Brazil Investigates Alleged Insider Trading Tied to Trump Tariff News
Justice Alexandre de Moraes issued the order on Monday in response to a request from Brazil's attorney general based on local media reports of significant foreign exchange transactions shortly before and after the official tariffs announcement on July 9. The attorney general said the currency movements suggested 'possible use of privileged information by individuals or legal entities.'
The real began to weaken around 1:30pm ET on July 9, after President Donald Trump said Brazil hadn't been good to the US and warned tariffs were imminent. Three hours later, he followed up with a letter to President Luiz Inacio Lula da Silva announcing a 50% levy on Brazilian exports, causing the currency to decline further.
The insider trading allegations have also become part of an inquiry into whether Eduardo Bolsonaro, a son of the former conservative president, has used the threat of tariffs to pressure the court. Since moving to the US in March, Eduardo has been meeting US administration officials in Washington, trying to persuade them to impose sanctions on members of the Brazilian judiciary.
Moraes is overseeing all cases related to ex-President Jair Bolsonaro and his son at the top court. The position has put him in collision course with Trump, who has demanded Brazilian authorities drop charges against him over an alleged coup attempt.
Instead, Moraes on Friday ordered Bolsonaro to wear an ankle monitor and barred him from using social media, among other restrictions. On Monday, he issued a follow-up order clarifying that interviews by the former president may not be retransmitted on social media.
With assistance from Vinícius Andrade and Augusto Decker.
This article was generated from an automated news agency feed without modifications to text.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
24 minutes ago
- New Indian Express
Imbalance in tech access may cloud divorce cases
Balancing the right to fair trial and the right to privacy, the Supreme Court recently ruled that secretly recorded conversations between spouses can be admitted in divorce proceedings. The order is consequential in that it settled a question on which various high courts had differed over the years. The top court's clarification came in an appeal against a Punjab and Haryana High Court order that had disallowed admission of confidential recordings as evidence on the grounds of violation of privacy. In deciding the matter, the SC relied on Section 122 of the Evidence Act, 1872 that states a person cannot be compelled to testify against their spouse in a criminal case. However, the section also carves out an exception for proceedings between the spouses. This exception, the court pointed out, allows one spouse to testify to their conversations against the other in a divorce case. In this context, the bench of Justices B V Nagarathna and Satish Chandra Sharma equated the recording device to an eavesdropper. While the concept of spousal privilege and the efforts of the family courts are intended to protect a marriage, the SC noted that the very act of one spouse secretly recording the other showed the marriage had been damaged. Although high courts have said there is reasonable expectation of privacy within a marriage, the SC balanced the right to privacy with the right to a fair trial. Therefore, if the evidence can be independently verified, it is relevant and falls under the exception, and thus may be admitted.
Time of India
39 minutes ago
- Time of India
SC directs Guj bizman to surrender in RaGa fake post case
Hyderabad: The Supreme Court on Thursday directed Raushan Sinha, a Gujarat-based businessman, to surrender before the Hyderabad cyber crime police on Friday in connection with an ongoing investigation into a case registered against him. A division bench of the apex court said: "If he appears before the investigating officer on July 25 at 12 noon, he shall not be arrested." The case was registered in July last year on allegations that Sinha circulated a fabricated Twitter (now X) post misquoting senior Congress leader and leader of the opposition in the Lok Sabha, Rahul Gandhi . You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad Sinha had initially approached the Telangana high court seeking anticipatory bail. In April this year, the high court declined to grant bail and instead directed him to surrender and cooperate with the investigation. Challenging this order, he moved the Supreme Court seeking relief, which led to Thursday's directive.
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
FM Sitharaman flays tax officials, says OGE issuance delays 'unpardonable'
Finance Minister Nirmala Sitharaman, on the 166th Income Tax Day on Thursday, sharply criticised delays in the issuance of Orders Giving Effect (OGEs), calling them 'unpardonable,' and urged the income tax department to act decisively on five priority areas identified during a high-level review in June 2025. OGE refers to the implementation of appellate or court decisions by tax officers. It ensures that the outcomes—such as refunds, reassessments, or adjustments—are formally carried out based on the ruling. 'After all the decisions are taken, the delay in OGE issuance is just not explainable. But we have a category—would you believe it? You have a category of OGE issuance delay. Why pray? The decisions are all done. You just have to issue the OGE. Unpardonable,' she said, addressing senior officials. Reinforcing the need for accountability, she said that good policies alone are not enough. What matters, actually, is timely execution. Referring to the progress made in redrafting the Income Tax Act, she added, 'For a group or the CBDT, which is able to reduce five lakh words of the 1961 Act within a matter of three months to give me a draft bill which is half the size of that earlier 1961 Act… you're able to do that, but you can't issue OGEs? What's going on?' Recalling the key action points from the June 2025 review, Sitharaman said: 'I would recall five of them (including the issue of OGE), which I would think are important for all of us to re-look at—not because things have changed from then to now, June 2025 to now, but to refresh ourselves that these were things which all of us spoke about together.' The first, she said, is to 'accelerate disposal of disputed tax demands pending before the faceless appellate authorities and ensure timely resolution of litigation backlog.' Second, departments must 'identify and withdraw departmental appeals falling below the revised monetary threshold announced during the Union Budget 2024–2025 within the next three months.' The Union Budget 2024–25 raised the monetary thresholds for filing departmental appeals in tax-related cases, setting the new limits at ₹60 lakh for tribunals, ₹2 crore for High Courts, and ₹5 crore for the Supreme Court. These enhanced limits apply to disputes under Direct Taxes, as well as legacy cases in Excise and Service Tax. The third priority is to 'ensure timely processing of tax refunds and proactive and timely resolution of taxpayer grievances,' said the Minister. Fourth, departments must 'analyse the grievances and devise strategies not only to resolve the existing pendency but also to address the challenges that are causing the grievances in the first place.' And fifth, Sitharaman said, is to 'undertake region-wise performance reviews to help identify factors hindering performance and streamline operations through indicators such as grievance disposal and orders giving effect issuance.' Calling the Income Tax Day 'the moment when we reaffirm the unsaid social contract between the state and the taxpayer,' Sitharaman said this contract must not be allowed to 'fray at the edges' or 'become loose, become diluted.' She urged officials to raise the benchmark and ensure that the reform process is matched by efficient delivery on the ground. In addition, the Finance Minister lauded the drafting of the new Income Tax Bill as the first-ever comprehensive review of the Income Tax Act since 1961. She said that several members of the select committee of the Lok Sabha had informally appreciated the drafting of the IT Bill 2025. She expressed hope that 'Parliament actually looks at the good work done… we will welcome the suggestions by honourable members and… expect with enough engagement, discussion, and debate in the House… this bill… passes through Parliament's scrutiny.'
