Economists are more in agreement than they have been since 2014 about where Brazil's currency is heading after a political crisis unseated President Dilma Rousseff. The newfound stability has reduced the cost of protection from one of the world's most volatile exchange rates in recent years, offering relief for companies struggling in a recession and... Continue Reading →
A Laggard in Brazil Oil Frenzy Is Now a Favorite in the Bust
In the saga of Brazil’s oil industry, QGEP Participacoes SA has always flown mostly under investors’ radar. It’s no heavyweight like state-run Petrobras, nor has it ever been as flashy as OGX, ex-billionaire Eike Batista’s startup. But among producers that sold more than $77 billion in stock after Brazil discovered massive offshore crude deposits in... Continue Reading →
Petrobras received bids for fuels unit in recent days: CEO
New chief executive of Brazil's state-run oil company Petroleo Brasileiro SA, Pedro Parente, gestures during his inauguration ceremony in Rio de Janeiro, Brazil, June 2, 2016. REUTERS/SERGIO MORAES The new chief executive of Petroleo Brasileiro SA on Thursday said the state-run oil company has received offers to buy a stake in its fuels-retailing unit BR... Continue Reading →
Credit Suisse finds no wrongdoing by ex-banker linked to Brazil probe
Credit Suisse Group AG said an internal investigation found no evidence that a former employee, Sérgio Firmeza Machado, used his position at the bank to help his father funnel illicit campaign donations to Brazilian politicians as part of a sweeping corruption scandal. Firmeza Machado's father Sérgio, a former senior executive at state oil firm Petróleo... Continue Reading →
Another one Bites the Dust – Brazil’s tourism minister resigns amid graft scheme implications
Jun 16, 2016 4:07pm EDT Reuters Brazilian Minister of Tourism Henrique Eduardo Alves talks on his mobile phone after a meeting with Brazil's then Vice President Michel Temer (not pictured) in Brasilia, Brazil, December 14, 2015. REUTERS/UESLEI MARCELINO Brazil's tourism minister, Henrique Eduardo Alves, resigned on Thursday, according to the president's office, making him the... Continue Reading →
Back at the House of Cards – Brazil’s Acting President Refutes Campaign Finance Allegations
Brazil’s Acting President Michel Temer denied allegations he sought inappropriate campaign donations for his party and pledged to remain undeterred in his efforts to pull the country out of crisis. In a plea bargain published by the Supreme Court on Wednesday, a former executive from state-run oil company Petrobras claimed that Temer in 2012 asked... Continue Reading →
Brazil Real Falls as Central Bank Report Adds to Global Sell-Off
Brazil’s real tumbled Thursday after an economic report showed the economy shrank more than forecast, magnifying the effects of a global sell-off in emerging markets. The real was the biggest dud among Latin American peers after the central bank said economic activity, often seen as a proxy for gross domestic product, declined 4.99 percent in... Continue Reading →
Petrobras plans re bid unfinished works at Comperj by the end of 2016
16/06 / 2016 ABEGAS Petrobras intends to return to the market this year to re bid certain unfinished works of the Petrochemical Complex of Rio de Janeiro State (Comperj) in Itaboraí (RJ), which had their service interrupted over the past few months. The company's expectation is to re bid the construction of the natural... Continue Reading →
Update related to the Class Action in the United States
Rio de Janeiro, June 15, 2016 – Petrobras informs that the United States Court of Appeals for the Second Circuit issued an order today granting Petrobras’s petition to permit an appeal from the order of the District Court in which the District Court certified classes in the securities litigation. The District Court’s order was disclosed... Continue Reading →
New well in Libra confirms extension of oil discovery
Rio de Janeiro, June 15, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that the Libra Consortium has concluded the drilling and appraisal of the seventh well in the block, located in the pre-salt layer of the Santos Basin. The new well has discovered Libra’s largest net pay to date, with 410 meters of... Continue Reading →
