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. Brazil's top prosecutor has asked the Supreme Court to open 83 new investigations into politicians as part of a long-running corruption probe involving state oil giant Petrobras. ... [Read full article on BBC ]
Tuesday 14th of March 2017 11:19:32 PM
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Latest Finance News related to Petrobras

Brazil prosecutor targets politicians in Petrobras scandal image
Source : BBC [Read Article] Tuesday 14th of March 2017 11:19:32 PM
. Brazil's top prosecutor has asked the Supreme Court to open 83 new investigations into politicians as part of a long-running corruption probe involving state oil giant Petrobras. ...
Brazil's Odebrecht fined at least $2.6bn for bribery image
Source : BBC [Read Article] Wednesday 21st of December 2016 06:10:49 PM
....6bn and Braskem will pay $957m for bribery across the globe. One of the biggest examples of corruption involved Odebrecht paying bribes to officials of Brazil's state-run oil company, Petrobras, which is itself at the centre of a huge corruption scandal. ...
Petrobras racks up massive losses due to write-offs image
Source : BBC [Read Article] Friday 11th of November 2016 02:37:48 AM
. Brazil's state oil giant Petrobras has reported a massive loss for the third quarter of its financial year. ...
Rolls-Royce 'made secret payments' image
Source : BBC [Read Article] Monday 31st of October 2016 05:01:05 PM
....Panorama has also been told by a Brazilian prosecutor that Rolls-Royce is co-operating with an investigation looking at bribery allegations in Brazil. It is alleged Rolls-Royce paid bribes to win a $100m contract to supply power systems to the Brazilian state oil company Petrobras. ...
Lost riches image
Source : BBC [Read Article] Thursday 27th of October 2016 11:07:39 PM
.... So places like Macae are home to a large number of people who work on the offshore oil platforms and drilling ships. Since the 1970s, when Brazil's state oil giant Petrobras started its offshore operations here, this sleepy fishing town has seen an influx of highly skilled workers, such as engineers, chemists and professional divers. ...
Brazil's 'oil capital' Macae loses out image
Source : BBC [Read Article] Thursday 27th of October 2016 11:07:35 PM
....Macae is Brazil’s "oil capital", but it has seen 22,000 jobs close down due to the country's oil crisis. Many of the firms that used to do business with Brazil's energy giant Petrobras are without work. ...
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Petrobras boss says oil firm can find its 'best days' again image
Source : BBC [Read Article] Friday 21st of October 2016 08:20:28 AM
. Pedro Parente, chief executive of Petrobras, says the Brazilian oil giant will return to its best days in five years' time - once he implements new governance and business measures. ...
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Brazil ex-President Lula and wife face charges in corruption scandal image
Source : BBC [Read Article] Wednesday 14th of September 2016 06:50:22 PM
....Federal prosecutors in Brazil have asked a judge to file corruption charges against former President Luiz Inacio Lula da Silva. They accused him of being the "boss" of a huge corruption scheme that cost the state oil company, Petrobras, an estimated $12. ...
Brazil launches rescue plan to fix economy image
Source : BBC [Read Article] Wednesday 14th of September 2016 12:57:35 AM
....He has pledged to make pension and labour reforms as well as make infrastructure investments more attractive to private firms and foreign investors. The government will scrap a rule that state-run oil firm Petrobras has to have a 30% stake in all new oil reserve developments. ...

Brazil political crisis: Senators vote to put suspended president Dilma Rousseff on trial 
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....But in recent months, Lula, as he is called, has encountered political problems of his own. Officials recently announced that the 70-year old leftist leader will be put on trial for allegedly trying to obstruct a corruption probe at Petrobras, the national oil concern. ...

Former Brazilian president  Lula faces trial for obstruction of justice 
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....Brazil’s former president, Luiz Inacio Lula da Silva, will stand trial for obstructing a landmark anti-corruption probe after federal courts accepted charges against him. Mr da Silva, known universally as Lula, is accused along with six others of trying to prevent whistleblower Nestor Cerveró from signing a plea bargain over an endemic kickback system at state-controlled oil company Petrobras. ...

Brazil's scandal-hit former president turns to UN for help as he faces arrest on eve of Olympics
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....The former president of Brazil has filed a petition to the United Nations claiming human rights abuses by his own country as he faces arrest over a corruption scandal threatening to overshadow the Olympics, the Telegraph can disclose. Luiz Inácio Lula da Silva, credited with orchestrating the nation's successful bid for the games which begin next week, is a key suspect in Operation Car Wash, an investigation into a multi-billion-dollar kickback scheme at state-oil company Petrobras. ...
