Petrobras Oil Output May Face Interruptions If Workers Strike Oil production in Brazil may be interrupted if Petroleo Brasileiro SA workers decide to strike for an extended period, said Deyvid Bacelar, the company’s board member representing workers. Workers may decide whether to go on strike as soon as Friday, Bacelar, who is also an oil union... Continue Reading →
Petrobras Chairman of the board leave of absence
Strong rumors from reliable sources point to possible final resignation of Murilo Ferreira as Chairman of Petrobras. The latest downgrade by S&P to junk level and infighting at the Petrobras Board of Directors might be the real reasons for the leave of absence. We are monitoring the situation closely.
Brazil’s fiscal plan is a positive development, says Moody’s
Tue Sep 15, 2015 10:56am EDT Reuters Brazil's fiscal plan is a positive development, says Moody's RIO DE JANEIRO, SEPT 15 Brazil's recently-announced austerity measures are a "positive development," a senior analyst with Moody's Investors Service said on Tuesday in a vote of confidence to President Dilma Rousseff's efforts to plug a budget deficit in... Continue Reading →
Petrobras to slow asset sales, focus on cost cutting
Brazil's state-run Petroleo Brasileiro SA is slowing down a planned sale of assets and turning its attention to cost cutting to trim its massive debt, a senior company source told Reuters on Monday. The change in strategy by Petrobras, as the company is known, means that the plan to sell up to 25 percent of... Continue Reading →
Petrobras – Appointment of the Temporary Chairman of Board of Directors
Petrobras - Appointment of the Temporary Chairman of Board of Directors 09/14/2015 Rio de Janeiro, September 14, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby announces that its Board of Directors has approved, on a meeting held today, the appointment of Director Luiz Nelson Guedes de Carvalho to perform the duties of the Chairman of... Continue Reading →
Brazil’s Real Weakens as Goldman Sachs Questions Political Will
Brazil’s real declined as Goldman Sachs Group Inc. questioned the viability of proposals to cut spending and raise taxes as the government seeks to reassure investors of the country’s creditworthiness. Finance Minister Joaquim Levy proposed a new round of fiscal tightening designed to protect Brazil from further credit-rating downgrades after Standard & Poor’s cut to... Continue Reading →
Brazil announces $17 billion in new taxes, spending cuts
Brazil's government announced spending cuts and tax increases totaling 65 billion reais ($16.9 billion) on Monday as it races to close a budget deficit that led to a downgrade of the country's credit rating last week. The biggest item was the revival of the unpopular CPMF tax on financial transactions that will raise 32 billion... Continue Reading →
Fitch: Brazil’s Tax Hike on Banks May Trim Loan Originations
Mon Sep 14, 2015 11:14am EDT Fitch: Brazil's Tax Hike on Banks May Trim Loan Originations (The following statement was released by the rating agency) NEW YORK, September 14 (Fitch) Brazil's recently announced increase on the social security tax levied on banks could negatively affect the sector's net earnings, says Fitch Ratings. Fitch expects banks... Continue Reading →
UPDATE 1-Petrobras chairman to take leave, to focus on job as Vale CEO
Murilo Ferreira will take a leave of absence as chairman of state-run oil firm Petrobras, turning his full attention to his job as chief executive of Vale SA as the mining giant grapples with a downturn in the sector. Petroleo Brasileiro SA, as the company is formally known, did not give a reason for Ferreira's... Continue Reading →
Brazil Downgrade Leaves Firms With $270 Billion Debt Hangover
Brazilian companies that piled on $270 billion in international debt during the boom years are seeing their funding costs rise after the nation’s credit rating was cut to junk. The spread for five-year credit-default swaps to protect against a government default, one benchmark for setting what Brazilian companies must pay for external funding, has jumped... Continue Reading →
Brazil Energy Insight 