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’s ‘new middle class’ struggles as economy plunges – the Achilles Heel of the PT
Until recently, Lucinelia de Jesus Souza's future seemed bright, running a small coffee shop that caters to factory workers and other blue-collar customers in this industrial suburb of São Paulo. But the faded pink counters of her shoebox-sized business, which opened a decade ago and blossomed as Brazil's economy grew quickly, now see fewer customers... Continue Reading →
UPDATE 1-OPEC sees more demand for its crude in 2016 as cheap oil hits rivals
OPEC forecast on Monday that demand for its oil in 2016 would be much higher than previously thought as its strategy of letting prices fall hits U.S. shale oil and other rival supplies, reducing a global surplus. In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) forecast the world would need 30.82... Continue Reading →
Rousseff’s Most Powerful Foe Suffers Blow in Kickback Scandal
Eduardo Cunha, President Dilma Rousseff’s most powerful adversary, said he won’t resign as head of Brazil’s lower house even as some of his supporters in Congress urged him to leave following news reports that he received kickbacks. He denies any wrongdoing. The political blow, which Cunha blames on the federal prosecutor’s office, reduces his ability... Continue Reading →
Exclusive: Brazil’s Levy says he has president’s backing, isn’t quitting
Brazilian Finance Minister Joaquim Levy told Reuters on Saturday that President Dilma Rousseff backed his policies, and he intends to stay on the job as long as needed to put the books in order and pull the economy out of its slump. Market speculation that Levy, an orthodox economist widely respected among investors, was considering... Continue Reading →
Brazil’s Cunha Got Kickbacks From Petrobras Contract
Eduardo Cunha, the head of Brazil’s lower house, allegedly received kickbacks stemming from a Petrobras contract in Africa,Folha de S. Paulo reported Saturday, citing documents sent by the Swiss public prosecutor to local authorities. As head of the lower house, Cunha has the power to accept or reject impeachment requests that can be filed by any... Continue Reading →
Goldman Sachs: This Oil Rally Is Not Going to Last
Oil has been surging this week but Goldman Sachs is calling for gains to be short-lived. The front-month West Texas Intermediate futures contract enjoyed a double-digit advance in recent days, breaking above $50 per barrel on Thursday for the first time since July: Read More
