Tag: Brazil

Brazil
Saturday, September 5th 2015 - 06:35 UTC

Rousseff is a 'fighter' but “no one can hold on for 3.5 years with a 70% disapproval rating”

The vice president said economic improvement and better relations with Congress will be crucial to turning around Rousseff's political fortunes.

Brazilian Vice President Michel Temer said it would be difficult for head of state Dilma Rousseff to last until the scheduled end of her second presidential term in 2018 without a rise in her approval rating, which currently stands at just 8%, the local press reported Friday.

Friday, September 4th 2015 - 09:00 UTC

First oil production off Rio de Janeiro with FPSO 'Cidade de Itaguai', five months ahead of schedule

Moored 240km off Rio at a water depth of 2,240 meters, the FPSO is capable of processing  150,000bopd and 280 MM standard cubic feet of gas per day

MODEC Inc. announced on Thursday that its FPSO 'Cidade de Itaguai MV26', operating in the Iracema Norte area of Lula field, in the Pre-Salt layer of Santos Basin offshore Brazil, has achieved First Oil production on July 31, 2015, five months ahead of the schedule anticipated under the contract.

Thursday, September 3rd 2015 - 08:30 UTC

Brazilian industrial production plummets in July: 8.9% from a year earlier

Industry output sank 1.5% in July from June in seasonally adjusted terms and was down 8.9% from a year earlier, the IBGE said

Brazil's industrial production plummeted in July and fell well below economists' worst predictions. Industry output sank 1.5% in July from June in seasonally adjusted terms and was down 8.9% from a year earlier, the Brazilian Institute of Geography and Statistics, or IBGE, said Wednesday. The IBGE also revised June's drop to 0.9% from 0.3% from the previous month.

Thursday, September 3rd 2015 - 07:21 UTC

Rousseff pledges to reduce budget deficit; denies Levy was stepping down

The budget was presented with a deficit with the idea of being “transparent” and showing that the economy “clearly has problems,” Rousseff affirmed

President Dilma Rousseff vowed on Wednesday to take new measures to reduce the deficit her administration is projecting for 2016, without ruling out more spending cuts and additional taxes in Brazil. The 2016 budget unveiled on Monday projected Brazil’s first-ever primary fiscal deficit, before payment of interest on the national debt, sparking controversy.

Thursday, September 3rd 2015 - 07:13 UTC

Brazilian VP calls on business community for a 'national alliance'

“There's a need for national unity if we are to have social peace. The antagonism we see in the streets cannot go on,” Temer said

President Michel Temer asked business owners and executives for a “national alliance” to deal with Brazil's political crisis and shaky economic situation. Temer is leader of the centrist PMDB, the main governing partner of Rousseff's center-left Workers Party, PT.

Wednesday, September 2nd 2015 - 08:06 UTC

Petrobras union announces an 'open-end' strike to protest investment cuts

The union is against any sale of Petrobras assets and would like to see the company to be 100% owned by Brazil's government.

Brazil's largest oil workers' union advised Petrobras that it plans to begin an open-ended strike against the state-run oil company starting at midnight (0300 GMT) on Friday. The strike is in protest at a recent cut of about 40% in investments by Petrobras and the planned sale of about $15.1 billion of assets, the union, known as FUP, said in a statement on Tuesday.

Wednesday, September 2nd 2015 - 06:43 UTC

Lula da Silva's top advisor charged for alleged involvement in Petrobras corruption

Dirceu is the most senior member of the ruling Workers' Party to be taken into custody in connection with the scheme.

Police on Tuesday asked prosecutors to file charges against Brazil's former presidential chief of staff, Jose Dirceu, and top advisor of former president Lula da Silva, for alleged involvement in the massive corruption scheme at state-owned oil company Petrobras.

Wednesday, September 2nd 2015 - 06:27 UTC

Petrobras increases price of LPG by 15%, the first adjustment in 13 years

The gas, sold in standard and ubiquitous steel bottles holding up to 13 kilograms of LPG, is essential for cooking and heating for millions in Brazil

Brazil's Petrobras announced late Monday that it would raise the wholesale price of liquefied petroleum gas (LPG) by 15% effective Tuesday, the first price adjustment for the essential cooking gas in 13 years. The move is part of efforts by Petrobras to reduce losses on fuel sales, a company Petrobras source said.

Tuesday, September 1st 2015 - 07:08 UTC

Brazil Central bank survey says economy will shrink 2.26% this year and 0.40% next year

Analysts expect Brazil's economy to contract by 0.40% in 2016, while they were forecasting a contraction of just 0.24% for next year in the prior weekly survey.

Analysts expect Brazil's economy to contract by 2.26% this year, reflecting greater pessimism in the wake of the release of figures last week showing that the country is in a recession, the Central Bank said Monday.

Tuesday, September 1st 2015 - 06:48 UTC

Moody's cuts 2016 global economic forecast; no commodities rebound in near future

Moody’s kept its Euro zone forecast unchanged despite the recent turbulence in Greece, at one and two percent in 2015 and 2016.

Credit rating firm Moody’s cut its 2016 global economic growth forecasts, with China and United States both trimmed and Russia and Brazil seen staying in recession.

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