>> it will be a while before brazil its bottom. of what was a deep coming theisis economy will contract 3.5% this year, and people are looking at 2% contraction next year. on top of that, ratings downgrade, now you add a layer of political uncertainty. even though this case may not be to anywhere, the idea is that this will drag the political system for several weeks, if not months before anything comes to a head. joe: let's say magically all the political stuff in corruption scandals went away, then you have to address the economic crisis. what kind of policy levers does brazil need at this point to turn the economy around? >> brazil unlike many other countries in emerging markets and latin america, it is clear what it has to do, as significant fiscal adjustment, reducing the size of government. you heard brazil operates with high interest rates. why? the weight of policy always falls on the monetary. the fiscal is very relaxed. you need to do structural reforms. the political will has not been there for a long time. scarlet: is a

class is brazil's middle that is paying the highest price. during the boom years, this family bought everything using easily available credit, television, phone, kitchen appliances. and 10,000th no work euros in debt, they are struggling to make ends meet. that ite sold this idea is good to pay things back in installments, but in reality, it is like a snowball. i can't cope anymore. reporter: more than half of brazilian families are indexed, ascituate -- are in debt, situation with no clear resolution. >> the cost of borrowing money in brazil is astronomical. for loans given to the government, the interest rate is 14.5%. for consumer credit, the rates start at 60%, 70%, 120%, even 200% per year. whoever borrows money at that rate has almost no chance of repaying it. reporter: with the country in recession and inflation approaching 10%, the tough times look set to continue. economists are predicting a long and difficult road to recovery. stephen: take a look at what's happening on the markets next. european shares are trading down this lunchti

the slums in brazil are vicious. i was now in the worse place in south america. if it means killing somebody, that's the attitude that you have to have. i thought of my dad and how in god's name am i going to tell him? >> when i was 23, my life was pretty much a party. it was that care-free, who cares, nothing makes a difference, what is happening right now is what we are going to worry about, which was the parties and having fun. work wasn't really that much of the equation. the club promoters of those times would notice the go-getters. and the guys that wod hustle. we hustled it so well that we ended up running the vip rooms for some of the, one of the best clubs, actually in hollywood. loved it. we were running with the in-crowd. had all these celebrities all around. it was very exciting. feel like a king. it was the a-list of hollywood. there were drugs around in the club scene. cocaine was the drug of choice. i never took cocaine or used it because of the effect that it has on people. it's the devil. it takes yo

having said that brazil is clearly aware of those issues. brazil is working with countries like the united states and others on the security front already. to try to make sure that something like that just doesn't occur. >> and then finally how big an embarrassment would it be we saw natasha guinane's piece, if they have to move some of the sailing events away from the bay and the raw sewage that hasn't been cleaned up? >>> it would be a black eye no question about it. the visuals, are stunning, it's beautiful and i think a lot of people will have that in mind. but when you get closer to the bay you see it's polluted and it's got viruses in it and people have claimed that they've gotten sick. it would be an embarrassment. that would be a story line from the game but i think that overall, that won't be the most compelling story line. i think that will be one of several. >> aaron farnsworth, vice president of the councils of the americas. thanks for joining us. >> thanks a lot. >> just ahead on al jazeera america, extradition is detained for t

to brazil. well into the 19th century. slavery in brazil doesn't end until 1888. part of what this is important is that it allows us to tell that story of slave trade is much more complicated than just west africa to the united states. it helps people understand how large the impact of the slave trade was in the caribbean, in latin america. how small it was in the united states compared to that. >> when did the last slave ship land in the united states? >> with the trade being outlawed in 1808. you begin to see the numbers decline. but you still see people smuggling in enslaved africans. the last slave ship that we know about was about 1862. near mobile alabama. the kind of smuggling that went on continued to bring in a trickle of new africans into the united states. at the same time what you see in the united states, a massive buildup of what historians call the internal slave trade, the domestic slave trade. >> the trading of slavery in the united states ramps up. you have many people moved fr

