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Brazil's President Rousseff urged Congress on Monday to cancel its summer recess in January and deal swiftly with a request for her impeachment to nip in the bud an attempt to unseat her that she called undemocratic and legally flawed. Rousseff's opponents are seeking to impeach her for allegedly breaking budget laws as she ramped... Continue Reading →
Brazil won’t have room to cut interest rates next year as inflation remains above the upper limit of the target in spite of a deepening back-to-back recession, according to a central bank survey. Policy makers will keep the benchmark interest rate on hold at 14.25 percent next year, compared to a forecast of 14.13 percent... Continue Reading →
Amid Brazil’s economic and political tumult, the nation’s businesses have seen a record number of downgrades this year -- and the total is about to get worse. Fitch Ratings estimates it may slash the ratings of as many as 10 companies for every one it upgrades in 2016. Fitch said that grim scenario is most likely... Continue Reading →
The real dropped 0.3 percent to 3.7629 per dollar at 9:46 a.m. in Sao Paulo. The currency has tumbled 29 percent this year, the most among major tenders, amid concern that Brazil’s political turmoil could exacerbate the recession and cause the nation’s finances to deteriorate further. Brazilian analysts expect the economy to contract 3.5 percent... Continue Reading →
OPEC signaled no respite from the global oil glut that has driven prices to a six-year low. The Organization of Petroleum Exporting Countries will keep pumping about 31.5 million barrels a day, the group’s President Emmanuel Ibe Kachikwu said Friday after a meeting of ministers in Vienna. Members set aside their previous daily output target of 30... Continue Reading →
http://www.ft.com/cms/s/0/ec086668-99ed-11e5-9228-87e603d47bdc.html#ixzz3tNjwYn4O December 4, 2015 7:10 pm Corruption, economic crisis and impeachment Yet Brazil’s agony holds a positive lesson for the rest of the world Brazil is no stranger to volatility and upset. Even so, the events of the past two weeks — from the imprisonment of a billionaire banker, to the president’s possible impeachment — are breathtaking. Nor... Continue Reading →
Brazil’s struggling state-controlled oil company Petrobras is waiting on exploration data from a promising deep-water field to decide if it will be included in a divestment plan, said two people familiar with the issue. The Rio de Janeiro-based producer is waiting on a second well test in the northern section of the Carcara field before... Continue Reading →
President Dilma Rousseff on Friday suffered two setbacks to her fight against impeachment, as a minister from her main coalition ally resigned and the Supreme Court quashed appeals from supporters seeking to stop the impeachment process. Though not momentous enough to reverse the likelihood that Rousseff can stop impeachment proceedings launched against her in... Continue Reading →
Reuters/Dec 4, 2015 Brazil's Supreme Court rejected appeals from President Dilma Rousseff's allies to stop the impeachment process launched against her this week in the Lower House of Congress, the court said on Friday. Justices Celso de Mello and Gilmar Mendes rejected two appeals from lawmakers in the ruling coalition, including one filed by congressmen... Continue Reading →
Fri Dec 4, 2015 /Reuters Petrorio SA * Brazil's Petrorio says the national oil regulator ANP approved the exit of Maersk from Polvo field * Petrorio to take over Maersk's 40 percent stake and hold 100 percent of asset Further company coverage: (Reporting by Reese Ewing. Editing by Jane Merriman)
Brazil Energy Insight 