Got the Cappi of the Cappos.... Bloomberg/ Julia Leite and Francisco Marcelino Banco Bradesco SA Chief Executive Officer Luiz Carlos Trabuco Cappi and two other company executives were indicted by Brazil federal police amid the so-called Zelotes probe into alleged fraud in tax cases. Shares slumped as much as 8 percent. The indictments were confirmed by federal... Continue Reading →
QuickTake Q&A: Brazil’s Carwash Is More Trouble for Ruling Party
Two years on, a corruption investigation in Brazil is still producing fresh revelations. Overshadowed at times by the broader political perils of President Dilma Rousseff -- who is suspended from office and facing an impeachment trial in the Senate -- the probe known as Carwash has implicated state-run oil giant Petrobras, large construction companies and... Continue Reading →
Brazil’s Real Set for Worst Month Since September Amid Crisis
Brazil’s real extended its worst monthly slide since September after the resignation of a second minister in two weeks cast doubt on Acting President Michel Temer’s ability to restore confidence in Latin America’s largest economy. The real dropped 0.6 percent to 3.5913 per dollar at 10:21 a.m. in Sao Paulo, extending this month’s decline to... Continue Reading →
Petrobras – New CEO and changes to Management
Rio de Janeiro, May 30, 2016 - Petróleo Brasileiro S.A. - Petrobras hereby announces that it received today a letter of resignation from Mr. Aldemir Bendine of Petrobras’ Board member and CEO positions. Additionally, Mr. Aldemir Bendine also resigned today, the office of Member of the Board of Petrobras Distribuidora – BR. In light of... Continue Reading →
Another one bites the dust – Brazil’s Temer Loses a Second Minister to Audio Leak Scandal
In 19 days 2 ministers are axed for same reason. How long before the interim president will last? The ministry that Acting President Michel Temer created to demonstrate his commitment to fighting corruption was caught up in the fringes of the sweeping investigation that has rattled Brazil’s political establishment for two years. Fabiano Silveira, the Minister of... Continue Reading →
Brazil Real Gains as Economic Forecast Outweighs Political Woes
Brazil’s real advanced as economists said they expect a shallower downturn of the country’s economy than previously forecast, outweighing opposition in Congress to the government’s attempt to approve measures to trim the budget deficit. The real gained 0.8 percent to 3.5836 per dollar as of 3:39 p.m. in Sao Paulo after earlier weakening 0.1 percent.... Continue Reading →
House of Cards again – Brazil’s Temer pressed to drop anti-corruption minister
It's like the Keystone Cops... Brazil's interim President Michel Temer was under pressure on Monday to drop his anti-corruption minister, the second top official in his new government accused of trying to derail a sprawling bribery and kickback probe before taking office. Transparency Minister Fabiano Silveira, the man charged with fighting corruption, and Senate President... Continue Reading →
Petrobras CEO Bendine offers resignation; replacement passes test
Petroleo Brasileiro S.A. (PETROBRAS) CEO Aldemir Bendine smiles during a news conference in Rio de Janeiro, Brazil, March 21, 2016. REUTERS/SERGIO MORAES Aldemir Bendine, chief executive officer of Brazil's state-led oil company Petroleo Brasileiro SA (PETR4.SA), offered his resignation on Monday and is set to be replaced by Pedro Parente, a source with direct knowledge... Continue Reading →
Brazil Economists Raise Selic Call for First Time Since December
Brazil economists raised their forecast for the benchmark interest rate at year-end following inflation surprises that reinforced the challenge facing Brazil’s prospective central bank chief to rein in prices. Economists’ median forecast for the Selic at year-end rose to 12.88 percent from 12.75 percent the prior week, marking the first increase in the weekly Focus... Continue Reading →
Brazil Builder Moves Past Bribery Saga, Stoking 23% Bond Surge
Andrade Gutierrez SA, one of several Brazilian construction companies implicated in the nation’s biggest corruption probe, is back in favor with bond investors. The builder has seen its $500 million of notes due in 2018 return 23.3 percent since May 5, when it reached a leniency agreement with prosecutors. As part of the deal, Andrade... Continue Reading →
