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However, you can change your cookie settings at any time. These are external links and will open in a new window. Brazil's Bovespa stock market was briefly halted as investors reacted to corruption allegations against Brazilian President Michel Temer.

President Temer was forced to deny a newspaper report that he had given consent to paying off a witness in a huge corruption scandal. On Thursday Mr Temer said in a TV statement: I did not buy anyone's silence. I fear no accusations. Investors are concerned that Mr Temer's reform plans could be derailed. The Ibovespa index closed more than 8. Mr Temer is trying to get pension reforms through Congress that would mean men would have a minimum retirement age of 65, and women 62, and most people would contribute more.

There is currently no minimum retirement age. There are also labour reforms on the cards to weaken trade union bargaining powers and make hiring and firing workers easier.

Trading was delayed in Sao Paulo's stock exchange and once it opened, the circuit breaker stopped all operations within just a few minutes.

That has not happened since the global financial crisis of Until Tuesday markets were very optimistic - but now many don't see how Mr Temer can keep his job if the allegations about a tape in which he condones a bribe payment are true. If Mr Temer keeps his job, he will need a Herculean effort to get Congress behind him again. If not, the Brazilian Congress will have to chose a new president indirectly. On Wednesday night, the O Globo newspaper reported that Mr Temer had been recorded discussing payments to silence former House Speaker Eduardo Cunha.

Mr Temer's office said he had never requested payments to Mr Cunha, and called for a full investigation into the allegations.

Brazil Stock Market Halted After Plunging 10%: What Happens Next - Long Room

And on Thursday senator Aecio Neves, an important ally also accused in the tape recording, was suspended from Congress and had his house raided by the police. Mr Cunha was jailed for 15 years in March for corruption, money laundering and tax evasion, as part of a major investigation dubbed Operation Car Wash. The probe, launched in March , centres on companies that were offered deals with state oil giant Petrobras in exchange for bribes, which were funnelled into politicians' pockets and political party slush funds.

Mr Temer played a key role in the impeachment proceedings against his predecessor, President Dilma Rousseff, last year. She was removed from office accused of illegally manipulating government accounts. She denies all the charges.

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Search Search the BBC Search the BBC. BBC News News navigation Sections. Business selected Market Data Markets Global Trade Companies Entrepreneurship Technology of Business Business of Sport Global Education Economy. Brazil's stock market plunges after corruption claims 18 May These are external links and will open in a new window Share this with Facebook Share this with Twitter Share this with Messenger Share this with Messenger Share this with Email Share Share this with These are external links and will open in a new window Email Share this with Email Facebook Share this with Facebook Messenger Share this with Messenger Messenger Share this with Messenger Twitter Share this with Twitter Pinterest Share this with Pinterest WhatsApp Share this with WhatsApp LinkedIn Share this with LinkedIn Copy this link http: Image copyright Getty Images Brazil's Bovespa stock market was briefly halted as investors reacted to corruption allegations against Brazilian President Michel Temer.

The Supreme Court has authorised an investigation into the allegations. Media playback is unsupported on your device. More on this story. Brazil president 'won't quit' over bribe claim. Brazil's President Michel Temer denies hush money claim. President Temer's first year after impeachment. Brazil's ex-President Lula calls corruption trial a 'farce'. How did it go wrong for her? Top Stories Saudi king ousts nephew for son King Salman has replaced the previous heir to the throne - his nephew - with his year-old son.

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