In a sign of just how distressed the Chinese market has become, traders are more bearish on the yuan than they are on the currency of Argentina, a country which suffers from a bond default, a stagnant economy and the second-highest inflation in the world. Costs to protect against further declines in the yuan, as... Continue Reading →
Brazil VP drops liaison role, remains in Rousseff government: source
Brazilian Vice President Michel Temer has decided to drop his role as day-to-day political coordinator in Congress for President Dilma Rousseff but is not leaving her government, a source in the administration said on Monday. Temer is an important ally of the embattled Rousseff and his decision will further hamstring the unpopular president, who is... Continue Reading →
Oil Explorers Tumble
Oil and gas producers dropped to their lowest level in almost four years as collapsing markets in China heightened concern that demand will falter in the world’s second-largest destination for crude, aggravating a glut from North American shale and the Persian Gulf. An index of 40 energy explorers declined 3.7 percent at 10:30 a.m. in... Continue Reading →
Angola’s Sonangol Buys Cobalt Oil Assets for $1.75 Billion
Angola’s state-owned oil company agreed to acquire Cobalt International Energy Inc.’s 40 percent interest in discoveries off the nation’s coast for $1.75 billion. Sociedade Nacional de Combustiveis de Angola, known as Sonangol, expects to receive government approval for the purchase of the stakes in blocks 21/09 and 20/11 before the end of the year, according... Continue Reading →
Brazil to cut government ministries, costs to show austerity
Brazil's government announced on Monday it will slash the number of ministries and reduce its spending, in an effort to show commitment to austerity that could be politically costly for President Dilma Rousseff. Planning Minister Nelson Barbosa said the administrative overhaul aims to make the state more efficient, but did not specify how much the... Continue Reading →
Brazil Judge Seeks Probe Into Rousseff’s 2014 Campaign Funds
A Brazilian electoral court judge has requested a probe into President Dilma Rousseff’s 2014 campaign financing on signs it may have included money siphoned from state-owned oil company Petrobras. Judge Gilmar Mendes said in his request to prosecutors and federal police that there are indications Rousseff’s Workers’ Party was indirectly financed by Petrobras, which is... Continue Reading →
Brazilian Real Leads Latin America Currency Rout Amid Sell-Off
The real plunged to a 12-year low, leading losses for Latin American currencies amid a global rout spurred by concern that the economic slowdown is worsening in China, Brazil’s largest trading partner. An index of the region’s currencies fell to the lowest since at least 1992, while Chile’s peso sank to the weakest in 12... Continue Reading →
UPDATE 2-Brazil’s largest party not bolting Rousseff government
Brazilian Vice President Michel Temer, a key ally of embattled President Dilma Rousseff, might end his role managing her unwieldy coalition in Congress but he is not planning to leave her government, members of his party said on Friday. "The vice president has not taken any decision on quitting the political liaison role," a spokesman... Continue Reading →
U.S. Oil Prices Hit Fresh Six-Year Low, Dropping Below $40 a Barrel
The price of oil in the U.S. tumbled below $40 a barrel Friday for the first time since 2009 amid a growing consensus that cheap oil is here to stay. Oil investors and forecasters, who predicted early in the year that prices would recover in the second half of 2015, now say a rebound is... Continue Reading →
Brazil’s Former President Collor de Mello in the Hot Seat Again
Brazil has seen politicians accused of corruption leave and re-enter politics time and again. But Thursday’s charges against lawmakers for allegedly pocketing bribes as part of a graft ring at Brazil’s state-run oil company contained the name of the most famous comeback kid of them all: former President Fernando Collor de Mello. Mr. Collor de... Continue Reading →
Brazil Energy Insight 