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Brazil’s Planning Minister Nelson Barbosa will replace Joaquim Levy as finance minister, according to two people with knowledge of the decision. President Dilma Rousseff’s press office is expected to make an official statement later Friday, said the people, who asked not to be named because the decision isn’t yet public. Barbosa is considered less market-friendly and... Continue Reading →
Brazilian Planning Minister Nelson Barbosa may replace Joaquim Levy as finance minister, three government sources told Reuters on Friday, as speculation grows about imminent changes to President Dilma Rousseff's economic team. Barbosa, who has kept a low profile in recent months, has the backing of several government insiders and advocates tempering an austerity drive on... Continue Reading →
Brazilian construction company OAS SA won approval for its restructuring plan early Friday after agreeing to sell one of its most valuable assets in order to help pay creditors. The vote, which had been scheduled and postponed on several occasions since September, went forward after OAS secured a deal to sell its stake in airport... Continue Reading →
Brazilian President Dilma Rousseff plans to issue a decree on Friday to speed up a process allowing construction companies involved in a major corruption scandal to regain the right to receive government money, two sources told Reuters. More than 30 of the country's top construction and engineering companies, including Odebrecht SA, Queiroz Galvão, OAS,... Continue Reading →
Brazil's Supreme Court handed embattled President Dilma Rousseff two victories on Thursday in rulings that improve her chances of blocking an impeachment bid by opponents seeking to oust the unpopular leftist leader. The judges voted to give the Senate the authority to review the grounds for Rousseff's impeachment even if the lower house votes to... Continue Reading →
On the heels of Mexico’s most successful private oil auction, the country announced plans today for its most lucrative and ambitious sale of crude fields since opening the national industry to private participants. Mexico will auction 10 offshore fields for exploration and development next year in the deep waters of the Gulf of Mexico, estimating... Continue Reading →
Brazil’s misfortunes may just be Mexico’s blessing. On Wednesday, Fitch Ratings handed Brazil its second junk rating, which could force institutional investors whose bylaws prevent them from holding such securities to dump them. The decision sent the Brazilian real tumbling the most in emerging markets and spurred a selloff in its overseas debt. As investors... Continue Reading →
The average price of crude sold by OPEC members slumped to the lowest in 11 years as members kept pumping into an oversupplied market. The reference basket of crudes produced by the Organization of Petroleum Exporting Countries dropped to $32.33 a barrel Wednesday, according to an e-mail from the organization’s secretariat in Vienna on Thursday.... Continue Reading →
Brazil’s breathtaking fall from investor favorite to emerging-market pariah shows no signs of slowing. On Wednesday, Latin America’s largest economy lost its investment-grade status when Fitch Ratings became the second of the three main debt-ratings firms to cut Brazil to junk. And a third downgrade, this time by Moody’s Investors Service, can’t be far behind... Continue Reading →
A controversial secret congressional vote that stacked an impeachment committee with opponents of President Dilma Rousseff was found legitimate on Wednesday by the Supreme Court justice who suspended proceedings against her last week. Judge Luiz Fachin's unexpected recommendation must still be voted on by the full court, but it was a new setback for the... Continue Reading →
Brazil Energy Insight 