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EYE ON AFRICA

2017-07-26 22:46 EYE ON AFRICA

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THE DEBATE

The Battle for Venezuela: Pressure mounting on Maduro ahead of sunday's vote

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Actress Helen Mirren on TV honours and tackling sexism

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Teething problems for French President Macron's party

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Libya's Haftar vows to deal with terrorists 'through weapons'

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USA: Fierce battle over Kentucky's only abortion clinic

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IN THE PAPERS

'Socks and selfies deep': Canadians slam Rolling Stone's Trudeau tribute

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IN THE PAPERS

Panda-monium! French zoo awaiting rare panda birth

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Brazilian markets tumble in political scandal

© AFP/File | The Brazilian real fell sharply against the dollar on May 18, 2017

RIO DE JANEIRO (AFP) - 

Brazilian financial markets plummeted on opening Thursday in the wake of a bombshell report that President Michel Temer approved paying hush money to a corrupt politician.

The real fell 5.46 percent against the dollar to 3.315, down from 3.134 at closing Wednesday, CMA consultants said. This reversed a steady strengthening that reflected gradual renewal of investor confidence in Latin America's biggest economy after two years of recession.

The Sao Paulo stock market's Bovespa index crashed more than 10 percent, triggering an automatic suspension of trading for 30 minutes.

Brazilian politics was in crisis after the report in O Globo newspaper that Temer discussed making payments to keep jailed former speaker of the lower house, Eduardo Cunha, from airing secrets about a massive corruption scheme.

Temer quickly denied the report. Early Thursday he cancelled previously announced plans to meet with party leaders.

© 2017 AFP