Petrobras unveiled today plans to divest the Azulão natural gas field in the Brazilian Amazon Basin as part of its sale strategy to raise nearly USD 21 billion by the end of 2018. Petrobras  has 100% interest in the natural gas asset in Concession BA-3 in Amazonas state, located 290km east of Manaus, the capital city […]

Petrobras denied this morning being in ongoing talks to partner with Exxon Mobil after Bloomberg reported the two firms were talking. The Wall Street Journal had already reported last month that Exxon Mobil was exploring ways to acquire a stake in Brazil’s offshore oil resources. Possible alternatives included Exxon Mobil investing in projects along with Petrobras, as well as […]

Brazil’s lower house of Congress has approved the base text of a bill to provide debt relief for the country’s cash-strapped states in return for austerity measures. Yesterday lawmakers at the lower house of Congress voted 301-127 to offer states federal assistance and debt relief in for cash-strapped states in exchange for reducing tax exemptions, […]

Banco do Brasil is aiming to grow in the U.S. by first appealing to Brazilians in South Florida, and then general consumers, across the country. An initial plan include rolling out an ultramodern online banking experience and a new credit card product. BB has been steadily growing its Banco do Brasil Americas unit since  2013 after it acquired […]

Yesterday, Temer’s Chief of Staff, Eliseu Padilha, announced that the PMDB majority Congress is likely to vote legislation next month to attract FDI. According to Padilha, new legislation will focus on infrastructure and regulatory issues and would give agency directors more discretionary over their budgets. And these directories would be hires for five-year fixed terms not […]

And Brazil don’t seem to be able to catch a break lately. This morning, data firm Markit released its Brazil Purchasing Managers’ Index revealing that manufacturing activity dropped in April, suggesting no short term recovery for the country’s deep economic recession. According to the firm’s economist Pollyanna De Lima: “The deteriorating picture in Brazil’s manufacturing sector continued in April, […]

Yesterday, shareholders of Sete Brasil, an offshore equipment manufacturer that was heavily invested in the Brazilian oil sector with support of giants such as BTG Pactual and pension funds Funcef and Petros, approved the company judicial recovery request, to be filed next week. The request followed a failed attempt to negotiate a beneficial contract with […]

My thoughts on the impeachment proceeding and yesterday’s voting: The left has consistently accused those in favor of impeachment of launching a “coup” and their leaders of “treason”. These claims of “coup” and the labeling of “traitors” are extremely troubling. If the left refuses to accept what is happening as anything but lawful and legitimate […]

As Brazil braces for the impeachment voting in the special congressional committee analyzing the matter later today (this voting is to decide if the committee will recommended bringing a formal impeachment procedure voting to the floor of the lower house), the Central Bank released numbers from a weekly survey with 100 economists. According to the survey, Brazil’s GDP is […]

As you all know, Brazil is currently at the peak of a dangerous political crisis. Yesterday Lula was appointed Chief of Staff, then it wasn’t anymore. People were out in the streets and there were news of localized violence. The impeachment committee’s member were chosen and it looks like it will proceed full-on to knock down […]

Emerging Markets Insights

a blog by Frontier Strategy Group

longandvariable

A blog on macroeconomics and public policy by Tony Yates.