Brazil oilworkers tell Petrobras open-ended strike to start Friday Sept 1,2015 - Reuters Brazil's largest oil-workers' union advised Petroleo Brasileiro SA that it plans to begin a open-ended strike against the state-run oil company starting at midnight (0300 GMT) on Friday. The strike is in protest at a recent cut of about 40 percent in... Continue Reading →
Brazilian Real Falls to 12-Year Low as Deficit Projected in 2016
Brazil’s real fell to a fresh 12-year low and led losses among major currencies as a projected deficit in 2016 added to speculation that the nation will slip to a junk credit rating. The real depreciated 1.8 percent to 3.6875 per dollar at 3:36 p.m. in Sao Paulo, the weakest level on a closing basis... Continue Reading →
UPDATE 1-Brazil reinstates IOF tax on state bank BNDES loans
Bonds | Tue Sep 1, 2015 11:27am EDT Reuters UPDATE 1-Brazil reinstates IOF tax on state bank BNDES loans (Reuters) - The Brazilian government on Tuesday reinstated a 1.5 percent financial transaction tax on loans from state development bank BNDES , part of efforts to discourage subsidized lending and narrow the country's swelling budget deficit.... Continue Reading →
Fitch says Brazil’s slipping budget target shows fiscal trouble
Bonds | Tue Sep 1, 2015 10:39am EDT Reuters Fitch says Brazil's slipping budget target shows fiscal trouble The Brazilian government's first-ever budget bill with a primary deficit underscores the growing risks to its public finances, a Fitch Ratings analyst said on Tuesday, adding to concerns that the country could lose its investment-grade credit rating.... Continue Reading →
Four reasons not to give up on Brazil
Brazil is enduring one of its most acute crises since the return of democracy in the 1980s. Amid a sharp economic downturn, the combination of growing popular discontent and a massive corruption scandal involving state-controlled oil giant Petrobras and major construction companies has prevented President Dilma Rousseff’s administration from being able to govern effectively. The... Continue Reading →
Petrobras raises cooking-gas price 15 pct; 1st rise in 13 years
Brazil's state-led oil company Petrobras said late Monday that it would raise the wholesale price of liquefied petroleum gas (LPG) by 15 percent effective Tuesday, the first price adjustment for the essential cooking gas in 13 years. Earlier on Monday Reuters reported that Petrobras had informed distributors of the gas-price increase, which is effective for... Continue Reading →
Brazil’s Economic Crisis Is Destroying the World’s Busiest Helicopter Market
Chalk up another casualty of Brazil’s economic crisis: the world’s busiest helicopter market. Flights are down by a third in Sao Paulo, where rooftop helipads dot business and residential districts. For the first time in three decades, Brazil’s fleet is poised for an annual decline. And flight schools are full of trainees who may never... Continue Reading →
Petrobras Sinks With Ibovespa as UBS Cuts Profit Outlook by 80%
The outlook for Petroleo Brasileiro SA worsened further after UBS AG cut its earnings projection by 80 percent, spurring a slide in the oil producer at the center of Brazil’s largest graft probe. The Ibovespa followed a selloff in global stocks. Shares of Petrobras extended a plunge over the past year to 63 percent, more... Continue Reading →
Jailed Odebrecht CEO criticizes plea deals in Brazil
The jailed chief executive of Brazil's largest engineering group said on Tuesday he had no intention of signing a plea deal and criticized suspects who are collaborating with a massive corruption investigation. "To snitch, you have to have something to snitch," Marcelo Odebrecht, CEO of Odebrecht SA, told lawmakers running a congressional probe who traveled... Continue Reading →
Brazil And Mexico Vie for Cash From Oil Explorers
Brazil and Mexico are preparing to compete for investments from some of the same oil majors when they hold auctions that are only a week apart at a time the price rout is prompting spending cuts. Royal Dutch Shell Plc, Statoil ASA and Cnooc Ltd. have registered to compete for the next auctions in both Mexico... Continue Reading →
Brazil Energy Insight 