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Brazil has been steeped in a set of overlapping crises: its biggest corruption scandal, its deepest recession in more than a century and its worst political crisis in decades. Many executives and politicians have been charged with graft and locked up, the economy shows signs of having bottomed out, and now the suspended president, Dilma... Continue Reading →
For months, investing in Brazil has been a breeze. Buying into any asset class delivered some of the world’s biggest gains on wagers that President Dilma Rousseff was about to be ousted and new leadership would restore growth and curb a record fiscal deficit. Now that Rousseff has been impeached -- the Senate voted 61-to-20... Continue Reading →
Brazil's suspended President Dilma Rousseff attends the final session of debate and voting on Rousseff's impeachment trial in Brasilia, Brazil, August 29, 2016. REUTERS/Ueslei Marcelino/File Photo Brazil's Senate decided that former President Dilma Rousseff, who was removed from officeearlier on Wednesday, should not be barred from holding public office. Senators voted 42-36 to allow Rousseff... Continue Reading →
Dilma Rousseff became the second president to be impeached in Brazil’s 31-year-old democracy, paving the way for a fundamental shift in economic policy after 13 years of her party’s leftist rule. With 61 against 20 votes, the Senate found Rousseff guilty of bypassing Congress to finance government spending, paving the way for her vice... Continue Reading →
Brazil’s real reversed earlier gains as oil prices plunged, offsetting investor optimism as the months-long efforts to impeach President Dilma Rousseff drew to a close. The currency slid 0.2 percent to 3.2474 per dollar as of 12:51 p.m. in Sao Paulo after earlier rising as much as 0.6. Crude oil declined 3 percent after a government... Continue Reading →
Aug 31 Brazil's Senate is expected to vote on Wednesday to dismiss President Dilma Rousseff, finalizing a nine-month impeachment process and confirming the country's shift to the center-right with the end of 13 years of leftist Workers Party rule. Rousseff's supporters seemed resigned to the likelihood that more than two-thirds of the 81-member Senate would... Continue Reading →
Aug 31 The Brazilian government and state-controlled oil company Petróleo Brasileiro SA could finalize a thorough revision of contractual terms for the exploration of a vast offshore oil region before year-end, a senior official said on Wednesday. The revision of a clause granting Petrobras the right to operate a minimum 30 percent of exploration and... Continue Reading →
The bill removes the requirement for Petrobras to operate in all subsalt consortia with a 30% minimum. The bill changes the rules of oil exploration in the subsalt layer and should begin to be voted in the House next week. It promises to be the symbol of new government's shift in this sector. With the... Continue Reading →
Latin America’s largest economy shrank more than expected in the second quarter as Brazil’s worst recession in decades nears its end. Brazil’s gross domestic product contracted 0.6 percent in the three months ended in June, after a revised 0.4 percent drop in the previous quarter, the national statistics institute said Wednesday. The figure was worse... Continue Reading →
New chief executive of Brazil's state-run oil company Petroleo Brasileiro SA, Pedro Parente, gestures during his inauguration ceremony in Rio de Janeiro, Brazil, June 2, 2016. REUTERS/Sergio Moraes By Stine Jacobsen | STAVANGER, NORWAY The sale of a stake in Carcara, the giant Brazilian offshore oil prospect, to Norway's Statoil ASA (STL.OL) will gain Brazil's... Continue Reading →
Brazil Energy Insight 