Brazil

Brazil
Monday, April 27th 2015 - 10:04 UTC

Petrobras halts production in four platforms off Sergipe following a leak

The four platforms are PCM-5, PCM-6, PCM-8 and PCM-9, and together produce 400b of oil and 60,000 cubic meters of natural gas a day says ANP

Petrobras oil platforms off the north-east coast of Brazil have halted production after a leak of about 44 barrels (7000 liters) of oil was detected coming from a pipeline linking them, a local oil workers union head said over the weekend.

Friday, April 24th 2015 - 22:08 UTC

Eight first convictions in Petrobras corruption case including a former manager

The convictions stemmed from activities related to the construction of an oil refinery in the northeastern Brazilian state of Pernambuco.

The Brazilian judge overseeing the investigation into alleged corruption at Petrobras on Wednesday convicted eight people of crimes related to kickbacks and bribery. Judge Sergio Moro found former Petrobras executive Paulo Roberto Costa and currency dealer Alberto Youssef guilty of money laundering, and Mr. Costa of belonging to a criminal organization.

Friday, April 24th 2015 - 08:51 UTC

Petrobras normalizing links with investors on improved governance and transparency

“It's impossible to have a normal relationship with investors because there's no transparency without the numbers,” Ivan Monteiro

With the release of audited financials, Brazilian oil giant Petrobras believes it has started to normalize its relationship with investors and to implement better corporate governance in the wake of the financial scandal that has rocked the company, its chief financial officer said on Thursday.

Friday, April 24th 2015 - 08:43 UTC

Good news for Brazil: economy adds jobs for the first time since November

Job creation remained lackluster by historical standards: over the past decade, the Brazilian economy usually added more than 100,000 jobs per month.

Brazil's economy added jobs in March for the first time since November, government data showed on Thursday, suggesting the country's likely recession may not be as severe as many economists feared. Factories, farms and services companies in Brazil added a net 19,282 jobs in March, the Labor Ministry said, topping market expectations for 25,000 net firings.

Thursday, April 23rd 2015 - 08:45 UTC

Brasil's third biggest builder contracting drastically after Petrobras scandal and bankrupcy

OAS hopes to start talks with creditors on how to restructure the 8 billion Reais that the group owes to banks, suppliers and bondholders.

Brazilian engineering conglomerate Grupo OAS expects revenue to shrink more than 50% by 2017 as it sells operations and refocuses on civil construction after filing for bankruptcy protection due to a bribery scandal at a state-run oil company.

Thursday, April 23rd 2015 - 07:09 UTC

Petrobras reveals extent of its losses because of corruption and mismanagement

CEO Bendine said, “we have made our best efforts to turn the page on this sad chapter that the company has passed through.”

Brazil's state-run oil giant Petrobras which has been bashed by a wide-spread corruption scandal, reported on Wednesday a 2014 net loss of 21.6 billion Reais (7.2 billion dollars) after taking 50.8 billion Reais in charges.

Wednesday, April 22nd 2015 - 06:35 UTC

Petrobras receives financial support from China and local banks

The deals announced include a 1.48bn export-credit note with Banco do Brasil, where current Petrobras CEO Aldemir Bendine worked before

Brazilian state-run oil company Petrobras approved a series of financial agreements with local and international banks that will meet its financing needs in 2015, the company announced. In a filing with local stock regulators, Petrobras said that the deals will provide the company with access to about 6.2 billion dollars, including a 3.5bn financing contract reached with China Development Bank on April 1.

Monday, April 20th 2015 - 06:51 UTC

Brazil tells IMF it's working with Congress to restore fiscal balance and structural change

“The current year is a transition year for the Brazilian economy, when we are committed to a swift reversal of the fiscal situation”, said Joaquim Levy

Brazil is working with Congress on a broad agenda of structural changes to improve the business climate, increase productivity and set price signals correctly to stimulate investment, announced Finance minister Joaquim Levy in his speech to the International Monetary and Financial Committee (IMFC) this weekend.

Monday, April 20th 2015 - 06:42 UTC

Brazilian leading contractor admits paying 36m dollars in bribes to Petrobras officials

Camargo Correa is one of the largest privately owner organizations in Brazil with businesses in several fields, and operations in 21 countries

A vice president of construction company Camargo Correa told Brazilian prosecutors that he paid 36 million dollars in bribes to officials of state-controlled oil company Petrobras, the press reported, citing a document prepared by prosecutors.

Thursday, April 16th 2015 - 08:12 UTC

Brazil questions Argentina's approach to China in military procurement

“I returned from Buenos Aires with assurances that Argentina gives leading priority to its association with Unasur”, said minister Jacques Wagner<br />

Brazil's minister of defense Jacques Wagner questioned Argentina's approach to China regarding military procurement, but discarded any conflict with Buenos Aires, since the country is a 'strategic and important partner' of Brazil. Apparently the issue was brought up by Jacques when he visited his counterpart Agustín Rossi in Buenos Aires last week.

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