many of the elements were developed in brazil. they are not being put together into a total system yet. you have a mixture of medieval technology and modern technology. is all kind of mixed together. but, once you take this basic technology of sugar production and insert it into a different geography, the dynamics change enough that a different country with a different resource and a different level of investment money takes the stuff being developed in brazil slowly, and in the span of a couple of decades, turns it into the modern plantation system. that signals the rapid expansion of modern sugar development. we move from brazil to barbados, get the english involved. that's where we're heading. alright. the pre-sugar history of barbados matches that of virginia and new england. english companies are looking for places to plant colonists and make money. you have small companies putting together expeditions to settle in the caribbean. they are thinking the might grow something useful. so, in the 16 20's, these various companies se

francine: talk to me about brazil.lked a little bit about emerging markets and the turmoil in emerging markets. brazil is going through a really rough time independently of what is happening in china. how do you see that business developing? ana: so -- so, our brazilian business for quite a while actually was not performing as well as we would have liked. that is quite clear, and i acknowledge we did not do as well as we should have for a number of years. the last year, 18 months, have done a lot better. we have made a lot of progress in terms of cost cutting. we have done a lot. we have de-risked the bank, which is very important for the times ahead of us. we have strengthen the -- strengthened the management also. recently, we have appointed a new ceo. our current ceo has done a very good job on the team on that side. it is not going to be easy, and i think brazil has -- you know, there is two possibilities. one is the one we believe in. as always -- brazil has had a number of the situations in the past -- has always

from brazil. are a lot of high-cost producers that just aren't going to pass muster. it's not sustainable. it is fantasyland at that level. francine: we bring you more on that exclusive interview, next. ♪ >> we are still looking at fantasyland. $30,sustainable price of it just one physically work. from $30 you need to take five dollars from australia, $15 from brazil. which basically means you are talking about an fob price of 25 dollars from australia or $15 from brazil. there are a lot of high-cost producers that just aren't going to pass muster that sort of price range. it's not sustainable. it is fantasyland at that level. jonathan: is that what needs to happen to wash out the excess supplies? >> this is what happens in every cycle, and i suspect that right arethere are people that suffering pretty loudly. jonathan: it is still looking pretty crowded in many ways. crowded, and there are a lot of producers that are hanging on by their fingers. tough love. they are burning up their cash reserves

brazil inflation, the latest is 10%.elieve this will be resolved not before the middle of next year. does it mean that cpi is going to get much worse before it gets better? -- if you believe look at the breakdown, net exports as we all know, the commodities, the net exports are not helping. they are dragging growth. domestic consumption is still being retracted. the jobs are being slashed. there is contraction in the labor market. it is very difficult to see the light at the end of the tunnel when it comes to q1 or q2 dynamics. q1 in 2016 will show a lot of downside surprise to the market. anthony: i think luis is right, but i think she might be able to get this defeated in the lower house. in which case it doesn't go to the senate and she doesn't have to step down from the presidency. that is the best case scenario. francine: we are very big on charts here on bloomberg. we've got inflation charts and gdp charts. gdp has fallen off a cliff. what will it take for gdp to get better? she needs to almost stand down. anthony:

brazil under pressure. what do you see for them? of folks looking in emerging markets right now i'm thinking that this is the time we should get into brazil, south korea, the rand. i think that the forces we are expecting here, they have not come through and now is not the time to get involved. to get involved in brazil once they fix the political situation. guests,a, your previous there is a positive story in argentina, but in brazil that positive story is not there. unless you think -- south africa as well, unless you think gold prices will start rising again. there's instability in the political market as well. there is an expert patient the world that china will allow the currency to weaken going into 2016. and not of that view but that is a view their. a lot of stories there. china is one of the big stories everyone is talking about for 2016. that may be misplaced. people are looking at central banks around the world as the ones that can step in to help the world if there is any more crisis is the china is seen as the only one

the dollar was too low in brazil for a long time.zilians going to miami and new york to spend money there. especially for exportations, i think it is better that the dollar stays a little bit low for us. you have a huge job, probably one of the biggest jobs of any city at the moment with the olympics, and you have cut costs. that is pretty incredible. mean, it is something that people would not believe. francine: you are like the poster child for that. eduardo: if you look at the cost of the olympics, it is 5%. most of it is private. the olympic village is completely private. building huge stadiums, very simple stadiums -- i will give you an example. games, they will become four new schools. the aquatics -- we do things all the time. tom: i have been briefed by our brazilian bloomberg news compatriots that with the political storm right now from brazil, after the games, possibly you would seek higher office. tell us how you can move beyond the politics of rio to address all the people. eduardo: i lived for a while in new york, six mo

