Brazil’s real rallied after the government suffered a setback in Congress that fueled speculation there may be more support to oust President Dilma Rousseff than previously expected. The real gained 0.8 percent to 3.7673 per dollar as of 10:13 a.m. in Sao Paulo. One-month implied volatility fell to 20.14 percent, still the highest among 16 major currencies... Continue Reading →
Offshore Supply Boats Facing Distress With Drop in Drilling Rigs
The relatively unheralded corner of the oil sector that sends supply boats out to offshore oil rigs may see bankruptcies as the worst crude market downturn in decades spreads. More than half of the public companies in the offshore supply-vessel industry face a high probability of restructuring or bankruptcy, according to research released Tuesday from... Continue Reading →
Brazil’s Congress names impeachment panel stacked against Rousseff
The lower house of Brazil's Congress voted on Tuesday to appoint a committee stacked with opponents of President Dilma Rousseff to study whether to impeach her for breaking budget rules, a blow to the leftist leader battling for political survival. In a secret ballot, lawmakers voted 272-199 for a list of committee members drawn up... Continue Reading →
CORRECTED-Brazil’s Petrobras offers to sell up to 10 pct of coveted offshore oil field
LONDON/RIO DE JANEIRO, Dec 8 Brazil's state-run oil company Petrobras is offering up to a quarter of its 40 percent stake in the huge Libra offshore oil prospect as its seeks to reduce the largest debt in the global oil industry, two industry sources said on Tuesday. The stake could fetch up to $1.5 billion,... Continue Reading →
Brazil Real Drops on China Trade Data as Political Tensions Rise
Brazil’s real declined the most in a week after economic data from China, the country’s biggest trading partner, sparked a slump in currencies of commodity-producing nations. The real lost 1.1 percent to 3.8084 per dollar as of 11:28 a.m. in Sao Paulo, after rising as much as 0.6 percent earlier. A gauge of 20 developing-nation currencies declined... Continue Reading →
Brent Crude Drops Below $40 for First Time in Almost Seven Years
Brent crude fell below $40 a barrel for the first time in almost seven years after OPEC effectively abandoned any limits on crude output, prompting speculation that a record global glut will continue. Brent crude fell 2.1 percent to $39.88 a barrel at 1:45 p.m. London time Tuesday, the lowest since Feb. 20, 2009. Oil... Continue Reading →
Brazil senator, top banker charged with blocking Petrobras probe
Brazilian federal prosecutors presented formal charges against billionaire financier Andre Esteves and Senator Delcídio do Amaral on Monday, accusing them of obstructing a criminal investigation into state-run oil company Petrobras, according to a source familiar with the matter. Esteves, a founder and top shareholder of investment bank BTG Pactual SA and Amaral, who is President... Continue Reading →
Controlling shareholders of Brazil’s Prumo Logistica plan delisting
Mon Dec 7, 2015 Reuters Dec 7 The controlling shareholders of Brazilian port operator Prumo Logistica SA are planning to delist the company in a public offering that could be worth more than 800 million reais ($210 million), according to a securities filing on Monday. Prumo said its controlling shareholders will offer up to 1.15... Continue Reading →
Brazil VP’s Criticism of Rousseff Deepens Impeachment Turmoil
Brazil’s Vice President Michel Temer in a personal letter criticized Dilma Rousseff’s disdain for him, aggravating a political crisis amid opposition efforts to remove her from office. In the letter published by all major newspapers in the country, Temer said Rousseff never trusted him and gave several examples of how she had ignored him for... Continue Reading →
Rousseff Ups Defense as Brazil Congress Haggles Over Impeachment
Brazil’s President Dilma Rousseff on Monday stepped up efforts to protect her mandate as legislators choose members of a committee that will recommend whether to impeach her. The full lower house of Congress is scheduled to vote Monday evening whether to accept the 65 members of the committee who are nominated by party leaders. The committee... Continue Reading →
Brazil Energy Insight 