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Brazil’s central bank kept its swift pace of interest rate cuts and signaled that any acceleration would require further progress in efforts to control government spending. The central bank board, led by President Ilan Goldfajn, on Wednesday lowered the benchmark Selic by 75 basis points for the second straight meeting to 12.25 percent, as... Continue Reading →
Reuters Thursday, February 23, 2017 Brazil’s government said on Feb. 22 it would relax local purchasing rules for the oil industry as of September in an effort to attract foreign investment and lower costs that have hindered development of vast offshore reserves. Mines and Energy Minister Fernando Coelho said the requirement that oil companies operating... Continue Reading →
The government will no longer accept "waivers" applications from companies that fail to meet local content requirements in upcoming oil and gas auctions. The lack of regulation regarding "amnesty" for this type of noncompliance was under pressure from the Brazilian Court of Audits (TCU) on the National Agency for Petroleum, Natural Gas and Biofuels (ANP).... Continue Reading →
European oil majors given a taste of Brazil may soon be ready for more. Norway’s Statoil ASA, Anglo-Dutch company Royal Dutch Shell Plc and France’s Total SA have paid billions since 2013 to gain access to Brazil’s fertile offshore oil riches. They’re now seen as having the best chance to expand when Brazil later this year... Continue Reading →
Feb 22 Brazil's central bank maintained the pace of interest rate cuts on Wednesday, resisting pressure to further step up monetary easing to pull Latin America's economy out of its worst recession on record. In a unanimous vote, the bank's 9-member monetary policy committee, known as Copom, decided to lower its benchmark Selic rate by... Continue Reading →
Brazil's central bank will likely maintain its aggressive pace of interest rate cuts on Wednesday despite some calls to further step up monetary easing to rescue an economy mired in recession. The bank's 9-member monetary policy committee, known as Copom, will likely cut its benchmark Selic rate BRCBMP=ECI by 75 basis points to 12.25 percent,... Continue Reading →
Brazil and 10 Other Countries Coordinate Odebrecht Probes Workers, student and farmers protest the scandal involving Brazilian construction company Odebrecht in front of Panama's Congress in Panama City on Thursday. Images PHOTO: AGENCE FRANCE-PRESSE/GETTY IMAGES By ROGERIO JELMAYER and LUCIANA MAGALHAES Feb. 17, 2017 9:34 a.m. SÃO PAULO—Prosecutors in Brazil and 10 other countries agreed... Continue Reading →
A federal judge in Brazil on Friday suspended an order that required two units of construction firm Odebrecht to make monthly payments amounting to 3 percent of their monthly revenues to a government account, according to a court document. Judge Friedmann Wendpap ruled that the two units of the Brazilian builder, at the center of... Continue Reading →
02/17/2017 | News release On some walls in the less affluent neighborhoods of the Mexican capital it is still possible to see graffiti with the slogans 'Down the Gasolinezo'. About a month ago, in early January, popular protests spread across the country against a 20% price increase in gasoline prices and left six people dead during clashes... Continue Reading →
The government is close to overcoming internal differences and hammering the new local content rules for the 14th round of oil and gas bids. A conciliation proposal has been sewn in recent days by the initiative of two authorities: the Ministry of Mines and Energy (MME) and the Ministry of Industry, Foreign Trade and... Continue Reading →