Panama raids Mossack Fonseca HQ image
Source : BBC [Read Article] Wednesday 13th of April 2016 02:06:39 AM
....Mossack Fonseca partner Ramon Fonseca says the company had been hacked by servers based abroad and has filed a complaint with the Panamanian attorney general's office. Mr Fonseca served as a minister in Mr Valera's government but stepped aside earlier this year after separate allegations linked the firm to the corruption scandal engulfing the Brazilian state oil company Petrobras. ...
Brazil's Petrobras to axe 12,000 jobs image
Source : BBC [Read Article] Friday 1st of April 2016 02:54:08 PM
. Brazil's state-run oil producer, Petrobras, has said it will cut 12,000 jobs by 2020. ...
Petrobras posts $10bn quarterly loss image
Source : BBC [Read Article] Tuesday 22nd of March 2016 12:37:47 AM
. Brazil's Petrobras, which is at the centre of a massive corruption scandal, has posted its biggest ever quarterly loss due to the plunge in oil prices. ...
Brazil tycoon jailed in Petrobras case image
Source : BBC [Read Article] Tuesday 8th of March 2016 04:41:10 PM
. A Brazilian construction tycoon has been jailed for 19 years over a corruption scandal involving the state oil company Petrobras. ...
If we get smarter, we won’t need so much power. Tell that to British Gas image
....The arrest of former Brazilian president Luiz Inácio Lula da Silva could mark the beginning of the end of a political and financial crisis that has ensnared politicians and plunged the economy into recession. Lula, who served for eight years until 2011, is accused along with many others of siphoning cash from the government-owned oil firm Petrobras and spending some of that money on bribes and electoral campaigning. ...
Brazil police question ex-leader Lula image
Source : BBC [Read Article] Friday 4th of March 2016 12:13:03 PM
. Former Brazilian President Luiz Inacio Lula da Silva has been questioned by police and his house raided as part of a major fraud inquiry into the state oil company Petrobras. ...
Brazilian police detain former president Lula in corruption inquiry image
Source : Guardian [Read Article] Friday 4th of March 2016 12:02:42 PM
.... Longer term, it looks likely to raise the political temperature in a country already traumatised by economic recession, the Zika epidemic and an impeachment challenge against Lula’s successor, President Dilma Rousseff. The Lava Jato investigation – easily the biggest in the country’s history – initially focused on corruption and money laundering at the oil company Petrobras but has since widened to include construction and brokerage firms. ...
Why tackling corruption in corporate governance is not impossible image
Source : Guardian [Read Article] Thursday 18th of February 2016 03:53:43 PM
.... Companies are under genuine pressure to adhere to anti-corruption rule. Plenty of high-profile cases – from Walmart’s corruption scandal in Mexico (involving violations of the US Foreign Corrupt Practices Act) to those in the crosshairs of law enforcement, such as Petrobras, Rolls-Royce,TeliaSonora and Fifa – should boost deterrence. ...
Corruption falters as investors, journalists and voters take action image
Source : Guardian [Read Article] Wednesday 17th of February 2016 10:20:07 AM
.... Governments are passing stricter legislation, like the UK Bribery Act 2010, and broad oversight mechanisms such as the United Nations Convention against Corruption encourage further legislation and enforcement. Companies are under genuine pressure to adhere to anti-corruption rules, and plenty of high-profile cases – from Walmart’s corruption scandal in Mexico (involving violations of the US Foreign Corrupt Practices Act) to those in the crosshairs of law enforcement now, such as Petrobras, Rolls-Royce, TeliaSonora, and Fifa– should boost deterrence. ...
Shell faces $30bn battle to sell assets after BG takeover image
Source : Telegraph [Read Article] Saturday 13th of February 2016 07:55:50 PM
.... . In addition, BG Group’s deepwater Brazilian gasfields - initially seen as the key prize of the merger - now raise investor concerns after allegations of corruption against project partner Petrobras emerged last year. ...
Oil market spiral threatens to prick global debt bubble, warns BIS  image
Source : Telegraph [Read Article] Friday 5th of February 2016 06:33:20 PM
.... . While US shale frackers hog the limelight in the Anglo-Saxon press, many of these energy groups are giant "parastatals", such as Rosneft, Petrobras or China National Offshore Oil Corporation (CNOOC). ...
