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Vice President Michel Temer has become the Brazilian government’s Indispensable Man, its main buffer against the swirling turmoil that threatens to overwhelm President Dilma Rousseff and undermine her economic recovery program. Temer played that role most recently late last week as he kept the ruling coalition together by refusing to join the leader of Congress’s... Continue Reading →
An Exxon Mobil Corp. discovery off the coast of Guyana may hold oil and natural gas worth 12 times the South American nation’s entire economic output. The Liza-1 well, which probably holds the equivalent of more than 700 million barrels of oil, may begin pumping crude in as few as five years, Raphael Trotman, Guyana’s... Continue Reading →
A Brazilian prosecutor investigating the national development bank’s deals abroad said he estimates more than $2 billion in losses because of loans to junk-rated countries and builders accused in the nation’s sweeping corruption scandal. The prosecutor, who is assigned to Brazil’s budget watchdog, said the losses are tied to $12 billion of loans from a... Continue Reading →
Portugal's prosecutor general has ordered investigators to look into a request from Brazilian authorities for help with a probe into a scandal involving state-run oil company Petrobras. A cartel of engineering firms, including Latin America's giant Odebrecht SA, is accused of fixing prices and overcharging Petrobras in a scheme that allegedly helped finance the 2014... Continue Reading →
Tue Jul 21, 2015 Petrobras shares rally on Rousseff's dismal poll numbers Preferred shares of state-run oil producer Petroleo Brasileiro SA erased early losses to rise about 3 percent in early Tuesday trading after a poll showed President Dilma Rousseff's popularity continued to tumble due to a mounting corruption scandal and economic recession. The poll... Continue Reading →
President Dilma Rousseff’s approval rating fell in an MDA poll as the majority of respondents said Brazil’s economic contraction is their biggest concern. Read More
Sete Brasil's ex president, João Carlos Ferraz, admited that in a moment of weakness in 2013 he accepted bribes of U$1.9 million from the shipyards constructing Sete's rigs. The company's board have taken legal action and are asking for R$22 million in restitution. The company's board assures that this incident will not affect the on... Continue Reading →
// Fitch Affirms YPF S.A.'s IDRs at 'CCC' July 20, 2015 03:04 PM Eastern Daylight Time NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed the foreign and local currency Issuer Default Ratings (IDRs) of YPF S.A. (YPF) at 'CCC' and 'B-', respectively. Fitch affirms the company's long-term international bond ratings at 'CCC' and assigns an 'RR4' recovery... Continue Reading →
Brazil’s real climbed for the first time in four days as a central bank official said policy makers should keep raising interest rates, making the nation’s assets more attractive to global investors. The currency led regional gains as Tony Volpon, the bank’s risk-management director, said 2016 inflation expectations need to drop to the official target... Continue Reading →
If Brazil’s President Dilma Rousseff thought it was tough imposing austerity measures in the first half of the year, she may be in for some unpleasant surprises in the second. She has lost support from Senate Chief Renan Calheiros and his lower-house counterpart, Eduardo Cunha, amid growing discontent with a recession and a corruption probe... Continue Reading →
Brazil Energy Insight 