we meet the faces of brazil's recession, plus discontents in ethiopia. of the largest ethnic group say government development plans are threatening their way of life. more on that, stay with us. ♪ ♪ >>> welcome back of the top stories here on al jazeera. 195 countries have said yes to a landmark deal on climate change. [cheering and applause] >> the cop 21 agreement asks all nation to his limit their greenhouse gas emissions. u.s. president obama says the deal is the best chance to help save the planet from the evenings of global climate change. >>> yemen's government and houthi rebels have agreed to a seven-day ceasefire that will start on monday due to peace talks die to take place in switzerland. >>> bra battagli burundi says td 79 people. saying a group of more than 150 armed men were trying to steal weapons. >>> results from saudi arabia's knemunicipal elects are expecteo ab announces million dollars a fewer hours women vote voted and stood as candidates. about 900 men and 6,000 men ran for local elections which is the only elected bodies in saudi a

a good example would be brazil. country is in recession, times are difficult particularly in the public sector. we have a great management team there doing a good job of bringing together all pearson's different assets in a way that we think will improve the performance of the company and allow us to grow over the next few years. alongside the challenges of the public sector and brazil, you've got a growing middle class that wants better quality education for their children and themselves and are ready to pay for it. and we can provide services that fulfill that need. francine: if you price it right, is education recession proof? high unemployment, people may want to retrain. john: that is a good part of the story. and of the opportunity, certainly if you look in america, in the last 60 years, higher education business is countercyclical. enrollment goes up as unemployment rises, through these cycles, there is a systemic growth. you tend to see faster growth in the early years of the recession. i think as somebody f

a good example would be brazil. hile the country is in recession and times are difficult particularly in the ublic sector, we have a great management team there and they have done a good job of bringing pearson's different assets in a way we think will performance of the catch and allow us to grow the next few years. challenges of the public sector facing in brazil you have a growing middle class wants better quality education for their children and themselves and they are willing it and we are able to help provide the products and services that fulfill that need. you price it read is education also recession proof? you have high unemployment then people my want to retrain? certainly a good part of the story and opportunity and you look in america our highert 60 years education business is count enrollments go up rises.ployment through the cycles there is a tend to growth but you see faster growth in the early years of a recession. as i think somebody you think said education is expensive try ignorance so i think th

in a crisis and nobody here seems to know what the turnout is going to be like, brazil. >>> we haveoming up, in just a moment, we have joe with that and reporting on how one hockey had an extremely close shave in the nhl. that was by magic and here is joanne with the sport. >> david thank you, rual madrid thrown out of spain cup competition for fielding an ineligible player and russian winger scored a goal in the three-home win of the round of 32 and he was meant to be serving a one-game suspension from last season when he was at rial and they say they will appeal the ban. one candidate hoping to be chosen as fifa's next president defended the governing body following the latest round of arrest and charged 16 more people with corruption on thursday as part of an ongoing investigation and they told al jazeera sports correspondent lee weldings that the incidents in the americas should not reflect on the work being done at fifa. >> what happened with the resent arrests whether in may or yesterday are related to the considerations of the americas and has nothing to do with fifa. when we

brazil is just one amongst many.ry has particular political situation, institutional situation through which it has to make these adjustments. yes, brazil is facing difficult times right now, but i believe if you look at, for example, the current account deficit which is close to 5% of gdp is falling banksapidly, some are forecasting that this will be better next year could the adjustments are taking place. i'm very hopeful and much more optimistic in terms of the market in terms of 2016. brendan: tony, thank you very much. he is a lone voice for now, but that may change. scarlet: thank you so much, brendan greeley. alix: we'll be right back after this break. ♪ alix: welcome back. let's go to abigail doolittle live from the nasdaq where she is looking at apple helping roll over the market. we have stocks quite weak at the nasdaq in the stocks are down nearly 2% and that is the case. apple is a big influence today. the biggest index point influence, in fact it shares are week in the report and that apple will no longe