Brazil Petrobras ex-director jailed image
Source : BBC [Read Article] Monday 1st of February 2016 10:53:02 PM
. A former director of the Brazilian state-owned oil company Petrobras has been sentenced to twelve years in prison, as part of a huge investigation into bribery and corruption. ...
Mapped: The world's most corrupt countries image
Source : Telegraph [Read Article] Wednesday 27th of January 2016 04:00:22 AM
IMF downgrades global forecast image
Source : BBC [Read Article] Tuesday 19th of January 2016 10:04:19 AM
....5% this year and no growth at all in 2017. That reflects the political uncertainty arising from the investigation into corruption at the oil company Petrobras. ...
BP cuts 4,000 jobs amid oil downturn image
Source : BBC [Read Article] Tuesday 12th of January 2016 05:48:14 PM
....The North Sea job cuts are expected to take place over a two-year period. Meanwhile, Brazil's oil giant, Petrobras, announced a massive scale back of its investment plans thanks to the lower commodity price. ...
Saudi Aramco privatisation plans shock oil sector image
Source : Guardian [Read Article] Friday 8th of January 2016 04:05:15 PM
.... Will the Saudi government be willing to provide these and relinquish control?. “The company may have huge oil reserves but look at what happened when Petrobras (the Brazilian state oil group) was privatised. ...
Rolls-Royce faces new questions in Brazil corruption investigation image
Source : Guardian [Read Article] Friday 1st of January 2016 05:51:51 PM
....Rolls-Royce is facing fresh questions over its ties to an influential Brazilian businessman after he was charged in connection with a high-profile corruption investigation known as Operation Black Blood. The businessman, who worked as a representative for Rolls-Royce in Brazil, was charged before Christmas with alleged bribery, money-laundering and tax evasion as part of a scheme involving a Dutch company and Brazil’s state-owned oil giant Petrobras. ...
Brazil's deficit jumps sharply image
Source : BBC [Read Article] Tuesday 29th of December 2015 08:40:11 PM
....Inflation is also running at more than 10%, undermining the value of Brazilians' savings and their ability to spend. Brazil's economy has been hit hard by a slowdown in global demand - particularly in China - for its commodities, while a corruption scandal centred on state oil giant Petrobras has severely damaged investor confidence. ...
The arrest of a ‘genius’ leaves Brazil’s banks fighting for reputation image
Source : Telegraph [Read Article] Saturday 12th of December 2015 07:55:56 PM
.... But Mr Esteves’s arrest last month has been seen by many as just as symbolic. He is the first top banker to be drawn into Brazil’s “Lava Jato” (Car Wash) investigation into bribery and corruption at state-controlled oil and gas company Petrobras. ...
Bid to impeach Brazil president launched image
Source : BBC [Read Article] Wednesday 2nd of December 2015 10:52:26 PM
....The process is based on allegations Ms Rousseff broke the law in managing last year's budget, Eduardo Cunha said. Despite re-election last year, her popularity has slumped amid a corruption scandal involving the state-owned oil giant, Petrobras. ...
Brazil's recession deepens in third quarter image
Source : BBC [Read Article] Tuesday 1st of December 2015 12:08:09 PM
....Dilma Rousseff's public approval rating has hit record lows. Brazil's economy has been depressed by the end of the global commodities boom, while a corruption scandal centred on state oil giant Petrobras has damaged investor confidence. ...
BTG shares tumble after boss is arrested in Petrobras probe image
Source : Telegraph [Read Article] Thursday 26th of November 2015 06:36:27 PM
. The Petrobras corruption probe has found its way to the billionaire businessman Andre Esteves, whose arrest has knocked almost a quarter off the price of shares in his investment bank BTG Pactual. ...
Senior Brazilian senator and billionaire CEO both arrested for corruption image
Source : Guardian [Read Article] Thursday 26th of November 2015 01:07:03 AM
....Meanwhile in Brasilia, police arrested a ruling Workers’ party senator, Delcídio do Amaral, 60, a veteran lawmaker who runs the senate’s economic affairs committee and has been key to Dilma Rousseff’s efforts to impose austerity measures. Brazil’s currency fell more than 2% on Wednesday as the corruption scandal centred on state-run oil firm Petrobras threatened Rousseff’s fragile coalition in Congress. ...
Petrobras probe arrests billionaire image
Source : BBC [Read Article] Wednesday 25th of November 2015 12:11:46 PM
. One of Brazil's richest businessman has been arrested as part of the corruption probe into the state oil giant Petrobras. ...
