Insights
Americas: Argentina unlikely to modify debt restructuring offer as default looms Sectors: all Key Risks: sovereign default In Argentina, the government appears ready to extend the 8 May deadline it has imposed on holders of US$66.2bln of foreign debt to accept a restructuring proposal which has been already rejected by the main creditor groups. The extension would […]
Americas: Brazil’s Bolsonaro under growing pressure as Moro quits finance minister post Sectors: all Key Risks: political instability; policy continuity In Brazil, Sergio Moro resigned on 24 April as justice minister after a showdown with President Jair Bolsonaro, who he accused of interfering in police investigations and of firing the head of the federal police for personal […]
Americas: Mexico’s Pemex faces bond sell-off, higher borrowing costs amid credit rating cuts Sectors: oil & gas Key Risks: non-payment; credit rating downgrade In Mexico, embattled state-owned oil firm Pemex is expected to face a bond sell-off and increased borrowing costs following Moody’s Investors Service’s decision to cut its credit rating two notches to Ba2 with a negative […]
Americas: Guyana’s electoral authorities to decide on general elections full recount Sectors: all; oil & gas Key Risks: political stability; policy continuity; civil unrest In Guyana, the Guyana Elections Commission (GECOM) is meant to decide on the modalities under which it will conduct a full recount of the 2 March general elections. The recount was […]
Isolation One minute your life is more or less normal, wake up, work, gym, weekends, the pub, meeting your friends, family time, shopping, and then overnight, it changes. You’re told to isolate, and the words social distancing are introduced. Social what? We are social creature. Tribal by nature. How do I survive […]
Americas: Argentina delays local-law debt repayments amid heightened Sectors: all Key Risks: sovereign default; policy continuity In Argentina, the government issued a decree unilaterally postponing the payment of up to US$10bln in dollar-denominated debt issued under local law until 31 December or a prior date to be determined by the Economy Ministry. The move, which […]
Americas: Brazil’s Petrobras to cut output, investments amid COVID-19 Sectors: oil and gas Key Risks: economic risks; frustration of process In Brazil, state-owned Petrobras announced plans to cut crude oil production, investment spending and refined-product output to mitigate the impact of COVID-19 and of plummeting oil prices. On 26 March the firm stated that it […]
Claire Fleming, Associate Director, AKE International As an industry, oil and gas has defied the odds – forced in recent years to rally and evolve to meet new and lean market conditions imposed by the downturn; and to respond with greater agility to wider economic, environmental, ethical and societal drivers. Although in the short term […]
Americas: COVID-19, low oil prices hit Ecuador, Fitch cuts sovereign credit rating to ‘CCC’ Sectors: all; mining Key Risks: business and economic risks; sovereign default In Ecuador, plummeting oil prices and the ongoing COVID-19 outbreak will continue to heighten sovereign default and business disruption risks. On 20 March authorities announced that Canada’s Lundin Gold’s Fruta del Norte […]
Americas: Border closures, travel restrictions, deportations amid COVID-19 in Latin America Sectors: all Key Risks: business and economic risks; travel disruption; FoP Latin American countries will continue to heighten measures to try to control the spread of COVID-19. Border closures, deportations of tourists refusing to quarantine, banning large public events, suspension of flights, banning foreigners and […]
Americas: Argentine farmers launch commercial strike to protest export tax hike Sectors: agriculture; all Key Risks: business risks; strikes; transport disruption; protests In Argentina, farmers launched a four-day commercial strike on 9 March which could also lead to disruptive protests on the country’s main roads. On 5 March the Rural Confederations of Argentina (CRA) announced […]
Americas: Mexico’s Pemex posts US$18.3bln loss in 2019, financial challenges to persist Sectors: all; oil & gas Key Risks: non-payment; recession; credit rating downgrade In Mexico, on 27 January state-owned oil firm Pemex announced a US$18.3bln net loss in 2019, almost double the losses reported in 2018 and its worst annual performance not primarily due to external […]
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