Brazilian President Dilma Rousseff denounced her impeachment as a "coup" to an international audience on Friday, and said she would appeal to the Mercosur bloc of South American nations for Brazil to be suspended if democratic process is broken. "I would appeal to the democracy clause if there were, from now on, a rupture of... Continue Reading →
Odebrecht selling 55 percent stake in $5 billion natgas Peru pipeline
Odebrecht SA, the engineering company at the center of a massive graft probe in Brazil, is selling its 55 percent stake in a $5 billion natural gas pipeline project in Peru, the pipeline manager told Reuters on Friday. David San Frutos said international creditors interested in financing $4.1 billion of the project had asked that... Continue Reading →
Brazil’s Giant Problem
When construction began in 1956 on Brazil’s new capital, everything about it pointed to the country’s ambitions as a rising global power. Its architect Oscar Niemeyer designed curving, futuristic government palaces, embodying hopes for a utopian modernity. Brasília rose in just 41 months, laid out in the shape of an airplane, a seeming reflection of... Continue Reading →
Brazilian Central Bank’s $34 Billion Swaps Send Real Tumbling
Bloomberg Brazil’s real fell the most its major peers after the central bank extended its program to weaken the currency to $34 billion. Stocks also dropped. The real was set for its worst weekly slump in two months after the monetary authority offered $1 billion in reverse swap contracts, which have the same effect as... Continue Reading →
Economist Cover 04/23/2016 – The great betrayal
The great betrayal Dilma Rousseff has let her country down. But so has the entire political class Apr 23rd 2016 | From the print edition BRAZIL’S Congress has witnessed some bizarre scenes in its time. In 1963 a senator aimed a gun at his arch-enemy and killed another senator by mistake. In 1998 a crucial... Continue Reading →
Brazil’s OAS creditors to take over Invepar stake
Thu Apr 21, 2016 Reuters Brazilian construction company Grupo OAS said its creditors would take over its 24.5 percent stake in infrastructure company Invepar as part of a restructuring plan. OAS's shares of Invepar will be transferred to SPE Credores by the end of the day on May 31, the company said in a statement... Continue Reading →
Schlumberger CEO Sees `Full-Scale Cash Crisis’ in Oil Industry
Schlumberger Ltd. cut another 2,000 jobs in the first quarter as the world’s largest provider of oilfield services sees the industry in an unprecedented downturn. The global headcount dropped to 93,000 at the end of the first quarter with the reduction, Joao Felix, a spokesman for the company, said by e-mail. More than a quarter... Continue Reading →
Back at the House of Cards -Rousseff to Denounce Coup in New York and Leaves VP in Charge
President Dilma Rousseff will leave Brazil in the hands of the man who she accuses of leading a coup attempt against her when she travels to New York on Thursday for a United Nations climate event. Her two-day trip comes after the lower house on Sunday voted by a wide margin in favor of her... Continue Reading →
Brazil’s President-in-Waiting, a Political Insider, Is Preparing
Brazilian politics has, for the past 13 years of Workers’ Party rule, been run by those evincing a street-savvy populism. Now a very different character is poised to become president, in some ways a throwback to an earlier era, an inside operator and deal maker with strong ties to the investment community. Vice President Michel... Continue Reading →
Brazil Goes Easy on Wealthy Tax Dodgers to Help Plug Budget Gap
A 70-something corporate lawyer in Sao Paulo’s financial district is ready to come clean with a secret that’s weighed on him for decades: He owns $200,000 in undisclosed cash illegally stashed abroad. He’s not alone. Well-to-do Brazilians have hidden as much as $400 billion in offshore accounts from the nation’s tax authorities -- and not... Continue Reading →
Brazil Energy Insight 