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THE SATURDAY ESSAY Fossil Fuels Will Save the World (Really) There are problems with oil, gas and coal, but their benefits for people—and the planet—are beyond dispute Workers tend to a well head during a hydraulic fracturing operation outside Rifle, Colo., on March 29, 2013. Increased production has driven down oil prices. PHOTO: ASSOCIATED PRESS By MATT... Continue Reading →
Contributing Editor's note: Since the first ballot voting last October, the Brazilian Real has suffered a maxi devaluation of over 31% and the YTD tumble has been over 18%. These large percentage corrections are reminiscent of the pre Real Economic Plan days, when inflation was over 90% a month. This is the result of many... Continue Reading →
Petrobras Bonds Drop on Report Company Seeking Extended Deadline By Filipe Pacheco Paula Sambo 12:23 PM BRT March 13, 2015 (Bloomberg) -- Bonds and stocks of Petroleo Brasileiro SA fell after a newspaper reported that the company is in talks with creditors to extend a deadline for publishing audited results and avoid a possible... Continue Reading →
Brazil Protests Signal Return of Risk in Region as Boom Fades By Raymond Colitt 12:00 AM BRT March 13, 2015 Brazilian President Dilma Rousseff. Photographer: Evaristo SA/AFP via Getty Images (Bloomberg) -- From pot-banging on the streets to defeats in Congress, Brazil’s President Dilma Rousseff hasn’t had a good week defending austerity measures she... Continue Reading →
Brazil Central Bank Indicates Tightening Cycle Might Be Nearing an End Scenario for inflation to converge with official target in 2016 has strengthened, bank’s minutes say By PAULO TREVISANI And ROGERIO JELMAYER Updated March 12, 2015 12:52 p.m. ET Wall Street Journal BRASÍLIA—Brazil’s central bank said on Thursday that it expects inflation pressures to ease next year,... Continue Reading →
Petrobras Bond Plan Said Quashed as Brazil Fights Rating Cut by Anna Edgerton 1:39 PM BRT March 12, 2015 (Bloomberg) -- Brazil withdrew backing for a proposed Petroleo Brasileiro SA local bond as the country fights to avoid following the oil driller into junk credit-rating status, said a government official with direct knowledge of the... Continue Reading →
Andrade Gutierrez Drops as Brazil Watchdog Widens Carwash Probe by Julia Leite 1:05 PM BRT March 12, 2015 (Bloomberg) -- Bonds of Andrade Gutierrez SA slipped the most in two weeks as the builder was included in a list of companies being investigated in Brazil’s largest-ever corruption probe. Andrade’s $500 million of notes due 2018... Continue Reading →
Protests Grow Against Brazilian President Dilma Rousseff Nationwide marches planned for Sunday as public anger grows over faltering economy and alleged corruption Brazilians heckle the president at a São Paulo event on Wednesday. PHOTO: SEBASTIÃO MOREIRA/EUROPEAN PRESSPHOTO AGENCY By REED JOHNSON and ROGERIO JELMAYER March 11, 2015 6:16 p.m. ET Wall Street Journal SÃO PAULO—Tens of thousands of... Continue Reading →
Former Petrobras Executive Paying Back Millions in Graft Funds Pedro Barusco already has handed over 182 million Brazilian reais to federal prosecutors By PAUL KIERNAN March 11, 2015 7:36 p.m. ET Wall Street Journal RIO DE JANEIRO—A former executive of Petróleo Brasileiro SA has begun to pay back the nearly $100 million he said he amassed through bribery... Continue Reading →
OIL RIGS The woes of the Paraguacu shipyard, where Luciano Neri was employed, illustrate Brazil’s broader difficulties. It holds contracts totaling $4.8 billion to build six deep-water oil rigs for state-controlled Petroleo Brasileiro SA’s projects. The yard is owned by Enseada Industria Naval, a consortium of Odebrecht SA, OAS SA, UTC Engenharia SA and Japan’s... Continue Reading →
