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Brazil’s economy expanded at its fastest pace in one-and-a-half years in June, as improving business and consumer confidence drives an incipient recovery in industrial production and retail sales. The central bank’s seasonally adjusted economic-activity index, a proxy for gross domestic product, rose 0.23 percent in June from the previous month, after falling a revised 0.45... Continue Reading →
Paris-based International Energy Agency says, ‘Our balances show essentially no oversupply during the second half of the year’ August 11, 2016. By Summer Said/WSJ The world’s production of crude oil is falling behind demand, the International Energy Agency said Thursday. From July through September, global production of crude oil will lag behind demand by almost... Continue Reading →
(The following statement was released by the rating agency) LONDON, August 11 (Fitch) Investigations into allegations that Brazilian banks may have been involved in longstanding bribery of tax officials and members of the Tax Appeals Board to either waive or reduce tax payments could add to the pressures on the Brazilian banking sector, says Fitch... Continue Reading →
The long wait may finally be over. Since the great crash of oil in mid-2014, more than $100 billion has been raised by buyout firms and distressed-debt funds eager to scoop up energy assets on the cheap. But as the months rolled by, few opportunities cropped up as cash-starved drillers limped along with the help... Continue Reading →
Odebrecht SA, the once-powerful Brazilian construction firm with 110 billion reais ($35.2 billion) in debt, hired Eduardo Munhoz, founding partner at E.Munhoz Advogados, to help with the “company restructuring process.” Munhoz was hired by the holding company about six months ago and has been working with Odebrecht Agroindustrial on its successful 13 billion-real debt restructuring... Continue Reading →
Even after Brazil outperformed almost all other major markets this year, analysts and fund managers say there’s still room for further gains if suspended President Dilma Rousseff is impeached in coming weeks. Rousseff’s permanent ouster would clear the way for acting President Michel Temer to get on with the fiscal reforms investors have been pushing... Continue Reading →
President of Brazil's Supreme Court, Ricardo Lewandowski and Brazil's Senate President Renan Calheiros speak during a discussion before the Senate votes on whether suspended President Dilma Rousseff should stand trial for impeachment, in Brasilia, Brazil, August 9, 2016. REUTERS/ADRIANO MACHADO Brazil's Senate voted early on Wednesday to indict President Dilma Rousseff on charges of breaking... Continue Reading →
Brazil's Senate met on Tuesday to vote on whether to indict President Dilma Rousseff on charges of breaking budget laws, in the long-awaited start of the trial phase of impeachment proceedings against her. With Brazil's attention focused on the Olympic Games in Rio de Janeiro, senators in the capital Brasilia began to decide the country's... Continue Reading →
The worst may be yet to come for some strained oil services companies as $110 billion in debt, most of it junk rated, creeps closer to maturity. More than $21 billion of debt from oilfield services and drilling companies is estimated to be maturing in 2018, almost three times the total burden in 2017, according... Continue Reading →
Chevron couldn’t have won a more emphatic victory in its long-running Ecuadorian pollution case than Monday's ruling by the U.S. Court of Appeals in New York. A three-judge panel unanimously affirmed a trial court's determination that, in 2011, the lead attorney for some 30,000 Ecuadorians had won a $9.5 billion judgment against Chevron by means of bribery, coercion, and... Continue Reading →
Brazil Energy Insight 