Brazil's Petrobras scandal investigators will also scrutinize Olympic contracts image
. Brazilian police investigating corruption around the state-run oil firm Petrobras also plan to investigate more than $10bn of construction contracts for the 2016 Olympic Games in Rio de Janeiro, according to a lead investigator on the case. ...
Rolls-Royce calls in top law firm to deal with fraud investigation image
Source : Guardian [Read Article] Monday 16th of November 2015 07:37:44 PM
....Slaughter and May has been brought in while the SFO investigates allegations of bribery and corruption at the FTSE 100 engineer. Rolls-Royce was initially accused of paying bribes to win contracts in China and Indonesia, but it has also been linked to the corruption scandal facing Brazil’s state-owned oil company Petrobras, and the SFO has said it is looking into several of the UK company’s divisions. ...
Rolls-Royce faces second investigation in Brazil corruption scandal image
Source : Guardian [Read Article] Sunday 27th of September 2015 04:02:22 PM
....The beleaguered British engineering group now faces two investigations in Brazil after it admitted last month it is cooperating with investigating bodies, believed to include Brazil’s federal anti-corruption authority. The commission confirmed the inquiry intends to examine Rolls-Royce’s relationship with Brazil’s state-owned oil company, Petrobras, currently ensnared in a multibillion-dollar bribery scandal which has prompted political turmoil in the country. ...
Bill Gates sues oil giant Petrobras and PwC over corruption scandal image
Source : Telegraph [Read Article] Friday 25th of September 2015 08:32:04 PM
. The charity foundation of multi-billionaire Microsoft founder Bill Gates has sued Petrobras and accounting giant PwC's Brazil arm over investment losses due to corruption at the Brazilian oil giant. ...
Brazil's continuing corruption problem image
Source : BBC [Read Article] Tuesday 15th of September 2015 11:02:21 PM
. When Petrobras was named the most ethical global oil and gas company in 2008, few would have imagined that the company would now find itself at the centre of the biggest corruption investigation in Brazilian history. ...
Brazil cuts spending and raises taxes image
Source : BBC [Read Article] Monday 14th of September 2015 10:23:43 PM
....". Brazil's economy has been depressed by the end of the global commodities boom, while a corruption scandal centred on state oil giant Petrobras has damaged investor confidence. ...
Brazil reduced to junk as BRICs facade crumbles image
Source : Telegraph [Read Article] Thursday 10th of September 2015 07:28:27 PM
.... Mrs Rousseff said Brazil would “pay all its bills and meet all its obligations”. Yet it is unclear how long she can last as momentum builds for impeachment over her role in the Petrobras corruption scandal. ...
Brazil markets sink as S&P downgrades rating to junk image
Source : Guardian [Read Article] Thursday 10th of September 2015 07:00:45 PM
....3%. Petrobras and other heavily indebted companies such as airline Gol Linhas Aereas SA led losses on the Bovespa due to concerns about higher borrowing costs after the credit downgrade. ...
Brazil has debt rating cut to 'junk' status as problems mount image
Source : Guardian [Read Article] Thursday 10th of September 2015 06:26:20 AM
....The news couldn’t be worse for Roussef, coming while her ruling Workers’ Party is fighting for its political life amid the biggest corruption scandal yet uncovered in Brazil. The scandal involves a decade-long kickback scheme that saw what prosecutors say was $2bn in bribes paid to politically appointed executives at the state-run oil company Petrobras, who awarded Brazil’s top construction and engineering firms contracts whose final costs were wildly inflated. ...
Rolls-Royce 'co-operating' with Brazilian bribery inquiry image
Source : Telegraph [Read Article] Sunday 30th of August 2015 10:29:00 PM
. The engineering giant Rolls-Royce was tonight revealed to be co-operating with the authorities in Brazil as they investigate a multi-billion-dollar bribery scandal at the state-run oil company Petrobras. ...
Rolls-Royce cooperating with Brazilian investigation into Petrobras bribery image
....”. The company was first linked to the scandal in Brazil in February, when allegations emerged during testimony from a former Petrobras executive turned prosecution witness that it had bribed politicians and staff at the state-owned firm. ...
Does the world need a financial early warning system? image
Source : Guardian [Read Article] Friday 28th of August 2015 01:09:22 PM
....Brazil should have been downgraded below investment grade last year, as the economy struggled with a widening fiscal deficit, a growing economy-wide debt burden and a weak and worsening business environment. The corruption scandal at energy giant Petrobras is finally causing ratings agencies to reassess Brazil but the move comes too late, and their downgrades probably will not be sufficient to reflect the true risk. ...
