Brazil

• Tuesday, May 5th 2015 - 06:19 UTC

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

  

  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

  

  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

  

  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 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%

  

  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'

  

  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

  

  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.

• Monday, April 27th 2015 - 10:04 UTC

  Petrobras halts production in four platforms off Sergipe following a leak

  

  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 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

  

  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.