Insurers who sell policies limiting executives' liability from lawsuits have seen a surge in business thanks to a sprawling Brazilian corruption probe involving state-controlled Petroleo Brasileiro SA and a rash of corporate bankruptcies. The country's so-called Directors & Officers (D&O) insurance market has more than doubled in value since 2011 based on the volumes of... Continue Reading →
Brazil’s Odebrecht gave illegal funds to Temer campaign
Marcelo Odebrecht (R), the head of Latin America's largest engineering and construction company Odebrecht SA, and Otavio Marques Azevedo (L), CEO of Brazil's second largest builder Andrade Gutierrez, are escorted by federal police officers as they leave the Institute of... REUTERS/RODOLFO BURHER Jailed Brazilian construction magnate Marcelo Odebrecht has told prosecutors he contributed illegally to... Continue Reading →
Brazil Real Fluctuates as Local Optimism Blunted by Oil Decline
Brazil’s real swung between gains and losses as oil fell and the dollar strengthened against most currencies, offsetting reassuring messages from the economic team in Latin America’s largest economy. The real gained 0.1 percent to 3.19 per dollar at 12:16 p.m. in Sao Paulo, after falling 0.2 percent. The Bloomberg Dollar Spot Index, which tracks the U.S.... Continue Reading →
International graft crackdown takes hold, FBI official says, citing Brazil
The Brazil corruption scandal hitting the highest level of government is seen by many as another sign that the $1 trillion-a-year drained from the global economy through graft is unstoppable. Federal Bureau of Investigation veteran William McMurry views it differently — the country’s high-level prosecutions of public officials show that law enforcement is cracking down... Continue Reading →
Undersea Drones Take a Breather
Until recently, oil and gas kept robots moving in more ways than one. Fossil fuel companies looking to speed up exploration, drilling, construction, and maintenance work turned to heavy-duty underwater drones known as remotely operated vehicles, or ROVs, to keep their wells afloat. By last year the global market for ROV operations—mostly contract work done... Continue Reading →
Crude Slump Sees Oil Majors’ Debt Burden Double to $138 Billion
When commodity prices crashed in late 2014, oil executives could look at their mining counterparts with a sense of superiority. Back then, the world’s biggest oil companies enjoyed relatively strong balance sheets, with little borrowing relative to the value of their assets. Miners entered the slump in a very different state and some of the... Continue Reading →
No One Told Brazil Markets That Rio Olympics Would Be a Disaster
The gloom surrounding the Olympic Games getting underway Friday in Rio de Janeiro is nowhere to be seen in the country’s financial markets. The problems dogging Latin America’s largest economy are on full display as athletes from over 200 countries make their way to the games. Sailors are turning up their noses at the dirty... Continue Reading →
Ultrapar to partner with Chevron in Brazil to sell lubricants
A Chevron gas station sign is pictured at one of their retain gas stations in Cardiff, California October 9, 2013. REUTERS/MIKE BLAKE Ultrapar Participações SA (UGPA3.SA), a large player in energy and infrastructure in Brazil, said on Thursday it will partner with Chevron Corp (CVX.N) to sell lubricants, additives and coolants in the Brazilian market.... Continue Reading →
Brazil Eletronuclear CEO gets 43-year sentence for corruption
Aug 4 Othon Luiz Pinheiro da Silva, the former chief executive of Brazil's nuclear power company Eletronuclear, was sentenced to serve 43 years in prison by a Rio de Janeiro judge late on Wednesday, the Valor Economico newspaper reported. Court and government officials in Rio were on local holiday Thursday in celebration of the Olympic... Continue Reading →
Brazil Committee Votes for Rousseff Final Impeachment Trial
Brazil’s Senate impeachment committee recommended putting suspended President Dilma Rousseff on trial for illegal financial transactions, paving the way for her permanent ouster within a month. A report by Senator Antonio Anastasia accused Rousseff of taking credits without congressional authorization and through state banks, violating the Constitution. The report was approved by 14 senators in favor... Continue Reading →
Brazil Energy Insight 