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Brazil’s currency posted its longest winning streak in more than two years as investors cheered comments from the incoming central bank head that signaled he’ll be less interventionist than his predecessor. The currency advanced 1.8 percent to 3.3802 per U.S. dollar as of 1:32 p.m. in Sao Paulo, set for the highest level since July.... Continue Reading →
The launch this week of Prumo Logistica's $3.7 billion Port of Açu, the largest in Latin America, marked the revival of a Brazilian logistics hub many thought doomed when the empire of its former billionaire owner collapsed. Açu's more than 25 km (15.5 miles) of docks, piers and breakwaters is a much-needed step towards narrowing... Continue Reading →
And the unpopular economic reforms have not been introduced to Congress yet... Brazil’s Acting President Michel Temer fares better than his deeply unpopular predecessor, according to the first public opinion survey since Dilma Rousseff was suspended for an impeachment trial. Temer’s personal approval rating is 33.8 percent, according to a June 2-5 MDA survey of... Continue Reading →
The world’s three biggest shipyards plan to raise a combined 8.41 trillion won ($7.3 billion) selling assets as part of a restructuring following losses last year. Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. have submitted their fund-raising plans to their creditors, including state-run Korea Development Bank and... Continue Reading →
The World Bank forecast Brazil’s recession will extend into a third consecutive year, while Venezuela takes the world’s deepest plunge in 2016. The two will drag Latin America into back-to-back economic contractions for the first time in more than three decades. Brazil will contract 4 percent in 2016 and 0.2 percent next year, with the... Continue Reading →
This would be fatal for Brazil's economic revival.... Suspended Brazilian President Dilma Rousseff gestures during the launching ceremony of the book ''Resistance to the 2016 Coup,'' written by professors from the University of Brasilia, in Brasilia, Brazil, May 30, 2016. REUTERS/UESLEI MARCELINO A wave of scandals buffeting Brazil's interim government is weakening the resolve of... Continue Reading →
A unit of Odebrecht SA, the construction company whose former chief executive is serving a 19-year prison sentence as part of a sweeping corruption scandal in Brazil, still hasn’t received a $4.1 billion loan for a key project in Latin America, said two people with direct knowledge of the matter. The credit committees for a... Continue Reading →
Brazil’s federal police raided the offices of the consortium building the second-largest Olympics complex in Rio de Janeiro, clouding the run-up to the mega-event whose chief advocate will also face investigation in a separate case. Authorities executed a search-and-seizure warrant at the headquarters of the Deodoro Sports Complex’s northern section, which was built by Queiroz Galvao... Continue Reading →
The Ibovespa rose for the fourth time in five days as state-controlled Petroleo Brasileiro SA followed oil higher, offsetting increased political tension. Petrobras, as the Brazilian oil producer is known, contributed the most to the benchmark equity index’s advance as Brent crude advanced to an eight-month high. The rally overshadowed concern it may be difficult... Continue Reading →
Jun 7, 2016 Reuters NFX, the joint venture between oil company BP and port operator Prumo Logistica, has begun importing maritime fuel to the Brazilian port of Acu, the company said in a statement on Tuesday. NFX said its first shipment arrived on June 3 and it expects to import 4.5 million tonnes of maritime... Continue Reading →
