Mon Apr 27, 2015 4:20pm EDT CORRECTED-Petrobras says non-government board member Monforte resigns (Reuters) - Jose Guimarães Monforte quit the board of directors of Petroleo Brasileiro SA on Friday, and a source on the board said two days earlier he had abstained from voting to approve the company's audited financial statements. Petrobras, as the company... Continue Reading →
Petrobras (PBR.A) Stock Falls Today on Morgan Stanley Downgrade
Petrobras (PBR.A) Stock Falls Today on Morgan Stanley Downgrade By Andrew Meola|04/27/15 - 10:53 AM EDT NEW YORK (TheStreet) -- Shares of Petrobras fell 2.24% to $8.71 in morning trading Monday after Morgan Stanley downgraded the Brazilian state-owned energy company to "underweight" from "equal weight" and reduced its price target to $8.50. The firm said the company's debt level... Continue Reading →
PDVSA’s Boost in Oil Well Spending Fails to Stem Output Declines
PDVSA’s Boost in Oil Well Spending Fails to Stem Output Declines By Pietro Pitts / Bloomberg 3:41 PM BRT April 27, 2015 A 62 percent increase in Petroleos de Venezuela SA’s 2014 exploration and development spending wasn’t enough to stem a near decade-long slide in crude output. PDVSA, as the state oil company is known,... Continue Reading →
Oil companies seek lasting cost cuts after crude price plunge
http://www.ft.com/cms/s/0/1e4570d0-ea5d-11e4-96ec-00144feab7de.html#ixzz3YWzOmn7w April 27, 2015 2:49 pm Oil companies seek lasting cost cuts after crude price plunge Ed Crooks and Christopher Adams in Houston/FT ©Bloomberg As oil companies grapple with the consequences of the plunge in the value of crude over the past nine months, some are coming to a paradoxical conclusion: they may be better off when... Continue Reading →
Fitch: BNDES’s Scale-Back an Opportunity for Brazil’s Banks
Mon Apr 27, 2015 11:55am EDT Fitch: BNDES's Scale-Back an Opportunity for Brazil's Banks (The following statement was released by the rating agency) NEW YORK, April 27 (Fitch) As Brazil's government-sponsored Banco Nacional de Desenvolvimento Economico e Social (BNDES) likely scales back its role in infrastructure financing, the federal government expects more active participation of... Continue Reading →
Brazil’s Former Ruling Party Treasurer Charged in Petrobras Case
Brazil’s Former Ruling Party Treasurer Charged in Petrobras Case By Raymond Colitt / Bloomberg 12:20 PM BRT April 27, 2015 The former treasurer of President Dilma Rousseff’s Workers’ Party was charged by Brazilian public prosecutors for his role in the corruption scandal at state-run oil company Petrobras. Vaccari is being accused of laundering money stemming... Continue Reading →
Brazil’s Real Climbs as Higher Rates Seen Attracting Investors
Brazil’s Real Climbs as Higher Rates Seen Attracting Investors By Filipe Pacheco 10:46 AM BRT April 27, 2015 Brazil’s real rose for a fifth straight day amid speculation that the central bank will increase borrowing costs by another half-percentage point this week, making local assets more attractive to international investors. The real gained 0.2 percent... Continue Reading →
The ghost in the Planalto/Dilma Rousseff is in office but no longer in power
Bello The ghost in the Planalto Dilma Rousseff is in office but no longer in power Apr 25th 2015 | From the print edition The Economist “DILMA Out, PT out,” rang the angry chants up and down São Paulo’s Avenida Paulista on a blazing Sunday afternoon on April 12th. They were echoed in towns and cities across Brazil.... Continue Reading →
Petrobras Fallout Pushes Even Untainted Borrowers Toward Default
Petrobras Fallout Pushes Even Untainted Borrowers Toward Default By Filipe Pacheco / Bloomberg 10:00 PM BRT April 26, 2015 The bribery investigation at Petroleo Brasileiro SA has already pushed two companies implicated by the alleged graft into default. Now, a cement producer untainted by the scandal -- but upended by its fallout -- risks joining... Continue Reading →
Odebrecht Seeks Renewable-Energy Partners as Brazil Funds Dry Up
Odebrecht Seeks Renewable-Energy Partners as Brazil Funds Dry Up By Vanessa Dezem / Bloomberg 8:00 AM BRT April 27, 2015 Odebrecht Energia, a unit of Brazilian construction giant Odebrecht SA, is seeking investors to buy stakes in its renewable-energy assets as credit conditions deteriorate in Brazil. The developer is in talks with four international pension... Continue Reading →
Brazil Energy Insight 