what is more messed up, brazil's economy or its political system?s still obama says it too easy to buy guns in wake of the california massacre. we will look at gun-control policy. first we will head to the markets desk. julie hyman has the latest. ie: we're looking at stocks that have been declining today. it seems to have more to do today with mario draghi than janet yellen. now hitting just about the lows of the session for the three major averages here, all of them down by more than 1%. it would be tough to pin that on mario draghi since he spoke early this morning new york time. it's a broad-based selloff we are seeing today, we have energy stocks, health care stocks, financials, all trading lower and accelerating the decline. on.day has gone interesting situation here, without a sharp catalyst necessarily as we head into the afternoon. earlier affecting european stocks much more sharply than u.s. stocks, coming out with a quantitative easing program which he did not extend the size, he only extended the duration. many market participants were s

brazil is lurching from crisis to crisis. latest, impeachment proceedings for president rousseff. with us to discuss is shannon o'neill. it is not uncommon for brazil's economy to go through big boom bust cycles. we have seen this before. give us the context this time. shannon: brazil is having one of its worst recessions in 80 years. iis down almost 4%. next year is down again by all predictions. you are seeing booming consumer debt that people are drowning under. commodities, all the external factors are hurting brazil. there is no easy way out of the challenge. an outright economic depression. is that exaggerating? shannon: we have seen the s&p downgrade brazilian debt. joe: is dilma rousseff going to survive this? shannon: it is likely she will. who knows what is going to happen? the odds are she will survive. in the congress, she has a big enough coalition to get through it. two thirds of the lower house have to vote for her impeachment to send it to the senate. it does not look like they have the votes. but things could

in so a good example would be brazil.the country is in recession, and times are difficult, particularly in the public sector, we have a great management team there who is doing a really good job of bringing together all pearson's different assets in a way that we think will improve the performance of the company and allow us to grow over the next few years. and as i say, alongside the challenge is that the public sector faces in brazil, you've got a growing middle class that wants better quality education for their children and themselves and are willing to pay for it. and we are able to help to provide products and services that fulfill that need. francine: if you price it right, is education maybe recession-proof? you have high unemployment, people may want to retrain. john: and that is certainly a good part of the story. and of the opportunity. and certainly, if you look in america, for the last 60 years, our higher education business is countercyclical. in that enrollment goes up as unemployment rises. through the cyc

scarlet: if south africa is going to be the new brazil, for brazil you see duplications in capital andabor markets. what will it take for the economy to rebalance? is it something within dilma rousseff's control? daniel: yes. first of all, union to somehow implement flexibility in the labor market. point number two, you need to adjust the way you set interest rates as well. so there's a lot of work to do in brazil going forward, and again, 2016 will still be very compensated. scarlet: daniel, thank you so much for joining us. capital markets head of global ethic strategy. have a happy new year. rico will puerto default on a portion of bond payments tomorrow. areinvestors surprised -- investor surprised? we will discuss, next. ♪ scarlet: i am scarlet fu. "what'd you miss?" -- it will be a mixed start to the year for puerto rico. they will default on bond payments tomorrow. a fraction of the almost $1 billion in interest that is due. smith,e, we have kate bloomberg' is missable bond reporter. everyone -- bloomberg's municipal bond reporter. everyone saw this coming. what was not complete

it's been quite a puzzle for people in brazil who use this popular messaging app. it was taken off-line and then reactivated all in the space of 24 hours. various judges involved. tell us more. ,ate: a judge ordered whatsapp which is a free, internet-based ed inging app, be block brazil for two days. local media was reporting that the injunction stems from a criminal court case, in which the defense had been allegedly using whatsapp? to organize their crimes. than 12 hours after that ban took effect, another judge overturned it, saying that millions of people should not pay the price for the company's inertia. reporter: message received. whinjunction blocking atsapp? in the country was overturned. 90% of brazil's internet users -- the blockage caused outrage. >> everyone has whatsapp? groups with relative, friends. >> we use whatsapp? for workgroups. it is a tool we got used to. reporter: but the app is less profit of -- less popular with brazil' telecoms industry. the company failed to cooperate with a criminal investigation. facebook ceo and owner of whatsapp? ma

you're talking about an fab price of $25 from australia or $15 from brazil.lot of high-cost -- it is not sustainable. it is fantasyland. jonathan: is that what needs to happen to wash out some of the extra supplies? prices need to go lower? what happens in every cycle. i suspect right now, there are people that are suffering. jonathan: you said it would be a lonely place if we got anywhere near $30. it is still looking pretty crowded. crowded, and there are a lot of producers that we believe would leave the market that are hanging on by their fingernails. they are burning up cash reserves from their shareholders. that is a decision for them, not for me. manus: mike bell is still with us it global strategist at jpmorgan. getting this of stuff from the shores of australia and south america. this is the reality of commodity crunch. moment?pm see that the are we anywhere near a baseline in this? mike: commodity is suffering from oversupply. that are oversupply are not go to bounce anytime soon. if you look at copper, the copper price can go lower than it is. manu

