Pimco sues Brazil’s Petrobras for fraud Bloomberg By WILL CONNORS RIO DE JANEIRO--Add giant investment firm Pacific Investment Management Co. to the list of entities suing Brazil’s troubled state-run oil company Petroleo Brasileiro SA. California-based Pimco claims in its lawsuit that Petrobras PBR, -1.00% PETR4, -0.62% misled investors about the scope and scale of a... Continue Reading →
Cheap oil requires companies to better plan in Brazil, ANP says
Cheap oil requires companies to better plan in Brazil, ANP says Oct 20 (Reuters) - Current global oil prices should lead companies operating in Brazil to better plan their field developments, Magda Chambriard, president of oil industry watchdog ANP, said on Tuesday. "The actual price of a barrel of petroleum demands more dedication to planning... Continue Reading →
Weatherford Investors Seek `More Boring’ From Oilfield Servicer
Weatherford International Plc shareholders are asking the company for one thing this quarter: Please, just be a little more boring. Over the last decade, the oilfield-services provider has missed analyst estimates 20 times, settled a corruption probe and spent more than $150 million in professional fees to fix errors in its accounting. And last month, it... Continue Reading →
Brazil’s Real Drops on Reports Government Planning for Deficit
Brazil’s real fell the most in the region on speculation the government will change this year’s budget target to a deficit from a surplus, highlighting its inability to shore up the country’s finances. All four of Brazil’s largest newspapers now report that the government will revise this year’s budget target for a third time, forecasting... Continue Reading →
Brazil Impeachment Papers About to Drop as Crisis Hits New Stage
For the second time in Brazil’s 30-year-old democracy, the country finds itself lurching toward the impeachment of its president. A group of high-profile lawyers plans to file a request Wednesday to begin the proceedings, nudging President Dilma Rousseff closer to being ousted after months of will-she or won’t-she-be-impeached speculation that has paralyzed Congress, rattled financial... Continue Reading →
Brazil sees record 2015 primary deficit as revenues drop
Brazil's government is considering slashing its key fiscal goal to a deficit of around 50 billion reais ($12.9 billion) this year as revenues plummet due to the ongoing recession, three sources with direct knowledge of the talks said on Tuesday. That primary budget deficit would be equal to 0.85 percent of the country's gross domestic... Continue Reading →
Brazil banks to extend Sete Brasil $3.6 bln repayment deadline -report
The five Brazilian banks owed $3.6 billion from Sete Brasil, a company set up to build offshore drill-rigs for state-led oil company Petroleo Brasileiro SA, will extend a repayment deadline into next year, the Estado de S.Paulo newspaper reported on Tuesday. The debt, owed to state-led Banco do Brasil SA and state-owned Caixa Economica Federal... Continue Reading →
Brazil’s Opposition to File Key Request to Impeach Rousseff
Eduardo Cunha on Oct. 19 Photographer: Evaristo Sa/AFP/Getty Images A group of high-profile lawyers, including a former member of the ruling Workers’ Party, will file a request on Wednesday to begin impeachment proceedings against Brazilian President Dilma Rousseff, alleging she continued to doctor fiscal accounts this year. The petition, which was originally expected Tuesday, is... Continue Reading →
Brazil Real Rallies as Volatility Increases to Three-Week High
Brazil’s real rose as volatility increased to the highest level in almost three weeks amid optimism that Finance Minister Joaquim Levy will stay in his post, offsetting concerns about the outlook for Latin America’s largest economy amid political strife. The real advanced 0.9 percent to 3.8529 per dollar at 9:40 a.m. in Sao Paulo. The currency is... Continue Reading →
UPDATE 1-Andrade Gutierrez says not selling Brazil CCR road stake
Oct 19 (Reuters) - Brazilian construction group Andrade Gutierrez said on Monday that it has no intention of selling its stake in Brazil's CCR SA, an operator of toll roads, as reported earlier by Estado de S.Paulo newspaper. "The company denies that it has made any type of offer to market agents in relation to... Continue Reading →
