Rio de Janeiro, May 23, 2016 – Petróleo Brasileiro S.A. - Petrobras announces that it closed today a US$ 6.75 billion issuance of 5 and 10 year notes in the international capital markets. The notes were issued by Petrobras’ wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”) and constitute general senior unsecured and unsubordinated obligations of... Continue Reading →
Petrobras – Changes in Management
Rio de Janeiro, May 23, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby informs the market that its Board of Directors held an extraordinary meeting today to analyze the nomination of executive Pedro Parente to the positions of Chairman of the Board of Directors and Chief Executive Officer (CEO) of the Company. At the meeting... Continue Reading →
Temer Off to Bumpy Start in Setting Brazil Economy Straight
It took only 11 days in office for Brazil’s Acting President Michel Temer to suffer his first major setback. The day before he was due to shepherd a bill through Congress to help revive investor confidence, Temer’s Budget Minister Romero Juca on Monday was forced to step down over allegations that he wanted to obstruct a... Continue Reading →
Swiss Regulator May Penalize Six Banks Over 1MDB, Petrobas
Switzerland’s top financial regulator warned the risk of money-laundering has risen in Switzerland in recent years as the watchdog said it’s preparing to penalize six Swiss banks over their ties to alleged corruption in Malaysia and Brazil. Widening corruption scandals at Malaysia Development Bhd and Brazilian oil producer Petroleo Brasileiro SA have prompted the regulator... Continue Reading →
Key Brazil minister steps aside in political scandal
Brazil's Planning Minister Romero Juca said on Monday he will temporarily step down after a newspaper published recordings of him discussing plans to obstruct the country's biggest-ever corruption investigation, which includes him among its targets. Juca's decision to take a leave from his post to defend himself is a huge blow for Interim President Michel... Continue Reading →
Seems like a rerun -Brazil’s New Government Faces First Crisis Amid Corruption Probe
Brazil’s Acting President Michel Temer is in damage-control mode as his administration faces its first political crisis with a corruption scandal that helped bring down his predecessor encroaching on his inner circle. Top Temer ally and newly-appointed Budget Minister Romero Juca went before journalists on Monday to deny allegations made earlier in the day that... Continue Reading →
Brazil Real Drops Most in Emerging Markets on Political Concern
Brazil’s real led a selloff in emerging-market currencies after local media reported that the newly appointed planning minister was working to end a graft probe that has implicated some of the country’s top politicians, calling into question acting President Michel Temer’s pledges to root out corruption. The real dropped for the first time in three... Continue Reading →
Meanwhile, back at the House of Cards – Brazil minister rules out resigning on report he sought to halt graft probe
Newly appointed Brazilian Planning Minister Romero Juca on Monday said he would not resign over a newspaper account saying he sought to stall a wide-ranging corruption probe centered on state-controlled oil company Petrobras, a newspaper reported. The Folha de S. Paulo daily published purported excerpts of taped conversations between Juca and Sergio Machado, the former... Continue Reading →
Investors labour under delusion Brazil is a quick fix
Brazil’s structural problems will take steam out of rally in assets Markets Insight © AFP by: Alberto Gallo/FT Brazilians love telenovelas, soap operas that air every evening in prime time. President Dilma Rousseff’s recent impeachment offered all the typical twists and turns. The show involved months of political infighting and media attention, with former president and... Continue Reading →
Brazil warned of budget ‘time bomb’/FT
Former central bank governor Fraga says spending measures could worsen precarious fiscal situation © Reuters by: Joe Leahy in São Paulo/FT Brazil’s new government urgently needs to defuse fiscal “time bombs” that are set to blow up the country’s already strained budget, according to Arminio Fraga, the former central bank governor and founding partner of Gávea Investimentos, one... Continue Reading →
Brazil Energy Insight 