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Petrobras & Petropress

Screenshot from 2014-11-14 14:07:07

By SharpCharts Workbench

Petrobras ADRs decline steeply due to

  • A very large federal police and attorney general operation against bribery — “Operation Carwash” — the seventh chapter of which dominates the headlines today.
  • Media coverage strikes me as an “orgy of evidence,” another instance in which partisan federal police leak freely according to the needs of the mainstream media. Example: Mountains of money make for good cover graphics — «Here it is, in R$ 200 bills!
  • It will be interesting to see whether the U.S. Foreign Corrupt Practices statute might be applied to these international wheelings and dealings.
  • Third straight quarter in which results are not forthcoming

Leaving aside the complex politics of the congressional inquiry however (which has not managed a quorum in weeks as the hourglass flows), there is positive news.

960-petroleo-brasileiro-petrobras-sas-adr-pbr-output-reached-an-alltime-high-la

PBR should hold on to that IR consultant.