The December 2015 downgrade of Brazil's sovereign rating to speculative grade ('BB+'/Negative Outlook) reflected a deeper economic recession, adverse fiscal developments, rising government debt burden, and increased political uncertainty that eroded Brazil's investment grade rating underpinnings, says Fitch Ratings in a new special report. The Negative Outlook highlights continued downside risks surrounding these developments. Brazil's... Continue Reading →

Brazil won’t return to growth until at least 2018 after two years of recession and one of stagnation, marking the first time in over a century that Latin America’s largest economy fails to expand for that long, the International Monetary Fund said. The IMF cut Brazil’s 2017 economic forecast to stagnation from 2.3 percent growth as... Continue Reading →

  President Dilma Rousseff's opponents within her main coalition partner, the fractious Brazilian Democratic Movement Party (PMDB), are losing hope that they can impeach the leftist leader and replace her with their man, Vice President Michel Temer. A Supreme Court ruling last month that expanded the authority of the Senate, where she has a more... Continue Reading →

Bloomberg News January 18, 2016 New orders received by Chinese shipbuilders fell by nearly half last year from 2014, suggesting more consolidation is in order as the country’s appetite for raw materials wanes and shipping rates languish at multiyear lows. Shipbuilders in China received new orders amounting to 31.3 million deadweight tons last year, a... Continue Reading →

  Oil prices dove below $30 a barrel on Friday, dragging major equity indices around the world sharply lower, as fears of a global slowdown amid a crude supply glut roiled markets and unsettled investors who snapped up gold and other safe-haven assets. Major stock indices in Europe and on Wall Street tumbled more than... Continue Reading →

Brazilian President Dilma Rousseff's left-leaning administration is worried a possible interest rate hike next week will foil its efforts to revive a battered economy while failing to curb inflation, government sources said on Thursday. The ruling Workers Party, unions and businesses are pressuring the central bank to keep its Selic rate BRCBMP=ECI unchanged to avoid... Continue Reading →

  Brazilian President Dilma Rousseff on Thursday signed a bill that gives amnesty to holders of undeclared offshore assets in exchange for a fine, part of efforts to cut a swelling budget gap and revive investment in the recession-hit economy. The law offers amnesty from prosecution to Brazilians if they bring unreported foreign funds home... Continue Reading →

Brazil's state-controlled oil producer Petrobras is seeking to sell its 5.8 billion Brazilian real ($1.4 billion) stake in petrochemical producer Braskem SA, newspaper Folha de S. Paulo reported on Wednesday. Petróleo Brasileiro SA (Petrobras) has hired Brazilian bank Banco Bradesco SA as a financial adviser and has started to pitch the sale to foreign investors,... Continue Reading →