Brazil’s Petrobras to Sell US$13.7 Billion in Assets

Brazil’s Petrobras to Sell US$13.7 Billion in Assets

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – Petrobras, Brazil’s state-led oil giant, announced that it has approved a plan to sell assets worth US$13.7 billion in 2015 and 2016 in order to cut costs and reduce its debts. The company is currently involved in a large-scale corruption scandal and has seen its […]

Brazil’s Real Falls Due to Weakening Economy

Brazil’s Real Falls Due to Weakening Economy

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – Brazil’s currency, the real, fell to its weakest level against the U.S. dollar since 2005 in February this year and according to an international economic consultancy group the reason is not the current corruption scandals at oil giant Petrobras, but deteriorating economic fundamentals. According to […]

Brazil’s Petrobras Rating Downgraded to Junk Status

Brazil’s Petrobras Rating Downgraded to Junk Status

By Lisa Flueckiger, Contributing Reporter RIO DE JANEIRO, BRAZIL – International rating agency Moody’s has downgraded the rating of Brazil’s oil giant Petrobras to Ba2, two grades below investment grade status, on Tuesday February 24th. This is the second downgrading of the company in less than a month. Petrobras, currently involved in a large-scale corruption […]

Opinion: The Blame Game, a Bovine Smidgen

Opinion: The Blame Game, a Bovine Smidgen

Opinion, by Michael Royster RIO DE JANEIRO, BRAZIL – The media are having a field day with one of President Dilma’s recent remarks concerning the “bos sacrosanctus”. She recently insisted that the entire fault for the current “Petrolão” scandal can be laid at the feet of former President Fernando Henrique Cardoso. Why is FHC to […]

Petrobras May Help Push Brazil Stock Market Down 35 Percent

Petrobras May Help Push Brazil Stock Market Down 35 Percent

By Jay Forte, Contributing Reporter RIO DE JANEIRO, BRAZIL – A new report by market research company Capital Economics has tried to calculate the cost of the Petrobras scandal in Brazil, which has caused political and financial ripples across the country. Brazil’s stock market has fallen by 35 percent in terms of U.S. dollars since […]

Explosion on Oil and Gas Ship in Brazil Leaves Dead and Injured

Explosion on Oil and Gas Ship in Brazil Leaves Dead and Injured

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – An explosion in an oil and gas production ship rented by Petrobras killed at least five workers, injured ten and four are still missing, according to the company. Reportedly no oil has leaked from the ship that carried 74 persons at the time of the […]

Opinion: Bovinity and Puppetry, Petrobras in Brazil, a Smidgen

Opinion: Bovinity and Puppetry, Petrobras in Brazil, a Smidgen

Opinion, by Michael Royster RIO DE JANEIRO, BRAZIL – Bovinity has been defined as: “the state or quality of being like a cow or ox, especially in the sense of being dull, stolid, and slow-witted.” The Curmudgeon submits that, in a word, Dilma’s been positively bovine about Petrobras. She is over-impressed by its symbolic and […]

Banco do Brasil President Chosen as New Petrobras CEO

Banco do Brasil President Chosen as New Petrobras CEO

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – The Brazilian government has chosen Banco do Brasil President, Aldemir Bendine, to head oil giant Petrobras, after its CEO, Maria das Graças Foster resigned on Wednesday, February 4th, according to national daily, O Globo. Petrobras’ board of directors is currently meeting to discuss the nomination […]

Petrobras CEO Steps Down Amid Corruption Scandal

Petrobras CEO Steps Down Amid Corruption Scandal

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – After months of scandals which have led to a strong devaluation of Petrobras’ shares and a downgrade by a major credit rating company, its CEO, Maria das Graças Foster, resigned this morning (February 4th) after rumors flew around yesterday about her leaving at the beginning […]

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