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http://www.ft.com/cms/s/0/4410a628-cf1d-11e4-9949-00144feab7de.html#ixzz3VD55Fo9u March 22, 2015 7:00 pm Brazil’s fall from grace of its own making The important question now is whether its institutions continue to hold ©AFP Brazil is in crisis. Earlier this month, more than 1m protesters took to the streets to voice their discontent. Much of the country suffers water rationing following a long... Continue Reading →
Local sources report that Sete Brasil share holders will inject up to R$1 billion to prop up the company and are negotiating with creditor banks a 90 day delay on the U$350 million loan that is overdue. In the meantime the shipyards under contract have been laying off workers. More to come...
http://www.ft.com/cms/s/0/fc15b520-cf2b-11e4-9949-00144feab7de.html#ixzz3V7vl38bw March 22, 2015 12:14 pm Oil majors pile on record debt to plug cash shortfalls Christopher Adams, Energy Editor ©AP The world’s biggest energy groups have sold record amounts of debt this year, taking advantage of historically low interest rates to plug cash shortfalls with borrowing, after a 50 per cent plunge in oil prices.... Continue Reading →
Mass protest in Brazil The endangered Dilma Rousseff Impeachment would be a difficult feat, but some are pushing for it Mar 19th 2015 The Economist A MORIBUND economy. A multi-billion-dollar corruption scandal at Petrobas (the state-controlled oil giant). The critical need to find savings equal to 1.8% of GDP this year to stave off a... Continue Reading →
UPDATE 2-Sete Brasil says Standard Chartered seeks early loan repayment Fri Mar 20, 2015 7:16pm GMT (Reuters) - Oil rig producer Sete Brasil Participações SA said on Friday that British lender Standard Chartered Plc is seeking early repayment of a loan, as fallout from a corruption scandal involving the Brazilian firm's main client cuts access to... Continue Reading →
Sete Brasil confirms that Standard Chatered Bank has called in loan. Sete has notified that one of their international creditors, Standard Chartered Bank, has called on the guarantor FGCN (Fundo Garantidor da Construção Naval) for payment of outstanding loan. Sete Brasil finds itself in a real jam since it has not been able to obtain the... Continue Reading →
Brazil’s Rousseff Tries Again to Trim Tax Incentives President tussles with lawmakers reluctant to pass unpopular belt-tightening measures Brazil's President Dilma Rousseff tried again on Friday to push tax measures through Congress to help reverse a widening budget deficit.PHOTO: REUTERS By PAULO TREVISANI AND ROGERIO JELMAYER – Wall Street Journal March 20, 2015 5:40 p.m. ET... Continue Reading →
http://www.ft.com/cms/s/0/391623f2-ceea-11e4-893d-00144feab7de.html#ixzz3UxmYLZl6 March 20, 2015 6:52 pm Brazil: At breaking point Samantha Pearson With Petrobras mired in a corruption scandal, President Rousseff hopes an economic boost will lift flagging ratings ©AFP Brazilians on Copacabana beach in Rio de Janeiro protest over the government of President Dilma Rousseff, below, and a corruption scandal involving state energy company... Continue Reading →
Brazil’s Real Climbs Most in 2015 After Sign of Budget Progress By Paula Sambo 10:45 AM BRT March 20, 2015 (Bloomberg) -- Brazil’s real rose the most this year on speculation the government is starting to make progress in curbing deficits that threaten the nation’s investment grade. The real climbed 2.3 percent to 3.2173 per... Continue Reading →
Brazilian Bonds Shunned by Structured-Note Buyers as Real Slumps By Yakob Peterseil 12:05 PM BRT March 20, 2015 (Bloomberg) -- Sales of notes tied to Brazil’s sovereign bonds are off to their worst start in 13 years as investors turn their backs on deteriorating conditions in Latin America’s biggest economy. Banks sold $11.8 million... Continue Reading →
Brazil Energy Insight 