Brazil’s real fell for a second straight day amid speculation the nation will struggle to avoid a credit-rating downgrade as efforts to pare budget deficits face opposition from lawmakers. Read More
BHP Expects U$2.8 Billion Impairment Charge on Shale Assets
BHP Billiton Ltd.’s $20 billion foray into U.S. shale gas continues to sour as the world’s biggest mining company revealed it plans a further impairment charge. It will take a $2.8 billion writedown, most of it on the Hawkville field in Texas, Melbourne-based BHP said Wednesday. That brings BHP’s pretax charges on its U.S. shale... Continue Reading →
Norway’s Subsea 7 to Build Terminal in Paranaguá
Norway's Subsea 7 has received permission to build and operate a terminal in the port city of Paranaguá in the state of Parana. The terminal will cost approximately R$ 103 million and it will be used to warehouse and transfer carbon fiber flexible and rigid tubing and other offshore material.
S&P Keeps Negative Bias on Petrobras
Standard & Poor's reiterated a negative outlook for Brazil's Petrobras on Tuesday, signaling the state-run oil company might soon lose its investment-grade rating despite its recent efforts to cut debt and restore investor confidence. Petroleo Brasileiro SA, as the company is formally known, has slashed its long-term spending plan to an eight-year low as it... Continue Reading →
Petrobras Board Member Questions Government Pre Salt and National Content Policies
Brazil's oil-exploration and local-content policies harm oil producer Petróleo Brasileiro SA and the nation as a whole, a government-appointed member of the state-run company's board said on Tuesday in a rare show of board-member independence. The comments were made by Roberto Castello Branco, who was named earlier this year by President Dilma Rousseff's administration to... Continue Reading →
Brazil police target politicians in new round of Petrobras probe
(Reuters) - Brazilian police carried out their first search and seizure operations involving politicians suspected of taking bribes in a scandal involving state-run oil firm Petrobras on Tuesday, local media and prosecutors said. Senators Fernando Collor de Mello and Ciro Nogueira are among the names being investigated in the 16th round of the probe, dubbed... Continue Reading →
Federal Police Search Ex President Collor on Petrobras Probe
Brazil police this morning searched the home of former president and current senator Fernando Collor as part of investigations into sitting congressmen allegedly involved in a scheme to divert money from Petrobras. Police targeted 53 homes and businesses in 7 states to keep evidence from being destroyed, according to an e-mailed statement from the prosecutor... Continue Reading →
Goldman Cuts Brazil Targets
Brazil’s retail sales in May fell more than forecast by all but one analyst, prompting Goldman Sachs Group Inc. to predict a deeper recession in 2015. Swap rates fell. Sales fell 0.9 percent after a revised 0.5 percent decline in April, the national statistics agency said in Rio de Janeiro. That was worse than the... Continue Reading →
Moody’s to Review Brazil Sovereign Rating
Moody's Investors Service is preparing a highly anticipated review of Brazil's credit rating with a visit to Brazilian policymakers and economists this week, market sources and the ratings agency said on Monday. Many analysts expect Moody's to downgrade Brazil's Baa2 credit rating by one notch at the end of its review process. Some fear it... Continue Reading →
Brazil Economic Data – Real Rises against the U$
Brazil’s real climbed to a one-week high as signs of weakness in the U.S. damped prospects for an increase in interest rates by the Federal Reserve and bolstered demand for riskier assets with better returns. Brazil’s economic team sees a credit rating downgrade by Moody’s Investors Service as almost unavoidable, Valor Economico reported Tuesday, without... Continue Reading →
Brazil Energy Insight 