Petrobras - Additional Information about the Initial Public Offering of Petrobras Distribuidora 08/18/2015 Rio de Janeiro, August 18, 2015 - Petróleo Brasileiro S.A. - Petrobras hereby informs that, pursuant to CVM Instruction 480/09, it has published in the system of the Brazilian Securities and Exchange Commission (CVM) an acknowledgement relating to the meeting of the... Continue Reading →
Brazil’s Political Crisis Puts the Entire Economy on Hold
In Brazil, General Motors Co. has been halting factories and laying off thousands. Latam Airlines, the region’s biggest, is cutting flights. And the world’s third-largest planemaker, Embraer SA, is delaying its biggest new aircraft. In the midst of its deepest economic and political crisis in a generation, Brazil is contending with a business climate so... Continue Reading →
UPDATE 1-Petrobras chairman votes against stake sale in fuel unit
Petrobras Chairman Murilo Ferreira dissented in a recent vote to sell a stake of at least 25 percent in the Brazilian state- controlled company's BR Distribuidora SA fuel distribution unit to help reduce debt, board meeting minutes showed. The 10-member board of Petróleo Brasileiro SA, as the oil producer is formally known, approved the proposal... Continue Reading →
Big business could help Brazilian president survive political storm
Brazilian business leaders may have ideological differences with struggling leftist President Dilma Rousseff, but calls for her impeachment make many of them nervous, effectively giving her support from an unexpected quarter. The business community worries that a traumatic ouster would pile a period of deep political uncertainty onto a downturn that economists say could translate... Continue Reading →
Exclusive: U.S. graft probes may cost Petrobras record $1.6 billion or more
Brazil's Petrobras may need to pay record penalties of $1.6 billion or more to settle U.S. criminal and civil probes into its role in a corruption scandal, a person recently briefed by the company's legal advisors told Reuters. State-run Petroleo Brasileiro SA, as the company is formally known, expects to face the largest penalties ever levied... Continue Reading →
Lula’s Bridge to Nowhere Hints at Global Reach of Brazil Graft
On the lush savanna in the upper reaches of South America looms a $1.2 billion monument to the deepening troubles of Brazil. Spanning the mighty Orinoco River in Venezuela, the Orinoquia Bridge stands as a rusting reminder of a not-long-ago time when a prosperous Brazil sometimes channeled taxpayer money to ambitious projects across the continent... Continue Reading →
Former Petrobras exec sentenced for Samsung drillship bribe
A Brazilian judge sentenced Nestor Cervero, former international chief of state-run oil firm Petrobras, to just over 12 years in prison on Monday for corruption and money laundering related to a bribe allegedly paid to the speaker of Brazil's lower house of Congress. Cervero and two other defendants are accused of organizing bribes from Korean... Continue Reading →
Brazil’s Eletrobras sued in U.S. court over corruption scandal
An investor in state-controlled Centrais Elétricas Brasileiras SA has filed a lawsuit that accuses Brazil's largest power holding company and three of its executives of involvement in a graft scandal that artificially inflated stock prices, according to a court document. The plaintiff, the City of Providence, Rhode Island, is seeking class action status for the... Continue Reading →
Despite protests, slog more likely than radical change in Brazil
Despite protests by hundreds of thousands of Brazilians against President Dilma Rousseff and ongoing calls for her impeachment, little suggests radical change in Brazil anytime soon. With the country hobbled by legislative gridlock, a lack of viable alternatives to the established political parties and an economic reversal so complete that its currency is trading at... Continue Reading →
Brazil’s currency nears fair value after dramatic decline
The Brazilian real is trading at or near fair value after losing one quarter of its worth since Jan. 1, economists said, suggesting a possible respite for one of the year's most battered currencies. Emerging market currencies in general have been sliding, and unexpected domestic and international events could still cause the real to overshoot... Continue Reading →
Brazil Energy Insight 