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Engulfed by political and economic crises, Brazil can ill-afford to be beset by more problems. Yet that’s exactly what is happening after its southernmost state of Rio Grande do Sul defaulted on a 280 million real ($80.9 million) payment to the federal government this month -- the first since the nation’s municipal-debt meltdown in 1997.... Continue Reading →
Petrobras - Clarification of News Item: Payment of fine for the winding up of investigations in the United States 08/19/2015 Rio de Janeiro, August 19, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby declares that, in relation to news published in the media concerning the payment of a fine to the U.S. authorities, there are... Continue Reading →
The Brazilian real’s volatility climbed to a one-week high as the unemployment rate increased more than forecast, damping prospects as the nation faces its longest recession since the 1930s. Moody’s Investors Service cited a lack of political consensus on attempts to repair government finances as well as a faltering economy when it cut Brazil to... Continue Reading →
A plunge in the Ibovespa from this year’s peak put the equity gauge on the brink of a bear market amid forecasts Latin America’s largest economy is headed toward the longest recession since the 1930s. The stock benchmark led world losses, extending its slump since May 5 to 20 percent, as lender Itau Unibanco Holding... Continue Reading →
Brazil is close to hitting its longest stretch ever without selling new bonds abroad. The Treasury hasn’t sold new notes in international markets since its $1 billion issue of 2025 bonds in September 2014 as a deepening recession and a widening political crisis drove Brazil’s credit rating to the cusp of junk. If the government... Continue Reading →
Brazil’s real will strengthen and hover above 3 per U.S. dollar as the political crisis engulfing President Dilma Rousseff eases, according to Development, Industry and Trade Minister Armando Monteiro Neto. The real gained 0.6 percent to 3.4617 per U.S. dollar at 3:22 p.m. local time, paring its decline this year to 23 percent, the biggest... Continue Reading →
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 →
Nationwide street protests Sunday against the government kept the pressure on embattled Brazilian President Dilma Rousseff as the country heads to its longest recession since 1931. More than half a million people took to the streets to denounce corruption and economic mismanagement amid calls for Rousseff’s impeachment or resignation. While the rally drew fewer people... Continue Reading →
Petrobras - Inclusion of Tax Debits in REFIS 08/14/2015 Rio de Janeiro, August 14, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby announces that it has decided to include tax debits in the Special Installment Program – REFIS, instituted by Law 12996/2014 and regulated by Joint Ordinance PGFN/RFB 1064/15 and Regulatory Instruction RFB 1576/15, published... Continue Reading →
State-controlled Petróleo Brasileiro SA agreed on Friday to refinance an outstanding 6 billion reais ($1.7 billion) tax debt with the Brazilian government, allowing the debt-laden oil producer to restructure an onerous liability. Under terms of the plan, the company commonly known as Petrobras will have the debt cut by half, and use tax credits to... Continue Reading →
Brazil Energy Insight 