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Credit rating firm Moody's cut its 2016 global economic growth forecasts on Friday, with China and United States both trimmed and Russia and Brazil seen staying in recession. It was a surprise move from the firm, coming just 10 days since its last forecasts. It put average growth in the top 20 world economies at... Continue Reading →
Brazil’s real led losses in Latin America and stocks fluctuated after data showing Latin America’s largest economy entered a recession added to concern corporate earnings will falter. The real lost 0.4 percent to 3.5670 per dollar at 11:50 a.m. in Sao Paulo, extending its weekly slide to 1.9 percent. The Ibovespa fell 0.3 percent to 47,577.93,... Continue Reading →
Fri Aug 28, 2015 8:19am EDT Reuters Brazil real weakens as data confirms deep recession Aug 28 The Brazilian real weakened about 0.5 percent in the first minutes of trading on Friday after data confirmed the local economy plunged into a deep recession in the first half of the year. The real last traded at... Continue Reading →
Traders willing to bet the biggest oil-services deal can survive regulatory scrutiny stand to rake in more than $3 billion in profit. Baker Hughes Inc. shares closed on Thursday at $53.75. That’s about $8 below Halliburton Co.’s cash-and-stock offer. It’s a pretty wide gap -- about twice as wide as the average spread for proposed... Continue Reading →
Brazil’s economy contracted more than analysts forecast in the second quarter, as tighter monetary policy and faster inflation torpedoed confidence and caused activity to nosedive. Gross domestic product contracted 1.9 percent in the second three months of the year from the previous quarter, the national statistics agency said in Rio de Janeiro on Friday. That... Continue Reading →
WSJ U.S. oil prices soared 10% on Thursday, as a rally in Chinese and U.S. stocks and better-than-expected U.S. economic data prompted a rush by traders to bail out of bearish bets that the market would fall. Traders and analysts at hedge funds, banks and brokerages said supply-and-demand conditions in the oil market remained weak... Continue Reading →
Thu Aug 27, 2015 10:31am EDT Petrobras management asked board to delay unit IPO, source says Aug 27 Management at state-controlled Petróleo Brasileiro SA recommended the company's board in a recent meeting to delay a planned initial public offering plan of its fuel distribution unit due to souring market conditions, a source with direct knowledge... Continue Reading →
Thu Aug 27, 2015 11:08am EDT Reuters Petrobras needs $4.3 bln to finish 1st unit at Comperj refinery Aug 27 Brazil's state-run oil company Petroleo Brasileiro SA needs $4.3 billion to complete the first 165,000 barrel-a-day operating unit at its stalled Comperj refinery outside Rio de Janeiro, the company's refining chief said on Thursday. The... Continue Reading →
When oil prices started falling last summer, Genel Energy PLC, a small exploration company listed here, asked the government of Ethiopia to extend its exploration license, so it could put off drilling and save some cash. Across the industry, international wildcatters like Genel are renegotiating drilling commitments, selling off stakes in licenses and canceling plans... Continue Reading →
Brazil's Senate confirmed on Wednesday the reappointment of Prosecutor General Rodrigo Janot, who is leading a massive corruption investigation that has put dozens of politicians under scrutiny for allegedly receiving kickbacks. The Senate voted in favor of Janot's reappointment 59-12 after lawmakers questioned him for more than 10 hours about the investigation focused on a... Continue Reading →
Brazil Energy Insight 