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Vice President Michel Temer has become the Brazilian government’s Indispensable Man, its main buffer against the swirling turmoil that threatens to overwhelm President Dilma Rousseff and undermine her economic recovery program. Temer played that role most recently late last week as he kept the ruling coalition together by refusing to join the leader of Congress’s... Continue Reading →
Portugal's prosecutor general has ordered investigators to look into a request from Brazilian authorities for help with a probe into a scandal involving state-run oil company Petrobras. A cartel of engineering firms, including Latin America's giant Odebrecht SA, is accused of fixing prices and overcharging Petrobras in a scheme that allegedly helped finance the 2014... Continue Reading →
President Dilma Rousseff’s approval rating fell in an MDA poll as the majority of respondents said Brazil’s economic contraction is their biggest concern. Read More
// Fitch Affirms YPF S.A.'s IDRs at 'CCC' July 20, 2015 03:04 PM Eastern Daylight Time NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed the foreign and local currency Issuer Default Ratings (IDRs) of YPF S.A. (YPF) at 'CCC' and 'B-', respectively. Fitch affirms the company's long-term international bond ratings at 'CCC' and assigns an 'RR4' recovery... Continue Reading →
If Brazil’s President Dilma Rousseff thought it was tough imposing austerity measures in the first half of the year, she may be in for some unpleasant surprises in the second. She has lost support from Senate Chief Renan Calheiros and his lower-house counterpart, Eduardo Cunha, amid growing discontent with a recession and a corruption probe... Continue Reading →
Peruvian prosecutors plan to visit Brazil this month to gather evidence of bribery on a transcontinental highway project, Peru's attorney general said in an interview, adding to regional fallout from the biggest corruption scandal in Brazil's history. The mission laid out by Peruvian Attorney General Pablo Sánchez is the most public sign yet of international... Continue Reading →
Two former executives of Camargo Correa SA received sentences exceeding 15 years from a judge handing down the first punishments to builders in Brazil’s biggest-ever corruption scandal. Judge Sergio Moro sentenced ex-President Dalton Avancini along with Eduardo Leite, the conglomerate’s former vice president, to 15 years and 10 months for corruption, money laundering and organized... Continue Reading →
The oil guru who predicted last year’s rout said $100-a-barrel crude is likely to return within five years as faltering supply fails to meet demand. Gary Ross, the founder of consultants PIRA Energy Group, said oil markets aren’t nearly as oversupplied as many believe and spare capacity is tight since Saudi Arabia is pumping all... Continue Reading →
The Ibovespa led losses in the Americas after Finance Minister Joaquim Levy said that a credit rating downgrade by Moody’s Investors Service is more likely if Brazil doesn’t make economic adjustments. Traders also pushed down the value of shares after newspaper Folha de S. Paulo reported Saturday that lower house President Eduardo Cunha would rebel... Continue Reading →
The real slid 0.9 percent to 3.2172 per dollar at 9:58 a.m. in Sao Paulo, the weakest level on a closing basis since July 9. Swap rates, a gauge of projected changes in Brazil’s borrowing costs, fell 0.01 percentage point to 12.88 percent on the contract maturing in January 2018. Read More
Brazil Energy Insight 