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Michel Temer may not have completely won over Brazilians since taking over as acting president in May, but he appears to be a big hit with investors. Brazil’s benchmark equity index has now soared almost 60 percent in dollar terms this year, while overseas government bonds have returned 26 percent. Investors have poured into Brazil on... Continue Reading →
Lenders could accelerate the disbursement of a $4.125 billion loan to Peruvian gas pipeline operator Gasoducto Sur Peruano GSP SA if Brazilian engineering group Odebrecht SA fully exits the project overseeing the construction of the pipelines, three people familiar with the matter said on Thursday. Odebrecht [ODBES.UL], which is ensnared in a corruption scandal in... Continue Reading →
Brazilian prosecutors have accused former President Luiz Inacio Lula da Silva and the co-founder of BTG Pactual SA, Andre Esteves, of trying to obstruct the sweeping corruption probe known as Car Wash. The federal prosecutor’s office said in a statement Thursday it filed the formal accusation with the Federal District’s justice system. In the filing,... Continue Reading →
By Guillermo Parra-Bernal/Reuters The Brazilian government could offer at least $1 billion in new global bonds maturing in February 2047 at a yield in the "very low 6 percent area," a person directly involved in the deal said on Thursday, signaling growing optimism among investors on the outlook for Latin America's largest economy. Brazil's National... Continue Reading →
Keppel Corp., the world’s largest builder of oil rigs, posted a 48 percent drop in second-quarter profit as oversupply led to delivery delays for offshore projects, and said it doesn’t expect demand for rigs to return soon. Net income dropped to S$205.8 million ($152 million) from S$396.7 million a year earlier, Keppel said in a... Continue Reading →
Brazil’s central bank kept the benchmark interest rate unchanged for the eighth straight meeting Wednesday, saying stubborn inflation leaves no room for monetary easing. The central bank board, led for the first time by its new chief, Ilan Goldfajn, held the so-called Selic rate at an almost 10-year high of 14.25 percent. All 38... Continue Reading →
Brazil's government may not need a further freeze spending to meet fiscal goals because revenues are expected to recover in the second half of the year as the recession-hit economy stabilizes, government officials said on Wednesday. Local media reports have said the government was considering freezing an additional 20 billion reais ($6.17 billion) in spending... Continue Reading →
If there is one thing the oil world's chief prognosticators can agree on, it is that global demand is going up by more than a million barrels a day this year. Both the International Energy Agency and the Energy Information Administration put growth at about 1.4 million barrels a day; OPEC has it at 1.2... Continue Reading →
July 20, 2016 In testimony given on Tuesday (19), to federal judge Sergio Moro, the former CEO of Sete Brasil, João Carlos Ferraz, confirmed of sharing fees charged to shipyards hired by the company, with the former PT treasurer, John Vaccari Neto, with the former director of Petrobras, Renato Duque, and also former Sete... Continue Reading →
At Australia’s Curtis Island, you can see Big Oil morphing into Big Gas. Just off the continent’s rugged northeastern coast lies a 667-acre liquefied natural gas (LNG) terminal owned by Royal Dutch Shell, an engineering feat of staggering complexity. Gas from more than 2,500 wells travels hundreds of miles by pipeline to the island, where... Continue Reading →
