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Brazil’s central bank left its benchmark interest rate unchanged on Wednesday at the highest level in nine years as the long battle with inflation continues with little relief in sight. The bank’s monetary-policy committee left the benchmark Selic rate at 14.25%. The committee repeated its statement from its previous meeting, saying the Selic should stay... Continue Reading →
Brazil has stronger credit dynamics than lower-rated nations and an outlook for economic and fiscal recovery that would make a reduction to a junk grade unjustified, Moody’s Investors Service said. When Moody’s gave Brazil a stable outlook after reducing its credit rating last month to Baa3, its lowest investment grade, it found that the nation... Continue Reading →
Bonds of Vantage Drilling Co. dropped as Petroleo Brasileiro SA terminated a $1.7 billion drill deal amid a bribery investigation. The deepwater-rig owner’s $1.1 billion of 7.5 percent secured bonds slid 5 cents to 42 cents on the dollar, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. Its contract for... Continue Reading →
Denmark's shipping and oil group A.P. Moller-Maersk said one of its employees in Brazil received a request from authorities last month to provide additional information for a corruption investigation at state-run oil firm Petrobras. Prosecutors say Maersk, which first met with Brazilian investigators in July 2014, is one of more than a dozen foreign companies... Continue Reading →
Brazil’s President Dilma Rousseff said her Finance MinisterJoaquim Levy is not isolated and worn out, even after several of his recent proposals aimed at avoiding a sovereign credit rating downgrade were blocked. Brazil’s Congress has redoubled its opposition to Levy’s austerity proposals as Latin America’s biggest economy heads to its first two-year recession since 1931.... Continue Reading →
Saudi Arabia and its Gulf allies are at odds with Iran and other OPEC members over whether the organization should include oil-price forecasts in its long-term strategy report, according to three of the group’s delegates. The Gulf kingdom, which has led the Organization of Petroleum Exporting Countries in a battle against rival producers, is seeking... Continue Reading →
Brazil’s real slid for a fourth straight day and fell to a new 12-yearlow as a bigger-than-forecast drop in industrial production added to concern the nation is facing its longest economic contraction since the 1930s. The real declined 0.3 percent to 3.7111 per dollar Wednesday as of 10:08 a.m. in Sao Paulo, the weakest level... Continue Reading →
September 01, 2015 17:25 ET Vantage Drilling Company Receives Notice of Drilling Contract Termination HOUSTON, TX--(Marketwired - Sep 1, 2015) - Vantage Drilling Company (NYSE MKT: VTG) ("Vantage") received a notice dated August 31, 2015 (the "Notice") from Petrobras America, Inc. ("PAI") and Petrobras Venezuela Investments & Services B.V. ("PVIS") stating that PAI and PVIS... Continue Reading →
Much of Brazil’s plan to cut as many as 10 ministries by the end of the month is little more than re-branding, without saving the government much money, according to a cabinet member participating in the discussions. There are currently 38 officials in Brazil with the status of minister, including the heads of nine secretariats and... Continue Reading →
Brazil is likely to halt one of the world's most aggressive rate-hiking cycles on Wednesday, sparing more suffering to a contracting economy despite fears a deepening fiscal crisis could keep inflation high. All but one of the 30 economists surveyed by Reuters last week expected the central bank to hold its benchmark Selic rate at... Continue Reading →
Brazil Energy Insight 