Brazil's Vice President Michel Temer (L) talks with President of the Brazilian Senate Renan Calheiros as he leaves the Calheiros' house in Brasilia, Brazil, May 10, 2016. REUTERS/PAULO WHITAKER The man poised to become Brazil's new leader has spent decades in politics and is known for his quiet yet calculating demeanor, fine suits, and a... Continue Reading →
Eletrobras Faces U.S. Delisting as It Assesses Losses From Graft
Centrais Eletricas Brasileiras SA, the Brazilian state-run utility ensnared in the nation’s sweeping corruption investigation, said its U.S.-traded shares are at risk of being delisted because it still can’t put a price-tag on losses it had from graft. Eletrobras, which has delayed its 2014 annual report to the U.S. Securities and Exchange Commission three times... Continue Reading →
In Red-Hot Brazil Market, Foreigners Are Exiting as Locals Enter
Big global players like Will Landers and Mark Mobius may have driven Brazil’s world-beating stock rally for most of this year, but it’s the local investor community that’s now taking the lead. After sitting on the sidelines as lawmakers’ push to oust President Dilma Rousseff spurred a wave of buying by foreigners, local investors including... Continue Reading →
Brazil President Dilma Rousseff Suspended After Losing Impeachment Vote
Brazil’s Senate voted to suspend President Dilma Rousseff from office, ushering in a new government after months of political turmoil in the recession-wracked country. Legislators agreed on Thursday after a marathon session that lasted 21 hours to try the president on allegations she illegally doctored fiscal accounts to mask the size of the budget... Continue Reading →
Ambition may be Achilles heel of Brazil’s next finance minister
May 11 Henrique Meirelles, the man tipped to be Brazil's next finance minister, will draw on his stellar reputation as central bank governor between 2003 and 2010, when the economy boomed, to revive investors' confidence in Latin America's ailing giant. But former colleagues and politician insiders warn that the long-time Wall Street banker's ambition to... Continue Reading →
Brazil Impeachment Vote May Spell Rousseff’s Last Day on Job
This Wednesday may be the last day in office for President Dilma Rousseff, as Brazil’s Senate gears up for a vote that would force her out and into an impeachment trial she appears unlikely to survive. The Senate debate is scheduled to last 10 hours and end by 10 p.m. local time, the chamber’s speaker... Continue Reading →
Brazil’s Senate on Wednesday opened its session to determine whether President Dilma Rousseff will face an impeachment trial, proceedings that will likely end with her suspended from office. Ms. Rousseff is accused of violating the nation’s budgets laws, accusations that she denies. Wednesday’s proceedings opened at 10 a.m. local time. If a simple majority of... Continue Reading →
Brazil Real Advances as Impeachment Drive Overcomes Intervention
Brazil’s real rose as the Senate gears up for a vote that would force President Dilma Rousseff out and into an impeachment trial she appears unlikely to survive, even as the central bank intervened to weaken the currency. The real strengthened 0.4 percent to 3.4639 per dollar at 9:30 a.m. in Sao Paulo as the monetary... Continue Reading →
Brazil’s Rousseff undone by hubris, economic missteps
Brazil's President Dilma Rousseff reacts as she attends a signing ceremony for new universities, at Planalto Palace in Brasilia, Brazil, May 9, 2016. REUTERS/ADRIANO MACHADO - RTX2DJ5S Minutes after taking her oath of office in 2011, President Dilma Rousseff stood before Congress and pledged to end the dirty back-room deals and kickback schemes at the... Continue Reading →
SBM Looks to Regain Footing in Brazil Market as Probes Drag On
Bruno Chabas thought it would be easier to restore the image of offshore oil equipment supplier SBM Offshore NV when he became the chief executive officer in early 2012. Three months after moving into the executive suite, Chabas decided to go public with what would become Holland’s biggest corruption scandal. Schiedam-based SBM announced it had been... Continue Reading →
