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Brazil's Supreme Court dealt President Dilma Rousseff a blow on Wednesday in her fight to avert impeachment proceedings by refusing to delay a ruling by auditors on alleged doctoring of government accounts. Later on Wednesday, Brazil's Federal Accounts Court, known as the TCU, is expected to reject her government's accounts because budget results were manipulated... Continue Reading →
The 13th Brazil Oil and Gas Auction is considered the worst fiasco. Only 14% of the blocks were negotiated bringing a total of R$121 million to the govt coffers or only 12% of the minimum estimate of R$977 million. The round was marked by the absence of Petrobras and all the oil majors. This is... Continue Reading →
Dead Cat Bounce or Overshooting? Brazil’s real headed for its longest winning streak since May as U.S. oil approached $50 a barrel for the first time since July, spurring gains in emerging markets and the currencies of commodity-producing nations. The real gained 1 percent to 3.8152 per dollar at 9:43 a.m. in Sao Paulo, extending... Continue Reading →
Behold a once mighty sovereign wealth fund laid low(er) by plunging oil prices. Bloomberg reports on Wednesday that Norway is predicting it will have to withdraw cash from its $820bn SWF for the first time ever as it deals with lower oil prices and budget holes. That move comes on top of a series of hits... Continue Reading →
Brazil’s top electoral court agreed to open an investigation into allegations that President Dilma Rousseff illegally financed her re-election campaign. The charges could provide grounds for her removal from office along with Vice President Michel Temer. Five members of the court, known as TSE, voted on Tuesday to open the investigation, while two judges voted... Continue Reading →
Brazil's Congress postponed for a third time voting on Tuesday on whether to overrule President Dilma Rousseff's vetoes of two spending bills despite a cabinet reshuffle last week that was meant to bolster her support in the legislature. For lack of a quorum, Congress put off until Wednesday considering the vetoes that are crucial for... Continue Reading →
Brazil's attorney general argued on Sunday for the removal of a judge overseeing an investigation of embattled President Dilma Rousseff's accounts, a last-minute attempt to avoid a ruling that could lead to her impeachment. Attorney General Luis Inacio Adams said Judge Augusto Nardes of the Federal Accounts Court, or TCU, had erred in making his... Continue Reading →
Jose Eduardo Dutra, former Petroleo Brasileiro SA chief executive and Workers’ Party president, died Sunday after battling cancer, the party’s website said. He was 58. Dutra, a union leader and party member who was elected senator in 1994, became the state-run energy company’s first CEO under the four consecutive Workers’ Party governments, in 2003. He... Continue Reading →
Brazil's Supreme Court authorized the questioning by police of ex-President Luiz Inácio Lula da Silva in a broadening corruption case focused on state-run oil company Petrobras, a representative for the court said on Friday. The original motion for permission to question Lula as a witness, which was filed last month, said the popular leader "may... Continue Reading →
Brazilian President Dilma Rousseff on Friday barred government delays in repaying state-run banks, in an attempt to strengthen her defense ahead of a court ruling on such postponements that could serve as grounds for her impeachment. Rousseff published a decree to ban delays as she faces potential impeachment on accusations she broke the nation's fiscal... Continue Reading →
Brazil Energy Insight 