The Brazilian currency is heading for the second worse monthly performance since 1999. At 3:13 pm, this 31st of August, the real was down 1.38% or approximately 6% for the month of August, to R$3.6347 for one US dollar. For the year, the Real is the worst performing currency against the USD in a list... Continue Reading →
Junk-Rating Dread Sends Brazil Stocks to Biggest Slump in World
Brazilian stocks and the real led global losses on speculation that Latin America’s largest economy is struggling to put its finances in order and avoid a credit-rating downgrade to junk. The Ibovespa tumbled 2.9 percent to 45,784.03 at 10:30 a.m. in Sao Paulo, bringing its monthly slide 9.9 percent. The real retreated 2.6 percent to... Continue Reading →
Petrobras reaches deal for reorganization of Sete Brasil
Brazilian state-run oil company Petrobras and other investors reached an agreement to approve the restructuring plan of ailing oil-drilling-rig builder Sete Brasil Participações SA, two leading local newspapers reported on Friday. The plan would pave the way the refinancing of Sete Brasil's $3.8 billion in debt. Shareholders reached a deal for Sete to operate five... Continue Reading →
UPDATE 3-Brazil economy sinks into worse-than-expected recession
Brazil's economy shrank 1.9 percent in the second quarter, sinking into a recession that has hammered President Dilma Rousseff's popularity as she struggles to save the country's investment-grade credit rating amid a vast corruption scandal. The quarterly contraction, reported by government statistics agency IBGE on Friday, was bigger than the median forecast of a 1.7... Continue Reading →
Moody’s cuts 2016 global growth forecasts
Credit rating firm Moody's cut its 2016 global economic growth forecasts on Friday, with China and United States both trimmed and Russia and Brazil seen staying in recession. It was a surprise move from the firm, coming just 10 days since its last forecasts. It put average growth in the top 20 world economies at... Continue Reading →
Brazil’s Real Leads Losses in Latin America
Brazil’s real led losses in Latin America and stocks fluctuated after data showing Latin America’s largest economy entered a recession added to concern corporate earnings will falter. The real lost 0.4 percent to 3.5670 per dollar at 11:50 a.m. in Sao Paulo, extending its weekly slide to 1.9 percent. The Ibovespa fell 0.3 percent to 47,577.93,... Continue Reading →
Brazil real weakens as data confirms deep recession
Fri Aug 28, 2015 8:19am EDT Reuters Brazil real weakens as data confirms deep recession Aug 28 The Brazilian real weakened about 0.5 percent in the first minutes of trading on Friday after data confirmed the local economy plunged into a deep recession in the first half of the year. The real last traded at... Continue Reading →
Worst Brazil Quarter of 2015 Worse Than Economists Forecast
Brazil’s economy contracted more than analysts forecast in the second quarter, as tighter monetary policy and faster inflation torpedoed confidence and caused activity to nosedive. Gross domestic product contracted 1.9 percent in the second three months of the year from the previous quarter, the national statistics agency said in Rio de Janeiro on Friday. That... Continue Reading →
Oil Exploration Companies Scramble to Cut Costs
When oil prices started falling last summer, Genel Energy PLC, a small exploration company listed here, asked the government of Ethiopia to extend its exploration license, so it could put off drilling and save some cash. Across the industry, international wildcatters like Genel are renegotiating drilling commitments, selling off stakes in licenses and canceling plans... Continue Reading →
Brazil considers reinstating tax on financial transactions
The Brazilian government is considering reviving a financial transaction tax known as the CPMF to try to narrow a large fiscal gap in 2016, three leading newspapers reported on Thursday. A plan to recreate the CPMF is part of the budget proposal for 2016 that is being discussed by President Dilma Rousseff and her economic... Continue Reading →
