Eike Batista, the story of one of history’s most dramatic collapses in personal wealth will be told on the big screen. For those who remember OGX, OSX, LLX, etc... Read More
X Marks his Spot in Hollywood…
Brazil Real Retreats on Fiscal Plan Setback
The real fell 1.1 percent to 3.1383 per dollar at 3:22 p.m. in Sao Paulo. One-month implied volatility on options for the real, reflecting projected shifts in the exchange rate, remained the highest among 16 major tenders. Read More
The Scandal That Won’t Go Away – Brazil Bonds
The staying power of an ever-widening corruption scandal in Brazil has bond investors bracing for more pain. That’s stoking pessimism among bond investors already saddled with the worst losses in two years as the damaging effects of the scandal linger seven months after it surfaced. The nation’s dollar-denominated notes have slumped 1.5 percent in the... Continue Reading →
Dilma’s Rating Hits Lowest Point
Brazilian President Dilma Rousseff’s approval rating decreased in a poll conducted by Ibope amid a shrinking economy and a growing corruption scandal. The president’s administration approval rating on June 18-21 was 15 percent compared with 19 percent in the previous poll in March, according to Ibope. Contracted by the National Confederation of Industry, the survey... Continue Reading →
Chinese Eye Petrobras Assets and Collect on Financing
Two Chinese companies that entered Brazil’s giant deep-water oilfields two years ago are now looking to increase their presence as state-run Petrobras sells assets to pay down debt, said two people with knowledge of the matter. China Petroleum & Chemical Corp., or Sinopec, and Cnooc Ltd. are among companies interested in buying stakes in so-called... Continue Reading →
Will Petrobras Deliver?
Brazilian state-run oil company Petroleo Brasileiro SA's long history of failed spending and output plans may be the biggest obstacle to its efforts to convince investors it will reduce its massive debt. Petrobras has not met an annual production target since 2003 when the Workers' Party government of Brazilian President Dilma Rousseff and her predecessor... Continue Reading →
Odebrecht and Andrade Gutierrez Downgraded/Fitch
Fitch Ratings cut the ratings on Brazilian builders Odebrecht Engenharia e Construcao SA and Construtora Andrade Gutierrez SA as the nation’s largest corruption probe continues to widen. Odebrecht Engenharia was downgraded to BBB-, the lowest level of investment grade, while Andrade Gutierrez was cut to junk at BB+. Both ratings have a negative outlook, Fitch... Continue Reading →
Petrobras – Clarification on News: Sale of Ships
Clarification on News: Sale of Ships 06/29/2015 Rio de Janeiro, June 29th, 2015 – Petróleo Brasileiro S.A. – Petrobras complies with Official Letter n.º 204/2015/CVM/SEP/GEA-1 which requests clarification, as below: OFFICIAL LETTER n.º 204/2015/CVM/SEP/GEA-1 “We referred to news released on this date, in the newspaper “Valor Online”, entitled: “Petrobras negotiates the sale of 23 ships,... Continue Reading →
New Oil Boom in Sight as Brazil and Iraq cut Production Targets – IEA
Massive downward revisions to oil output in Brazil and Iraq have increased the risks for oil markets of going from the current feast to famine within just a few years, leading to a price spike that would give a new boost to the U.S. shale industry. Brazil and Iraq had been expected to add over... Continue Reading →
Brazilian Real Gains After Smaller than Forecast Budget Report
Brazil posted its widest budget deficit before interest payments of the year last month as slower growth erodes tax collection. The real strengthened 0.7 percent to 3.0961 per U.S. dollar at 10:40 a.m. local time. Read More
Brazil Energy Insight 