Suspended House Speaker Eduardo Cunha attends a news conference, in Brasilia, Brazil, June 21, 2016. REUTERS/ADRIANO MACHADO Brazil's suspended House speaker, Eduardo Cunha, denied any criminal wrongdoing on Tuesday and said he will not resign, even though he has already been indicted for corruption and faces the risk of imminent arrest. The Supreme Court indefinitely... Continue Reading →
Back at the House of Cards – Brazil’s Rousseff warned about illegal campaign donations
Marcelo Odebrecht, the former chief executive of Latin America's largest construction company, will admit in plea bargain testimony that he personally oversaw illegal campaign donations for suspended President Dilma Rousseff in 2010 and 2014, newspaper Folha de S. Paulo said on Tuesday. The newspaper said Odebrecht will acknowledge having warned Rousseff on May 26, 2015... Continue Reading →
U.S. Oil Rig Increase Shows Producers Are Drilling Again: Chart
U.S. oil producers are drilling again. Rigs capped their first three-week gain since August, according to Baker Hughes Inc. data on June 17. Behind the build: a more than 80 percent gain in crude prices from a 12-year low in February and disruptions that saw West Texas Intermediate touch a 10-month high of $51.67 a... Continue Reading →
The Riddle of the Ex-Credit Suisse Banker’s $14 Million Paycheck
The last place you’d expect to find one of Credit Suisse Group AG’s highest-paid executives in 2015 is Brazil, given all the political and economic challenges facing the country. But Sergio Machado’s 48.4 million reais ($14 million) paycheck ranks above that of every member of Credit Suisse’s executive board listed in the lender’s annual report.... Continue Reading →
New consensus on Brazil’s currency brings down hedging costs
Economists are more in agreement than they have been since 2014 about where Brazil's currency is heading after a political crisis unseated President Dilma Rousseff. The newfound stability has reduced the cost of protection from one of the world's most volatile exchange rates in recent years, offering relief for companies struggling in a recession and... Continue Reading →
A Laggard in Brazil Oil Frenzy Is Now a Favorite in the Bust
In the saga of Brazil’s oil industry, QGEP Participacoes SA has always flown mostly under investors’ radar. It’s no heavyweight like state-run Petrobras, nor has it ever been as flashy as OGX, ex-billionaire Eike Batista’s startup. But among producers that sold more than $77 billion in stock after Brazil discovered massive offshore crude deposits in... Continue Reading →
Credit Suisse finds no wrongdoing by ex-banker linked to Brazil probe
Credit Suisse Group AG said an internal investigation found no evidence that a former employee, Sérgio Firmeza Machado, used his position at the bank to help his father funnel illicit campaign donations to Brazilian politicians as part of a sweeping corruption scandal. Firmeza Machado's father Sérgio, a former senior executive at state oil firm Petróleo... Continue Reading →
Another one Bites the Dust – Brazil’s tourism minister resigns amid graft scheme implications
Jun 16, 2016 4:07pm EDT Reuters Brazilian Minister of Tourism Henrique Eduardo Alves talks on his mobile phone after a meeting with Brazil's then Vice President Michel Temer (not pictured) in Brasilia, Brazil, December 14, 2015. REUTERS/UESLEI MARCELINO Brazil's tourism minister, Henrique Eduardo Alves, resigned on Thursday, according to the president's office, making him the... Continue Reading →
Back at the House of Cards – Brazil’s Acting President Refutes Campaign Finance Allegations
Brazil’s Acting President Michel Temer denied allegations he sought inappropriate campaign donations for his party and pledged to remain undeterred in his efforts to pull the country out of crisis. In a plea bargain published by the Supreme Court on Wednesday, a former executive from state-run oil company Petrobras claimed that Temer in 2012 asked... Continue Reading →
Brazil Real Falls as Central Bank Report Adds to Global Sell-Off
Brazil’s real tumbled Thursday after an economic report showed the economy shrank more than forecast, magnifying the effects of a global sell-off in emerging markets. The real was the biggest dud among Latin American peers after the central bank said economic activity, often seen as a proxy for gross domestic product, declined 4.99 percent in... Continue Reading →
