Brazil

Brazil
Tuesday, May 5th 2015 - 09:52 UTC

Mercosur main partners' bilateral trade stalled for the last six years

“Argentina's foreign trade policy has become to the say the least, confusing”, points out the consultant's report.

Bilateral trade between Mercosur main partners Argentina and Brazil, has stalled at an annual 30bn dollars during the last six years (2008/2014), with no prospects of a recovery during 2015, according to Finsoport consultants from Buenos Aires.

Tuesday, May 5th 2015 - 06:41 UTC

Brazil's Vale CEO becomes chairman of Petrobras board of directors

The appointment of Murilo Ferreira takes place just one week after Petrobras recorded an impairment charge of 15 billion dollars (44.6 billion Real).

The CEO of Vale SA Murilo Ferreira was voted Chairman of the Board of Directors at Petroleo Brasileiro Petrobras SA (ADR). The Rio de Janeiro-based oil corporation is the most indebted energy company in the world, and is battling to get its way around one of the biggest corruption and bribery scandal that has surrounded the company since October last year.

Tuesday, May 5th 2015 - 06:34 UTC

Brazil pledges rule changes to make oil exploration and production concessions more dynamic

“We need to adjust policies because the economy is so dynamic,” minister Braga told reporters at the Offshore Technology Conference in Houston.

Brazil's government is discussing changes to its oil regulations but any new rules will not be in place before an October auction of exploration and production concessions, the country's energy minister Eduardo Braga said on Monday.

Tuesday, May 5th 2015 - 06:19 UTC

Petrobras sets record for exploratory drilling in water depth of 3.000 meters

The corporation is a world leader in deep-water drilling technology and accounts for nearly 30% of the world's 50 deepest wells.

Petrobras has set a new Brazilian record for exploratory drilling by reaching a water depth of nearly 3,000 meters, the state-controlled oil giant said. The 3-BRSA-1296-SES well was drilled to a water depth of 2,988 meters - eight meters more than the 3-SES-184 well Petrobras drilled in February in that same basin - and a total depth of 6,060 meters.

Thursday, April 30th 2015 - 07:52 UTC

Brazil raises basic rate 50 points to 13.25%, highest since December 2008

The Brazilian central bank gave no clear indication it is ready to stop the rate-hiking cycle just yet.

As was anticipated and in line with the current anti-inflation policy, Brazil's central bank on Wednesday evening announced the increase of the basic Selic interest rate another 50 points to 13.25% from 12.75%. The decision from the nine-member Monetary Committee was unanimous, according to the official release.

Wednesday, April 29th 2015 - 08:24 UTC

Australia and Brazil angry at Indonesia for execution of drug-traffickers

“We respect Indonesia's sovereignty but we do deplore what's been done and this cannot be simply business as usual” said Australian PM Tony Abbott

An Indonesian firing squad executed eight convicted drug-traffickers from several countries on Tuesday, prompting Australia to recall its envoy to Jakarta and bringing an angry reaction from Brazil.

Wednesday, April 29th 2015 - 08:18 UTC

Petrobras contracting companies' officials released from jail and moved to house arrest

Brazil's prosecutor general Rodrigo Janot criticized the Court's decision arguing that forming the cartel constituted a risk to public order

Brazil's Supreme Court has ordered the release from jail of nine executives from engineering corporations charged in the corruption investigation at state-run oil firm Petrobras. In a statement the court said that the executives had the right to defend themselves out of jail, although they will be under house arrest.

Tuesday, April 28th 2015 - 05:44 UTC

Brazil's economy expected to further contract and inflation to reach 8.25%

As to growth Focus expects a 1.1% contraction, compared to the 1.03% estimate released last week, the worst performance by Brazil’s economy since 1990.

Analysts have reviewed negatively Brazil's 2015 inflation and growth forecasts, according to the latest Focus report from the Central Bank, released on Monday. The survey which includes 100 analysts from private financial institutions on the state of the economy anticipates inflation of 8.25% and 1.1% contraction of GDP by the end of the year.

Monday, April 27th 2015 - 22:40 UTC

Brazil's ruling party of Lula and Dilma 'stole too much' and its time 'is over'

The former minister and chairman of the Democratic Labor Party next to the Brazilian president when her inauguration

A close ally of Brazilian president Dilma Rousseff and currently part of her government's coalition said “too much stealing” by Lula da Silva's ruling Workers Party (PT) is responsible for the country's political crisis and public opinion disenchantment with politics.

Monday, April 27th 2015 - 10:14 UTC

Shell confident Petrobras will recover and willing to purchase more assets from the Brazil oil giant

CEO Ben van Beurden said production from Brazil's offshore subsalt region will remain profitable, and predicted oil prices will rise from the current low levels

Royal Dutch Shell Plc has taken into account the risks presented by the Petrobras graft scandal to its expanding operations in Brazil and is confident the Brazilian state-run oil company will emerge stronger, Shell's CEO said in an interview.

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