Brought to you by Quest Offshore & Southern Cone Consultants
To Citigroup Inc., traders in Brazil’s bank-bond market are being far too complacent. The country is in danger of having its rating cut to the cusp of junk by Moody’s Investors Service, and that means the nation’s biggest lenders are also in the crosshairs. That’s because banks’ credit grades typically are aligned with those of... Continue Reading →
Brazil’s local bond yields rose to a record and the cost of protecting against default climbed after President Dilma Rousseff suffered a setback in Congress that eroded measures to pare budgets and avoid a junk credit rating. The real declined to a 12-year low as the lower house of Congress voted for spending increases hours... Continue Reading →
Aug 5 Brazil's two largest energy companies, Eletrobras and Petrobras , settled a quarrel on Wednesday worth billions of dollars in late payments for fuel supplies, the government said. Brazil's Energy Ministry said Centrais Eletricas Brasileiras SA, as Eletrobras is known, will pay Petrobras a bill that at one point late last year was estimated... Continue Reading →
Reuters Aug 6 Brazilian President Dilma Rousseff's approval rating hit a new low of 8 percent as a growing number of voters support her impeachment, pollster Datafolha said on Thursday. The number of Brazilians that consider Rousseff's administration "bad" or "very bad" touched 71 percent, from 65 percent in June, according to a Datafolha poll... Continue Reading →
Federal Judge Sergio Moro handed out more prison sentences on Wednesday, this time to executives in Brazilian construction firm OAS, which was ensnared in the country's biggest corruption scandal in history centered around state-run oil company Petrobras. OAS Chief Executive Jose Aldemario Pinheiro Filho was sentenced to 16 years and 4 months, and was also... Continue Reading →
Brazil’s central bank says keeping interest rates at the highest level in nine years for a prolonged period will bring inflation back to its target by the end of 2016. The central bank board, led by bank President Alexandre Tombini, voted last week to lift the benchmark interest rate for the seventh straight meeting, by... Continue Reading →
Goldman Sachs Group Inc. says crude prices need to remain lower for a longer time to allow the oil market to find equilibrium amid a supply glut. Storage may be filled by the fall with global crude oversupply running at 2 million barrels a day and low-cost producers continuing to boost output, Goldman analysts including... Continue Reading →
YPF SA, Argentina’s state-run oil producer, posted second-quarter earnings that exceeded expectations as it increased output and sold crude at a premium to international prices. Net income rose to 2.3 billion pesos ($250 million) from 1.5 billion pesos a year earlier, Buenos Aires-based YPF said in a statement Wednesday. Per-share profit of 5.86 pesos, excluding... Continue Reading →
Brazil's state-run oil company Petroleo Brasileiro SA (PETR4.SA) second-quarter profit fell by almost a fifth from a year earlier due to a tax settlement charge and a plunge in oil prices, according to a Reuters survey of analysts. The average estimate of 12 analysts polled by Reuters is for net income to fall 19 percent... Continue Reading →
There’s a sense of foreboding in Brasilia this month as politicians remember Augusts past, including the resignation of one president, the suicide of another and protests that led to Brazil’s first impeachment. Already more than 100,000 people have signed up on social media to march against President Dilma Rousseff on Aug. 16. Those demonstrations may... Continue Reading →
