Brazil's President Dilma Rousseff (L) talks to Vice President Michel Temer at the Planalto Palace in Brasilia, Brazil, in this March 2, 2016 file photo. REUTERS/ADRIANO MACHADO/FILES A Brazilian Federal Supreme Court justice on Tuesday ordered Congress to start impeachment proceedings against Vice President Michel Temer, in a surprise ruling that risks deepening a political... Continue Reading →
Another Brazil State-Run Giant Readies Its Own Graft Writedowns
A year after Brazilian oil giant Petroleo Brasileiro SA took a writedown of $2.1 billion because of the sweeping corruption scandal known as Carwash, another state-run company is getting closer to reporting its own price tag from graft losses. The team of lawyers and specialists hired by Centrais Eletricas Brasileiras SA has finished the bulk... Continue Reading →
Brazil impeachment battle rests on a handful of votes
Anti-government demonstrators attend a protest against Brazil's President Dilma Rousseff in downtown of Rio de Janeiro, Brazil, April 4, 2016. REUTERS/PILAR OLIVARES With neither side commanding enough firm support in the battle to impeach Brazil's President Dilma Rousseff, the outcome of a crucial vote in Congress this month may boil down to a... Continue Reading →
Brazil’s Odebrecht hopes to renegotiate $9.83 billion in debt
A sign of the Odebrecht SA construction conglomerate is pictured in Rio de Janeiro, Brazil, February 26, 2016. REUTERS/RICARDO MORAES Odebrecht SA, Latin America's largest engineering company, hopes to renegotiate as much as 35 billion reais ($9.83 billion) in debt with Brazilian banks in order to get through a financial crisis sparked by its involvement... Continue Reading →
Brazil politicians linked to offshore companies in Panama leaks
Politicians from seven parties in Brazil were named as clients of a Panama-based firm at the center of a massive data leak over possible tax evasion, O Estado de S.Paulo said on Monday. The newspaper was one of more than 100 other news organizations around the globe to publish this weekend details of more than... Continue Reading →
Dilma Rousseff, Brazil’s warrior president under fire
FT The country’s first woman leader is facing the fight of her political life, writes Joe Leahy © Getty by: Joe Leahy The police telephone wire recording that may well cost Brazilian president Dilma Rousseff her job lasts only 30 seconds. “Hello?” It is the gruff voice of Luiz Inácio Lula da Silva, her predecessor.... Continue Reading →
Brazil’s Odebrecht seeks to sell $3 bln in assets
Odebrecht SA, the engineering firm at the heart of Brazil's biggest ever graft probe, has put 12 billion reais ($3.34 billion) in assets up for sale to raise capital as it grapples with rising debt, Odebrecht Chief Executive Newton de Souza told Folha de S.Paulo in an interview published on Friday. Odebrecht is seeking to... Continue Reading →
Brazil’s Rousseff gets relief from Supreme Court, supporters
Brazil's President Dilma Rousseff smiles during a meeting with artists and intellectuals in defense of democracy at the Planalto Palace in Brasilia, Brazil, March 31, 2016 . REUTERS/ADRIANO MACHADO Brazil's Supreme Court ruled on Thursday to take a corruption investigation into former president Luiz Inacio Lula da Silva away from a crusading federal judge,... Continue Reading →
Perfect Storm Remix – Global Banks Said to Demand Dollar Guarantees on Brazil Loans
Brazil’s biggest corporations, already reeling from a growing political crisis and the worst recession in a century, face a new threat: International banks have either stopped lending to them entirely or are demanding dollar-denominated collateral, people with direct knowledge of the matter said. Not a single syndicated loan has been made to a Brazilian company this... Continue Reading →
Brazil’s Poor Love Lula. And They May Be His and Rousseff’s Salvation
In 2002, Lula won the presidency by a landslide. He expanded welfare, credit, crop support, and housing programs for subsistence farmers and slum dwellers, as well as universities, health care, and jobs programs for their children, all on a scale never seen before. This safety net, largely maintained by Rousseff, pulled 36 million people out... Continue Reading →
Brazil Energy Insight 