Brazil's government has fine-tuned arguments aimed at defending President Dilma Rousseff from a ruling that her administration manipulated federal accounts last year, and expects Congress to approve them, Chief of Staff Jaques Wagner said on Wednesday. The Federal Accounts Court, or TCU, last month said the government had manipulated its accounts in 2014 to disguise... Continue Reading →
Brazil Credit Risk Drops to Lowest in Seven Weeks as Real Gains
Brazil’s sovereign risk declined to the lowest level since September amid signs investor sentiment is slowly improving and as the government moves closer to a vote in Congress that will help it boost revenue. The real advanced. The cost of insuring Brazilian bonds for five years in the credit-default swaps market declined for the fourth straight... Continue Reading →
Ex-Brazil Crisis Fighter Sees Undervalued Assets Everywhere Now
Luiz Fernando Figueiredo knows first hand what a Brazilian crisis looks like. Back in 2002, when a financial panic swept the country and pushed the government to the brink of default, Figueiredo had an up-close view of the chaos as a director at the central bank. Today’s economic and fiscal woes, he said, have none... Continue Reading →
Oil holds above $50 on Brazil supply worries
Oil prices held above $50 a barrel on Wednesday following a 3 percent jump a day earlier on the back of Brazilian and Libyan supply worries, a U.S. pipeline outage and a general rally in riskier assets on hopes of more economic stimulus measures. Brent and U.S. futures for December delivery traded little changed by... Continue Reading →
Fitch: Brazil Ending ‘Pedaladas’ a Governance Positive
(The following statement was released by the rating agency) RIO DE JANEIRO, November 03 (Fitch) Brazil's decision to repay National Treasury debt owed to federally owned banks is positive for the banks as it imposes a new level of segregation between the government and these financial institutions, says Fitch Ratings. The decision will have a... Continue Reading →
Brazil judge convicts former Mendes Junior VP in Petrobras case
The federal judge handling the Petrobras corruption cases sentenced the former vice president of Brazilian engineering firm Mendes Junior to 19 years and four months in prison for his role in the massive kickback scheme. Judge Sergio Moro convicted Sergio Cunha Mendes of corruption, money laundering and racketeering for the payment of 31.5 million reais... Continue Reading →
Surviving attacks, Brazil’s Levy aims to stay for austerity plan
When he became finance minister 10 months ago, Joaquim Levy was an uncomfortable fit in Brazil's left-leaning government - an orthodox, University of Chicago-trained economist, a fiscal hawk with an affinity for cutting spending. Dogged by speculation over his departure amid vocal opposition from the ruling Workers' Party, Levy and his boss President Dilma Rousseff... Continue Reading →
Oil up 2 percent; gasoline adds fuel to rally on Libya, Brazil
Crude prices rose more than 2 percent on Tuesday as a rally in U.S. gasoline and diesel added support to oil markets already boosted by an industry strike in Brazil and force majeure for Libyan crude loadings. The rebound, after a 1 percent drop in crude prices on Tuesday, came ahead of industry group American... Continue Reading →
Rousseff’s Most Powerful Foe Weakened on Ethics Committee Probe
Brazil’s lower house will open hearings against its speaker on allegations of misconduct that could deplete his political capital and make it increasingly difficult for him to start impeachment proceedings against President Dilma Rousseff. The house ethics committee on Tuesday will begin choosing a legislator to lead the probe into accusations that the chamber’s president, Eduardo Cunha,... Continue Reading →
BP Says Technology Can Keep Oil and Gas Abundant, Affordable
Technology can be used to increase the world’s proved oil and gas reserves by two thirds -- almost double the amount needed to meet demand through 2050 -- keeping energy supplies plentiful and affordable, according to BP Plc. The amount of oil and gas recoverable from known reservoirs could rise to 4.8 trillion barrels of... Continue Reading →
