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Petrobras Expects Permanent Damage to Oil Demand as It Writes Off Billions In As

May 15, 2020

Petrobras Expects Permanent Damage to Oil Demand as It Writes Off Billions In As Petrobras has warned its shareholders that the coronavirus pandemic could leave a permanent mark on the global economy, including on consumer behaviors, as it reported a first-quarter loss and massive writeoffs on assets that have stopped being economical. The company booked a $9.7 […]

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Record Loss For Petrobras As Political And Economic Crisis Worsen

March 23, 2016

Record Loss For Petrobras As Political And Economic Crisis Worsen Petrobras reported a record loss for the fourth quarter, a horrendous performance that raises questions about the company’s ability to handle its mountain of debt. The state-owned Brazilian oil company announced that it lost more than 36 billion reais in the fourth quarter, or more than USD$10 […]

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The Big-Oil Bailouts Begin

January 31, 2016

The Big-Oil Bailouts Begin The hundred-billion-dollar question. Despite a bounce this week, low oil prices continue to sow fear, uncertainty, and mayhem across the emerging market complex. On Wednesday, it was leaked that the IMF and World Bank would dispatch a team to oil and gas-dependent Azerbaijan to negotiatea possible $4 billion emergency loan package in […]

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Is Glencore The Next Lehman? The World’s Largest Commodities Trading Company Is Toast

September 29, 2015

Is Glencore The Next Lehman? The World’s Largest Commodities Trading Company Is Toast Are we about to witness the most important global financial event since the collapse of Lehman Brothers in 2008?  Glencore has been known as the largest commodities trading company on the entire planet, and at one time it was ranked as the […]

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Petrobras Default Looms Under $90B Dollar-Denominated Debt

September 24, 2015

Petrobras Default Looms Under $90B Dollar-Denominated Debt There is blood on the streets wherever you look in Brazil today, but probably of most interest to the hundreds of US asset managers (the ones managing your mutual funds) is what happens to Petrobras as it remains so widely held. As we noted below, bond prices are collapsing […]

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Rousseff Coup Could Sink Brazil, Emerging Markets

September 20, 2015

Rousseff Coup Could Sink Brazil, Emerging Markets Dolls in likeness of Lula da Silva, Rouseff. Source: The Guardian Brazil’s President Dilma Rousseff’s approval rating has plummeted to 8% amid the country’s worst recession in two decades. Her job is at risk too. Earlier this week opponents filed a petition to impeach Rousseff due to allegations of corruption […]

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World Is Now “More Exposed than Ever” to Explosive Dollar

September 15, 2015

World Is Now “More Exposed than Ever” to Explosive Dollar One of the craziest financial creations on earth, available only near the peak of enormous credit bubbles when nothing can ever go wrong, became available this spring: 100-year bonds issued by governments or companies in emerging countries, in currencies they don’t control. Yield hungry investors […]

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Hundreds Of Thousands Take To The Streets In Brazil Demanding President’s Impeachment

August 16, 2015

Hundreds Of Thousands Take To The Streets In Brazil Demanding President’s Impeachment Protests are underway in Brazil as hundreds of thousands take to the streets to call for the impeachment of President Dilma Rousseff. Here’s Bloomberg: An estimated 25,000 protesters in Brasilia marched toward Congress, chanting against Rousseff and corruption, carried a long banner demanding […]

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“Brazil Just Getting Worse and Worse”

May 14, 2015

“Brazil Just Getting Worse and Worse” The “B” in the falling BRICS… Brazil is in a tough spot. Led by weak investment and plummeting confidence, growth, after slowing markedly since mid-2013, came to a virtual halt in 2014. This largely reflects the impact of diminished competitiveness, the erosion of policy credibility, owing to a persistent […]

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