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An ongoing political and economic crisis once more threatens to fell the tallest tree in Brazil's political landscape: former President Luiz Inacio Lula da Silva. His once-sterling legacy, previously tarnished by a Congressional vote-buying scandal, is being sullied further by economic and political turmoil that has driven approval ratings for his hand-picked successor into single... Continue Reading →
The Brazilian Democratic Movement Party, the nation's largest, is preparing to leave President Dilma Rousseff's administration after disagreements over handling an ongoing political crisis, Valor Econômico newspaper said on Friday. The newspaper, which did not say how it obtained the information, said the party known as PMDB would take a first step in that direction... Continue Reading →
Engulfed by political and economic crises, Brazil can ill-afford to be beset by more problems. Yet that’s exactly what is happening after its southernmost state of Rio Grande do Sul defaulted on a 280 million real ($80.9 million) payment to the federal government this month -- the first since the nation’s municipal-debt meltdown in 1997.... Continue Reading →
Brazilian public prosecutors pressed corruption charges against Chamber of Deputies chief Eduardo Cunha before the Supreme Court. Cunha is accused of having received $5 million in a scheme of kickbacks at state-owned oil company Petrobras, according to a statement by the prosecutor-general’s office. Cunha previously denied the charges. The formal accusations against Cunha weaken one... Continue Reading →
Petrobras - Clarification of News Item: Payment of fine for the winding up of investigations in the United States 08/19/2015 Rio de Janeiro, August 19, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby declares that, in relation to news published in the media concerning the payment of a fine to the U.S. authorities, there are... Continue Reading →
The Brazilian real’s volatility climbed to a one-week high as the unemployment rate increased more than forecast, damping prospects as the nation faces its longest recession since the 1930s. Moody’s Investors Service cited a lack of political consensus on attempts to repair government finances as well as a faltering economy when it cut Brazil to... Continue Reading →
As U.S. oil fell to a new six-year low below $41 a barrel on Wednesday, an increasing number of analysts and traders are saying prepare for crude dipping into the $30s, and soon. The move to a price last seen at the height of the financial crisis, in February 2009, could come amid a seasonal... Continue Reading →
A plunge in the Ibovespa from this year’s peak put the equity gauge on the brink of a bear market amid forecasts Latin America’s largest economy is headed toward the longest recession since the 1930s. The stock benchmark led world losses, extending its slump since May 5 to 20 percent, as lender Itau Unibanco Holding... Continue Reading →
Brazil is close to hitting its longest stretch ever without selling new bonds abroad. The Treasury hasn’t sold new notes in international markets since its $1 billion issue of 2025 bonds in September 2014 as a deepening recession and a widening political crisis drove Brazil’s credit rating to the cusp of junk. If the government... Continue Reading →
Petrobras - Clarification on News: Funding via Debentures 08/18/2015 Rio de Janeiro, August 18, 2015 – Petróleo Brasileiro S.A. – Petrobras complies with the Official Letter No. 314/2015/CVM/SEP/GEA-1 requesting the following clarification: Official Letter No. 314/2015/CVM/SEP/GEA-1 “We refer to the news published this date in the Finance Section of the Valor Econômico newspaper, under the... Continue Reading →
Brazil Energy Insight 