(Reuters) - Brazilian police carried out their first search and seizure operations involving politicians suspected of taking bribes in a scandal involving state-run oil firm Petrobras on Tuesday, local media and prosecutors said. Senators Fernando Collor de Mello and Ciro Nogueira are among the names being investigated in the 16th round of the probe, dubbed... Continue Reading →
Federal Police Search Ex President Collor on Petrobras Probe
Brazil police this morning searched the home of former president and current senator Fernando Collor as part of investigations into sitting congressmen allegedly involved in a scheme to divert money from Petrobras. Police targeted 53 homes and businesses in 7 states to keep evidence from being destroyed, according to an e-mailed statement from the prosecutor... Continue Reading →
Goldman Cuts Brazil Targets
Brazil’s retail sales in May fell more than forecast by all but one analyst, prompting Goldman Sachs Group Inc. to predict a deeper recession in 2015. Swap rates fell. Sales fell 0.9 percent after a revised 0.5 percent decline in April, the national statistics agency said in Rio de Janeiro. That was worse than the... Continue Reading →
Moody’s to Review Brazil Sovereign Rating
Moody's Investors Service is preparing a highly anticipated review of Brazil's credit rating with a visit to Brazilian policymakers and economists this week, market sources and the ratings agency said on Monday. Many analysts expect Moody's to downgrade Brazil's Baa2 credit rating by one notch at the end of its review process. Some fear it... Continue Reading →
Brazil Economic Data – Real Rises against the U$
Brazil’s real climbed to a one-week high as signs of weakness in the U.S. damped prospects for an increase in interest rates by the Federal Reserve and bolstered demand for riskier assets with better returns. Brazil’s economic team sees a credit rating downgrade by Moody’s Investors Service as almost unavoidable, Valor Economico reported Tuesday, without... Continue Reading →
Angola’s Sonangol Seeks U$1 Billion in Savings
Sonangol EP, the state-run oil company in Angola, is seeking $1 billion in cost savings by the end of the year to help cope with plunging crude prices. Sonangol said in February it will cut this year’s spending by 25 percent, end most retail fuel subsidies and reduce contract costs by as much as half.... Continue Reading →
Big Oil Deals Ready for Explosion
As oil began crashing late last year, many prepared for a buying spree. Shale was going on sale. That sale has yet to show up. Deals have been active in the pipeline and processing sector, including Marathon Petroleum Corp.’s $15.8 billion deal today. But overall, global oil and natural gas deals so far this year... Continue Reading →
Petrobras R$58 billion Asset Sale in Uncharted Territory
Petroleo Brasileiro SA’s $58 billion asset sale proposal would be unprecedented for the oil industry -- and for good reason. It may be impossible to pull off. The plan, released last week by the Brazilian state-run oil company known as Petrobras, calls for $15.1 billion in divestments by the end of 2016 and an additional... Continue Reading →
Bond Traders Burned By Odebrecht are in for More Pain
For bond investors in Brazil’s biggest construction company, the pain may have just begun. Odebrecht Finance’s $519 million of notes due 2025 have handed traders some of the biggest losses in emerging markets after the group’s chief executive officer was arrested June 19 as part of an unprecedented bribery investigation. The bonds have plunged 11.6... Continue Reading →
Brazil’s inflation rate to reach 9.12 pct in 2015 – survey
Mon Jul 13, 2015 7:44am EDT Brazil's inflation rate to reach 9.12 pct in 2015 - survey BRASILIA, July 13 Economists raised their forecasts for Brazil's end-2015 inflation rate but lowered their estimates for price increases next year, a weekly central bank survey showed on Monday. The median forecast of about 100 financial institutions in... Continue Reading →
Brazil Energy Insight 