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 →
Petrobras Corruption Investigation Said to Ramp Up in U.S.
U.S. authorities are investigating more than a dozen companies as part of an international bribery probe that has already led to more than 150 arrests in Brazil, according to people familiar with the matter. Prosecutors in the U.S. and Brazil are effectively dividing the investigation to suit their respective strengths as they pursue suspected graft... Continue Reading →
Approval of Sale of Petrobras Argentina
Rio de Janeiro, May 12, 2016 – Petróleo Brasileiro S.A. – Petrobras, in accordance with the material facts published on January 20, 2016, March 2, 2016, April 8, 2016, and May 3, 2016, announces that its Board of Directors approved, in a meeting held today, the sale of its entire 67.19% shareholding in Petrobras Argentina... Continue Reading →
Petrobras – FIRST QUARTER OF 2016 RESULTS
May 12, 2016 - FIRST QUARTER OF 2016 RESULTS - Derived from interim financial information reviewed by independent auditors, stated in millions of Brazilian Reais, prepared in accordance with International Financial Reporting Standards - IFRS issued by the International Accounting Standards Board - IASB. Main financial highlights (1Q-2016 x 1Q-2015): • Net loss attributable to... Continue Reading →
Petrobras – Sale of Nova Transportadora do Sudeste
Rio de Janeiro, May 12, 2016 – Petróleo Brasileiro S.A. – Petrobras, giving continuity to the notice published on February 26, 2016 regarding the process of sale of Nova Transportadora do Sudeste (NTS), announces that the Company's Executive Board approved carrying out the negotiations with Brookfield on an exclusive basis for 60 days, which may... Continue Reading →
Lula’s Central Banker Returns to Take on Hardest Job of His Life
Henrique Meirelles is one of Brazil’s most accomplished financial officials, a former president of BankBoston Corp. and President of the Central Bank during the country’s acclaimed period of growth and stability. But he will have to deliver fast to pull the nation out of its worst recession in a century and win back investor confidence.... Continue Reading →
Petrobras Posts Quarterly Loss as Fuel Sales, Output Slumps
Brazil’s deepest recession in a century is curbing lucrative fuel imports and eroding profits at state-controlled Petroleo Brasileiro SA. The company’s net loss was 1.25 billion reais, or 0.10 centavos per share, in the first quarter compared with a profit of 5.3 billion reais, or 41 cents, a year earlier. Sales fell to 70.3 billion reais,... Continue Reading →
Brazil’s Mega-Scandal Hits Its Biggest Lender
Brazilians rarely do things small. They boast Latin America's biggest economy but also own its worst recession, a seemingly bottomless corruption scandal and a government allegedly so practiced at disguising budget shortfalls that President Dilma Rousseff was ordered to step aside early Thursday morning. She'll now face an impeachment trial in the Senate; few analysts expect she'll... Continue Reading →
Brazil’s Rousseff vows to fight on after Senate vote to suspend her
Suspended Brazilian President Dilma Rousseff vowed on Thursday she would fight to prove her innocence after the Senate voted to put her on trial for breaking budget laws, a historic decision fueled by deep recession and a sprawling corruption scandal. Rousseff, a leftist in office since 2011, was replaced by her vice president, centrist Michel... Continue Reading →
