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In the shadow of Brazil’s once-mighty oil giant, another state-run behemoth is trying to get ahead of the nation’s biggest-ever corruption scandal to avoid the fallout that has already crippled more than a dozen companies. A team of lawyers and specialists hired by Centrais Eletricas Brasileiras SA, known as Eletrobras, started reviewing Latin America’s biggest... Continue Reading →
The real weakened past 4 per dollar and the Ibovespa dropped on speculation newly appointed Finance Minister Nelson Barbosa won’t be a strong enough advocate for reining in Brazil’s growing budget deficit. The benchmark equity gauge and the currency reversed gains after Barbosa ended a conference call with investors without providing a specific roadmap for... Continue Reading →
Royal Dutch Shell Plc is on the brink of pulling off its biggest acquisition. Yet the widening discount of target BG Group Plc to the offer price shows that a further steep drop in oil prices could still put the deal in doubt. BG traded 12.5 percent below Shell’s bid price on Dec. 18, the... Continue Reading →
Volatility in Brazil’s real increased after President Dilma Rousseff named a new finance minister that some investors say won’t be as strong an advocate for efforts to shore up the country’s fiscal accounts. One-month implied volatility in the real climbed to 23 percent, the highest among 16 major currencies tracked by Bloomberg. The real swung... Continue Reading →
Brazilian President Dilma Rousseff's key ally in Congress is certain it can head off an impeachment threat, but in return the party demands a radical change of policy course to pull the economy out of its deepest downturn in 25 years. Senator Eunicio Oliveira, Senate leader of the fractious Brazilian Democratic Movement Party (PMDB), told... Continue Reading →
Nelson Barbosa could, of course, turn out to be the man who fixes Brazil’s finances, tames soaring inflation and revives the sinking economy, but investors sure aren’t betting on it. As word spread across Sao Paulo trading floors Friday that Barbosa would be the country’s next finance minister, replacing the beleaguered Joaquim Levy, markets plunged.... Continue Reading →
A poll published Saturday in Brazil gave a mild boost to the political survival prospects for President Dilma Rousseff, as she saw a slight bounce in her approval ratings, halting what has been an almost continuous slide for most of the year. The number of Brazilians who rated Rousseff's administration "bad" or "very bad" fell... Continue Reading →
Brazil’s Planning Minister Nelson Barbosa will replace Joaquim Levy as finance minister, according to two people with knowledge of the decision. President Dilma Rousseff’s press office is expected to make an official statement later Friday, said the people, who asked not to be named because the decision isn’t yet public. Barbosa is considered less market-friendly and... Continue Reading →
12/17/2015 Rio de Janeiro, December 17, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that the risk rating agency Fitch reviewed Petrobras' rating from BBB- to BB+, with negative outlook. This review follows the change in the sovereign rating, as announced on 12/16/2015.
Brazilian Planning Minister Nelson Barbosa may replace Joaquim Levy as finance minister, three government sources told Reuters on Friday, as speculation grows about imminent changes to President Dilma Rousseff's economic team. Barbosa, who has kept a low profile in recent months, has the backing of several government insiders and advocates tempering an austerity drive on... Continue Reading →
Brazil Energy Insight 