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Brazilian swap rates, a measure of traders’ expectations of future borrowing costs, declined to a five-month low on speculation the central bank is considering an interest-rate cut to spur a rebound of Latin America’s largest economy. Contracts maturing in January 2017 erased an earlier increase as a member of President Dilma Rousseff’s economic team, who... Continue Reading →
Chevron Corp. lost money for the first time since 2002 as a collapse in prices for the global oil explorer’s main product forced it to write down the value of its assets. Shares fell. The fourth-quarter net loss was $588 million, or 31 cents a share, compared with profit of $3.5 billion, or $1.85, a... Continue Reading →
Jan 29, 2016 Reuters Brazil plans to extend oil exploration rights in areas awarded between 1998 and 2008 to encourage greater investment despite a recent plunge in oil prices, Energy Minister Eduardo Braga told newspaper Valor in an interview published on Friday. Brazil's government also plans to cancel exploration rights in areas without production for... Continue Reading →
Brazil reported its largest budget deficit on record last year, underscoring the Latin American country’s struggles to cope with falling tax revenue as the commodity boom ends. The budget gap surged to 613 billion reais ($151 billion), or 10.34 percent of gross domestic product, the highest since at least 1997. The same measure before interest... Continue Reading →
Brazil’s government presented measures to offer credit for agriculture, infrastructure, industry and construction, as Latin America’s biggest economy struggles to regain investor confidence and stem job losses amid its worst downturn in decades. As much as 83 billion reais ($20.4 billion) will be offered at rates set by Banco do Brasil, Caixa Economica Federal and... Continue Reading →
Brazil’s swap rates plunged to a four-month low as dovish minutes from the central bank’s latest meeting led traders to cut bets on interest-rate increases. Swap rates on contracts due January 2017 fell 0.2 percentage point to 14.5 percent as of 3:37 p.m. in Sao Paulo as the central bank signaled in minutes of its latest... Continue Reading →
A Brazilian bankruptcy court upheld a restructuring plan for embattled engineering conglomerate Grupo OAS, paving the way for a slew of asset sales aimed at helping pay over 8 billion reais ($2 billion) in liabilities. In a Thursday statement, the São Paulo-based group said that bankruptcy judge Daniel Carnio Costa gave his approval to the... Continue Reading →
Mexico could inject capital into slumping state-owned Petroleos Mexicanos and allow it to increase debt more than planned if the oil producer presents a plan to ensure its long-term sustainability and profitability, Deputy Finance Minister Miguel Messmacher said. Pemex needs to show it can lower costs, make better investments and accelerate partnerships with other companies,... Continue Reading →
Brazil’s real dropped for the first time this week as a widening corruption probe offset speculation the government will announce as much as $12.3 billion of new loans to revive Latin America’s largest economy. The real trimmed this year’s gains after Brazil’s federal police carried out search and arrest warrants in four cities on Wednesday... Continue Reading →
Goldman Sachs Group Inc. said the crisis in Brazil will get worse before it gets better after the bank last year warned that Latin America’s largest economy was being dragged into a depression. “Brazil is a mess,” Alberto Ramos, the chief Latin America economist at Goldman Sachs, said at an event organized by the Brazilian-American... Continue Reading →
