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Brazil's Rousseff says Petrobras critics distort facts

  • Brazilian President Rousseff lashes out at critics of Petrobras (PBR -1.7%), saying accusations of corruption, cost overruns and stagnation at the state-run company are politically motivated.
  • "Those who say Petrobras is losing value... they manipulate data, they distort analyses, they deliberately fail to realize the reality of the world petroleum market," Rousseff proclaims, but the reality is PBR's production has stagnated, and domestic fuel price controls have forced it to boost money-losing gasoline and diesel imports.
  • Rousseff praises the Abreu e Lima refinery, which is expected to cost $20B by the time it starts operating later this year; each new barrel of new capacity added by the refinery is expected to cost double or triple the cost/barrel of refineries built in Latin America, the Middle East and China in recent years.
  • PBR is at the center of a growing corruption scandal including a police raid on its headquarters and the arrest of at least one former company director, and the company also may face an investigation of one of its refineries in Texas.
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Comments (14)
  • Bogie 1
    , contributor
    Comments (125) | Send Message
     
    So why doesn't she allow the free market dictate the price of gasoline? Why? Because they need the votes coming up to the election. They pilfer and syphon off for their socialist agenda. What a rouge. Does she expect the free market to support this nonsense?
    14 Apr 2014, 03:38 PM Reply Like
  • zerosum2
    , contributor
    Comments (99) | Send Message
     
    There is no true free market in any place in the world.
    Why the FED keep printing money, buying bonds and other assets assets in effort to stimulate the economy? Why the FED is so afraid of deflation buying bonds in stead of letting the market determine its fair rate? The exact same question and can be applied to the US economy - Why not letting people to free to choose whether to have health insurance or not, yet the US government impose penalties if you don't pay those insurers or better called the legal day time robbers. Isn't health issue a private matter should be determined by oneself ? or the state has to say what to do for you? There is no true free economy in this world!
    14 Apr 2014, 04:16 PM Reply Like
  • osooro
    , contributor
    Comments (86) | Send Message
     
    The woman believes she have complete control of a once thriving business. She has proven to the world how she can personally destroy the intrinsent business enterprise of free market capitalism and make business fall down to her knees. Then she tells the world investors just don't understand it? Get real.
    14 Apr 2014, 04:26 PM Reply Like
  • stocknerd
    , contributor
    Comments (1330) | Send Message
     
    No, the health issue is not a matter of choice. You don't get it. People, some people, do not get insurance and when they get sick who pays for it? We do.
    Your other post---there are no free markets left in the world is also foolish. If the FED didn't "print money" (they don't actual print money you know) the recession would have been a depression. Once again freedom is not you have the choice to follow the law or not.
    14 Apr 2014, 11:08 PM Reply Like
  • zerosum2
    , contributor
    Comments (99) | Send Message
     
    "some people, do not get insurance and when they get sick who pays for it? We do.” Why? nobody ask you or anyone to pay when someone else get sick, if you ever did, show me the demand, and the check you wrote to a doctor or a hospital for someone unrelated to you. I believe if one doesn't have insurance, its his choice, he saves money to pay premium and he can use that money to pay medical treatment. If used up all savings, he will suffer his own illness and its his choice. He can't blame on anyone else, he can't force you or any other people to pay for him.
    Yet there are still many people who pay thousands dollars if not tens of thousands premium per year, yet they still often find they have to pay this and that because insurancers are notorious for denying this and denying that. My doctor recently subscribed me some medicine, the first time I take medicine in years. When the pharmacy handed over me the prescription I was told my insurer Cigna does not cover it. It doesn't even go to deductibles, what a shame, just some antibiotics and ointments to kill germs in my mouth, and insurance refuses to cover - even if I pay them family of 3 about 10 thousand per annual. When insurers collects money but refuses to pay, the patient suffer, not you or me.

