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Brazil’s Senate voted to suspend President Dilma Rousseff from office, ushering in a new government after months of political turmoil in the recession-wracked country. Legislators agreed on Thursday after a marathon session that lasted 21 hours to try the president on allegations she illegally doctored fiscal accounts to mask the size of the budget... Continue Reading →
May 11 Henrique Meirelles, the man tipped to be Brazil's next finance minister, will draw on his stellar reputation as central bank governor between 2003 and 2010, when the economy boomed, to revive investors' confidence in Latin America's ailing giant. But former colleagues and politician insiders warn that the long-time Wall Street banker's ambition to... Continue Reading →
What used to be corporate Brazil’s top job as Chief Executive Officer is now a tough gig to sell. The likely impeachment of President Dilma Rousseff has raised expectations for a leadership change at state-controlled Petrobras. The president has traditionally chosen the CEOs at banks and companies that are controlled by the government, even... Continue Reading →
This Wednesday may be the last day in office for President Dilma Rousseff, as Brazil’s Senate gears up for a vote that would force her out and into an impeachment trial she appears unlikely to survive. The Senate debate is scheduled to last 10 hours and end by 10 p.m. local time, the chamber’s speaker... Continue Reading →
Rio de Janeiro, May 10, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 199/2016-CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 199/2016-CVM/SEP/GEA-1 “Dear Officer, I refer to the news item published today in the Blog de Lauro Jardim, which, among other matters, affirms that Petrobras’ balance sheet, to be published on... Continue Reading →
Rio de Janeiro, May 11, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that the rating agency Fitch announced the revision of Petrobras' corporate debt rating to BB from BB+, with negative outlook. This review follows the change in the sovereign rating, as announced on May, 5th.
Brazil’s Senate on Wednesday opened its session to determine whether President Dilma Rousseff will face an impeachment trial, proceedings that will likely end with her suspended from office. Ms. Rousseff is accused of violating the nation’s budgets laws, accusations that she denies. Wednesday’s proceedings opened at 10 a.m. local time. If a simple majority of... Continue Reading →
Under Brazilian law, if more than one company owns an oil field, they must negotiate an agreement to operate it as a single unit with a single operator, or lead partner, a process known as unitization. Problems with this arose after Brazil changed industry rules in 2010, creating a system of production-sharing contracts for all... Continue Reading →
Brazil’s real rose as the Senate gears up for a vote that would force President Dilma Rousseff out and into an impeachment trial she appears unlikely to survive, even as the central bank intervened to weaken the currency. The real strengthened 0.4 percent to 3.4639 per dollar at 9:30 a.m. in Sao Paulo as the monetary... Continue Reading →
May 10, 2016 Reuters Brazil plans to publish regulations in coming days to allow companies other than state-run Petrobras to operate some oil production-sharing contracts in the Subsalt Polygon, a source participating in discussions of the rules told Reuters. The rules will only allow non-Petrobras companies to operate Subsalt Polygon blocks if the blocks are... Continue Reading →
