Petrobras - Clarification on news article: Reduction in Investments 10/02/2015 Rio de Janeiro, October 2, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby complies with LETTER BM&FBovespa 3015/2015-SAE, which requests the following clarification: LETTER BM&FBovespa 3015/2015-SAE “A news article published in the Valor Econômico newspaper on October 2, 2015 features, among other information, that this... Continue Reading →
Exxon, Chevron Outlooks Cut to Negative by S&P in Oil Slump
Exxon Mobil Corp. and Chevron Corp. were among several U.S. oil and natural gas producers that had their outlooks or ratings cut by Standard & Poor’s as the industry suffers from weak crude prices, hurting their cash flow and liquidity. S&P cut ratings for Chesapeake Energy Corp., Denbury Resources and Whiting Petroleum Corp., while giving... Continue Reading →
Petrobras to Cut Investments again for 2015
Petrobras will cut 2015 investments to U$20 billion, down from originally U$40 billion at the start of the year and revised down to U$29 billion at mid year, according to reputable newspaper reporting this Friday. Soaring dollar and the fall in the price of the barrel of oil are forcing Petrobras directors to review, once... Continue Reading →
Brazil surprises as rally extends
Brazilian bonds enjoyed a second day of higher prices Thursday, defying negative sentiment in the broader markets and turning a blind eye to the country's ugly fundamentals. Bonds were 1.5-4.0 points higher on the day in the wake of Wednesday's rally, which was sparked by news that oil company Petrobras would hike domestic fuel prices.... Continue Reading →
Petrobras bonds rally on hike in fuel prices
Wed Sep 30, 2015 3:06pm EDT Petrobras bonds rally on hike in fuel prices BY PAUL KILBY/Reuters NEW YORK, Sept 30 (IFR) - Bonds issued by troubled state-run Brazilian oil company Petrobras were enjoying a rare rally on Wednesday following news that it would raise local gasoline and diesel prices. Petrobras's debt prices jumped between... Continue Reading →
Brazil Currency Advances as Policy Makers Seek to Restore Calm
Brazil’s real rose after the government said it is ready to face any crisis while the central bank stepped up support for the currency following a rout that sent it to a record low last week. The real advanced 2 percent to 4.0283 per dollar at 3:50 p.m. in Sao Paulo after earlier falling as much... Continue Reading →
Brazil Currency Volatility Climbs as Central Bank Adds Support
Brazil’s real swung between gains and losses, with a measure of volatility surging to the highest in four years, as the central bank stepped up support for the currency following a rout that sent it to a record low last week. The real fell 0.3 percent to 4.121 per dollar at 10:36 a.m. in Sao Paulo... Continue Reading →
Brazil’s Record Overseas Borrowing Comes Back to Bite Companies
Brazilian companies including state oil producer Petrobras are at risk from a weakening real after they issued a record amount of debt in foreign currency. The mismatch prompted PresidentDilma Rousseff to say over the weekend that she’s “extremely concerned” about the situation. Borrowing in overseas markets by non-finance companies reached a record $137 billion last... Continue Reading →
The Real closes a tumultuous week below R$4.00 to the dollar.
The Brazilian currency closed the most volatile week more stable at R$3.97 to the US dollar after the monetary authorities intervened heavily to stop the speculation. Was it a speculative attack on the currency or major lack of confidence? With reserves of U$370 billion you might rule out an speculative attack. Lack of confidence of... Continue Reading →
What a day for the Real – USD closes at R$3.99
After a dramatic opening of the US dollar at R$4.23, an all time high, the Brazilian currency rebounded and the US dollar closed at R$3.99. A 5% swing from high to low. It gives you an idea of the tremendous uncertainly the country and economy are suffering. Can you imagine being a multinational CFO and... Continue Reading →