Brazil's economy enters recession image
Source : BBC [Read Article] Friday 28th of August 2015 12:33:52 PM
....Brazilian authorities are trying to fix the economy with austerity measures, but the government is facing a political crisis and a rebellion of allied MPs who want to increase spending, rather than reform the economy. A corruption scandal has also hurt state oil giant Petrobras, responsible for a huge chunk of public investment. ...
The 10 things you need to know about business this morning image
Source : Independent [Read Article] Tuesday 18th of August 2015 08:45:53 AM
Rolls Royce: Activist investor ValueAct to push for seat on board image
Source : Independent [Read Article] Monday 3rd of August 2015 09:36:03 PM
.... At the time, the company said it planned to scrap a £1bn share buyback, despite being half-way through the programme. The company is also being investigated by the Serious Fraud Office over allegations of corruption in Indonesia and China, and in February it was dragged into a bribery scandal involving Brazil’s state oil producer Petrobras amid allegations that it had used backhanders to win a $100m (£64m) contract. ...
UK to back SBM Offshore despite bribery investigations image
Source : Guardian [Read Article] Thursday 30th of July 2015 07:25:54 PM
....Engineering company SBM Offshore – which is being investigated by Brazilian authorities over bribery allegations – confirmed that one of its flagship oil projects in Brazil will receive £34m worth of financial support from the UK. Whitehall trade officials have backed the Dutch company despite the ongoing investigation into its part in a sprawling corruption scandal that has ensnared Brazil’s state-owned oil company Petrobras, scores of senior politicians and business figures. ...
Emerging market currencies crash on Fed fears and China slump image
Source : Telegraph [Read Article] Friday 24th of July 2015 08:48:45 PM
.... The devaluation tightens the noose on Brazilian companies saddled with $188bn in dollar debt taken out during the glory days of the commodity boom. The oil group Petrobras alone raised $52bn on the US bond markets. ...
Rolls-Royce wins airline contracts worth $2bn after 'annus horribilis' image
Source : Independent [Read Article] Tuesday 21st of July 2015 12:12:28 AM
....  . Rolls is also being investigated by the Serious Fraud Office over allegations of corruption in Indonesia and China, and was dragged into a bribery scandal involving Brazil’s state oil producer, Petrobras, in February, amid allegations that it had used backhanders to win a contract worth $100m. ...
Brazil oil giant faces $98bn shareholder lawsuit in US over corruption scheme image
. A US judge has told Petrobras bosses to prepare for a $98bn lawsuit over allegations that executives at the Brazilian oil company and senior politicians were involved in a huge money-laundering and corruption scheme dubbed “Operation Carwash”. ...
New Rolls-Royce boss begins his reign with profit warning image
Source : Independent [Read Article] Tuesday 7th of July 2015 12:18:41 AM
....”. Rolls is also being investigated by the Serious Fraud Office over allegations of corruption in Indonesia and China, and in February was dragged into a bribery scandal involving Brazil’s state oil producer Petrobras amid allegations that it had used backhanders to win a $100m (£64m) contract. ...
Questor share tip: 8pc dividend on offer in UKs biggest company image
Source : Telegraph [Read Article] Wednesday 1st of July 2015 04:43:22 PM
.... In Australia, the Gorgon project, in which Shell holds a 25pc share, is to start production within the next five months. BG is set to ramp up production at Brazilian assets as long as its partner on the project, Petrobras, isn’t too hamstrung by fraud allegations. ...
Brazil's biofuels hit new sweetspot image
Source : BBC [Read Article] Tuesday 23rd of June 2015 10:45:53 PM
....But in recent years, as Brazil's economy slowed down, ethanol was one of the hardest hit sectors. While oil prices were high globally, petrol was kept artificially cheap for consumers in Brazil by the state run oil company Petrobras. ...
Petrobras case nets top businessmen image
Source : BBC [Read Article] Friday 19th of June 2015 02:11:13 PM
. Two top Brazilian businessmen have been arrested as part of a major investigation into corruption at state-owned oil giant Petrobras. ...
Brazil's economy shrinks by 0.2% image
Source : BBC [Read Article] Friday 29th of May 2015 12:37:47 PM
....3% in government consumption. A massive corruption scandal at the state oil giant Petrobras has seen the firm cut back on investment to save money, causing thousands of workers to lose their jobs. ...
Petrobras ex-manager sentenced image
Source : BBC [Read Article] Tuesday 26th of May 2015 10:38:17 PM
. A former Petrobras executive was sentenced in Brazil to five years in prison for money laundering. ...