rob reynolds, al jazeera. >>> brazil's supreme court has rejected an appeal to block the impeachmentf the president. the house speaker has accused rousseff of manipulating government accounts. >> reporter: the brazilian congress in brasilia is now debating the future of the impeachment against dilma rousseff. the president of the lower house is leading the campaign. >> translator: i'm informing you, mrs. president that if you want to express yourself, you have a period of ten sessions, starting with the election of the special committee that is investigating the impeachment proceeding. >> reporter: for hours they read the formal accusation against the president, and started creating a multi-party commission that will define the next steps. rousseff is accused of using money from state banks to cover budget gaps and pay for social plans. she is already struggling with her popularity, caused by the current economic situation in brazil, but also because of a corruption scandal between the state owned oil company, and politicians. now she has to fight an impeachment effort by a political

and brazil's incredibly shrinking economy.-off in demand and a corruption scandal that caused political gridlock. ♪ stephanie: welcome. it's tuesday morning. we are in new york city, you are watching "bloomberg go." i'm stephanie ruhle. david: we want to welcome jim tisch, the president and ceo of lows. stephanie: no tie? business casual jim tisch. casual, suit,ess dress shirt, just no time. stephanie:

more bad news for brazil.arned the economy shrank 1.7% in the third quarter alone putting deeper into what goldman sachs is calling out right depression. for more, let's bring in julie. here, and its up strikes me this is more than just an economic problem. only makingis things worse. it is souring sentiment even further. the economy is already tanking every day. we see corruption in the newspapers, and political crisis. brazil is nearing a government shutdown because they will not vote on the new fiscal target. it is bad news on top of that news at this point. david: where is the finance minister? he was thought of the great hope for the beginning of the new term. is he being heard from? julie: he was supposed to save the day. he is facing a lot of problems. he is having a rough time getting things approved. the things brazil needs approved right now are not very popular. you need to increase government revenue, which means more taxes and complex reforms. bestession is not the time to approve the sword auster

reporter: to all the persons entitled are in brazil. there is no -- sbited is in brazil. there's no treaksdigs treaty between brazil and the united states do. we assume that those indictments will go nowhere? d if i can ask you, when new phases of the investigation are announced, what is going to be the focus? what are you going to investigate? ms. lynch: with respect to individuals who are in other countries, including brazil, a number of those countries we have treaties with and some we do not. however, that does not preclude our view that we still may ultimately obtain those defendants in a u.s. courtroom. others have chosen to come in before. and we also do not know about those individuals' travel plans. with respect to the second part of your question, the next phase of our investigation, as we have stated, this investigation is ongoing. i'm not able to comment about the specifics of that. except do say that we still have a number of -- except to say that we still have a number of avenues under investigation and as we resolve more and more individual matters, we lear

do i think that brazil is solvent, absolutely.i think that companies are settlement -- solvent, absolutely. but corporate will not be solvent. it may give an impression of chaos but it is not systemic. have a lot of to adjustments that are taking place. the currency is valued at 50%. that can only help. in a way it looks painful, but i think it is going the right direction. david: thank you very much. coming up in the war of bloomberg markets. -- more of bloomberg markets. ♪ david: welcome back to bloomberg markets. while political outsiders donald trump and ben carson continue to lead the gop in the full's detention is -- the attention is moving to marco rubio and ted cruz. let's talk about the contours of this fight between marco rubio and ted cruz. we sat down with ted cruz on the trail in iowa. talk to me about what he is saying when it comes to foreign policy. >> this has become the major battleground for some major factors. the fight between these young senators who are not necessarily fighting for the same voters across the

