Petroleo Brasileiro SA has canceled five platform-supply vessels from two separate contractors as a rout in oil prices and rising borrowing costs force Brazil’s state-controlled producer to deepen spending cuts. Ultrapetrol Bahamas Ltd. had three vessel contracts terminated ahead of schedule and World Wide Supply AS had two contracts canceled, the companies said in separate... Continue Reading →
Brazil Real on its way to hit all time high of R$4.00
The economic and political crisis that has paralyzed the discredited government of Dilma Rousseff from passing an effective fiscal package might force the currency to hit a historic high of R$4.00/USD. Despite a Central bank statement that it will put out USD 3 billion at today's currency auction. A survey published today, shows a further... Continue Reading →
Brazilian police begin 19th round in probe of Petrobras
Brazilian police carried out on Monday a new round of arrests and search and seizure operations in the corruption probe involving state-run oil firm Petrobras, local media said. A former executive of engineering firm Engevix was arrested for allegedly paying bribes to officials at Brazil's state-run nuclear power firm Eletronuclear, according to Globo TV. Federal... Continue Reading →
Real hits new lows as Brazil crisis offsets Fed boost
EMERGING MARKETS-Real hits new lows as Brazil crisis offsets Fed boost SAO PAULO, Sept 18 The Brazilian real fell to a 13-year low on Friday as political and economic problems at home outweighed bets that the U.S. Federal Reserve may still take a while to raise interest rates. The real dropped to as much as... Continue Reading →
Brazil’s top court bans corporate money in election campaigns
Brazil's Supreme Court decided on Thursday to ban corporate donations to election campaign financing in a move to clean up Brazilian politics caught in a massive kickback scandal. The top court voted 8-3 to allow election donations from individuals but not from companies, a decision that renders unconstitutional a bill passed last week by the... Continue Reading →
EMERGING MARKETS-Brazil real sinks on domestic jitters ahead of U.S. Fed
EMERGING MARKETS-Brazil real sinks on domestic jitters ahead of U.S. Fed SAO PAULO, Sept 17 The Brazilian real plunged nearly 2 percent on Thursday as investors saw no end to a domestic political crisis that is hampering President Dilma Rousseff's ability to approve crucial austerity measures. The real weakened to as much as 3.91 per... Continue Reading →
Euro bond investors’ complacency around Brazil shaken
PETROBRAS LOOMS LARGE European high-yield bond managers are also increasingly wary about exposure to Petrobras, which is at the centre of the country's "carwash" corruption scandal but also got caught up in S&P's sovereign downgrade and was cut two notches from BBB- to BB. The Brazilian oil giant has 6.9bn of euro bonds outstanding, alongside... Continue Reading →
Brazil opposition seeks Rousseff impeachment for fiscal crimes
Brazil's opposition parties on Thursday filed a request in Congress to impeach President Dilma Rousseff for breaking fiscal rules by allegedly manipulating government finances to benefit her re-election last year. The request was backed by some members of Rousseff's main political ally, the fractious PMDB party, Brazil's largest, whose votes would be needed to succeed... Continue Reading →
Petrobras – Clarification on News: Petrobras without Gaspetro
Petrobras - Clarification on News: Petrobras without Gaspetro 09/16/2015 Rio de Janeiro, September 16, 2015 – Petróleo Brasileiro S.A. – Petrobras complies with Official Letter 359/2015/CVM/SEP/GEA-1, which requested clarifications as transcribed below: OFFICIAL LETTER 359/2015/CVM/SEP/GEA-1 “We report hereby to the news published by the Isto É Dinheiro magazine, under the title “Petrobras sem Gaspetro” (Petrobras... Continue Reading →
Brazil president may roll back proposed spending cuts, taxes
Brazil's increasingly unpopular president, Dilma Rousseff, has had to negotiate parts of her recently announced austerity measures with skeptical lawmakers, putting in doubt fiscal savings needed to balance Brazil's budget, newspaper Estado de S. Paulo said on Thursday. If the government concedes on the three items under discussion, it could reduce proposed spending cuts by... Continue Reading →
Brazil Energy Insight 