Chinese 'economic colonisation' of Brazil continues with a $50b railway running across South America image
....But the deal does mark another milestone in China’s involvement in the Brazilian economy. Brazil has has foundered over the Petrobras scandal, in which suppliers were allegedly bribed to overcharge the state-run oil company, Petrobras, for contracts, and passed on the money to former executives and politicians. ...
China to invest $50bn in Brazil image
Source : BBC [Read Article] Thursday 14th of May 2015 11:51:07 PM
.... . A corruption scandal at the state-owned oil giant Petrobras, which has embroiled many high-profile figures, has also shaken the public mood. ...
G20: fossil fuel fears could hammer global financial system image
Source : Telegraph [Read Article] Wednesday 29th of April 2015 06:12:01 AM
.... Many of the Arctic and ultra-deepwater projects need $120, or even $150. Petrobras, Statoil, Total, BP, BG, Exxon, Shell, Chevron, and Repsol are together investing $340bn in these inhospitable zones. ...
Price of a scandal: Brazil's oil giant Petrobras in £11bn write-down image
Source : Independent [Read Article] Thursday 23rd of April 2015 11:46:09 PM
. The Brazilian state oil giant Petrobras has attempted to draw a line under a corruption scandal that has dogged the company for months, aiming to clean the slate through a massive $16. ...
Petrobras scandal adds to $16.8b losses: how gang allegedly used Spanx and cling film to smuggle millions image
....It all started with a car – a Land Rover worth $78,000, to be precise. Alberto Youseff, a known money launderer, gave the Land Rover to a former Petrobras executive, Paulo Roberto Costa, prompting Brazilian police to start their investigation into the massive, state-owned Brazilian oil company, an investigation known as Operation Car Wash. ...
Petrobras counts cost of corruption scandal as 2014 losses exceed $7bn image
Source : Guardian [Read Article] Thursday 23rd of April 2015 08:32:28 AM
. Brazil’s state-run oil company, Petrobras, has said it lost billions of dollars because of executives taking bribes for awarding inflated contracts to suppliers. ...
VIDEO: The cost of Brazil's oil corruption image
Source : BBC [Read Article] Thursday 23rd of April 2015 07:03:39 AM
. Brazil's state-run oil company, Petrobras, has released its financial results for the last year, which include $2bn (£1. ...
Petrobras corruption costs hit $2bn image
Source : BBC [Read Article] Wednesday 22nd of April 2015 11:37:43 PM
Rolls-Royce shares rev 4 per cent as chief executive John Rishton retires image
Source : Independent [Read Article] Wednesday 22nd of April 2015 10:06:23 PM
....Although shares in Rolls-Royce have risen 20 per cent this year, his reign has coincided with a string of profit warnings and jobs cuts – 2,600 of which were announced last November to round off what analysts described as an “annus horribilis”. Rolls is also being investigated by the Serious Fraud Office over allegations of corruption in Indonesia and China and was dragged into a bribery scandal involving Brazil’s state oil producer Petrobras in February, when it was accused of using back-handers to win a $100m (£65m) contract. ...
Source : BBC [Read Article] Tuesday 14th of April 2015 01:00:31 PM
....5% this year and next. "The outlook for Brazil is affected by a drought, the tightening of macroeconomic policies, and weak private sector sentiment, related in part to the fallout from the Petrobras investigation," said the IMF, adding that the country's economy is projected to contract by 1% this year, more than two percentage points below the body's October 2014 forecast. ...
VIDEO: Brazil's construction sector crisis image
Source : BBC [Read Article] Friday 10th of April 2015 09:34:20 AM
.... . The scandal has its roots in the state oil firm Petrobras, and many of Brazil's top firms have been affected. ...
Offshore profit slump image
Source : BBC [Read Article] Friday 10th of April 2015 07:47:09 AM
....However, the BBC's business correspondent in Sao Paolo, Daniel Gallas, has reported today that there are interesting moves afoot that could open up the country to a lot more foreign investment. The Brasilia government has sought to control the scale of foreign investment by demanding partnership with state-owned Petrobras. ...
Satyajit Das: The slump in oil prices is fuelling financial instability globally image
.... If the firms have difficulty meeting existing commitments, then the decrease in available funding and higher costs will create a toxic negative spiral. Energy companies, such as Brazil’s Petrobras, Mexico’s Pemex and Russia’s Gazprom are among the largest issuers of emerging market debt Sovereign and near-sovereign borrowers in oil-dependent countries are similarly vulnerable. ...

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