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 →
What Is the ‘Magic Number’ for the Price of Oil?
WSJ At $50 per barrel, falling Brent prices started to hurt rather than help shares and other risky assets ENLARGE There are some signs that the influence of oil on other assets may be fading. Above, the Transocean John Shaw oil platform in Cromarty, U.K. PHOTO: BLOOMBERG NEWS By JAMES MACKINTOSH April 19, 2016 12:06... Continue Reading →
Brazil Central Bank Lets Real Rally After $32 Billion Swap Sale
Brazil’s real led gains among major peers as the central bank refrained from weakening the currency after selling $32.3 billion in reverse swaps over the past month. The real rose 2.4 percent to 3.5322 per dollar on Tuesday, taking a breather from the central bank’s auctions, which are equivalent to buying dollars in the futures market.... Continue Reading →
Brazil’s Rousseff Vows to Fight After Losing Impeachment Vote
Should she succeed the question is how will she manage the country with only 28% support from Congress?? Brazil’s President Dilma Rousseff on Monday pledged to continue fighting an impeachment process that she considers a threat to democracy and a personal affront. Visibly downcast, Rousseff struck a personal tone in her first speech since the... Continue Reading →
What comes after the vote to impeach Brazil’s president
Economist The vice-president is likely to take power. He will not find it easy to govern the country Apr 18th 2016 | BRASÍLIA AT 11.07pm on April 17th federal deputy Bruno Araújo of Pernambuco state cast the most momentous vote in his parliamentary career. The lawmaker for the centre-right opposition Party of Brazilian Social Democracy... Continue Reading →
Brazil’s Rousseff Thin on Options to Avoid Senate Impeachment
Dilma Rousseff is running out of time and options as her enemies close in on the first impeachment of a Brazilian president in 24 years. After a dramatic defeat in an impeachment vote in the Lower House on Sunday, she may have only a couple of weeks to turn around growing momentum for her... Continue Reading →
Brazil Investor Impeachment Euphoria May Fade Quickly as It Came
Investors in Brazil may find that getting what they wished for isn’t all it was cracked up to be. The real and the Ibovespa slumped even after the lower house of Congress voted to proceed with President Dilma Rousseff’s ouster. The scope of gains going forward is seen as limited given the difficulty in tackling... Continue Reading →
