Brazil's securities industry regulator accused the former board of state-run oil producer Petrobras of setting a fuel pricing policy that misguided investors and hurt the company.
Petrobras’ Exploration and Production Director, Solange Guedes, received the OTC Distinguished Achievement Award for Companies, Organizations and Institutions, the highest recognition that an oil company can be given as an offshore operator.
Itaú Unibanco Holding SA, one of Brazil's strongest and leading banking groups is provisioning more for loan losses and curbing loan book growth in a bet that careful risk management will help the bank navigate the country's steepest recession in over two decades.
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.
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.
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.
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.
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.
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.
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.