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Brazilian authorities leading an investigation into a massive corruption scandal at the state-run oil firm Petróleo Brasileiro SA have for the first time detailed suspected wrongdoing on U.S. soil. The authorities had previously shown evidence that some suspects in the case laundered money through U.S. bank accounts. But new evidence purports to show two suspects... Continue Reading →
Moody’s Investors Service cut Brazil to the cusp of junk on Tuesday, and it was the first piece of good news investors had heard in a while. The company’s decision to assign a stable outlook to Brazil’s rating, now at the lowest level of investment grade, was welcomed by traders who had been widely anticipating... Continue Reading →
The global oil glut will last through 2016 as the strongest demand growth in five years and faltering supply fail to clear the surplus, according to the International Energy Agency. Record inventories will expand further even as consumption growth doubles in 2015 and supplies outside OPEC contract next year for the first time since 2008,... Continue Reading →
Moody’s Investors Service cut Brazil’s rating to the cusp of junk, the second time the sovereign has suffered a downgrade since President Dilma Rousseff came to office in 2011. The ratings company decreased the country’s grade by one notch to Baa3, with a stable outlook. Standard & Poor’s cut the nation’s rating to the lowest... Continue Reading →
Brazil’s embattled President Dilma Rousseff is digging in her heels as her opponents struggle to find a way to unseat her. Rousseff, 67, has stepped up public appearances to trumpet her achievements and on Monday dined with senators to defuse discontent. The meeting came a day after she thwarted some congressional leaders by nominating for... Continue Reading →
Brazilian lawmakers are split whether to support impeachment proceedings against President Dilma Rousseff over allegations that range from doctoring last year’s fiscal accounts to being negligent while chairman of Petrobras. Right now, there are 10 such requests pending, according to the lower house of Congress. Impeachment proceedings only start if the house accepts what it... Continue Reading →
Vice President Michel Temer is increasingly seen as the man who could lead Brazil out of political crisis if President Dilma Rousseff is forced from office, but people who know him say he will do all he can to see her serve out her term. Even members of Temer's PMDB party who want Rousseff to... Continue Reading →
Brazil’s real fell toward a 12-year low as a devaluation in China, the nation’s biggest trading partner, damped prospects for exporters. Ibovespa futures dropped and iron-ore miner Vale SA tumbled in early U.S. trading after the decision by China triggered the yuan’s biggest one-day drop since January 1994. The real joined a decline in developing-nation... Continue Reading →
The biggest threat to Brazilian President Dilma Rousseff's hold on office may come not from a corruption scandal that has ensnared the country's business and political elite but from a less-heralded probe into accounting practices led by a computer science graduate turned lawyer. Julio Marcelo de Oliveira, a prosecutor at Brazil's Federal Accounts Court, known... Continue Reading →
The two oil basins off Rio de Janeiro’s coast offer a glimpse into the tough choices Petroleo Brasileiro SA is making as it slashes $77 billion in investments. The Campos Basin along Rio’s north shoreline produces more oil than any other region in Brazil, but output is sliding fast as fields age. The Santos Basin... Continue Reading →
Brazil Energy Insight 