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 →
Brazil government proposes 20-year spending cap to tame public debt
Brazil's interim President Michel Temer proposed on Wednesday a constitutional amendment to limit public spending growth for up to 20 years, one of the most far-reaching fiscal reforms in decades designed to curb a runaway rise in public debt. Brazil's government, including the legislative and judiciary branches, will be obliged to limit annual spending growth... Continue Reading →
Oil Industry to Cut $1 Trillion in Spending After Price Fall
The oil and gas industry will cut $1 trillion from planned spending on exploration and development because of the slump in prices, leading to slower growth in production, according to consultant Wood Mackenzie Ltd. Worldwide investment in the development of oil and gas resources from 2015 to 2020 will be 22 percent, or $740 billion,... Continue Reading →
Shell CEO Faces Long Haul to Surpass Exxon as Top Oil Major
Royal Dutch Shell Plc Chief Executive Officer Ben Van Beurden spelled out his main goal last week -- surpass Exxon Mobil Corp. to become the best-performing oil major. “I am determined to get us to that number one place,” he said after outlining the company’s long-term strategy in London. “I want to create a world... Continue Reading →
Temer Recovers From Early Stumbles, Optimism Grows in Brazil
Michel Temer Photographer: Jin Lee/Bloomberg During his first month as Brazil’s acting president, Michel Temer at times looked like he could suffer the same troubles as his predecessor, succumbing to a raging corruption scandal and deep-seated economic malaise. Yet behind the headlines of Temer’s mishaps, the prospects for economic recovery have improved. A sense... Continue Reading →
Meanwhile Back at the House of Cards -Bugging in Brazil Exposes Fear of Biggest Betrayal Yet
Marcelo Odebrecht in 2014. Photographer: Kiyoshi Ota/Bloomberg The tale of Brazil’s political crisis is one of betrayals -- and the most explosive one may be yet to come. Marcelo Odebrecht, the former head of Brazil’s largest construction conglomerate who was arrested in a massive corruption scandal, is trying to reduce a 19-year sentence through... Continue Reading →
Brazil’s Real Declines as Risk Off Mode Offsets Political News
Brazil’s real declined for the fourth straight session as bearish sentiment on emerging-market currencies overshadowed a ruling that will push forward the investigation into former President Luis Inacio Lula da Silva amid a sprawling corruption scandal. The real declined 0.3 percent to 3.4932 per dollar as of 12:41 p.m. in Sao Paulo, after climbing as much... Continue Reading →
Fitch Removes Odebrecht Engenharia e Construcao from Negative Watch; Affirms ‘B+’ Ratings
June 13, 2016 05:48 PM Eastern Daylight Time SAO PAULO--(BUSINESS WIRE)--Fitch Ratings has affirmed Odebrecht Engenharia e Construcao S.A.'s (OEC) Long- Term Foreign and Local Currency Issuer-Default Ratings (IDRs) and National Long-Term Ratings at 'B+' and 'A-(bra)', respectively and removed the ratings from Negative Watch. The Rating Outlook for the corporate ratings is Negative.... Continue Reading →
