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Nov 16 Brazil's Federal Police on Monday began a new round of arrests and search and seizure operations in the states of Rio de Janeiro and Bahia related to a corruption probe involving state-controlled oil producer Petróleo Brasileiro SA, police said. In a statement, the police said officers were making 11 search and seizure orders... Continue Reading →
Petroleo Brasileiro SA is looking to fight back the junk debt ratings that have made its borrowing costs balloon. The oil industry’s most indebted major producer is studying ways to borrow against future crude exports as part of an effort to cut its dependency on international capital markets, Chief Financial Officer Ivan Monteiro said during a... Continue Reading →
Oil stockpiles have swollen to a record of almost 3 billion barrels because of strong production in OPEC and elsewhere, potentially deepening the rout in prices, according to the International Energy Agency. This “massive cushion has inflated” on record supplies from Iraq, Russia and Saudi Arabia, even as world fuel demand grows at the fastest pace... Continue Reading →
Brazilian lawmakers approved legislation that may boost fiscal revenue by providing incentives for citizens to repatriate fortunes, handing the government a win in its push to shore up the nation’s finances. The bill allows Brazilians to bring money back into the country by paying a fee while averting tax-evasion charges. The measure is part of Finance... Continue Reading →
Brazil’s real declined as investors waited for Congress to vote on a bill that may end up bringing in less revenue for the government than initially expected. The currency declined 0.5 percent to 3.7662 per U.S. dollar as of 4:38 p.m. in Sao Paulo. It was the worst performer among 16 major currencies tracked by... Continue Reading →
Brazilian stocks rose amid speculation that former central bank head Henrique Meirelles may replace Finance Minister Joaquim Levy, fueling optimism he could rally the political support needed to pass austerity measures aimed at shoring up the budget. Newspaper Valor Economico reported that Meirelles and politicians are already discussing possible measures to trim the country’s deficit and restore... Continue Reading →
Brazil's state-controlled oil producer Petroleo Brasileiro SA canceled talks with union leaders that were planned for Tuesday and aimed at settling a strike that is now in its ninth day. Members of oil union FUP have been on strike at Petrobras, as the company is known, since Nov. 1 in the biggest labor action against... Continue Reading →
Anadarko Petroleum Corp. confirmed it made a non-binding offer to buy Apache Corp. in an all-stock transaction. Anadarko said the offer, which included a modest premium, was withdrawn after the target rejected it and “no discussions of substance occurred,” according to a statement Wednesday. “We are unwilling to pursue the transaction without access to detailed... Continue Reading →
After losing his $30 billion fortune in less than two years, Eike Batista was dealt another blow Tuesday when Brazil banned him from managing companies. The five-year prohibition, which extends to serving on boards of public companies, was handed down by securities regulator CVM for accounting irregularities. It follows a 1.4 million-real ($370,000) fine in March for... Continue Reading →
A local finance paper has reported that Finance Minister Joaquim Levy might be replaced as soon as tomorrow by ex Central Banker Henrique Meirelles. Meirelles has been championed by ex president Lula and the PT party. Personally, it might be a step backward in fiscal policy, but hopefully it might break the political knot in... Continue Reading →