bush, who pronounced brazil, oh brazil was so big, when he visited brazil, that is intairve thaindicative that bush was not very knowledgeable about the region. >> france has seen its share of influence, especially in calais, where there ha has been lots of encampments trying to get to britain. >> it adds to the uncertainty. you have to remember that the french especially francois hollande our president was deeply disappointed by barack obama on syria for example in 2013. barack obama was rallying europe for a whole summer for bombings in retaliation of the gassing of his population by bashar al-assad. and all of a sudden for internal political reasons it stopped. barack obama renounced and changed his stance leaving france totally in the dark and hollande in the reason. who wilreason -- arena. who will carpet bomb doesn't promote a coherent policy. >> i have the same question for you, italy and greece has been the two entry points for all these refugees. what is the reaction to these get-touch policies in the middle east? >> and of course the inflow of refugees is linked to the civil war

number three, brazil. brazil will start the new year with the they bills to pay.llion. borrowing costs have climbed after corruption scandal that help tip the country into recession and led to the research and joblessness. you said earlier, there are real opportunities in brazil but it is a mess and hard to see when and how it will come out. sam: there is no question that brazil is a mess, but i think you cannot lose sight of the fact that this is a country with 180 million people, it is growing, self-sufficient in water, oil, food. ands an excellent mary -- extraordinary badly managed entity, but the extraordinary part has not changed. i am an optimist and i think this whole process will be a cleansing process. erik: that may justify equity investments in a place like brazil, but is lending money to the brazilian government, on the short-term basis, destroying good money to that? sam: i am not a big lender in money. erik: i know that. sam: i don't know lending money to the american stephanie: or present government present similar risks. valeant shares are up. toy

cost of borrowing money in brazil is astronomical. for loans given through the government, the interest rate is 14.5%. for consumer credit, the rates start at 60%, 70%, 120%. paying with a credit card can even be 200% a year. whoever borrows money at that rate has almost no chance of repaying it. the countryd with in recession and inflation approaching 10%, the tough times look set to continue. economists are predicting a long and difficult road to recovery. let's bring you up-to-date with some other stories have been watching for you. the global airline industry is on course for solid earnings this year. its members to record profits to the tune of $33 billion in 2015. that is almost double the $17 billion that the industry reported last year. that is linked to the sharp reduction in oil prices, which has led to lower fuel costs for airlines. the decision whether to build a third runway at london's heathrow airport has been delayed until at least next summer. q?q?q?q?q?q?q?q? 12/10/15 12/10/15 [captioning made possible by democracy n

brazil was an explorer colony.fing through its institutionalization for the first time. ,or decades, this corruption this extra cost through inefficiency for those of us who have been active in residual -- in brazil -- it has never been right. cleaning has begun. brazil,itutions of congress, the federal police, have acted independently, strongly and shown the fortitude and the vision to make brazil a better place long-term. this is a first. imprisoning a sitting senator is a first. one of the most prominent financiers. akin to one of the heads of a leading wall street firm. betty:? this is the head of btg? gary: exactly. that is shocking. first movement. there have been 20 previous attempts. this is the first one to rise to that level. betty: that is significant? gary: it is. but the person leading the charge also has controversy associated. this is layered. there is a process. i appreciate that dlima is strong and announcing her intent, but they will try to get two thirds of the vote. then congress will formalize

and brazil's lower house apooufs impeachment proceedings against brazil's president. >> turkey will regret what it has done. that is the message from russian president vladimir putin that used his state of the nation address to verbally take aim at the turkish administration saying the world cannot ignore their quote, aiding of terrorists. jeff, those were very strong comments. >> absolutely. there's a double message here. one is president putin saying that we will not engage in saber rattling with turkey and there won't be military action as a result of the downing of this jet. that's in line with what we heard but the language is undiplomatic. putin is saying there is more to come and we will look at what else we can do to exact retribution as far as the loss is concerned. >> they're very critical, the russians about whether or not they are aiding terrorists. if they do actually have evidence of that why haven't we seen the evidence. >> it's problematic, isn't it? turkey is a nato member. turkey has all sorts of terrorist organizations. some aligned with turkish interests and some that a

fortical woes continue brazil's leader. you popular head of state has been trying to block a process which has been marred by allegations of corruption and political maneuvering. brazil's supreme court met wednesday to decide on a case that could lead to president rousseff's impeachment. one of the judges has already thethe proceedings -- said proceedings are legitimate. the present president stands accused by conservatives of breaking the law in managing last year's budget. but he and his commission were told to freeze their work to freeze their works his mother over suspicions the impeachment process was politically motivated. he himself has been accused of taking millions of dollars in bribes. single did not find a consistent reason to interrupt my mandate. if they have any evidence -- against me, that is what i call a two third >> people took to the streets to show support for president rousseff. >> we are here to demonstrate against the coup as we do not believe a person as corrupt as edward o kenya can -- eduardo cuna

