Brazil’s real followed a rally in emerging markets and commodities after the government scored another win in the Senate, increasing confidence the new administration has enough support to shore up the country’s finances following last year’s credit-rating downgrade to junk. The currency rose 0.7 percent to a two-week high of 3.3883 per dollar at 11:17... Continue Reading →
Oil Explorers Embrace the Sharing Economy to Drill Cheaper Wells
The biggest oil-industry downturn in a generation has companies collaborating in ways they never thought possible. In this global effort, one of the world’s most expensive oil regions intends to lead the way. Last month companies operating in the North Sea started pooling spare parts and tools, and they are even sharing plans on how... Continue Reading →
A Real Francis Underwood -Brazil speaker refuses to quit, denies corruption charges
Suspended House Speaker Eduardo Cunha attends a news conference, in Brasilia, Brazil, June 21, 2016. REUTERS/ADRIANO MACHADO Brazil's suspended House speaker, Eduardo Cunha, denied any criminal wrongdoing on Tuesday and said he will not resign, even though he has already been indicted for corruption and faces the risk of imminent arrest. The Supreme Court indefinitely... Continue Reading →
Back at the House of Cards – Brazil’s Rousseff warned about illegal campaign donations
Marcelo Odebrecht, the former chief executive of Latin America's largest construction company, will admit in plea bargain testimony that he personally oversaw illegal campaign donations for suspended President Dilma Rousseff in 2010 and 2014, newspaper Folha de S. Paulo said on Tuesday. The newspaper said Odebrecht will acknowledge having warned Rousseff on May 26, 2015... Continue Reading →
Petrobras – Clarification on News: Sale of NTS
Rio de Janeiro, June 17, 2016 – Petróleo Brasileiro S.A. – Petrobras complies with Official Letter 266/2016-CVM/SEP/GEA-1 which requests clarifications as transcribed below: Official Letter 266/2016-CVM/SEP/GEA-1 “Dear Executive Officer, “We refer to the news item published today on the O Globo newspaper, Economy Section, under the title: “Petrobras is about to sell a gas pipeline... Continue Reading →
U.S. Oil Rig Increase Shows Producers Are Drilling Again: Chart
U.S. oil producers are drilling again. Rigs capped their first three-week gain since August, according to Baker Hughes Inc. data on June 17. Behind the build: a more than 80 percent gain in crude prices from a 12-year low in February and disruptions that saw West Texas Intermediate touch a 10-month high of $51.67 a... Continue Reading →
The Riddle of the Ex-Credit Suisse Banker’s $14 Million Paycheck
The last place you’d expect to find one of Credit Suisse Group AG’s highest-paid executives in 2015 is Brazil, given all the political and economic challenges facing the country. But Sergio Machado’s 48.4 million reais ($14 million) paycheck ranks above that of every member of Credit Suisse’s executive board listed in the lender’s annual report.... Continue Reading →
New consensus on Brazil’s currency brings down hedging costs
Economists are more in agreement than they have been since 2014 about where Brazil's currency is heading after a political crisis unseated President Dilma Rousseff. The newfound stability has reduced the cost of protection from one of the world's most volatile exchange rates in recent years, offering relief for companies struggling in a recession and... Continue Reading →
A Laggard in Brazil Oil Frenzy Is Now a Favorite in the Bust
In the saga of Brazil’s oil industry, QGEP Participacoes SA has always flown mostly under investors’ radar. It’s no heavyweight like state-run Petrobras, nor has it ever been as flashy as OGX, ex-billionaire Eike Batista’s startup. But among producers that sold more than $77 billion in stock after Brazil discovered massive offshore crude deposits in... Continue Reading →
Petrobras received bids for fuels unit in recent days: CEO
New chief executive of Brazil's state-run oil company Petroleo Brasileiro SA, Pedro Parente, gestures during his inauguration ceremony in Rio de Janeiro, Brazil, June 2, 2016. REUTERS/SERGIO MORAES The new chief executive of Petroleo Brasileiro SA on Thursday said the state-run oil company has received offers to buy a stake in its fuels-retailing unit BR... Continue Reading →
