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 →
Don’t Hold Your Breath If Betting on a Smooth Brazil Transition
Investors betting that Brazil’s corruption scandal will hasten President Dilma Rousseff’s downfall and usher in a stronger leader to pull Latin America’s largest economy from recession may want to think again. Brazil’s stock index rose the most among its global peers in the past week and the real touched an almost three-month high as corruption... Continue Reading →
Shell Seen as Best Oil Major Wager by Analysts After BG Deal
Ben Van Beurden staked his reputation on Royal Dutch Shell Plc’s $53 billion acquisition of BG Group Plc as crude slumped. Analysts are rewarding the chief executive officer by putting the enlarged company in pole position to exploit a market upturn. Shell’s shares will rise about 12.2 percent in the next 12 months, the most among the... Continue Reading →
Brazil Real Gains as Central Bank Steps In to Add Liquidity
Brazil’s real strengthened, defying a slump in emerging-market currencies and reversing an earlier loss, after the central bank stepped in to boost the supply of dollars in the market. The currency advanced 0.3 percent to 3.7743 per dollar as of 1:49 p.m. in Sao Paulo. The central bank announced it will auction as much as... Continue Reading →
Impeaching a Brazilian President Is Complicated: a Quick Guide
The impeachment campaign against Brazilian President Dilma Rousseff regained momentum last week after police questioned her predecessor Luiz Inacio Lula da Silva on allegations he benefited from a kickback scheme at state-run oil company Petrobras. Markets rallied on hopes that the latest development would speed up a resolution to the political stalemate that has... Continue Reading →
Arrest of Lula, hero to millions, in corruption probe stuns Brazil
Rising from a shoeshine boy to become Brazil's first working class president, Luiz Inácio Lula da Silva is a hero to millions of Brazilians and the very face of change in Latin America's biggest country. His detention for questioning on Friday in a massive corruption probe may also make him a symbol for many Brazilians... Continue Reading →
TIMELINE-Main events in Brazil corruption probe
Former Brazilian President Luiz Inacio Lula da Silva was briefly detained for questioning on Friday in a two-year-long probe of a vast corruption scheme involving state oil company Petroleo Brasileiro SA, or Petrobras , a political crisis that threatens his successor, President Dilma Rousseff. The following are some of the main events in the investigation:... Continue Reading →
