Brazil's financial markets fell on Thursday after Standard & Poor's cut the country's sovereign rating to junk late Wednesday, though assets began to pare losses in late morning trading as the downgrade had been largely priced in. The drop from investment grade, which came sooner than many in the market had expected, reflected President Dilma... Continue Reading →

When Luke Rickert first started as an engineer at Aker Solutions ASA in Oslo, a Norwegian oil services provider, his team of 24 had people from 15 different countries. People from the U.S. to India, Brazil, Portugal and dozens of other countries came to fill a shortage of skilled workers in Norway’s booming petroleum industry.... Continue Reading →

As Petroleos Mexicanos seeks investment from outside Mexico, it’s losing some support from the government. President Enrique Pena Nieto announced Tuesday that Mexico’s budget proposal would include 293 billion pesos ($17 billion) for Pemex investment in 2016, down from 366 billion pesos this year and the lowest amount allocated to the world’s ninth-largest crude producer... Continue Reading →

Brazil's current economic struggles are due in part to prolonged government stimulus that must be cut back, President Dilma Rousseff said on Monday, in a rare public acknowledgment that her policies had contributed to a deep recession. In a video posted online to mark Brazil's Independence Day, Rousseff renewed her commitment to an austerity agenda... Continue Reading →

A top aide to Luiz Inacio Lula da Silva when he was president was charged with corruption, money laundering and racketeering on Friday, making him one of the most senior members of Brazil's ruling Workers' Party targeted by prosecutors in a massive kickback scandal. Jose Dirceu, who was Lula's chief of staff between 2003 and... Continue Reading →

When he came aboard this year as Brazil’s finance minister, Joaquim Levywas hailed by many as the fiscal hawk who would bring discipline to the country’s big-spending leftist government. Nicknamed “Joaquim Scissorhands” for his penchant for cost-cutting, the conservative economist, who holds a doctorate from the University of Chicago, set aggressive fiscal targets and vowed... Continue Reading →

Brazil’s central bank left its benchmark interest rate unchanged on Wednesday at the highest level in nine years as the long battle with inflation continues with little relief in sight. The bank’s monetary-policy committee left the benchmark Selic rate at 14.25%. The committee repeated its statement from its previous meeting, saying the Selic should stay... Continue Reading →