Fitch Ratings will be in a better position in the next few months to assess Brazil's political environment, a key element in its decision on whether to strip the country of its investment grade rating, a senior analyst with the agency said on Friday. Fitch's senior director, Shelly Shetty, said in a conference call that... Continue Reading →
Schlumberger Cancels New Year: Liam Denning
Ladies and gentlemen, 2016 has been canceled. Thanks for coming. Schlumberger, the oilfield services giant, sure knows how to kill the mood -- which wasn’t great in the oil patch anyway. Its third-quarter results, reported late on Thursday, were broadly unremarkable. The company beat earnings estimates slightly, largely at the tax line, and displayed the... Continue Reading →
Impeaching a Brazilian President Is Complicated: a Quick Guide
Impeachment proceedings in Brazil start if lower house President Eduardo Cunha accepts what he considers to be a legitimate petition and puts it to a vote. That would set in motion a protracted proceeding that involves several votes in Congress and potentially result in President Dilma Rousseff’s removal from office. Charges against Rousseff range from... Continue Reading →
Fitch cuts Brazil rating, says investment grade at risk
Fitch Ratings on Thursday cut Brazil's credit rating to the brink of junk, warning the country could soon lose its coveted investment grade rating as government finances deteriorate amid a prolonged recession and persistent political uncertainty. The decision, which is likely to increase borrowing costs for the government and Brazilian companies, piles pressure on President... Continue Reading →
Brazil currency hedging jumps in Sept, Cetip data shows
Wed Oct 14, 2015 Reuters Brazil currency hedging jumps in Sept, Cetip data shows Oct 14 Brazilian companies took on $32.3 billion worth of contracts to protect themselves against currency swings in September, when the real currency plunged to an all-time low, data from clearinghouse and market data provider Cetip SA Mercados Organizados showed on... Continue Reading →
Brazil’s Rousseff gains time to avert impeachment
A Supreme Court ruling on Tuesday won President Dilma Rousseff more time to muster votes in Congress to block opposition efforts to impeach her on charges of manipulating government accounts. Opposition parties had planned to force a vote in the lower house that could have opened proceedings to impeach the president as early as this... Continue Reading →
Rousseff accuses Brazil opposition of ‘coup-mongering’
Brazilian President Dilma Rousseff said on Tuesday her opponents are trying to overthrow a democratically elected government by seeking to oust her without any material facts while spreading hatred and intolerance across Latin America's largest country. Speaking to a gathering of union leaders late on Tuesday, Rousseff said the political opposition is practicing "deliberate coup-mongering"... Continue Reading →
Impeachment Decision Delayed as Brazil Legal Wrangling Heats Up
Brazil’s lower house chief suspended a decision whether to start impeachment proceedings as the Supreme Court questioned his guidelines for ousting a president. A Supreme Court justice on Tuesday issued an injunction against impeachment procedures laid out by lower house PresidentEduardo Cunha. Justice Teori Zavascki said Cunha couldn’t singlehandedly establish guidelines for Congress to remove... Continue Reading →
No Sea Change for Oil: Liam Denning
In its latest monthly report, out Tuesday, the International Energy Agency mentioned that some oil at European and Asian trading hubs was now being stored on vessels, despite prices not really justifying the cost. The implication is that regular storage tanks are getting a tad full. With oil prices having traded in a band between... Continue Reading →
Brazil’s Real, Ibovespa Lead World Losses Amid Political Crisis
Brazil’s real and stocks led declines among the world’s biggest markets as heightened political turmoil and data showing weakness in the nation’s top trading partner added to concern Latin America’s largest economy will falter. The real posted the biggest slump among the world’s 16 major currencies, and the Ibovespa headed for its worst loss this year after a... Continue Reading →
Brazil Energy Insight 