Petroleos Mexicanos lost its highest credit rating ever as Moody’s Investor Service downgraded the state oil producer one level, citing a deteriorating credit profile because of lower crude prices, high taxes and falling production. The cut leaves Mexico City-based Pemex at Baa1, the third lowest investment grade and one level below Mexico’s sovereign rating of... Continue Reading →

Andre Esteves, the Brazilian billionaire who transformed Grupo BTG Pactual into the largest independent investment bank in Latin America, was arrested as part of the corruption probe that has engulfed the state-run oil giant and some of the nation’s biggest builders. Federal police arrested the banker in Rio de Janeiro after first searching for him... Continue Reading →

Brazil’s real weakened the most among major currencies a corruption probe that has engulfed the state-run oil giant reached Grupo BTG Pactual, the largest independent investment bank in Latin America. Andre Esteves, BTG Pactual’s billionaire chief executive officer, was arrested along with the government’s leader in the Senate, Delcidio Amaral, a police press official said, declining... Continue Reading →

Mexico Reaps Record $6.4 Billion in Oil Hedge Win, Minister Says Adam Williams/Bloomberg November 24, 2015 — 5:21 PM BRST Mexico is reaping record financial returns from its oil hedge this year. After locking in crude sales at $76.40 a barrel, Mexico will receive $6.4 billion in December as the guaranteed price exceeds the average... Continue Reading →

Brazilian federal police on Tuesday arrested businessman and rancher José Carlos Bumlai, a friend of former President Luíz Inácio Lula da Silva, for suspected fraud in a drillship contract with state-run oil firm Petrobras. Prosecutors said they were also investigating Bumlai with the help of Brazil's tax collection agency for his role as the intermediary... Continue Reading →

Brazilian police investigating corruption around state-run oil firm Petrobras also plan to probe more than $10 billion of construction contracts for the 2016 Olympic Games in Rio de Janeiro, a lead investigator said. Some of the big engineering firms caught up in the Petrobras probe "very probably" broke laws against price-fixing and bribery on contracts... Continue Reading →

Brazil’s real rose ahead of a planned vote in congress on the country’s fiscal target and as the central bank stepped up support for the currency. The real climbed 0.7 percent to 3.7052 per U.S. dollar at 1:20 p.m. in Sao Paulo. The government is working to gather support among lawmakers to guarantee approval of a change... Continue Reading →