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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’s public prosecutor asked the Supreme Court to suspend the lower house speaker from his activities as a legislator, in a move that may stall impeachment proceedings against President Dilma Rousseff. Prosecutor-general Rodrigo Janot made the request Wednesday, saying Eduardo Cunha used his position for “personal benefit and illicit acts," according to a statement from... Continue Reading →
Colombia is nursing paper losses of more than $100 billion after its oil boom fell short of expectations, wiping out 90 percent of the value of what was once Latin America’s biggest company. From being the world’s fifth-most valuable oil producer at its zenith in 2012, worth more than BP Plc, state-controlled Ecopetrol SA now ranks... Continue Reading →
Brazil's sovereign bonds and credit default swaps widened by around 30bp Wednesday after Fitch stripped the sovereign of its investment-grade rating and lowered the credit to BB+. It was the second downgrade to junk after a similar move from S&P in September, and will further complicate the troubled financial picture in Latin America's largest economy.... Continue Reading →
Brazil’s credit rating was cut to junk by Fitch Ratings, which became the second major ratings company to strip the country of its investment grade this year. Brazil was downgraded one step to BB+ and the outlook for the grade is negative, Fitch said Wednesday in a statement. Brazil’s currency extended declines. The move could... Continue Reading →
Brazil’s stocks fell the most among major global benchmarks on concern the country may be cut to junk by a second credit-rating company because of government plans to loosen its fiscal policy. Finance Minister Joaquim Levy and President Dilma Rousseff have already agreed that he will leave the government after the president decided to reduce... Continue Reading →
Wilson Sons Ultratug Offshore, a subsidiary of Brazil Wilson Sons, has renewed lease contract with Petrobras for 2 years for 3 Platform Supply Vessels (PSV's). The PSV's , Gaivota, Albatross and Fragata, had been operating on the spot market since October last, when their contracts expired. All PSV's, 3 thousand tons, operate under Brazilian flag... Continue Reading →
