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When Sergio Moro ordered the detention of two prominent top executives last week, the Brazilian federal judge said he was acting to protect the world’s seventh-largest economy. “These companies, given the dimension of billions in net worth, have a relevant role in the Brazilian economy,” Moro said last week. “It’s even reasonable to debate leniency... Continue Reading →
A news report triggering concern that former President Luiz Inacio Lula da Silva could be arrested as part of a sweeping corruption scandal -- a fear that was later diffused -- sent investors scrambling to dump Brazilian assets. Read More
This rumor should be investigated by the competent authorities for manipulating the markets negatively. Somebody sure making a tidy profit. Read More
Clarification on News: Taxation of Petrobras 06/24/2015 Rio de Janeiro, June 24th, 2015 - Petróleo Brasileiro S.A. – Petrobras complies with Official Letter n.º 197/2015/CVM/SEP/GEA-1, which requests clarifications as follows: OFFICIAL LETTER n.º 197/2015/CVM/SEP/GEA-1 “We referred to the News released on this date in the newspaper “O Globo”, entitled “More taxes in Petrobras”, in which... Continue Reading →
The 15 percent jump in the price of crude this quarter represents a $2.8 billion windfall. That’s because every time the average quarterly price of Brent -- the benchmark for most international oil sales -- increases by a dollar, Chevron scoops up an extra $325 million to $350 million in cash beyond certain expenses. Read... Continue Reading →
The political scene in Brazil is getting worse by the minute. First are Lula's public complaints about Dilma, the Workers Party and the present administration. Secondly, the rebellion of party and coalition members, the open war with the president of the house and the various defeats of the administration is passing crucial but unpopular bills... Continue Reading →
Brazil's lower house of Congress on Wednesday approved a measure that would raise pension expenditures in coming years, in another surprise defeat for President Dilma Rousseff who is struggling to shore up the government's finances. Read More
Petroleo Brasileiro SA is heading into a Manhattan courtroom Thursday to ask a judge to throw out investor lawsuits triggered by the multibillion-dollar bribery scandal that’s rocking Brazil’s economy and its political elite. Less than a week after police detained the chief executives of Brazil’s two biggest builders in connection with the kickback probe, the... Continue Reading →
The head of Brazilian conglomerate Odebrecht SA wrote a note to lawyers saying “destroy rigs e-mail” while he was in jail, police said in a statement Wednesday. Read More
The cut in Petrobras's investment plan for the period 2015 to 2019 will be close to 40%, with the new budget around $ 130 billion, says real time service agency Broadcast. Last year, when the company was still chaired by Graça Foster, the investment goal was $ 220.4 billion in five years. But, given the... Continue Reading →
Brazil Energy Insight 