Petrobras, which on Friday reported its first-quarter numbers,admits it has a problem, with its chief financial officer saying: "Petrobras is a company with very high cholesterol levels, which is leverage." This sickness has no doubt been exacerbated by the corruption scandal that has left Petrobras in the cross-hairs of the Department of Justice and taken... Continue Reading →
Meirelles Fans Would Do Well to Remember Brazil’s 2015 Bond Bust
Less than a year ago, Brazil’s Michel Temer compared then-Finance Minister Joaquim Levy to Jesus Christ. Now, Temer is acting president and his newly appointed finance minister is already being hailed as the economy’s potential savior. Investors may want to be wary. Those who believe former central bank chief Henrique Meirelles is well positioned to... Continue Reading →
Rio Olympics Won’t Help Brazil’s Economy Much, Moody’s Says
The Summer Olympics in Rio de Janeiro won’t do much for the battered Brazilian economy, but a few select companies stand to reap significant benefits, Moody’s Investors Service wrote in a report published Monday. The credit-rating company focused on the impact of Olympic tourism, specifically the 350,000 spectators the government expects to visit Rio during... Continue Reading →
Temer Says Delivering Results Key to Winning Over Brazilians
Brazil’s Acting President Michel Temer said he will only gain popular recognition if he produces tangible results for the population, while pledging not to run for the country’s top job in the 2018 election. “I realize I lack popular recognition,” he said in an interview Sunday evening on Globo Television. That will only come “if... Continue Reading →
Brazil’s Petrobras expects to drill 65 new wells in 2016
May 12, 2016 Reuters Brazil's state-run oil company Petrobras expects to drill 65 new wells in 2016 and kept its forecast for average output during the year at 2.145 million barrels per day, the company said in a presentation after its quarterly earnings release on Thursday. Petroleo Brasileiro SA, as the company is officially known,... Continue Reading →
Brazil’s Petrobras, Brookfield enter talks over pipeline unit
State-controlled Petróleo Brasileiro SA has entered exclusive talks with Brookfield Asset Management Inc (BAMa.TO) over the sale of natural gas pipeline unit Nova Transportadora do Sudeste SA, as part of a plan to dispose of $15 billion of non-essential assets by year-end. In a Thursday securities filing, Petrobras (PETR4.SA), as Brazil's state oil producer is... Continue Reading →
Petrobras to ‘Cut Cholesterol’ After Third Straight Loss
Brazil’s state-controlled oil company Petrobras is advancing asset sales to reduce the biggest debt load in the oil industry after three consecutive quarterly losses. Petroleo Brasileiro SA is negotiating the sale of the natural gas distribution unit Nova Transportadora do Sudeste to Brookfield Asset Management Inc., the Rio de Janeiro-based company said Thursday, without providing a... Continue Reading →
Brazil’s Meirelles Promises Less Spending, Realistic Goals
Brazil must rein in on public spending, bring down debt levels and propose realistic fiscal targets to win back investor trust, Finance Minister Henrique Meirelles said Friday. Meirelles, who on Thursday took over as finance minister in Acting President Michel Temer’s new cabinet with the task of reviving Latin America’s largest economy, said he would... Continue Reading →
Brazil Real Joins Global Rout as Meirelles Skips Plan Details
Brazil’s real joined a selloff in global currencies against the dollar as newly appointed Finance Minister Henrique Meirelles refrained from giving details on how to tackle the nation’s ballooning fiscal deficit. The real almost erased its gain for the week as the U.S. currency climbed after retail data re-ignited speculation the Federal Reserve may raise... Continue Reading →
Brazil’s Newest Club Is All Boys and They’re Running the Country
Brazil’s new leader, Michel Temer, seeking to unite a splintered nation, has selected a cabinet of ministers from across this sprawling country -- young, old, northerners, southerners. But of some two dozen named so far, all are men and none are black. That has drawn instant and intense criticism. "After the governments of the Workers’... Continue Reading →
Brazil Energy Insight 