Brazil

Brazil
Saturday, January 30th 2016 - 13:11 UTC

Petrobras plans to slash 30% of management jobs in non-operating areas

Petrobras said the reforms are a response to lower oil prices and mark a shift to more profitable activities. It hopes the restructuring will trim US$440 million

As Brazil struggles with a corruption scandal in which executives and politicians face investigations of alleged bribery, Brazil’s state-run oil company Petrobras announced it will slash management jobs as part of an efficiency drive approved by its board of directors.

Saturday, January 30th 2016 - 11:53 UTC

Brazil ends 2015 with record deficits: primary, 1.88% and fiscal 10.34%, of GDP

Brazil's primary budget deficit of 71.7 billion reais ($17.59 billion) in December contributed heavily to the annual result.

Brazil posted a primary budget deficit in 2015 of 111.25 billion Reais (roughly $27.29 billion), the biggest since the data series began in 2001, the Central Bank said on Friday. The primary budget deficit (before interest payments), equivalent to 1.88% of GDP, was more than triple the primary budget gap in 2014 (32.5 billion reais, or 0.57% of GDP).

Friday, January 29th 2016 - 04:31 UTC

Brazil unveils US$ 20bn credit plan to revive economy; 'raid' on workers' pension funds

Finance Minister Nelson Barbosa said the new credit measures were aimed at helping companies ride out a recession that could be Brazil's worst in a century.

Brazil will release 83 billion reais (US$20.4 billion) in new credit from state-run banks for farmers, builders and other businesses suffering in a shrinking economy, resuming stimulus efforts it had largely eschewed in last year's austerity drive.

Friday, January 29th 2016 - 03:58 UTC

Petrobras corruption uncovers beach-side apartments used as bribes and money laundering

Investigators said they are looking into whether construction firm OAS SA used apartments in the Solaris complex in Guaruja as bribes

Beach-side apartments in Brazil may have been used as bribes and to launder money for members of the ruling Workers’ Party (PT), police and prosecutors said as they carried out six arrests and executed 15 search warrants in four cities.

Thursday, January 28th 2016 - 07:14 UTC

Petrobras scandal leads to real estate transactions investigation

“The investigation points to money laundering and asset-concealment transactions via real-estate businesses,” prosecutor Carlos Fernando Dos Santos Lima said

Brazilian police and prosecutors said Wednesday that as part of their investigation into a massive corruption scheme centered on Petrobras they were looking into whether some of the money diverted from the state-controlled oil company was laundered through real-estate transactions coordinated by a Panamanian-based law firm.

Thursday, January 28th 2016 - 06:49 UTC

Brazil expected to announce massive injection of loans to revive the economy

Barbosa will make the announcement with President Dilma Rousseff as she presides over a meeting of the Council for Economic Development

Brazil’s Finance Minister Nelson Barbosa is expected to announce as much as 60bn Reais (US$15bn) in loans as the government seeks to revive growth amid the worst economic downturn in over a century.

Thursday, January 28th 2016 - 06:28 UTC

Guanabara Bay pollution at the heart of Olympics sailing competition controversy

Andy Hunt took over just two weeks ago as the new CEO, and sailing is still scheduled to begin in August in the sewage-filled Guanabara bay.

The former CEO of World Sailing says he was fired for pushing to get rid of polluted Guanabara Bay as the sailing venue for this year’s Olympics in Rio de Janeiro. Peter Sowrey tried to change the venue, or at least have a “B plan” but says “I was told to gag myself on the subject.”

Wednesday, January 27th 2016 - 08:28 UTC

Brazil's current account deficit drops to 3.32% of GDP, lowest since 2010

According to Maciel, the dollar, which soared roughly 50% in 2015 from 2014, also had an impact on the current account.

The soaring US dollar and Brazil’s slumping economy led to a weaker demand for imported goods and services in 2015. As a result, Brazil’s current account deficit reached USD 58.942 billion, equivalent to 3.32% of GDP. The result is the smallest amount since 2010. In 2014, the current account deficit reached USD 104.181 billion, or 4.31% of GDP.

Wednesday, January 27th 2016 - 08:20 UTC

SBM Offshore reaches out of court settlement with Brazilian prosecution

CEO Bruno Chabas, and Sietze Hepkema from the supervisory board, has agreed to a settlement which will be paid by the Amsterdam-based company.

SBM Offshore’s CEO and another company executive have agreed an out-of-court settlement with the Brazilian public prosecutor’s office (Ministério Público Federal) for charges relating to the Petrobras corruption scandal.

Monday, January 25th 2016 - 10:36 UTC

Oil price plunge distorts Brazilian market and leaves Rio cash strapped

“Brent Dated” index, based on a seven-day rolling average price for crude, will be used up to the price level of $50 a barrel, said the decree signed by Rousseff

Brazil's President Dilma Rousseff approved a resolution to maintain the current system for establishing the minimum price of oil on which royalty payments are paid by state-run oil company Petrobras to local governments.

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