It's like the Keystone Cops... Brazil's interim President Michel Temer was under pressure on Monday to drop his anti-corruption minister, the second top official in his new government accused of trying to derail a sprawling bribery and kickback probe before taking office. Transparency Minister Fabiano Silveira, the man charged with fighting corruption, and Senate President... Continue Reading →
Brazil Economists Raise Selic Call for First Time Since December
Brazil economists raised their forecast for the benchmark interest rate at year-end following inflation surprises that reinforced the challenge facing Brazil’s prospective central bank chief to rein in prices. Economists’ median forecast for the Selic at year-end rose to 12.88 percent from 12.75 percent the prior week, marking the first increase in the weekly Focus... Continue Reading →
Brazil Builder Moves Past Bribery Saga, Stoking 23% Bond Surge
Andrade Gutierrez SA, one of several Brazilian construction companies implicated in the nation’s biggest corruption probe, is back in favor with bond investors. The builder has seen its $500 million of notes due in 2018 return 23.3 percent since May 5, when it reached a leniency agreement with prosecutors. As part of the deal, Andrade... Continue Reading →
House of Cards New Season – Brazil’s anti-corruption minister criticizes Petrobras probe -Globo TV
May 30 The Brazilian interim government's new minister tasked with combating corruption was heard on leaked audio tapes criticizing the sprawling graft investigation at state-run oil company Petrobras and advising the Senate leader caught up in the probe. Globo TV on Sunday aired a partial recording of a late February meeting between new Transparency Minister... Continue Reading →
Pemex Willing to Sell Jack-Up, Platform to Generate Liquidity
Petroleos Mexicanos is seeking buyers for two aging production assets as it looks to generate liquidity amid the industry’s biggest financial crisis in history. Mexico’s cash-strapped state-run oil producer would sell its Holkan jack-up rig and its Chemul semi-submersible maintenance platform for the right price, said Gustavo Hernandez, director of prospective resources, reserves and associations at... Continue Reading →
Brazil’s Real Poised for Weekly Drop as Political Woes Mount
Brazil’s real fell, extending a weekly drop, as political concerns dimmed expectations that a new economic team named by Acting President Michel Temer will be able to quickly revive Latin America’s biggest economy. The real fell 0.9 percent to 3.6159 per U.S. dollar as of 11:58 a.m. in Sao Paulo. It has weakened 2.6 percent... Continue Reading →
Seadrill Drops as CEO Says Drillship Firesale Was Overpriced
The offshore drilling market is in such bad shape that when a rival recently bought a rig for less than a 10th of its new-build cost, it probably overpaid, according to Seadrill Ltd. Chief Executive Officer Per Wullf. Shares in his oil-services company reversed gains to become the biggest losers in Oslo trading. Shipping tycoon George... Continue Reading →
Commentary: Here’s what really went wrong with Brazil’s economy
When President Luiz Inacio Lula da Silva left office in January 2011, Brazil was widely regarded as Latin America’s gold standard for economic development and social progress. But today, with his handpicked successor, Dilma Rousseff, facing an impeachment trial, the country is viewed as an economic failure. But the problem is not with the objectives,... Continue Reading →
Brent oil breaks above $50 for first time in seven months
Oil prices climbed above $50 a barrel on Thursday for the first time in nearly seven months as a global supply glut that plagued the market for nearly two years showed signs of easing. Oil prices have rallied in recent weeks after a string of outages, due mainly to wildfires in Canada and unrest in... Continue Reading →
Brazil’s Meirelles Names Caffarelli, Occhi to Lead State Banks
Brazil Finance Minister Henrique Meirelles appointed new leadership for the nation’s biggest state-owned banks two weeks after Michel Temer took over as acting president. Paulo Rogerio Caffarelli, 50, corporate executive director at steelmaker Cia. Siderurgica Nacional SA, was named to replace Alexandre Abreu as chief executive officer of Banco do Brasil SA, the nation’s largest... Continue Reading →
Brazil Energy Insight 