Brazil’s Senate decided on Monday to move ahead with impeachment proceedings against President Dilma Rousseff, just hours after the head of the lower house called for the process to be suspended. Senate chief Renan Calheiros told the chamber that he wouldn’t recognize lower house interim President Waldir Maranhao’s decision earlier in the day to annul the... Continue Reading →
Schlumberger and Oil Services Peers Cut Most Jobs in 2016
Low oil prices continue to take their toll on the energy industry’s labor force. Three oil services companies are among the top five in 2016 job reductions. Houston-based Schlumberger Ltd. leads the way with 20,000 jobs cut, according to data compiled by Bloomberg. Each of the three announced cuts in April amid aslowdown in the... Continue Reading →
Back at the House of Cards – Brazil’s Lower House Chief Annuls Rousseff Impeachment Vote
Bloomberg Brazil’s interim lower house chief Waldir Maranhao called for a new vote on the impeachment of President Dilma Rousseff, in a surprise move that prompted a sell off of Brazilian assets. Maranhao said he annulled the lower house vote last month in favor of Rousseff’s impeachment, citing procedural irregularities, according to a statement sent... Continue Reading →
Petrobras Clarification on News: Conflicts with White Martins in the Natural Gas Market
Rio de Janeiro, May 06, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby answers to the Official Letter No. 194/2016/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter No. 194/2016-CVM/SEP/GEA-1 “Mr. Director, 1. We refer to the news item published on May 04, 2016, in the newspaper O Estado de São Paulo, Business & Economy section,... Continue Reading →
Commentary: Why Rousseff’s impeachment battle is bad for Brazil – but could be good for democracy
Latin America was synonymous with political instability throughout the 20th century. The specter of military coups faded in the 1980s, yet political crises -- like the one now engulfing Brazilian President Dilma Rousseff -- still plague the region. If Rousseff loses her looming impeachment battle over claims of illegal accounting, she will be the 18th elected... Continue Reading →
Brazil Detains Former Rousseff Finance Minister Mantega
Brazilian police detained former Finance Minister Guido Mantega for questioning in relation to alleged tax benefits granted to companies in exchange for bribes, Brazil’s leading newspapers reported. The detention on Monday comes only days before President Dilma Rousseff faces a key vote in the Senate that could temporarily remove her from office on charges of... Continue Reading →
For Rousseff-Hating Investors, a Bullish Trade Becomes Personal
The mood in Brazilian financial circles is bordering on euphoric. The real is the best performing currency in the world this year. Stocks have soared more than 30 percent, and bond yields are plunging. All this in a country with unemployment at a four-year high, a ballooning budget deficit, inflation near 10 percent and a... Continue Reading →
Andrade Gutierrez to Pay $286 Million Fine in Leniency Agreement
Andrade Gutierrez SA, the conglomerate whose top executive was arrested in Brazil’s largest corruption scandal, agreed to pay a 1-billion-real ($286 million) fine as part of a leniency agreement. In an ad entitled "An Apology and Proclamation for a Better Brazil" published in newspaper Folha de S. Paulo, the builder said its leniency agreement was... Continue Reading →
Petrobras Seeks $1 Billion China Loan Faster Than Planned
Brazil’s state-controlled oil company Petrobras is seeking a $1 billion loan from the Export-Import Bank of China before originally planned as its debt service costs surge in the coming years amid the worst oil market in a generation. Petroleo Brasileiro SA, as it is formally known, is negotiating a definitive contract with the Chinese lender after... Continue Reading →
Brazil Senate Committee Pushes Rousseff Closer to Her Ouster
Brazilian senators pushed President Dilma Rousseff a step closer to being ousted from office as a special committee decided on Friday there are legal grounds to impeach her. With a tally of 15 against 5, the Senate committee backed a report saying there is enough evidence to try Rousseff on allegations she used illegal financing... Continue Reading →
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