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Alberto Youssef, a convicted money launderer and former bon vivant, sat in a Brazilian jail cell in March of last year, getting ready to tell his lawyers a story. It was about an elaborate bribery scheme involving Petrobras, the government-controlled oil giant. He opened with a dire prediction. “Guys,” Mr. Youssef said, “if I speak, the... Continue Reading →
Dilma Rousseff said attempts to undermine her legitimacy as Brazil’s president won’t stand following reports that a growing number of lawmakers support impeachment. “This country is a democracy, a democracy that respects above all else one thing: direct election by popular vote,” she said Friday during a speech in northern Brazil. “Nobody can take away... Continue Reading →
Brazilian prosecutors on Thursday presented formal charges against Jorge Zelada, the former head of state-run oil firm Petrobras' international division, and five others, saying they favored U.S. company Vantage Drilling in a rig contract. The most recent charges presented in Brazil's largest-ever corruption scandal included money laundering and corruption, and Zelada will stand trial with... Continue Reading →
Brazil’s embattled state oil company is deriving more gains from crude below $65 than at any point of the commodities super-cycle. A combination of lower international prices and a slumping domestic economy turned Petroleo Brasileiro SA’s money-losing refining unit into a profit center, second-quarter earnings published Thursday show. That’s because it was selling imported fuel... Continue Reading →
A growing number of legislators in Brazil’s largest party see an impeachment of President Dilma Rousseff as an option to pull the country out of its deepening economic and political crisis. One-third of the Brazilian Democratic Movement Party in the lower house is working toward impeachment proceedings within a constitutional framework, said Darcisio Perondi, a... Continue Reading →
Reuters Aug 6 Brazilian President Dilma Rousseff's approval rating hit a new low of 8 percent as a growing number of voters support her impeachment, pollster Datafolha said on Thursday. The number of Brazilians that consider Rousseff's administration "bad" or "very bad" touched 71 percent, from 65 percent in June, according to a Datafolha poll... Continue Reading →
Federal Judge Sergio Moro handed out more prison sentences on Wednesday, this time to executives in Brazilian construction firm OAS, which was ensnared in the country's biggest corruption scandal in history centered around state-run oil company Petrobras. OAS Chief Executive Jose Aldemario Pinheiro Filho was sentenced to 16 years and 4 months, and was also... Continue Reading →
Brazil’s central bank says keeping interest rates at the highest level in nine years for a prolonged period will bring inflation back to its target by the end of 2016. The central bank board, led by bank President Alexandre Tombini, voted last week to lift the benchmark interest rate for the seventh straight meeting, by... Continue Reading →
Goldman Sachs Group Inc. says crude prices need to remain lower for a longer time to allow the oil market to find equilibrium amid a supply glut. Storage may be filled by the fall with global crude oversupply running at 2 million barrels a day and low-cost producers continuing to boost output, Goldman analysts including... Continue Reading →
YPF SA, Argentina’s state-run oil producer, posted second-quarter earnings that exceeded expectations as it increased output and sold crude at a premium to international prices. Net income rose to 2.3 billion pesos ($250 million) from 1.5 billion pesos a year earlier, Buenos Aires-based YPF said in a statement Wednesday. Per-share profit of 5.86 pesos, excluding... Continue Reading →
