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Across town from where Brazilian lawmakers are deciding the fate of the country’s president this weekend, car dealer Felipe Bandeira sits in an empty show room lamenting the worst sales season he can remember. “Everybody is waiting to see what will happen on April 17,“ said Bandeira, who saw sales drop 40 percent this year... Continue Reading →
resident Dilma Rousseff's fate in an impeachment vote in Brazil's Congress on Sunday is being decided in deals struck at lunch tables and behind the mirrored windows of luxury hotels in Brasilia, where the tide has turned decisively against her. Rousseff's survival hinges on winning over a dwindling number of undecided lawmakers who are also... Continue Reading →
The world’s biggest oil explorers are fighting a U.S. plan to toughen offshore drilling rules that Exxon Mobil Corp. said will cost $25 billion over 10 years and render many offshore discoveries worthless. The Obama administration is expected to issue the sweeping new regulations Thursday, a person familiar with the decision said, as part of... Continue Reading →
Brazil’s real dropped the most among major currencies as the central bank stepped up efforts to weaken the currency as Brazilian assets rallied on renewed speculation that impeachment of President Dilma Rousseff is drawing closer. The central bank announced it would auction 80,000 foreign-exchange reverse swaps Wednesday, a move that’s equivalent to buying $4 billion... Continue Reading →
Brazilian Vice President Michel Temer is drawing up plans to form a transitional government as Dilma Rousseff sharpens accusations that he is the mastermind of a coup against her. With a crucial impeachment vote looming in the lower house of Congress on Sunday, Temer plans to spend his early political capital on reforms that will... Continue Reading →
Pemex to Get $1.5 Billion From Government to Reduce Record Debt Nacha Cattan/Adam Williams Bloomberg April 13, 2016 Finance Ministry to absorb $2.7 billion in pension liabilities Government to increase ceiling for Pemex tax deductions Mexico will send 26.5 billion pesos ($1.5 billion) to the nation’s state-owned oil company to pay contractors after debt levels... Continue Reading →
Brazil Regulator Urges Refinery Building to Avert Fuel Shortages Sabrina Valle /Bloomberg April 13, 2016 Fuel imports could triple to 1 million barrels a day in 2030 Country needs more pipelines and storage, oil regulator says Brazil needs to add refineries or storage facilities for imported fuel to avert shortages in the coming years, the... Continue Reading →
Brazil’s President Dilma Rousseff accused her vice president of attempting to illegally overthrow the government, underscoring the heightened political tensions just days before Congress votes on her impeachment. Without directly naming Vice President Michel Temer, Rousseff said Tuesday that the prior day’s leak of a recording where he discussed the outlines of a Temer administration... Continue Reading →
More than a year after Brazilians began calling on Congress to impeach President Dilma Rousseff, consensus has built around the need to move forward. But agreement ends there. Her Workers’ Party wants to beat back those hoping to take away their election-day victory; her opponents are trying to oust her. The clash, due in the... Continue Reading →
The impeachment committee's voting result of 38 in favor of impeachment and 27 against impeachment, does not guarantee the 2/3 majority at the House floor to approve the process and send to Senate for final judgement. So the uncertainty remains until it is voted at floor of the House this coming Sunday. The government needs... Continue Reading →
Brazil Energy Insight 