In 19 days 2 ministers are axed for same reason. How long before the interim president will last? The ministry that Acting President Michel Temer created to demonstrate his commitment to fighting corruption was caught up in the fringes of the sweeping investigation that has rattled Brazil’s political establishment for two years. Fabiano Silveira, the Minister of... Continue Reading →
Brazil Real Gains as Economic Forecast Outweighs Political Woes
Brazil’s real advanced as economists said they expect a shallower downturn of the country’s economy than previously forecast, outweighing opposition in Congress to the government’s attempt to approve measures to trim the budget deficit. The real gained 0.8 percent to 3.5836 per dollar as of 3:39 p.m. in Sao Paulo after earlier weakening 0.1 percent.... Continue Reading →
House of Cards again – Brazil’s Temer pressed to drop anti-corruption minister
It's like the Keystone Cops... Brazil's interim President Michel Temer was under pressure on Monday to drop his anti-corruption minister, the second top official in his new government accused of trying to derail a sprawling bribery and kickback probe before taking office. Transparency Minister Fabiano Silveira, the man charged with fighting corruption, and Senate President... Continue Reading →
Petrobras CEO Bendine offers resignation; replacement passes test
Petroleo Brasileiro S.A. (PETROBRAS) CEO Aldemir Bendine smiles during a news conference in Rio de Janeiro, Brazil, March 21, 2016. REUTERS/SERGIO MORAES Aldemir Bendine, chief executive officer of Brazil's state-led oil company Petroleo Brasileiro SA (PETR4.SA), offered his resignation on Monday and is set to be replaced by Pedro Parente, a source with direct knowledge... Continue Reading →
Brazil Economists Raise Selic Call for First Time Since December
Brazil economists raised their forecast for the benchmark interest rate at year-end following inflation surprises that reinforced the challenge facing Brazil’s prospective central bank chief to rein in prices. Economists’ median forecast for the Selic at year-end rose to 12.88 percent from 12.75 percent the prior week, marking the first increase in the weekly Focus... Continue Reading →
Brazil Builder Moves Past Bribery Saga, Stoking 23% Bond Surge
Andrade Gutierrez SA, one of several Brazilian construction companies implicated in the nation’s biggest corruption probe, is back in favor with bond investors. The builder has seen its $500 million of notes due in 2018 return 23.3 percent since May 5, when it reached a leniency agreement with prosecutors. As part of the deal, Andrade... Continue Reading →
House of Cards New Season – Brazil’s anti-corruption minister criticizes Petrobras probe -Globo TV
May 30 The Brazilian interim government's new minister tasked with combating corruption was heard on leaked audio tapes criticizing the sprawling graft investigation at state-run oil company Petrobras and advising the Senate leader caught up in the probe. Globo TV on Sunday aired a partial recording of a late February meeting between new Transparency Minister... Continue Reading →
Pemex Willing to Sell Jack-Up, Platform to Generate Liquidity
Petroleos Mexicanos is seeking buyers for two aging production assets as it looks to generate liquidity amid the industry’s biggest financial crisis in history. Mexico’s cash-strapped state-run oil producer would sell its Holkan jack-up rig and its Chemul semi-submersible maintenance platform for the right price, said Gustavo Hernandez, director of prospective resources, reserves and associations at... Continue Reading →
Brazil’s Real Poised for Weekly Drop as Political Woes Mount
Brazil’s real fell, extending a weekly drop, as political concerns dimmed expectations that a new economic team named by Acting President Michel Temer will be able to quickly revive Latin America’s biggest economy. The real fell 0.9 percent to 3.6159 per U.S. dollar as of 11:58 a.m. in Sao Paulo. It has weakened 2.6 percent... Continue Reading →
BTG Said to Seek Sale of Stake in Petrobras Africa Joint Venture
Grupo BTG Pactual, the Brazilian bank that was forced to sell assets after the arrest of its founder last year, is exploring the sale of its 50 percent stake in an African joint venture with state-run oil company Petroleo Brasileiro SA, according to people with knowledge of the matter. BTG has held sales talks with... Continue Reading →
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