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Brazil’s President Dilma Rousseff will face impeachment proceedings in Congress, according to lower house speaker Eduardo Cunha. Cunha told reporters in Brasilia on Wednesday he "profoundly regrets" what’s happening. "May our country overcome this process," he said. The impeachment process could take months, involving several votes in Congress that ultimately may result in the president’s... Continue Reading →
A week after the arrest of Brazil’s billionaire Andre Esteves, the lack of guidance from Brazilian authorities on the future of his troubled investment bank BTG is exacerbating investors’ nervousness. Since Esteves was detained on Nov.25 the only official statement from the central bank the same day was that it is monitoring the situation and... Continue Reading →
Brazil’s real fluctuated amid speculation President Dilma Rousseff will fail to gather congressional support to approve the country’s fiscal target, which is key to avoiding a forced government spending shutdown. The government is trying to change this year’s fiscal target, allowing it to end the year with a primary deficit of 119 billion reais ($31 billion).... Continue Reading →
As if political turmoil, commodity-price meltdown and growth hiccups aren’t enough, emerging markets face a threat to their creditworthiness from an entirely different area -- the burgeoning debt of households and companies. Private-sector borrowing as a proportion of gross domestic product will reach 77 percent by the end of this year in seven large developing... Continue Reading →
Royal Dutch Shell Plc expects to sign an agreement to join up, or unitize, its Parque das Conchas offshore fields Brazil's Campos Basin with an area owned by Brazil's government by early next year, the local-unit president said on Wednesday. Part of the oil and gas resources in Parque das Conchas extend into an un-leased... Continue Reading →
Reuters Wed Dec 2, 2015 Dec 2 Thirty-two companies are currently banned from doing work for Brazil's state-run oil company Petroleo Brasileiro SA because of an ongoing corruption investigation, the oil firm's head of governance João Elek said on Wednesday. He said Queiroz Galvão Óleo e Gás is now allowed to work with Petrobras, as... Continue Reading →
12/01/2015 Rio de Janeiro, December 1, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to CVM Official Letter 500/2015/CVM/SEP/GEA-1 requesting clarifications, as transcribed below: CVM Official Letter 508/2015/CVM/SEP/GEA-1 “We refer to the news item published on November 29, 2015 in the Poder (Power) section of the newspaper Folha de São Paulo, entitled Petrobras deu... Continue Reading →
11/30/2015 Rio de Janeiro, November 30, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to CVM Official Letter 500/2015/CVM/SEP/GEA-1 requesting clarifications, as transcribed below: CVM Official Letter 500/2015/CVM/SEP/GEA-1 “We refer to the news item published today in the Nacional (National) section of the newspaper O Estado de São Paulo, entitled Auditoria embasa prisão de... Continue Reading →
Braskem SA, Latin America’s biggest petrochemical maker, is an unlikely contender to be the world’s top-performing emerging-market stock. Not only is it based in Brazil, which is suffering through its longest recession since the 1930s, but its two controlling shareholders -- Petroleo Brasileiro SA and Odebrecht SA -- are mired in scandal. Odebrecht’s former chief executive... Continue Reading →
This was the year Petroleo Brasileiro SA investors got what they had sought for decades: a chief executive with a mission to streamline and an independent chairman. Now one of them is gone. Clashes over everything from Formula 1 sponsorship to the spinoff of a fuel unit created a rift between CEO Aldemir Bendine, 51,... Continue Reading →
Brazil Energy Insight 