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The central bank almost doubled the amount of foreign-exchange swap contracts that it will offer to roll over Friday after a reduction in early July. Ibovespa futures dropped after Petroleo Brasileiro SA, the state-controlled oil company at the center of a burgeoning corruption scandal, reported earnings that trailed forecasts. The real dropped for a seventh... Continue Reading →
PETROBRAS - FIRST HALF 2015 RESULTS Rio de Janeiro – August 6, 2015 - FIRST HALF OF 2015 RESULTS - Reviewed by independent auditors, stated in millions of Reais, prepared in accordance with International Financial Reporting Standards - IFRS issued by the International Accounting Standards Board – IASB (a free translation of the original in... Continue Reading →
Petrobras - Settlement of Tax Contingency 08/06/2015 Rio de Janeiro, August 6, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby announces that, due to the publication of Joint Ordinance RFB/PGFN n. 1064 and Regulatory Instruction 1576 on August 3, 2015, decided to include in said program the processes related to Financial Operations Tax on loans... Continue Reading →
It rankles when you lose $20. But hey, at least it isn’t $4.4 trillion. That is roughly how much revenue the world’s oil producers will forego over the next three years, based on the current outlook for prices and demand, relative to what was expected just a year ago. With Brent crude having tumbled back... Continue Reading →
Brazilian debt prices took another sharp leg down on Thursday as fears intensified that the sovereign will be demoted to junk-rated territory. Faith in Brazil's ability to get its fiscal house in order is fading as the popularity of President Dilma Rousseff plummets in the polls and Congress resists spending cuts. The latter problem was... Continue Reading →
Grupo BTG Pactual SA is trimming assets and bolstering regulatory capital ratios in an effort to weather a protracted economic downturn and political crisis in Brazil, its chief executive officer said on Thursday. CEO André Esteves has trimmed both the assets and the loan book of the largest independent emerging markets-based investment bank by 6.7... Continue Reading →
Aug 6. Desperate to fix a fiscal crunch threatening its investment grade credit rating, Brazil is aiming to lure back some of an estimated $150 billion in unreported assets held abroad in tax havens and secret bank accounts. The cash-strapped government is looking to raise 10 billion reais ($3 billion) this year by offering an... Continue Reading →
To Citigroup Inc., traders in Brazil’s bank-bond market are being far too complacent. The country is in danger of having its rating cut to the cusp of junk by Moody’s Investors Service, and that means the nation’s biggest lenders are also in the crosshairs. That’s because banks’ credit grades typically are aligned with those of... Continue Reading →
Brazil’s local bond yields rose to a record and the cost of protecting against default climbed after President Dilma Rousseff suffered a setback in Congress that eroded measures to pare budgets and avoid a junk credit rating. The real declined to a 12-year low as the lower house of Congress voted for spending increases hours... Continue Reading →
Brazil's state-run oil company Petroleo Brasileiro SA (PETR4.SA) second-quarter profit fell by almost a fifth from a year earlier due to a tax settlement charge and a plunge in oil prices, according to a Reuters survey of analysts. The average estimate of 12 analysts polled by Reuters is for net income to fall 19 percent... Continue Reading →
Brazil Energy Insight 