plus rising prices and falling wages pus brazil's economic crisis further placing a battle on the new president. >>> home again. a look at the top stories. burundi's army says at least 87 people have been killed in friday ace violence. eyewitnesses say dozens of bodies were found lying on the streets, some with their hands tied behind their backs. 195 countries have approved a landmark deal on climate change after two weeks of intense negotiations at the cop21 summit in paris. the agreement asked nations to limit their greenhouse gas emissions which will be reviewed every five years. at least 21 people have died in a fire at a mental health clinic. there are fear the death toll could rise, investigators are looking into the cause of the fire. around a dozen libyan representatives along with u.s. and u.n. dip low mats are attending a conference aimed at ending the case owe. the conference will be in rome. libya's rival government has agreed to sign a u.n. brokered deal on wednesday. libya has been in it turmoil since gadafii was over thrown and killed four years ago. >> translation: th

kathleen: is brazil beaten up so badly that it is time to buy brazil? brazil with that question in mind. you want to look for the contrary an opportunity of something that has been out for so long that now is the time to buy. i have to say i don't think it is -- i don't think the bad news has reached its logical conclusion. it's going to be difficult until they get a new president, regardless of whether that's through impeachment or waiting around until the next election. it's not even whether you like her policies were not. she's become so politically wounded that the political system cannot respond in any kind of live way. kathleen: that is the president of brazil, definitely a beleaguered president. argentina? is it time to pop in there with your investments? guest: i may have to pop in and take a visit. , a do have a new president new group of leaders who will come out with new policies and if you look at emerging markets in recent years, not even emerging markets, it has been india on the prospect of reform, it has been japan on the prospect of rea

brazil is in the midst of an impression. the infighting has become a roadblock for resuscitating the economy. the president hasn't been able to get a congress to support her measures >> i think the most important thing is to approve or deny the impeachment. theic this out of the agenda. -- take this out of the agenda. then we can concentrate on more problems. >> reporter: meanwhile, the family had to keep their daughter home from school because they couldn't afford the bus fare. >> translation: i wish they were here in this place. i'm here because i have to be here. >> reporter: the family says they have no choice, but to put their faith in their politicians because of their power to help poor people like themselves >>> still to come coca-cola's christmas blunder. why an ad to convey a sense of cheer ended up in controversy. an inspiration in paris. >>> welcome back. a recap of the top stories. the afghan taliban is holding a number of hostages after storming the airport. at least 22 people have died. it happened as a major

on the streets of brazil, there is mixed feelings about what is going on in brazillia. >> translation: i think that popular opinion is against her than in her favor. the country is in the middle of an enormous economic and political crisis at the same time, so this is necessary. >> reporter: i am disgusted by the whole thing. >> reporter: the accusations against her have swept brazil into a profound crisis and nobody here seems to know what the turn out is going to be like >>> the people of venezuela go to the polls on sunday for prelatery elections which would see the opposition make big gains. food shortages and high inflation are undermining the president and his party. more from caracas. >> reporter: it is a party atmosphere. this is the final call to battle in an election campaign that is being fought by the venezuelan government. the government of venezuela and its president are calling this an historic battle to preserve the revolution and to prevent venezuela electric being plunged into darkness. >> translation: i am conscious of what's at stake. not just about the survival of

. >>> brazil is falling deeper into an economic crisis. stay with us. >>> here's a reminder of the stop stories, a major meeting on libya's political future wrapped up in rome. >>> a russian surveillance ship fired warning shots apparently to prevent a crash with a turkish fishing boat. russia's defense minister has summoned the turkish firms over the incident. >>> two have died in violence that broke out in the central african republic where voting for a constitutional referendum is taking place. >>> the national front party in france led by marie lepen won the largest share of the vote in the first round. a higher turnout and tactical voting is expected this time, meaning the party will struggle to turn its early lead into solid gains. the parties that got more than 10% in the first round are eligible to participate in sunday's contest. the national front secured 28% have the vote, leading six of france's 13 regions. the president francois hollande's socialist party urgedding tactical voting. it's withdrawn candidates from two regions an