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 →
Worst Brazil Quarter of 2015 Worse Than Economists Forecast
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 →
Oil Exploration Companies Scramble to Cut Costs
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 considers reinstating tax on financial transactions
The Brazilian government is considering reviving a financial transaction tax known as the CPMF to try to narrow a large fiscal gap in 2016, three leading newspapers reported on Thursday. A plan to recreate the CPMF is part of the budget proposal for 2016 that is being discussed by President Dilma Rousseff and her economic... Continue Reading →
These Emerging Market Companies Are Being Stifled by $23 Billion Worth of Debt
A $23 billion pile of debt is stifling emerging-market companies already strained by the tumble in commodity prices to 16-year lows and weaker currencies. The bonds in U.S. dollars, which come due before the end of 2016, have become more expensive to roll over or repay after the selloff triggered by China’s yuan devaluation this... Continue Reading →
Brazil Real Volatility at Four-Month High on Political Outlook
Volatility in Brazil’s real climbed to a four-month high as domestic political turmoil and a global selloff in emerging-market assets whipsawed traders. The currency reversed earlier gains and fell to a 12-year low. While data released Wednesday showed a bigger-than-forecast increase in manufacturing last month, a majority of judges on an electoral court voted to... Continue Reading →
Petrobras Taps Brazil Bond Market as Dollar Borrowing Costs Soar
Petroleo Brasileiro SA is seeking refuge in Brazil’s domestic bond market as overseas borrowing costs surge amid a plunge in the local currency has exposed a mismatch between its real-based revenues and dollar debt payments. The world’s most-indebted oil producer said it’s planning to sell 3 billion reais ($830 million) in local bonds. The move... Continue Reading →
Schlumberger to Buy Cameron in $14.8 Billion Oil Services Deal
Schlumberger Ltd. agreed to buy Cameron International Corp. for $14.8 billion, allowing the world’s largest oilfield-services provider to bundle its services and gear more effectively. Cameron stockholders will receive 0.716 Schlumberger shares and a cash payment of $14.44 in exchange for each Cameron share, according to a regulatory statement on Wednesday. The deal valued at... Continue Reading →
Brazil real weakens to 3.6 per dollar for 1st time in 12 years
Reuters Brazil real weakens to 3.6 per dollar for 1st time in 12 years Aug 25 The Brazilian real slid 1.5 percent late on Tuesday and crossed the psychologically important level of 3.6 per dollar for the first time in more than 12 years as traders worried about a growing political crisis in Latin America's... Continue Reading →
Brazil Current Account Gap Widens Less Than Forecast in July
Brazil’s current account gap widened less than analysts forecast as a weaker real and a shrinking economy reduces imports. The deficit in the current account, the broadest measure of trade in goods and services, widened to $6.2 billion in July from a revised $2.6 billion a month earlier, the central bank said in a report... Continue Reading →
