Senate leaders from Brazil’s biggest political party are pushing their colleagues in Congress to declare their independence from President Dilma Rousseff’s government, according to two people with direct knowledge of the discussions. The leaders of the Brazilian Democratic Movement Party, or PMDB, discussed the strategy at a dinner Wednesday night with their counterparts from the... Continue Reading →
Brazil Sells $1.5 Billion in 10-Year Bonds as Yields Decline
The same turmoil that’s roiling Brazil’s government opened up a window for the country’s first bond sale since it was cut to junk. Brazil sold $1.5 billion of 10-year bonds to yield 6.125 percent, according to data compiled by Bloomberg. The sale comes as speculation that President Dilma Rousseff will be impeached drives down borrowing... Continue Reading →
Brazil Real, Stocks Gain on Report Prosecutors Seek Lula Arrest
Brazil’s real extended its best-in-the-world rally and stocks climbed as a news report that prosecutors requested a preventive arrest of Brazil’s former President Luiz Inacio Lula da Silva added to speculation that a change in government may be drawing closer. With Thursday’s gain, the real is up 11 percent since the start of March, the... Continue Reading →
Argentina’s ‘Dead Cow’ Provides Rare Bright Spot for Oil, Gas Driller
As companies rein in drilling world-wide, government buoys firms developing ‘Vaca Muerta’ shale play Workers adjust a drill at one of YPF SA’s shale gas production sites, El Orejano, in the province of Neuquén, Argentina. Workers adjust a drill at one of YPF SA’s shale gas production sites, El Orejano, in the province of Neuquén,... Continue Reading →
Daewoo Shipbuilding Says Worst Is Over, Sees Profit This Quarter
Daewoo Shipbuilding & Marine Engineering Co. said the worst is over for the company and it expects to post an operating profit this quarter after a record loss for 2015. The world’s second-largest shipbuilder is working on nine offshore projects as planned and doesn’t expect any further losses from them, Chief Executive Officer Jung Sung Leep... Continue Reading →
Argentina probes Brazilian construction firm Odebrecht’s local unit
Argentina is investigating whether the local unit of Odebrecht paid bribes to government officials, an Argentine prosecutor said on Wednesday, deepening the regional fallout from the biggest corruption scandal in Brazil's history. The probe laid out by Sergio Rodriguez, the lead prosecutor on public administration investigations, is a further sign of international cooperation in a... Continue Reading →
State Prosecutor Charges Brazil’s Lula With Hiding Assets
March 9,2016/Bloomberg The Sao Paulo state prosecutor’s office on Wednesday charged Brazil’s former President Luiz Inacio Lula da Silva on allegations of hiding assets, just days after federal police detained him as part of a separate investigation into corruption. The prosecutor’s press office declined to provide additional details when contacted by telephone. Newspaper O Estado... Continue Reading →
Pampa Energia mulls bond for Petrobras unit
BUENOS AIRES, March 9 (IFR) - Argentine power company Pampa Energia could emerge soon with a bond deal to help fund the acquisition of assets from Brazilian oil company Petrobras, a Pampa official told IFR. Pampa won the right in last week to negotiate exclusively for up to 60 days to purchase a 67.2% stake... Continue Reading →
Brazil oil measures could unlock $120 billion in investments: minister
Mar 9, 2016 Brazil's Mines and Energy Minister Eduardo Braga gestures during a interview with Reuters in Brasilia January 21, 2015. REUTERS/UESLEI MARCELINO Measures to encourage oil and gas exploration in Brazil published in the official gazette on Wednesday could unlock $120 billion in investments, Energy Minister Eduardo Braga said in a statement. The National... Continue Reading →
Brazil Real Tops Emerging-Market Rally While Swap Rates Tumble
Brazil’s real led a rally in emerging-market currencies as prices for its commodity exports advanced while a report showing slower-than-forecast inflation last month sent swap rates to a six-month low. The real gained 1.1 percent to 3.7150 per dollar as of 10:04 a.m. in Sao Paulo, the most among 24 currencies from developing nations tracked... Continue Reading →
Brazil Energy Insight 