The arrest of former Brazilian president Luiz Inacio Lula da Silva fueled a massive market rally but once the euphoria fades, investors will still face concerns about political chaos and an economy mired in a deep recession. Lula's detention for questioning in a bribery and money laundering probe and the move's dire implications for his... Continue Reading →
Lula’s Detention Rattles Brazil as Heat on Rousseff Increases
As soon as police raided the home of former Brazil President Luiz Inacio Lula da Silva and questioned him early Friday, red-shirted activists of his Workers’ Party took to the streets. Fist fights broke out with police as well as with those applauding the detention -- a preview of the unrest that likely awaits Brazil... Continue Reading →
Emerging Currency Rally Wipes Out 2016 Loss as Brazil Real Jumps
Emerging-market currencies rallied to a three-month high as Brazil’s real surged on bets support is growing for the impeachment of President Dilma Rousseff and on speculation better-than-expected U.S. jobs data will underpin demand from the world’s biggest economy. The real headed for its best week since 2008 and Petroleo Brasileiro SA jumped 12 percent after the arrest... Continue Reading →
Brazil’s Lula Targeted in Police Raid Into Corruption Scandal
IS THIS THE SMOKING GUN AND THE SILVER BULLET??? Brazilian police detained former President Luiz Inacio Lula da Silva, the highest-profile figure targeted so far in a corruption probe that has rocked Latin America’s largest country and is drawing closer to its center of power. Brazil’s Highs and Lows Police said he was taken to... Continue Reading →
Brazil senator’s plea bargain implicates Rousseff, Lula -media
Brazilian ruling party Senator Delcido do Amaral, arrested in November on obstruction of justice charges, has agreed to a plea bargain implicating President Dilma Rousseff and ex-President Luiz Inacio Lula da Silva in the Petrobras graft scandal, local media reported on Thursday. The online version of Brazilian paper O Estado de S.Paulo said Amaral,... Continue Reading →
Recovery Eludes Brazil Economy After Biggest Dive in 25 Years
Latin America’s largest economy shrank the most in a quarter century last year and no recovery is in sight as shriveling demand and political crisis pummel activity. Brazil’s gross domestic product contracted 1.4 percent in the three months ended in December, after a 1.7 percent drop the previous quarter, the national statistics institute said Thursday... Continue Reading →
Brazil Real Rises as Traders Bet Impeachment Support Is Mounting
Brazil’s real gained amid speculation that support for a change in government is growing amid the deepest recession in a century for Latin America’s largest economy. The real rose 1.3 percent to 3.8439 per dollar at 10 a.m. in Sao Paulo after a news report that testimony by Senator Delcidio Amaral, who was the government’s... Continue Reading →
Shell Said to Mull Sales From U.S. to India in $30 Billion Plan
Royal Dutch Shell Plc is lining up assets for a $30 billion divestment program that may extend from the U.S. and Trinidad to India following its record takeover of BG Group Plc, according to people with knowledge of the matter. Assets linked to Shell’s interests in Trinidad & Tobago and stakes in oil and gas fields in... Continue Reading →
Exxon Reduces Output Target Amid Prolonged Spending Cuts
Exxon Mobil Corp. scaled back its production target and said spending on capital projects will continue to drop through the end of next year as the rout in oil and natural gas markets curbs cash flow. Exxon expects output from its 45,000 oil and gas wells to average the equivalent of 4 million to 4.2... Continue Reading →
China Keeps Oil’s Cash Spigot Open
We're gonna need a bigger wrench. Closing off the spigot of capital to the oil industry is proving tougher than expected. QEP Resources on Monday became the latest U.S. exploration and production company to issue a sack of new shares to shore up its finances. Despite the miserable oil price and worries about looming... Continue Reading →
