After months of trying to shore up Brazil's public finances, President Dilma Rousseff now faces political and business pressure to ease up on painful austerity measures in a country long hooked on the helping hand of a big state. Business leaders have supported the beleaguered Rousseff as she faces growing calls from political foes for... Continue Reading →
Brazilian Stock Market Value is Worth one Apple
The Brazilian stock market, Bovespa, is down over 54% for the year to U$518 billion. The market value of the stock market is inferior to what Apple is worth in the NYSE which is U$640 billion. The these last 12 months the Bovespa value has tumbled from U$1.14 trillion to U$518 billion. Recession, currency devaluation,... Continue Reading →
Brazil Real Gains on China Support
The local currency advanced after China, Brazil’s largest trading partner, pledged to accelerate construction of some major projects and reduce companies’ tax burdens. The real also gained as President Dilma Rousseff’s administration was said to be studying a tax increase on Brazil’s top earners to raise revenue and narrow an expanding budget deficit. The real appreciated... Continue Reading →
Citigroup Sees U.S. Oil Output Losing 500,000 Barrels a Day
A funding squeeze threatens to cut U.S. oil output by as much as half a million barrels a day by the end of the year, with shale producers among the worst affected, Citigroup Inc. said. High-cost oil producers in the U.S. have been forced to scale back in the past year after members of the... Continue Reading →
Maersk Oil Cuts $1 Billion From Capex Budget
A.P. Moeller-Maersk A/S’s oil unit cut $1 billion off its annual budget for capital expenditure after petroleum prices plunged. Maersk Oil plans long-term capex in the range of $2 billion to $4 billion a year compared with a previous range of $3 billion to $5 billion, according to an investor presentation in Copenhagen on Wednesday. The... Continue Reading →
Fitch Says Risk of Downgrades Spreading Among Developing Nations
Brazil and South Africa top a list of emerging-market borrowers whose credit ratings are threatened by slowing growth and ballooning budget deficits, according to Fitch Ratings. Credit grades across Latin America are also under pressure as the down cycle in commodity prices deepens and stagnation in Brazil’s economy pushes the entire region into contraction, Shelly... Continue Reading →
Brazil Real Climbs as China Advance Buoys Commodity Currencies
The real advanced 1.3 percent to 3.795 per dollar at 9:27 a.m. in Sao Paulo as Brazil planned a foreign exchange credit line auction of up to $3 billion for Tuesday. Such auctions are designed to support the real. The central bank last held a similar auction in August. Swap rates on the contract maturing in... Continue Reading →
Techint under investigation in Petrobras corruption probe
Mon Sep 7, 2015 Reuters Techint under investigation in Petrobras corruption probe MILAN The Techint Group, which controls listed steel pipe maker Tenaris, is being probed by Milan prosecutors over alleged international corruption regarding contracts awarded by Brazil's Petrobras, the company and sources said on Monday. Techint is being investigated by the prosecutors under a... Continue Reading →
Brazil’s 2016 inflation view rises for 5th week, to 5.58 pct
Tue Sep 8, 2015 7:47am EDT Reuters Brazil's 2016 inflation view rises for 5th week, to 5.58 pct BRASILIA, Sept 8 Economists raised their forecasts for Brazil's 2016 inflation rate for a fifth straight week, adding pressure on the central bank after it halted a nine-month-long cycle of interest rates hikes last week, a weekly... Continue Reading →
Contrite Rousseff stands by Brazil’s austerity program
Brazil's current economic struggles are due in part to prolonged government stimulus that must be cut back, President Dilma Rousseff said on Monday, in a rare public acknowledgment that her policies had contributed to a deep recession. In a video posted online to mark Brazil's Independence Day, Rousseff renewed her commitment to an austerity agenda... Continue Reading →
