A sign of the Odebrecht SA construction conglomerate is pictured in Rio de Janeiro, Brazil, February 26, 2016. REUTERS/RICARDO MORAES Odebrecht SA, Latin America's largest engineering company, hopes to renegotiate as much as 35 billion reais ($9.83 billion) in debt with Brazilian banks in order to get through a financial crisis sparked by its involvement... Continue Reading →
Brazil politicians linked to offshore companies in Panama leaks
Politicians from seven parties in Brazil were named as clients of a Panama-based firm at the center of a massive data leak over possible tax evasion, O Estado de S.Paulo said on Monday. The newspaper was one of more than 100 other news organizations around the globe to publish this weekend details of more than... Continue Reading →
New Voluntary Severance Incentive Program – 2016 PIDV
04/01/2016 Rio de Janeiro, April 1, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that its Executive Board has approved a Voluntary Severance Incentive Program – 2016 PIDV, open to all employees. The aim of the Program is to adjust the size of the workforce to the needs of the Business and Management Plan... Continue Reading →
Brazil’s Petrobras could lower gasoline, diesel prices Monday: paper
Apr 3, 2016 A worker paints a tank of Brazil's state-run Petrobras oil company in Brasilia, Brazil in this September 30, 2015, file photo. REUTERS/UESLEI MARCELINO/FILES Brazil's state-run fuel company Petroleo Brasileiro SA could cut gasoline and diesel prices on Monday, according to a newspaper report Sunday, reversing hikes last year meant to help the... Continue Reading →
Dilma Rousseff, Brazil’s warrior president under fire
FT The country’s first woman leader is facing the fight of her political life, writes Joe Leahy © Getty by: Joe Leahy The police telephone wire recording that may well cost Brazilian president Dilma Rousseff her job lasts only 30 seconds. “Hello?” It is the gruff voice of Luiz Inácio Lula da Silva, her predecessor.... Continue Reading →
Petrobras’s Best-in-the-World Stock Rally Comes With Some Risks
Petroleo Brasileiro SA, Brazil’s state-run oil giant, surged 81 percent in dollar terms in March, the biggest gain among the world’s 1,000 biggest companies. The rally masks trouble under the hood that may derail the winning streak. Here’s the rub: The embattled crude producer hasn’t undergone any fundamental improvements. Instead, the gains have been fueled... Continue Reading →
Brazil police launch new raid in Petrobras probe
Apr 1, 2016 Reuters Brazil's Federal Police on Friday launched the latest stage of a sweeping investigation into corruption at state-controlled firms, federal prosecutors said in a statement. The warrants in the 27th round of the so-called "Operation Car Wash" focused on an allegedly fraudulent loan from Banco Schahin to state-run oil producer Petroleo Brasileiro... Continue Reading →
Brazil’s Petrobras says to save $9 bln with voluntary layoffs
Executives of Brazil's state-run oil producer Petroleo Brasileiro SA approved a voluntary layoff program to cut about 12,000 jobs and save 33 billion reais ($9.20 billion) by 2020, the company said in a statement on Friday. The program will cost 4.4 billion reais ($1.23 billion) to be implemented, Petrobras said. The layoffs will help Petrobras... Continue Reading →
Brazil’s Odebrecht seeks to sell $3 bln in assets
Odebrecht SA, the engineering firm at the heart of Brazil's biggest ever graft probe, has put 12 billion reais ($3.34 billion) in assets up for sale to raise capital as it grapples with rising debt, Odebrecht Chief Executive Newton de Souza told Folha de S.Paulo in an interview published on Friday. Odebrecht is seeking to... Continue Reading →
Brazil’s Rousseff gets relief from Supreme Court, supporters
Brazil's President Dilma Rousseff smiles during a meeting with artists and intellectuals in defense of democracy at the Planalto Palace in Brasilia, Brazil, March 31, 2016 . REUTERS/ADRIANO MACHADO Brazil's Supreme Court ruled on Thursday to take a corruption investigation into former president Luiz Inacio Lula da Silva away from a crusading federal judge,... Continue Reading →
Brazil Energy Insight 