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Brazil’s structural problems will take steam out of rally in assets Markets Insight © AFP by: Alberto Gallo/FT Brazilians love telenovelas, soap operas that air every evening in prime time. President Dilma Rousseff’s recent impeachment offered all the typical twists and turns. The show involved months of political infighting and media attention, with former president and... Continue Reading →
Former central bank governor Fraga says spending measures could worsen precarious fiscal situation © Reuters by: Joe Leahy in São Paulo/FT Brazil’s new government urgently needs to defuse fiscal “time bombs” that are set to blow up the country’s already strained budget, according to Arminio Fraga, the former central bank governor and founding partner of Gávea Investimentos, one... Continue Reading →
The Brazilian government plans to host a round of investor meetings to market a broad plan of asset sales, a key initiative to help raise cash and reduce a record budget deficit, a senior official and people familiar with the matter told Reuters. According to Wellington Moreira Franco, the head of a government agency to... Continue Reading →
Despite a corruption probe and Brazil’s governance crisis, the oil giant has room to run, aided by factors including firmer oil prices and possible lower interest rates. By DIMITRA DEFOTIS/Barron's May 21, 2016 A Petrobras station in Rio de Janeiro Photo: Bloomberg News Emerging Markets The U.S.-traded shares of Brazil’s state-controlled oil company Petróleo Brasileiro... Continue Reading →
May 20 Brazil's federal police on Friday said they widened a probe of construction conglomerate Odebrecht SA to investigate possible money laundering and influence peddling in contracts awarded for projects in Angola. At least one relative to former president Luiz Inacio Lula da Silva was targeted by the operation that included four search and seizure... Continue Reading →
Brazil’s Finance Minister Henrique Meirelles said the economy is in worse shape than he anticipated when joining the government one week ago. "In the numbers I see a worse situation than I expected," he said in an interview in Brasilia, referring in large part to the federal budget. Yet the current administration led by Michel... Continue Reading →
Petroleo Brasileiro SA will be led by veteran business executive Pedro Parente, as the state-controlled oil producer struggles to reduce debt and navigate the fallout from the country’s biggest corruption scandal. Parente, who is currently the chairman of BM&FBovespa SA, the operator of Latin America’s biggest securities exchange, accepted an offer from Acting President Michel Temer... Continue Reading →
Brazil's suspended House speaker, Eduardo Cunha, defended himself before an ethics committee on Thursday, a day after the appointment of his ally as leader of the government coalition in the chamber showed the veteran lawmaker's enduring political sway. The Supreme Court indefinitely suspended Eduardo Cunha this month on charges of obstructing a corruption investigation, just... Continue Reading →
Technip SA and FMC Technologies Inc. agreed to merge in an all-stock deal, creating a $13 billion oil-services company following the worst crude-market collapse in a generation. The combination will give Technip investors two shares in the new business for every Technip share held, while FMC investors will get one, the companies said Thursday. They... Continue Reading →
Jose Dirceu (front R), former Brazilian President Luiz Inacio Lula da Silva's chief of staff, is escorted by a federal police officer as he leaves the Federal Police headquarters to give his testimony in a session of the Parliamentary Committee of Inquiry in Curitiba,... A one-time chief of staff for former Brazilian President Luiz Inacio... Continue Reading →
