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Brazilian President Dilma Rousseff has one last chance to stem a growing political and economic crisis before being forced to step down, one of the country's leading daily newspapers said on Sunday. In an unusual front-page editorial, Folha de S.Paulo said Rousseff needs to take "drastic measures" including additional spending cuts and tax increases to... Continue Reading →
Pessimism about Brazil deepened this week after Standard & Poor's downgraded both the sovereign and Petrobras to junk status, reigniting fears of forced selling in a country sinking fast into high-yield territory. The other agencies are expected to follow suit soon, further clouding the picture for Brazil, which is undergoing its worst economic crisis in... Continue Reading →
Brazil's Supreme Court said on Friday it had received a request from federal investigators to question former President Luiz Inacio Lula da Silva in a political kickback scheme engulfing the state-run oil company. According to a motion filed with the court, federal police suspect the former president "may have benefited" from a political kickback scheme... Continue Reading →
At least one other rating agency is likely to withdraw Brazil's investment grade this year as renewed efforts to cut a budget deficit will probably fail, a Reuters poll showed, potentially deepening the country's economic and political crisis. All but one of 26 economists surveyed by Reuters on Thursday expect Brazil's rating to be cut... Continue Reading →
Brazil’s real volatility climbed to a six-month high as traders weighed whether Standard & Poor’s move to cut the nation’s credit rating to junk will prompt lawmakers to work with the government to shore up the budget. One-week implied volatility on options for the real, reflecting projected shifts in the exchange rate, increased to 26.83 percent... Continue Reading →
Aker Solutions Appoints José Formigli to Innovation Board September 10, 2015 - Aker Solutions has appointed José Formigli to its innovation board and to serve as an adviser for overall strategic decisions. Formigli, a Rio de Janeiro native and engineer by training, has more than 30 years' experience in the oil and gas business, starting... Continue Reading →
Petrobras - Standard & Poor’s reviews Petrobras’ global ratings 09/10/2015 Rio de Janeiro, September 10, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that the rating agency Standard & Poor’s (S&P) announced the revision of Petrobras' corporate debt rating from BBB- to BB. With this grade Petrobras is no longer an Investment Grade company for... Continue Reading →
Petrobras agrees two-month deal supplying naphtha to Braskem SEPT 10/Reuters Brazil's state-run oil company Petroleo Brasileiro SA said on Thursday it agreed to supply naphtha to Latin America's largest petrochemical producer Braskem for two more months as the companies keep negotiating a long-term contract. The contract has been under intense scrutiny after prosecutors charged executives... Continue Reading →
Brazil's state-run oil company Petrobras, which slashed its five-year spending plan by 40 percent in June, will likely cut back further as growing debt costs, falling oil prices and a weak currency have already made the plan obsolete, two company sources told Reuters on Thursday. Standard & Poor's decision to cut Brazil's sovereign credit rating... Continue Reading →
There’s a new king in the $2 trillion global junk bond market. Brazil’s state-owned oil producer Petroleo Brasileiro SA, with $56 billion of outstanding securities, has become the world’s largest non-investment grade corporate issuer after Standard & Poor’s cut its credit rating seven months after a similar move by Moody’s Investors Service. The Rio de... Continue Reading →
Brazil Energy Insight 