A.P. Moeller-Maersk A/S’s oil unit cut $1 billion off its annual budget for capital expenditure after petroleum prices plunged. Maersk Oil plans long-term capex in the range of $2 billion to $4 billion a year compared with a previous range of $3 billion to $5 billion, according to an investor presentation in Copenhagen on Wednesday. The... Continue Reading →
Fitch Says Risk of Downgrades Spreading Among Developing Nations
Brazil and South Africa top a list of emerging-market borrowers whose credit ratings are threatened by slowing growth and ballooning budget deficits, according to Fitch Ratings. Credit grades across Latin America are also under pressure as the down cycle in commodity prices deepens and stagnation in Brazil’s economy pushes the entire region into contraction, Shelly... Continue Reading →
Brazil Real Climbs as China Advance Buoys Commodity Currencies
The real advanced 1.3 percent to 3.795 per dollar at 9:27 a.m. in Sao Paulo as Brazil planned a foreign exchange credit line auction of up to $3 billion for Tuesday. Such auctions are designed to support the real. The central bank last held a similar auction in August. Swap rates on the contract maturing in... Continue Reading →
Brazil’s 2016 inflation view rises for 5th week, to 5.58 pct
Tue Sep 8, 2015 7:47am EDT Reuters Brazil's 2016 inflation view rises for 5th week, to 5.58 pct BRASILIA, Sept 8 Economists raised their forecasts for Brazil's 2016 inflation rate for a fifth straight week, adding pressure on the central bank after it halted a nine-month-long cycle of interest rates hikes last week, a weekly... Continue Reading →
Surging Atlantic Crude Adds to Seasonal Pressure on Prices
The North Sea and Nigeria will ship the most crude in more than three years in October, adding to downward pressure on oil prices just as demand wanes from refiners shutting down for seasonal maintenance. Output of North Sea grades will reach the highest since May 2012 next month, according to loading programs compiled by... Continue Reading →
Brazil well prepared to cope with U.S. rate rise, minister says
Brazil is well prepared to cope with any market volatility resulting from a U.S. interest rate rise, Finance Minister Joaquim Levy said on Monday. Levy told a meeting in Madrid that Brazil's banks were well capitalized and it has large foreign exchange reserves. "That reassures us that even if there starts to be volatility after... Continue Reading →
Real closes at 13 year high
The Brazilian Real closed at 13 year high at R$3.8585 against the USD. For the week the Brazilian currency devalued 7.62%, for the year at 45.07% and for the 12 months at 72.06%. The currency has taken a beating caused basically by the lack of political stability, besides the economic problems caused by poor economic... Continue Reading →
Brazil Real Leads Weekly World Losses as Fiscal Concern Prevails
Brazil’s real extended its weekly decline to the biggest since March as assurances that Finance Minister Joaquim Levy would remain in his post failed to quash concern the country will lose its investment-grade rating. The currency swung between gains and losses Thursday before Chief of Staff Aloizio Mercadante said that the architect of Brazil’s efforts to... Continue Reading →
Evercore, Rothschild Hiring for Brazil Debt-Restructuring Wave
Brazil’s political and economic crises are creating one bright spot for finance bankers and lawyers looking for work: Firms including Rothschild and G5 Evercore are hiring to help ailing companies restructure their debt. Boutique advisory firm G5, in which Evercore Partners Inc. has a 47 percent stake, hired Ricardo Moura and Marcio Santiago Goncalves, former... Continue Reading →
Moody’s Says Brazil Still Has Advantages Over Junk-Rated Nations
Brazil has stronger credit dynamics than lower-rated nations and an outlook for economic and fiscal recovery that would make a reduction to a junk grade unjustified, Moody’s Investors Service said. When Moody’s gave Brazil a stable outlook after reducing its credit rating last month to Baa3, its lowest investment grade, it found that the nation... Continue Reading →
