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Petroleo Brasileiro Petrobras SA

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  • GOIANIA, Brazil April 10- The Brazilian economy will likely shrink this year, but the South American country could return to growth in 2016 if it succeeds in boosting investor confidence with its austerity drive, the International Monetary Fund said on Friday. The IMF lowered its 2015 forecast for Brazil's economic performance to a 1 percent contraction from...

  • By embracing power-sharing deals and budget cuts that she shunned during her first term in office, President Dilma Rousseff has begun to ease the economic and political crisis plaguing Brazil, congressional leaders and economists say. Rousseff's decision this week to hand formal responsibility for negotiating with Congress to Vice President Michel...

  • BRASILIA, April 9- State-run oil company Petrobras has purged corrupt managers and put a graft scandal behind it, while hitting record output levels from off-shore deposits, Brazil's President Dilma Rousseff said on Thursday. The indictment of former senior executives of Petroleo Brasileiro SA and the investigation of dozens of political allies of...

  • SAO PAULO, April 6- Brazil's state-run oil company Petroleo Brasileiro SA said on Monday it would halt five drilling rigs under contract with Schahin. Petrobras, as the company is known, said it was informed by Schahin on April 2 that the financially strapped oil services company was planning a controlled shutdown of drilling activities at five of its rigs.

  • SAO PAULO, March 31- Petrobras, Brazil's state-run oil company, will not sell its fuel distribution arm as part of its ongoing asset sale plan, company board member Silvio Sinedino said on Tuesday. In a live speech broadcast on Youtube, Sinedino said Aldemir Bendine, chief executive of the company, officially Petroleo Brasileiro SA, told a recent board meeting that...

  • SAO PAULO, March 30- Brazil's state-run oil company Petroleo Brasileiro SA said in a securities filing on Monday that Mauro Gentile Rodrigues da Cunha, the board member elected by minority shareholders, had decided not to run for another term.

  • SAO PAULO, March 27- Brazilian police on Friday arrested the CEO of Grupo Galvão, the latest executive seized in a corruption probe focused on state-run oil firm Petroleo Brasileiro SA. Trials are underway in Curitiba, in what has become Brazil's biggest-ever corruption probe known as Operation Car Wash. Two dozen of Brazil's biggest engineering firms are...

  • SAO PAULO, March 27- Brazilian police on Friday arrested the CEO of Grupo Galvão, the latest executive arrested in a corruption probe focused on state-run oil firm Petroleo Brasileiro SA. Trials are underway there in what has become Brazil's biggest-ever corruption probe known as Operation Car Wash. Two dozen of Brazil's biggest engineering firms are being...

  • BRASILIA, March 27- Brazil's economy grew a slightly better-than-expected 0.1 percent in 2014, but sliding investment set the stage for what most observers expect will be a painful recession this year. Brazil's meager 2014 growth hanged on government consumption, a symptom of the country's deepening imbalances. While the 1.3 percent increase in public...

  • RIO DE JANEIRO, March 26- The former chief executive officer of Petroleo Brasileiro SA, Maria das Graças Foster, on Monday said she was ashamed of a corruption scandal at the state-run oil company but denied any knowledge of alleged widespread bribery. Foster, who resigned her post on Feb. 4, told a congressional committee in Brasilia that the company cannot be...

  • RIO DE JANEIRO, March 26- Brazil's state-run oil company Petroleo Brasileiro SA on Thursday named Luciano Coutinho, the head of Brazil's state development bank BNDES, as its new chairman. A close ally of President Dilma Rousseff, whom he taught economics, Coutinho is known as a strong supporter of her economic policy. Brazil's President Dilma Rousseff was...

  • BRASILIA, March 26- Brazilian authorities on Thursday said they uncovered a tax fraud scheme at the Finance Ministry's tax appeals board that may have cost taxpayers up to 19 billion reais. The news came in the midst of a multibillion-dollar corruption scandal at state oil company Petroleo Brasileiro SA, or Petrobras, that has rattled Brazil's political...

  • Forget Brazil. This emerging market is on the rise Thursday, 26 Mar 2015 | 1:21 PM ET
    Lima, Peru

    A fledgling Latin American trade block is larger economically than Brazil, and growing three or four times as fast.

  • BRASILIA, March 26- Brazil's tax agency said on Thursday that it and federal police have detected corrupt activities at the agency that could have cost state coffers at least 5 billion reais. The tax agency allegations come on the heels of a probe that has uncovered a multibillion-dollar corruption scandal at state oil giant Petroleo Brasileiro SA, known as...

  • SAO PAULO, March 24- The Obama administration has again invited Brazil's President Dilma Rousseff for a state visit to Washington, a diplomatic breakthrough that both sides hope will lead over time to greater trade between the two biggest economies in the Americas. The dust-up led one former top aide to President Barack Obama to describe Brazil and the United...

  • BRASILIA, March 24- A plan to attract private investment to Brazil's strained port infrastructure is even more important in the face of federal budget cuts that will curb public investment, Ports Minister Edinho Araújo said in an interview. Brazilian President Dilma Rousseff said on Friday that her government would make "significant" cuts to the 2015 budget...

  • SAO PAULO, March 23- Brazil's biggest opposition party has no interest in impeaching President Dilma Rousseff despite recent street demonstrations calling for her ouster, former President Fernando Henrique Cardoso told Reuters. Cardoso, who at 83 remains an influential leader in the centrist Brazilian Social Democracy Party, said removing Rousseff so...

  • RIO DE JANEIRO, March 20- Brazil's state-run Petrobras said on Friday it shut its P-58 offshore oil production ship after the country's petroleum regulator ANP found irregularities on board the vessel, one of the company's most important offshore production systems. The shutdown comes a little more than a month after a deadly explosion on a Petrobras...

  • BRASILIA, March 20- Prosecutors who uncovered Brazil's biggest corruption case called on Friday for tougher prison sentences and more legal powers to crack down on rampant graft that costs taxpayers more than the annual budget for education and health. They also proposed reducing Brazil's long appeals process that often lets criminals go scot-free.

  • BRASILIA, March 18- Brazil's Comptroller-General Office on Wednesday added another six construction and engineering firms to an investigation of contractors that allegedly participated in a corruption ring at state-run oil company Petrobras. A total of 24 of Brazil's top builders are being investigated for suspected overpricing of contracts in a...