Volatility in Brazil’s real increased after President Dilma Rousseff named a new finance minister that some investors say won’t be as strong an advocate for efforts to shore up the country’s fiscal accounts. One-month implied volatility in the real climbed to 23 percent, the highest among 16 major currencies tracked by Bloomberg. The real swung... Continue Reading →
Brazil president’s survival odds improve, but ally demands growth
Brazilian President Dilma Rousseff's key ally in Congress is certain it can head off an impeachment threat, but in return the party demands a radical change of policy course to pull the economy out of its deepest downturn in 25 years. Senator Eunicio Oliveira, Senate leader of the fractious Brazilian Democratic Movement Party (PMDB), told... Continue Reading →
Brazil’s New Finance Minister Faces a Big Test After Friday’s Rout
Nelson Barbosa could, of course, turn out to be the man who fixes Brazil’s finances, tames soaring inflation and revives the sinking economy, but investors sure aren’t betting on it. As word spread across Sao Paulo trading floors Friday that Barbosa would be the country’s next finance minister, replacing the beleaguered Joaquim Levy, markets plunged.... Continue Reading →
Brazil’s Rousseff sees approval rating improve slightly
A poll published Saturday in Brazil gave a mild boost to the political survival prospects for President Dilma Rousseff, as she saw a slight bounce in her approval ratings, halting what has been an almost continuous slide for most of the year. The number of Brazilians who rated Rousseff's administration "bad" or "very bad" fell... Continue Reading →
Brazil Finance Minister Levy to Be Replaced by Barbosa
Brazil’s Planning Minister Nelson Barbosa will replace Joaquim Levy as finance minister, according to two people with knowledge of the decision. President Dilma Rousseff’s press office is expected to make an official statement later Friday, said the people, who asked not to be named because the decision isn’t yet public. Barbosa is considered less market-friendly and... Continue Reading →
Fitch reviews Petrobras’ rating
12/17/2015 Rio de Janeiro, December 17, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that the risk rating agency Fitch reviewed Petrobras' rating from BBB- to BB+, with negative outlook. This review follows the change in the sovereign rating, as announced on 12/16/2015.
Brazil’s Levy tipped to leave government, replaced by Barbosa: sources
Brazilian Planning Minister Nelson Barbosa may replace Joaquim Levy as finance minister, three government sources told Reuters on Friday, as speculation grows about imminent changes to President Dilma Rousseff's economic team. Barbosa, who has kept a low profile in recent months, has the backing of several government insiders and advocates tempering an austerity drive on... Continue Reading →
OAS Creditors Agree to Restructuring Plan Including Invepar Sale
Brazilian construction company OAS SA won approval for its restructuring plan early Friday after agreeing to sell one of its most valuable assets in order to help pay creditors. The vote, which had been scheduled and postponed on several occasions since September, went forward after OAS secured a deal to sell its stake in airport... Continue Reading →
Brazil moves to speed corrupt firms access to state cash -sources
Brazilian President Dilma Rousseff plans to issue a decree on Friday to speed up a process allowing construction companies involved in a major corruption scandal to regain the right to receive government money, two sources told Reuters. More than 30 of the country's top construction and engineering companies, including Odebrecht SA, Queiroz Galvão, OAS,... Continue Reading →
Brazil court rulings help Rousseff fend off impeachment
Brazil's Supreme Court handed embattled President Dilma Rousseff two victories on Thursday in rulings that improve her chances of blocking an impeachment bid by opponents seeking to oust the unpopular leftist leader. The judges voted to give the Senate the authority to review the grounds for Rousseff's impeachment even if the lower house votes to... Continue Reading →
Brazil Energy Insight 