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Agreement by former head of Odebrecht SA could lead to testimony implicating government officials Marcelo Odebrecht during a hearing into the Petrobras investigation in September 2015. PHOTO: AGENCE FRANCE-PRESSE/GETTY IMAGES By LUCIANA MAGALHAES and REED JOHNSON Updated Dec. 1, 2016 4:54 p.m. ET SÃO PAULO—Marcelo Odebrecht, the jailed former head of Brazilian construction giant Odebrecht... Continue Reading →
Brazil's Supreme Court indicted the president of the Senate, Renan Calheiros, on Thursday for embezzlement, a ruling that is expected to fan growing tensions between the judiciary and Congress over corruption cases. The top court voted 8-3 to try the senator on charges of misusing public funds in a nine-year-old case involving the payment of... Continue Reading →
December 01, 2016 05:00 PM Eastern Standard Time HOUSTON & PARIS--(BUSINESS WIRE)--Regulatory News: FMC Technologies, Inc. (NYSE:FTI) and Technip (Paris:TEC) (ISIN:FR0000131708) (ADR:TKPPY) (Euronext: TEC) today announced that the pending combination between the companies has received a clearance decision issued by the General Superintendent of the Administrative Council for Economic Defense (CADE), the Brazilian antitrust authority. The decision... Continue Reading →
Odebrecht SA has signed a plea bargain agreement with Brazilian prosecutors in which as many as 77 of the engineering group's executives would testify about widespread political graft, Folha de S. Paulo newspaper said on Thursday. According to the newspaper, which did not say how it obtained the information, the much-anticipated deal between Odebrecht and... Continue Reading →
In Mexico, the era of big oil is just getting started. But for the state oil dinosaur, its best days appear to be behind it. The reign of Petroleos Mexicanos, the government-owned oil producer known as Pemex, is slowly being dismantled after a 2013 overhaul ended its monopoly and opened up the industry to foreign rivals... Continue Reading →
Prosecutors investigating Brazil's biggest-ever graft scandal threatened to resign en masse on Wednesday if a move to gut an anti-corruption bill won approval from legislators as the nation mourns an air disaster. The lower chamber of Congress passed the bill in the early hours of Wednesday morning by 450 votes to 1, with changes that... Continue Reading →
Brazil's central bank cut interest rates by 25 basis points on Wednesday, maintaining a slow pace of monetary easing despite a sharp economic contraction in the third quarter that suggested a grueling recession could stretch into a third year. The central bank resisted pressure for a hefty rate cut even after data released earlier on... Continue Reading →
Oil surged after OPEC approved the first supply cuts in eight years in an effort to ease a record glut and stabilize global markets. Futures jumped as much as 9.2 percent in New York. OPEC has agreed to reduce collective production to 32.5 million barrels a day, Iranian Oil Minister Bijan Namdar Zanganeh told reporters in Vienna... Continue Reading →
Brazil’s central bank is poised to separate itself even further from its emerging-market peers as it seeks to revive growth in Latin America’s biggest economy. While countries including Mexico, Turkey and Russia are either raising interest rates or keeping them unchanged, Brazil probably will slash benchmark borrowing costs for the second straight month on Wednesday, according... Continue Reading →
Brazil's Senate on Tuesday approved a strict cap on federal spending in a first-round vote that hands a timely victory to President Michel Temer, who is struggling to restore fiscal discipline amid an economic recession and political crisis. Demonstrators protesting the austerity measure burned cars and smashed windows of government buildings with rocks outside the... Continue Reading →
Brazil Energy Insight 