     

    For me, I think its better to do without insurance, my health is my own issue, I had no insurance for over a decades and if I go and see a doctor (extremely rare occasion for me), I pay out of my pocket. I take risk I can save money. I refuse to pay day time robbers if I have the choice.
    15 Apr 2014, 12:56 AM Reply Like
  • zerosum2
    , contributor
    Comments (99) | Send Message
     
    You (I guess you work for the US government?) got plenty of reasons to interfere a free economy. I am sure the people in Brazil government also have plenty of reasons to interfere their economy. Therefore, its true that in this world, there is no real free economy! NO one should expect that.
    15 Apr 2014, 01:24 AM Reply Like
  • sreimer77
    , contributor
    Comments (241) | Send Message
     
    I agree. My doctor was forced to drop out of the BCBS network. A lot of independent practitioners are leaving the networks and forcing patients to pay cash. While this is a complete pain in the XXX, all they are doing to pushing the claims processing back onto the consumer. How can a sole proprietor run his/her own business and deal with the administration of Obamacare/Insurance industry. They can't! Not without hiring professional administrators, which would cause all family/small practices to go under which is what is occuring. As a result we are left paying the bill or forced to travel further to in-network hospitals which treat you like cattle. What is the value of insurance if we are left with the bill? Nothing! I would rather take my insurance premiums and direct them to my physician/prescriber of choice, instead of being dictated as to whom I can see and obtain services from. The key word is dictate! Luckily I had the opportunity to leave BCBS to United Health whom my doctor was still within their network, but at a point when she is forced to leave, I will be canceling my insurance!
    15 Apr 2014, 10:04 AM Reply Like
  • optionsexpert
    , contributor
    Comments (297) | Send Message
     
    Because it would crush Brazil's economy... simple as that.
    15 Apr 2014, 01:59 PM Reply Like
  • Filipe Brehm
    , contributor
    Comments (5) | Send Message
     
    No one ever questions Petrobras strenght. Their management, these are the ones being battered so hard. Not just for what PBR does. But because it could do so much more.
    14 Apr 2014, 05:04 PM Reply Like
  • dddwmd
    , contributor
    Comment (1) | Send Message
     
    PT's Dilma and Lula are now trying to turn the focus on Petrobras' problems away from them. But the reality is that those problems were clearly caused by their comrades with their help. They are not "defenders" of Petrobras, period. These blood suckers were finally exposed to the world for what they are. I believe Uncle Sam probably knew all about this years ago...and might even know more critical stuff. Also check out the Bahia dudes that were on the PBR's BOD under Lula in 2006 and where they are now. The Pasadena deal is just the tip of the iceberg without a doubt. Yet, these Caviar leftists assume the whole world is idiotic enough, eager and willing to allow them to do their own investigating.
    14 Apr 2014, 10:20 PM Reply Like
  • honest person
    , contributor
    Comment (1) | Send Message
     
    Petrobras management are incompetent and are crooks, they don't care about stockholders
    25 Apr 2014, 04:47 AM Reply Like
  • Bogie 1
    , contributor
    Comments (125) | Send Message
     
    Dddwmd: I agree and as I've said many times if Rouseff wants a piggy bank she should just buy PBR completely and allow the shareholders to get out at a fair price. Then her and the socialists can do what they want with the company. But we know that will not happen, she lets the capitalist end pay all the expenses, float bonds on the open market, borrow from the banks etc. while the socialists pick it clean on the back side to fulfill their agenda.
    15 Apr 2014, 07:33 AM Reply Like
  • sreimer77
    , contributor
    Comments (241) | Send Message
     
    The issue is, if they take over PBR, their goes Brazil. History has taught us that this is a failed strategy. Look at Argentina, when they nationalized industry foreign capital left causing the currency to collapse, inflation to rise double digits daily leading to economic collapse. When you reach a point where inflation rises that rapid, people stop selling goods as they realize if they wait a day or two, they will be able to obtain twice the value for the same good in local currency.
    15 Apr 2014, 10:10 AM Reply Like
  • Bogie 1
    , contributor
    Comments (125) | Send Message
     
    Sreimer77 : your comment above is well meant and taken, but the difference is a slow death or a quick end to their miserable failed policies. Both PBR and the corrupt government are poorly managed half way houses for a power grabbing socialist agenda. Let the government buy out the company at least shareholders ( who they obviously don't care about ) can get out with some of their investments intact. This company and others like Vale etc. has become an internal national battleground, that begs capitalism to bail them out with bank loans, credit revolvers, secondaries etc.. I say free market capitalism ( I doubt it ) or take it private and put themselves on the footing they deserve.
    15 Apr 2014, 12:48 PM Reply Like
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