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 →
Brazil’s Markets Rise on Finance Ministry Replacement Speculation
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 →
Petrobras cancels oil strike talks, union vows escalation
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 Withdraws Offer to Buy Apache After Terms Were Rejected
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 Anadarko said the offer, which included a modest premium, was withdrawn after the target rejected it and “no discussions of substance occurred,” according to a statement Wednesday.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 →
Ex-Billionaire Batista Banned From Managing Brazil Companies
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 →
Breaking News – Finance Minister Levy might be replaced by ex Central Banker Meirelles
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 →
Everything You Need to Know About the Exxon Climate Change Probe
For years, energy companies have couched the possible effects of climate change-related regulations in public reports to investors as "uncertain," "difficult," or "not possible" to reasonably predict. Now a probe by New York Attorney General Eric Schneiderman is raising questions as to whether the companies knew more than they were letting on. Exxon Mobil received a subpoena... Continue Reading →
OAS Said to Agree to Invepar Sale to Brookfield for $356 Million
OAS SA, the Brazilian builder seeking to emerge from bankruptcy protection, agreed to sell its stake in toll-road operator Invepar to Brookfield Asset Management Inc., according to a person with knowledge of the matter. Brookfield will pay 1.35 billion reais ($356 million) for OAS’s 24 percent stake in Invepar, according to the person, who asked... Continue Reading →
Anadarko Has Approached Apache About Takeover Offer
Anadarko Petroleum Corp. approached Apache Corp. about a combination that would be the largest deal for an independent oil and gas producer in the U.S. this year, according to people familiar with the matter. Apache rejected an initial proposal from its rival and is working with Goldman Sachs Group Inc. to advise on its options,... Continue Reading →
Brazil’s Petrobras, union strike talks fail, risk of fuel shortage rises
Brazil's Petrobras and unions failed to reach an agreement on Monday over worker demands that the state-run oil company reverse budget cuts and cancel assets sales aimed at trimming its massive debt, union and company officials said. The week-old strike, already the biggest in 20 years, now risks an impasse that could hurt domestic fuel... Continue Reading →
Brazil Energy Insight 