Former President of Brazil's central bank Henrique Meirelles gestures during the Industry National Meeting in Sao Paulo, Brazil, November 13, 2015. REUTERS/RODRIGO PAIVA If Brazilian Vice President Michel Temer takes power, former central bank President Henrique Meirelles would accept the position of finance minister under the condition he was given approval rights over members of... Continue Reading →
The Incredible Shrinking Short Sale That’s Fueling Brazil Rally
The currency market is becoming more convinced that the Brazilian real’s world-beating rally this year is far from over. Foreign investors have reduced their bearish bets against the currency in the futures market by 33 percent since the end of 2015 to $15 billion, the least since November 2013, according to data compiled by Bloomberg... Continue Reading →
Brazil Analysts Forecast Recession Deepening in 2016
Brazil economists for the first time forecast the recession will deepen from 2015, which was already the sharpest contraction for Latin America’s largest economy in 25 years. Economists lowered their 2016 GDP call to 3.88 percent from 3.8 percent previously, according to the weekly Focus survey conducted April 22. That’s worse than the 3.85 percent... Continue Reading →
Halliburton Reports $2.1 Billion Charge on Job Cuts, Assets
Halliburton Co. booked a $2.1 billion expense in the first quarter for cutting jobs and writing off assets, giving some results early and delaying the full earnings release as it strives to wrap up a takeover of rival Baker Hughes Inc. The world’s largest provider of fracking services eliminated 6,000 more jobs in the quarter to reduce... Continue Reading →
Brazil’s Rousseff may appeal to Mercosur if impeached illegally
Brazilian President Dilma Rousseff denounced her impeachment as a "coup" to an international audience on Friday, and said she would appeal to the Mercosur bloc of South American nations for Brazil to be suspended if democratic process is broken. "I would appeal to the democracy clause if there were, from now on, a rupture of... Continue Reading →
Odebrecht selling 55 percent stake in $5 billion natgas Peru pipeline
Odebrecht SA, the engineering company at the center of a massive graft probe in Brazil, is selling its 55 percent stake in a $5 billion natural gas pipeline project in Peru, the pipeline manager told Reuters on Friday. David San Frutos said international creditors interested in financing $4.1 billion of the project had asked that... Continue Reading →
Brazil’s Giant Problem
When construction began in 1956 on Brazil’s new capital, everything about it pointed to the country’s ambitions as a rising global power. Its architect Oscar Niemeyer designed curving, futuristic government palaces, embodying hopes for a utopian modernity. Brasília rose in just 41 months, laid out in the shape of an airplane, a seeming reflection of... Continue Reading →
Brazilian Central Bank’s $34 Billion Swaps Send Real Tumbling
Bloomberg Brazil’s real fell the most its major peers after the central bank extended its program to weaken the currency to $34 billion. Stocks also dropped. The real was set for its worst weekly slump in two months after the monetary authority offered $1 billion in reverse swap contracts, which have the same effect as... Continue Reading →
Economist Cover 04/23/2016 – The great betrayal
The great betrayal Dilma Rousseff has let her country down. But so has the entire political class Apr 23rd 2016 | From the print edition BRAZIL’S Congress has witnessed some bizarre scenes in its time. In 1963 a senator aimed a gun at his arch-enemy and killed another senator by mistake. In 1998 a crucial... Continue Reading →
Petrobras – Oil and natural gas production in March
Rio de Janeiro, April 20, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that its oil and natural gas production in March amounted to 2.55 million barrels of oil equivalent per day (boed), of which 2.36 million boe were produced in Brazil and 183,000 boed abroad. The average oil production in March was 2.02... Continue Reading →
Brazil Energy Insight 