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Amid Brazil’s economic and political tumult, the nation’s businesses have seen a record number of downgrades this year -- and the total is about to get worse. Fitch Ratings estimates it may slash the ratings of as many as 10 companies for every one it upgrades in 2016. Fitch said that grim scenario is most likely... Continue Reading →
The real dropped 0.3 percent to 3.7629 per dollar at 9:46 a.m. in Sao Paulo. The currency has tumbled 29 percent this year, the most among major tenders, amid concern that Brazil’s political turmoil could exacerbate the recession and cause the nation’s finances to deteriorate further. Brazilian analysts expect the economy to contract 3.5 percent... Continue Reading →
OPEC signaled no respite from the global oil glut that has driven prices to a six-year low. The Organization of Petroleum Exporting Countries will keep pumping about 31.5 million barrels a day, the group’s President Emmanuel Ibe Kachikwu said Friday after a meeting of ministers in Vienna. Members set aside their previous daily output target of 30... Continue Reading →
http://www.ft.com/cms/s/0/ec086668-99ed-11e5-9228-87e603d47bdc.html#ixzz3tNjwYn4O December 4, 2015 7:10 pm Corruption, economic crisis and impeachment Yet Brazil’s agony holds a positive lesson for the rest of the world Brazil is no stranger to volatility and upset. Even so, the events of the past two weeks — from the imprisonment of a billionaire banker, to the president’s possible impeachment — are breathtaking. Nor... Continue Reading →
President Dilma Rousseff on Friday suffered two setbacks to her fight against impeachment, as a minister from her main coalition ally resigned and the Supreme Court quashed appeals from supporters seeking to stop the impeachment process. Though not momentous enough to reverse the likelihood that Rousseff can stop impeachment proceedings launched against her in... Continue Reading →
Reuters/Dec 4, 2015 Brazil's Supreme Court rejected appeals from President Dilma Rousseff's allies to stop the impeachment process launched against her this week in the Lower House of Congress, the court said on Friday. Justices Celso de Mello and Gilmar Mendes rejected two appeals from lawmakers in the ruling coalition, including one filed by congressmen... Continue Reading →
President Dilma Rousseff’s allies took to Brazil’s top court to stop the impeachment process just as opposition leaders made the first steps toward the start of hearings. Legislators from the ruling coalition on Thursday filed several motions before the Supreme Court to quash the impeachment request accepted by lower house president Eduardo Cunha a day earlier.... Continue Reading →
The speaker of Brazil's lower house of Congress and the presidential chief of staff traded accusations on Thursday, as President Dilma Rousseff's government organized its defense for impeachment proceedings against her that started Wednesday. The accusations, with each camp branding the other as liars, added further acrimony to a political crisis in Brazil as the... Continue Reading →
Oil tanker rates soared to the highest in seven years amid an acceleration in the number of bookings and signs that the ships are being delayed when unloading due to a lack of space in on-land storage tanks. Day rates for 2 million-barrel carrying ships sailing to Japan from Saudi Arabia, the industry’s benchmark route,... Continue Reading →
Brazilian stocks led global gains and the currency jumped after lower house chief Eduardo Cunha started a process to oust President Dilma Rousseff, boosting speculation the political crisis that has paralyzed the country is closer to an end. All except eight of the 63 shares in the Ibovespa rose, with state-run Petroleo Brasileiro SA and Banco... Continue Reading →
Brazil Energy Insight 