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Brazil’s biggest corporations, already reeling from a growing political crisis and the worst recession in a century, face a new threat: International banks have either stopped lending to them entirely or are demanding dollar-denominated collateral, people with direct knowledge of the matter said. Not a single syndicated loan has been made to a Brazilian company this... Continue Reading →
In 2002, Lula won the presidency by a landslide. He expanded welfare, credit, crop support, and housing programs for subsistence farmers and slum dwellers, as well as universities, health care, and jobs programs for their children, all on a scale never seen before. This safety net, largely maintained by Rousseff, pulled 36 million people out... Continue Reading →
Brazil's Vice President Michel Temer (C) leaves the house of senator Renan Calheiros (R) as Senator Eunicio Oliveira looks on after a meeting with senators of the Brazilian Democratic Movement Party (PMDB) in Brasilia, Brazil March 28, 2016. REUTERS/ADRIANO MACHADO Vice President Michel Temer is quietly assembling a team of respected economists to revive confidence... Continue Reading →
Ripples hit smaller players as oil major slashes investment EM Squared/FT © Reuters by: Richard House The record R$36.9bn ($10.2bn) loss posted by Petrobras for the fourth quarter of 2015 was humbling enough for Brazil’s state oil company, but the impact on local oilfield service providers could be worse still as the tottering giant... Continue Reading →
Brazil’s real extended its biggest monthly rally since 2003 after the central bank sold one-sixth of the contracts auctioned to protect against a decline, indicating traders are betting the currency will appreciate. The real rose to a seven-month high as the central bank sold 2,900 out of 17,000 foreign-exchange reverse-swap contracts offered on Thursday. Auctioning... Continue Reading →
Rio de Janeiro, March 30, 2016 – Petróleo Brasileiro S.A. – Petrobras announces that its Board of Directors approved today the names of the company’s executive officers and executive managers, based on its new structure. The following names were approved as executive officers: Hugo Repsold Júnior: Human Resources, HSE and Services Department (HR&SD) Ivan de... Continue Reading →
Emerging markets are set to end the first quarter of 2016 with strong gains, something few investors would have bet on in January, after the sector's worst start to a year on record. As this graphic shows (reut.rs/1ZKAaO6), emerging market stocks, currencies and bonds fell in the first few weeks of 2016 as oil... Continue Reading →
Mar 30, 2016 Reuters State-controlled Petróleo Brasileiro SA, the Brazilian oil producer at the center of a sweeping corruption probe, plans to save 1.8 billion reais ($500 million) a year through a reorganization plan that includes the merger of several business units, job cuts and a streamlining of activities. In a securities filing, the company... Continue Reading →
Brazil recorded the largest-ever primary budget gap in 12 months through February as a two-year economic recession sapped tax collection while expenses grew further. The deficit before interest payments, which includes results of states, municipalities and government-owned companies, reached 125.14 billion reais ($35 billion) in the 12-month period, or a record 2.11 percent of gross domestic... Continue Reading →
Brazil's judiciary will not end systemic corruption unless society also demands change, the federal judge presiding over a massive graft investigation that may topple President Dilma Rousseff's government said. Judge Sergio Moro, a hero to many Brazilians who has recently been criticized for pushing the boundaries of the law, compared the investigation he oversees to... Continue Reading →
Brazil Energy Insight 