Brazilian federal prosecutors on Friday formally accused former president Luiz Inacio Lula da Silva of having interfered in a government tender to buy new fighter jets in favor of Swedish plane maker Saab AB. Lula, who was no longer in the presidency when the suspected illegal practices happened, was accused of having used its influence... Continue Reading →
Brazil’s Temer Sees Disapproval Surge as Economic Woes Mount
Brazilian President Michel Temer’s disapproval rating surged in an opinion poll as the nation’s economy remains mired in its worst recession on record. About 51 percent of respondents rated Temer’s government as bad or terrible, up from 31 percent in July, according to a Datafolha poll published in Folha de S. Paulo newspaper Sunday. Forty... Continue Reading →
Ex-Odebrecht director links Brazil’s president to illegal transfers: report
A former director of Brazilian engineering firm Odebrecht SA told prosecutors that the company made several illegal contributions to politicians from the ruling PMDB party including President Michel Temer, according to a report aired Friday night by Globo TV. If prosecutors prove the accusations, Temer could face an impeachment trial that could destabilize his six-month-old... Continue Reading →
New orders designated to Estaleiro Atlântico Sul shipyard (EAS)
The Merchant Marine Fund has granted priority for financial support to the South American Tanker Company Navigação S.A. (Satco) for the acquisition of eight tanker vessels. The Atlântico Sul Shipyard (EAS), in Suape (PE), has a memorandum of understanding with Satco for the construction of the vessels, totaling more than R $ 2.2 billion.... Continue Reading →
Petrobras – Divestment Systematic
Rio de Janeiro, December 8, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that the preventive order issued by the Brazilian Federal Accounting Court (TCU), yesterday, about Petrobras’ Divestment Systematic, authorized the continuation of the five processes that are in final negotiation. The Federal Accounting Court has also established that the Company should abstain from... Continue Reading →
Petrobras ordered to suspend divestiture programme
Court allows deals nearing completion to be finalised but further sales put on hold Reuters 8 Dec 2016 Brazil's federal auditing court (TCU) asked state-controlled oil company Petrobras on Wednesday to temporarily suspend its divestiture programme while the court reviews asset sales procedures. The decision could delay Petrobras efforts to raise $15.1 billion from asset... Continue Reading →
Brazil top court rules Senate head can stay, defuses crisis
Brazil's Supreme Court on Wednesday overturned an injunction that ordered the indicted head of the Senate, Renan Calheiros, to step down, voting to allow him to continue in the post but not in the presidential line of succession. The 6-3 ruling defuses a clash between the top court and the Senate that threatened to derail... Continue Reading →
Brazil’s Anbima says hedging crucial to lure foreign capital
The issue of designing effective instruments that protect long-term foreign investors from bouts of currency volatility in Brazil is crucial to helping lure capital for infrastructure in the years ahead, a financial industry group said on Wednesday. Financial institutions are currently discussing how to create so-called hedging instruments so that foreign funds and the infrastructure... Continue Reading →
The next ANP bidding round…
Unitization Petrobras and Statoil will act as one in the next round of bids which ANP foresees to be scheduled for the first semester of 2017. The duo promise to be aggressive on the auction of two assets: the block adjacent to Carcara , already operated by the Norwegians, and the adjacent area to Sapinhoa... Continue Reading →
Ecovix to file for bankruptcy protection this month -report
Dec 7 (Reuters) - Brazilian shipbuilder Engevix Construcoes Oceanicas (Ecovix) is expected to file for bankruptcy protection from creditors in a local court this month, the newspaper Valor Economico said on Wednesday. The company, based in Rio de Janeiro, has more than 6 billion reais ($1.7 billion) in outstanding debts, according to Valor. Ecovix... Continue Reading →
