Announcement: Moody's: Petrobras probe weakens Brazil's sectors Global Credit Research - 09 Mar 2015 New York, March 09, 2015 -- The corruption investigation into Petroleo Brasileiro S.A. (Petrobras) will negatively affect parts of the public and private sectors, but government support for the company is likely to help contain the credit-negative impact, says a report... Continue Reading →
Brazilian politics/Gone to pot
Brazilian politics Gone to pot A sprawling corruption case poses a threat to badly needed economic reforms Mar 9th 2015 | SÃO PAULO The Economist ON MARCH 8th Dilma Rousseff, Brazil’s president, used a televised women’s day address to justify the need for belt-tightening. This is required to close a budget deficit of 6.75%, stave off a... Continue Reading →
Brazilian real falls to 11-year low over risk to austerity plan
http://www.ft.com/cms/s/0/b7802362-c67c-11e4-aee8-00144feab7de.html#ixzz3TujAiybL March 9, 2015 6:07 pm Brazilian real falls to 11-year low over risk to austerity plan ©AFP By Joe Leahy and Samantha Pearson in São Paulo Brazil’s real plunged to a near 11-year low on opening in São Paulo, amid concerns that rising political risk could threaten President Dilma Rousseff’s fiscal austerity plan. The South American... Continue Reading →
Goldman Says $40 Oil Call May Be Too Low as Demand Surprises
Goldman Says $40 Oil Call May Be Too Low as Demand Surprises By Aaron Clark 12:24 AM UYT March 9, 2015 (Bloomberg) -- Goldman Sachs Group Inc. said it didn’t expect oil demand to recover so quickly and its forecast for crude at $40 a barrel may be too low. While the bank projects... Continue Reading →
Swiss banks drawn into Petrobras scandal
http://www.ft.com/cms/s/0/bfcec5bc-c3d1-11e4-a02e-00144feab7de.html#ixzz3TtXAqcBQ March 8, 2015 4:14 pm Swiss banks drawn into Petrobras scandal Joe Leahy in São Paulo and Madison Marriage in Geneva Documents released by a Brazilian court have outlined the alleged use of Swiss bank accounts for the payment of bribes in the Petrobras scandal. Pedro Barusco, a former Petrobras executive and key witness in what... Continue Reading →
Brazilians voice their anger as currency and economy continue their collapse
Brazilians voice their anger as currency and economy continue their collapse Jonathan Wheatley | Mar 09 12:58 FT/Beyondbrics The Brazilian real continued its collapse on Monday, passing the barrier of R$3.10 to the US dollar just three trading days after going through the R$3.00 barrier. The currency is at its weakest for more than a decade... Continue Reading →
Brazil Congressional Chiefs Named in Petrobras Investigation
Brazil Congressional Chiefs Named in Petrobras Investigation By Raymond Colitt Anna Edgerton 8:46 PM BRT March 6, 2015 Brazil’s Supreme Court on Friday gave the green light to investigate the heads of both houses of Congress while ruling out a probe into President Dilma Rousseff in the country’s largest corruption scandal. Photographer: Paulo Fridman/Bloomberg... Continue Reading →
PetroTiger Faces Fallout for Coming Clean on Bribery
March 6, 2015, 6:00 AM ET PetroTiger Faces Fallout for Coming Clean on Bribery By SARA SCHAEFER MUÑOZ and JOEL SCHECTMAN Wall Street Journal Zuma Press PetroTiger’s former chief executive Joseph Sigelman is accused of bribing a Colombian official. Directors of Colombian oil services company PetroTiger Ltd. decided to follow the advice of U.S. prosecutors... Continue Reading →
Petrobras Probe Shows Brazil’s Battle Against Graft Far From Won
Petrobras Probe Shows Brazil’s Battle Against Graft Far From Won March 6, 2015 By Raymond Colitt Anti-government protesters demonstrate during clashes with the police outside the Mineirao stadium in Belo Horizonte. Photographer: Christophe Simon/AFP via Getty Images (Bloomberg) -- When Brazil’s President Dilma Rousseff won re-election in October, she pledged to crack down on... Continue Reading →
Contributing editor’s note: Petrobras and Sete Brasil in discussions to reduce contract of 28 rigs by half
Sete Brasil and Petrobras are discussing earnestly the reduction of the 28 rigs contracted to be built by Sete Brasil. Initial negotiations indicate that the reduction will be at least 50% or 14 rigs. Sete Brasil has yet to receive the bridge loan from the Federal Development Bank, BNDES, this has caused major delays and... Continue Reading →
Brazil Energy Insight 