Petroleo Brasileiro SA, the world most indebted oil producer, is selling its controlling stake in an Argentine unit, Neuquen Province Governor Jorge Sapag said. YPF SA, Pan American Energy LLC, Pluspetrol SA and Tecpetrol SA are among the companies planning to jointly buy about 70 percent of Petrobras Argentina SA owned by the Rio de... Continue Reading →

The speaker of Brazil's lower house of Congress, Eduardo Cunha, broke with the government of President Dilma Rousseff on Friday over corruption allegations, deepening a political crisis in Latin America's largest economy. Cunha accused Rousseff's government and prosecutor general Rodrigo Janot of conspiring to incriminate him in a widening corruption scandal at state-run oil firm... Continue Reading →

Brazil’s real headed for a fourth straight weekly decline amid concern mounting political tension will make it harder for President Dilma Rousseff to trim budget deficits and maintain the nation’s credit rating. The currency fell Friday as Folha de S. Paulo reported that Eduardo Cunha, the head of the lower house, was preparing to announce... Continue Reading →

The political crisis engulfing Brazilian President Dilma Rousseff got a lot bigger Thursday, when the man who was both her mentor and predecessor was named as the target of a federal probe into foreign business transactions. Former President Luiz Inacio Lula da Silva, whose widespread popularity paved the way for Rousseff’s election in 2010, is... Continue Reading →

Brazil and Canada are among those “most in the firing line” at current prices, Paul Horsnell, the head of commodities research at Standard Chartered in London, said July 13. Brazil’s so-called pre-salt offshore fields, and Canada’s tar sands are “frontier” oil provinces where costs are higher because of their technical complexity or remoteness, he said.... Continue Reading →

Brazil’s former President Luiz Inacio Lula da Silva is being investigated by federal prosecutors on allegations of influence peddling in a move that may deepen the country’s political crisis. The real fell. Authorities are probing whether Lula used his influence to help construction company Odebrecht SA win contracts in Panama and Venezuela from 2011 to... Continue Reading →

The speaker of Brazil's lower house of Congress said on Thursday he is weighing legal arguments to impeach President Dilma Rousseff, which would be the first ouster of a sitting president in the country in nearly 23 years. Eduardo Cunha, a leader of the PMDB party that is in charge of deciding whether to move... Continue Reading →

Brazil’s political crisis will deteriorate, making it even harder for President Dilma Rousseff to govern the country, said lower house President Eduardo Cunha. “The strain of the political crisis coupled with the economic crisis is eroding the government’s popularity,” Cunha told reporters in Brasilia Thursday. “I see the governability crisis worsening.” Read More