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A Brazilian electoral court judge has requested a probe into President Dilma Rousseff’s 2014 campaign financing on signs it may have included money siphoned from state-owned oil company Petrobras. Judge Gilmar Mendes said in his request to prosecutors and federal police that there are indications Rousseff’s Workers’ Party was indirectly financed by Petrobras, which is... Continue Reading →
Brazilian Vice President Michel Temer, a key ally of embattled President Dilma Rousseff, might end his role managing her unwieldy coalition in Congress but he is not planning to leave her government, members of his party said on Friday. "The vice president has not taken any decision on quitting the political liaison role," a spokesman... Continue Reading →
The price of oil in the U.S. tumbled below $40 a barrel Friday for the first time since 2009 amid a growing consensus that cheap oil is here to stay. Oil investors and forecasters, who predicted early in the year that prices would recover in the second half of 2015, now say a rebound is... Continue Reading →
Brazil has seen politicians accused of corruption leave and re-enter politics time and again. But Thursday’s charges against lawmakers for allegedly pocketing bribes as part of a graft ring at Brazil’s state-run oil company contained the name of the most famous comeback kid of them all: former President Fernando Collor de Mello. Mr. Collor de... Continue Reading →
An ongoing political and economic crisis once more threatens to fell the tallest tree in Brazil's political landscape: former President Luiz Inacio Lula da Silva. His once-sterling legacy, previously tarnished by a Congressional vote-buying scandal, is being sullied further by economic and political turmoil that has driven approval ratings for his hand-picked successor into single... Continue Reading →
The Brazilian Democratic Movement Party, the nation's largest, is preparing to leave President Dilma Rousseff's administration after disagreements over handling an ongoing political crisis, Valor Econômico newspaper said on Friday. The newspaper, which did not say how it obtained the information, said the party known as PMDB would take a first step in that direction... Continue Reading →
Brazilian public prosecutors pressed corruption charges against Chamber of Deputies chief Eduardo Cunha before the Supreme Court. Cunha is accused of having received $5 million in a scheme of kickbacks at state-owned oil company Petrobras, according to a statement by the prosecutor-general’s office. Cunha previously denied the charges. The formal accusations against Cunha weaken one... Continue Reading →
As U.S. oil fell to a new six-year low below $41 a barrel on Wednesday, an increasing number of analysts and traders are saying prepare for crude dipping into the $30s, and soon. The move to a price last seen at the height of the financial crisis, in February 2009, could come amid a seasonal... Continue Reading →
The Opinion Pages | EDITORIAL Brazil’s Rising Turbulence By THE EDITORIAL BOARD AUG. 17, 2015 Brazil is in tatters. The economy is in a deepening recession: Last Tuesday, Moody’s downgraded Brazil’s credit rating to just about junk. A massive corruption scandal involving the national oil company Petrobras has ensnared scores of politicians and businessmen. The legislature is in revolt.... Continue Reading →
Brazilian business leaders may have ideological differences with struggling leftist President Dilma Rousseff, but calls for her impeachment make many of them nervous, effectively giving her support from an unexpected quarter. The business community worries that a traumatic ouster would pile a period of deep political uncertainty onto a downturn that economists say could translate... Continue Reading →
