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Brazil’s state development bank is making the nation’s fight against inflation even more difficult. BNDES -- whose $170 billion-plus loan portfolio is bigger than the World Bank’s -- has raised its key lending rate by two percentage points this year to 7 percent. The central bank’s benchmark Selic rate is at a nine-year high of... Continue Reading →
Singapore oil rig builder Keppel Corporation Ltd said it may face an investigation into deals with Brazilian state-run oil company Petrobras and rig builder Sete Brasil. A Brazilian parliamentary commission of inquiry backed further investigations into 10 companies it identified as involved in transactions with Petrobras and Sete, including the Singaporean company's Keppel FELS Brasil... Continue Reading →
Brazil Poised to Post Widest-Ever Primary Budget Deficit Carla Simões, Mario Sergio Lima/Reuters October 22, 2015 — Primary gap to total at least 50 billion reais in 2015 Brazil will miss its fiscal target this year and post the widest year-end budget deficit before interest payments on record, according to the government’s chief of staff,... Continue Reading →
Brazil’s inflation is approaching 10 percent and yet the central bank has opted not to raise interest rates in a meeting on Wednesday. Not only that, it pushed back its target to 2017. For many, the bank is staying put and tolerating a little more inflation because of the recession, the worst in decades. But... Continue Reading →
While the potential impeachment of Brazilian President Dilma Rousseff is seen as positive by some investors, Loomis Sayles & Co.’s Edgardo Sternberg says it would probably lead to more political confusion and a deeper fiscal impasse. “The market thinks impeachment would be a good thing,” Sternberg said at a conference Thursday at Bloomberg headquarters in... Continue Reading →
Era Group Inc. (NYSE: ERA) ("Era"), a leading helicopter transport operator based in the United States, announced that Aeróleo Taxi Aero S/A, its Brazilian joint venture ("Aeroleo"), received notification today from Petroleo Brasileiro S.A. ("Petrobras") that Petrobras will cancel the ongoing tender process for heavy and medium helicopters. In its notification, Petrobras noted its determination... Continue Reading →
Petrobras - Clarification of News item: Lawsuit questions sale of Gaspetro 10/21/2015 Rio de Janeiro, October 21, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 420/2015/CVM/SEP/GEA-1 requesting clarifications, as transcribed below: Official Letter 420/2015/CVM/SEP/GEA-1 “We refer to the news item published today in the Empresas (Companies) section of Valor Econômico newspaper,... Continue Reading →
Brazil has told Dutch SBM Offshore NV, the world's top oil production ship leaser, to agree soon to a $250 million bribery settlement if it wants to regain its biggest client in the world's largest oilship market, a government source told Reuters. The ultimatum gives SBM several days to sign a leniency deal that includes... Continue Reading →
Rousseff in 1970 Source: Departamento de Ordem Política e Social (DOPS) de São Paulo For much of the past year, as Brazil plunged into economic and political crisis, President Dilma Rousseff seemed cornered in her bunker. Bookish and awkward, she rarely left the presidential palace, pouring over infrastructure reports, focusing on the technical side of... Continue Reading →
A group of high-profile Brazilian lawyers filed with the lower house today an impeachment request against President Dilma Rousseff. The petition, will be examined by the president of the lower house -- which may take days -- and if accepted, may set in motion a process that could take as long as several months to... Continue Reading →
