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The Brazilian government will slash its key fiscal surplus goal for the year as tax revenues sink, but plans to unveil fresh spending cuts to show its commitment to austerity, two officials familiar with the decision told Reuters early on Wednesday. The reduction of the targeted primary surplus of 66.3 billion reais ($20.89 billion) or... Continue Reading →
Petrobras - Clarification on News: Contract with Braskem 07/21/2015 Rio de Janeiro, July 21st, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 278/2015/CVM/SEP/GEA-1, as transcribed below: OFFICIAL LETTER 278/2015/CVM/SEP/GEA-1 We refer to the article published on July 18, 2015 on the G1 website, entitled Petrobras sai no prejuízo em contrato com... Continue Reading →
Petrobras - Clarification on News: Petrobras Distribuidora offering 07/21/2015 Rio de Janeiro, July 21st, 2015 – Petróleo Brasileiro S.A. – Petrobras´ response to Official Letter BM&FBovespa n.º 2379/2015-SAE, as transcribed below: OFÍCIO n.º 2379/2015-SAE “According to the news’ content broadcasted by Valor Econômico, on 07/21/2015, comprises information that the company analyzes (to make) the IPO... Continue Reading →
Brazil’s June current account deficit was wider than economists forecast, as imports fall amid an economic slowdown. The deficit in the current account, the broadest measure of trade in goods and services, narrowed in June to $2.5 billion from a revised $3.3 billion a month earlier, the central bank said in a report distributed today... Continue Reading →
Aker ASA, Norway’s biggest high-yield issuer, criticized bondholders it said risked eroding trust in the market by using lower oil prices as an excuse to demand excessively lucrative terms. Issuer efforts to relax loan terms as lower oil prices hurt cash flows are being met by unreasonable bondholder demands, according to Chief Executive Officer Oeyvind... Continue Reading →
Vice President Michel Temer has become the Brazilian government’s Indispensable Man, its main buffer against the swirling turmoil that threatens to overwhelm President Dilma Rousseff and undermine her economic recovery program. Temer played that role most recently late last week as he kept the ruling coalition together by refusing to join the leader of Congress’s... Continue Reading →
An Exxon Mobil Corp. discovery off the coast of Guyana may hold oil and natural gas worth 12 times the South American nation’s entire economic output. The Liza-1 well, which probably holds the equivalent of more than 700 million barrels of oil, may begin pumping crude in as few as five years, Raphael Trotman, Guyana’s... Continue Reading →
A Brazilian prosecutor investigating the national development bank’s deals abroad said he estimates more than $2 billion in losses because of loans to junk-rated countries and builders accused in the nation’s sweeping corruption scandal. The prosecutor, who is assigned to Brazil’s budget watchdog, said the losses are tied to $12 billion of loans from a... Continue Reading →
Portugal's prosecutor general has ordered investigators to look into a request from Brazilian authorities for help with a probe into a scandal involving state-run oil company Petrobras. A cartel of engineering firms, including Latin America's giant Odebrecht SA, is accused of fixing prices and overcharging Petrobras in a scheme that allegedly helped finance the 2014... Continue Reading →
Tue Jul 21, 2015 Petrobras shares rally on Rousseff's dismal poll numbers Preferred shares of state-run oil producer Petroleo Brasileiro SA erased early losses to rise about 3 percent in early Tuesday trading after a poll showed President Dilma Rousseff's popularity continued to tumble due to a mounting corruption scandal and economic recession. The poll... Continue Reading →
Brazil Energy Insight 