Rising demand for oil over the next two decades is likely to overwhelm the impact of the electric car on crude markets, said Spencer Dale, chief economist for BP Plc. “They’ll have a huge impact in terms of air quality, but it’s not a game changer over 20 years even with aggressive electric vehicle penetration,’’... Continue Reading →

Brazil’s President Michel Temer secured his most important congressional victory to date as the lower house overwhelmingly supported a constitutional amendment that will cap growth in public spending as part of the government’s efforts to tackle a near-record budget deficit. Lawmakers approved the controversial proposal with 366 votes in favor, while 111 voted against. The... Continue Reading →

Brazilian financial markets are unlikely to repeat their dramatic rally in 2016 even if Congress approves a business-friendly reform agenda during the coming year, as asset values are nearly at the ceiling of the country's junk credit rating. Brazil's bonds, stocks and currency have been among the best-performing assets in the world this year as... Continue Reading →

Corruption charges against former Brazilian President Luiz Inacio Lula da Silva piled up on Monday as prosecutors accused him and Marcelo Odebrecht, ex-CEO of engineering group Odebrecht SA, in an alleged bribery scheme related to contracts in Angola. Lula already faced several other charges related to a sweeping kickback probe at state-run oil company Petrobras,... Continue Reading →

Brazilians will start to see the benefits of an economic recovery in 2017 and there are no signs they are inclined to support populist candidates, Finance Minister Henrique Meirelles said on Monday. In an interview at Bloomberg headquarters in New York, Meirelles also said that he supports Petrobras’s plan to adjust fuel prices in line... Continue Reading →

Duke Energy Corp. agreed to sell its Brazilian assets to China Three Gorges Corp. for $1.2 billion as the utility owner looks to focus on its regulated U.S. power business. Proceeds from the deal will be used to reduce Duke Energy holding company debt, the Charlotte, North Carolina-based company said in a statement Monday. Duke,... Continue Reading →

The initial approval of a public spending cap is a step in the right direction, but it will still take years and other tough reforms for Brazil to regain its coveted investment-grade rating, a senior analyst with S&P Global Ratings told Reuters. In a late Friday telephone interview from the sidelines of the International Monetary... Continue Reading →

The eldest member of Brazil's Odebrecht family is personally spearheading negotiations between executives of his namesake engineering conglomerate and federal prosecutors for a potential plea deal in Brazil's biggest-ever corruption probe, O Estado de S.Paulo newspaper reported on Saturday. According to Estado, patriarch Emilio Odebrecht is leading a team of executives and lawyers of Odebrecht... Continue Reading →

Shipyard Atlantico Sul (EAS) signed last week a memorandum of understanding with the South American Tankers Company (Satco) to build, at its facilities in Ipojuca (PE), five Suezmax ships . These ships do not yet have rental contracts with customers. This year the yard had already signed another agreement with Satco to build eight vessels... Continue Reading →

A congressional committee in Brazil approved a constitutional amendment on Thursday that would limit public spending increases for 20 years, handing President Michel Temer an initial victory in his plan to plug a widening deficit. The lower house committee voted 23-7 to pass the proposal, which will be put to a vote in the full... Continue Reading →