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 →
Brazil’s Political Crisis Puts the Entire Economy on Hold
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 →
Protests Keep Heat on Rousseff as Longest Slump Since 1931 Looms
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
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 →
Petrobras to refinance 6 bln reais tax bill with government
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 →
Crude Prices Seen Staying Below $70 A Barrel Over The Next Year
With the price of oil near levels not seen since the depths of the financial crisis, analysts are increasingly bearish on whether crude can break out of its year-long slump. A survey of 10 investment banks by The Wall Street Journal is forecasting that the price of oil will stay below $70 a barrel until... Continue Reading →
Silver Lining in Rating Downgrade by Moody’s
Moody’s Investors Service cut Brazil to the cusp of junk on Tuesday, and it was the first piece of good news investors had heard in a while. The company’s decision to assign a stable outlook to Brazil’s rating, now at the lowest level of investment grade, was welcomed by traders who had been widely anticipating... Continue Reading →
Brazil’s Credit Rating Cut One Level by Moody’s to Cusp of Junk
Moody’s Investors Service cut Brazil’s rating to the cusp of junk, the second time the sovereign has suffered a downgrade since President Dilma Rousseff came to office in 2011. The ratings company decreased the country’s grade by one notch to Baa3, with a stable outlook. Standard & Poor’s cut the nation’s rating to the lowest... Continue Reading →
Brazil Real Declines on China Devaluation
Brazil’s real fell toward a 12-year low as a devaluation in China, the nation’s biggest trading partner, damped prospects for exporters. Ibovespa futures dropped and iron-ore miner Vale SA tumbled in early U.S. trading after the decision by China triggered the yuan’s biggest one-day drop since January 1994. The real joined a decline in developing-nation... Continue Reading →
Brazil Carnage Lures True Believers Betting Worst Is Almost Over
The Brazil selloff that pushed the real to a 12-year low and sent bond yields to a record high is starting to lure money managers wagering that things can’t get much worse. Investors who can stomach the volatility can pick up dollar-denominated notes that yield over two percentage points more than similarly rated Philippines bonds,... Continue Reading →
