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One reason for goldplated government jobs was a program five decades ago to lure qualified Brazilians from the beaches of Rio de Janeiro to the arid savanna of the new capital, Brasilia. This exacerbated fierce distortions in the economy: Brazilians pay unusually high taxes to finance a bloated state sector that provides poor public services.... Continue Reading →
Oil prices fell more than 2 percent on Friday after Goldman Sachs cut its crude forecasts, citing global oversupply and concerns over the Chinese economy, and after Saudi Arabia dismissed the idea of an oil producer summit. Joining a long list of banks cutting their price forecasts, Goldman Sachs on Friday reduced its 2015 U.S.... Continue Reading →
Petrobras Cut to Junk by S&P Following Brazil Downgrade Paula Sambo September 10, 2015 — 5:02 PM BRT Reuters S&P joins Moody's in taking away Petrobras investment grade Rate cut could lead to selloff by institutional investors Petroleo Brasileiro SA, the oil producer mired in Brazil’s largest-ever corruption investigation, was downgraded to junk by Standard... Continue Reading →
Brazilian credits were rebounding Thursday from earlier lows after S&P downgraded the country, which is facing its worst economic crisis in decades, to junk. Troubled state oil giant Petrobras saw its 2024s widen 40bp-50bp on the news of the downgrade on Wednesday before tightening to 695bp-685bp. The sovereign's five-year CDS was trading at around 390bp... Continue Reading →
Brazil’s return to junk may be exactly what Finance MinisterJoaquim Levy needed. Standard and Poor’s dressing down of Latin America’s largest economy on Wednesday could finally convince lethargic policy makers to revive the economy and close the biggest budget deficit in at least two decades. "The downgrade creates a more favorable environment for approving measures because... Continue Reading →
13th Round attracts companies of 17 countries: Angola, Argentina, Bermudas, Brazil, Canada, China, Colombia, USA, France, Holland, Japan, Norway, Panama, Portugal, UK, Russia e Thailand. º Name Nome Fantasia Group Country 1 Alvopetro S.A. Extração de Petróleo e Gás Natural Alvopetro Alvopetro Canadá 2 Anadarko Exploração e Produção Petróleo e Gás Natural Ltda Anadarko Anadarko... Continue Reading →
Brazilian President Dilma Rousseff called an emergency cabinet meeting Thursday after a sovereign-debt downgrade sent the real reeling and left the government scrambling to address the nation’s fast-deteriorating economy. Ratings firm Standard & Poor’s cut Brazil’s debt rating to junk-grade BB+ in a surprise move late Wednesday that highlighted mounting political challenges to the government’s... Continue Reading →
Stephen Jen has a proposal for Brazil to get out of the current economic mess: ask for a bailout from the International Monetary Fund. Not that Brazil needs the funding, said Jen, a former IMF economist. Latin America’s largest economy holds $371 billion inforeign reserves, almost 10 times the amount of the government’sforeign-currency debt. But... Continue Reading →
Petroleo Brasileiro SA’s investment plans will be at risk if Standard & Poor’s downgrades the state-controlled producer to junk as it did with Brazil’s sovereign rating, said analysts at HSBC Holdings Plc and BTG Pactual. Petrobras plans to invest $108.6 billion on exploration and production through 2019, or 83 percent of its business plan, to... Continue Reading →
Brazil's financial markets fell on Thursday after Standard & Poor's cut the country's sovereign rating to junk late Wednesday, though assets began to pare losses in late morning trading as the downgrade had been largely priced in. The drop from investment grade, which came sooner than many in the market had expected, reflected President Dilma... Continue Reading →
Brazil Energy Insight 