on the various infrastructural projects that catered to the games, and recent figures by the organizers appear to show that the country just about broke even.

When Brazil won the Olympic bid to host the games back in 2009, it was riding on the highs of a booming economy. In the years to come, progress made by former president Luiz Inácio Lula da Silva was to be reversed, and by 2014 Brazil began to sink into its worst economic downturn in 25 years.

Any Brazilian government – whether led by Temer or Rousseff – must overcome the challenges of runaway inflation and economic contraction.

Da Silva himself is also currently on trial for alleged obstruction of justice.

The BRICS Post with inputs from Agencies

WSJ City’s Brexit Briefing:# UK Manufacturing Shows Resilience, Corporates Switch Bankers, Eurozone Consistency Isn’t Enough for #Investors

Good afternoon from London. Here’s essential reading for the City on today’s Brexit developments from WSJ City. For updates throughout the day, you can download WSJ City for iPhone here or Android here. You’ll need to open this email on your ...

UK economic indicators defy Brexit fears

Data from manufacturers, Britain’s biggest housebuilder and UK supermarkets paint a positive picture of industry after the Brexit vote Britain appears to be bouncing back from the post-Brexit panic in better shape than expected, after a string of ...
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