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There’s a sense of foreboding in Brasilia this month as politicians remember Augusts past, including the resignation of one president, the suicide of another and protests that led to Brazil’s first impeachment. Already more than 100,000 people have signed up on social media to march against President Dilma Rousseff on Aug. 16. Those demonstrations may... Continue Reading →
Brazil’s real fell to a 12-year low as Societe Generale SA said it will tumble to 4 per dollar as the struggle to pare government budget deficits makes further credit rating downgrades unavoidable. Read More
LONDON—The world’s biggest oil companies have vowed to bring down the costs of big projects in the face of slumping oil prices, but the unrelenting price weakness—with crude below $50 a barrel—suggests they could have to dig deeper still. In the past year, as oil prices plunged 60% from highs of $114 in 2014, U.K.... Continue Reading →
The real fell for a fourth straight day, declining 0.6 percent to 3.4723 per dollar at 10:36 a.m. in Sao Paulo, the weakest level on a closing basis since March 2003. The average directional index increased to 35.7, above the level of 25 that some traders interpret as a sign that a trend will last.... Continue Reading →
He was celebrated as the architect of an economic miracle -- the man who would finally turn Brazil into a fair and prosperous nation. But now Luiz Inacio Lula da Silva has been caught up in a wave of corruption probes sweeping the country and besieging his successor and protégé, President Dilma Rousseff. It’s a... Continue Reading →
When ex-billionaire Eike Batista’s empire collapsed, EIG Global Energy Partners LLC took over his most-prized project: a Brazilian port startup as ambitious and sophisticated as it was risky and capital-starved. Two years later, the 1.8 billion-real ($520 million) investment now has the cachet of a once-in-a-lifetime deal, akin to the U.S.’s Louisiana Purchase in the... Continue Reading →
U.S. refineries, which turned a record amount of crude into gasoline during July, typically slow down from August through October Read More
Brazilian police arrested Jose Dirceu, who served as chief of staff under former President Luiz Inacio Lula da Silva, saying he helped put into place an alleged system of kickbacks at the state-run oil company. The “operation that goes beyond Jose Dirceu as a recipient and a beneficiary,” federal police investigator Carlos Fernando dos Santos... Continue Reading →
Bloomberg - 9:04 am Brazilian police expanded their investigation into alleged bribes and kickbacks as the country’s political and economic woes intensify. Police carried out 40 court orders in the 17th phase of the “Carwash” probe, the press office of the public prosecutor’s office said Monday. Arrests in the latest phase included Jose Dirceu, who... Continue Reading →
Brazil’s giant state-run oil firm Petróleo Brasileiro SA, or Petrobras, said Friday it is tightening its supplier controls in the wake of a massive corruption scandal and seeking the reparation of about $2 billion that was diverted during a yearslong price-fixing scheme. Petrobras said suppliers now will need to give detailed information on their finances... Continue Reading →
