Former Brazilian president Luiz Inacio Lula da Silva told Reuters on Wednesday that his recent conviction for corruption might mean that his Workers Party will have to field a candidate other than him in next year's election. Read more

It took less than 10 days to decide to privatize Latin America’s largest power company. Fortunately for the Brazilian government, with its fiscal accounts in dire straits, it already had someone enthusiastic for the job. When the Energy Ministry came to him with the proposal, Eletrobras Chief Executive Officer Wilson Ferreira Jr. jumped on board to... Continue Reading →

Brazil’s byzantine tax system is in for an overhaul, as Congress begins debating a bill to tackle what many investors consider one of the biggest obstacles to doing business in Latin America’s largest nation. On Tuesday a congressional committee began analyzing a constitutional amendment that aims to simplify how people and companies pay taxes, consolidating... Continue Reading →

John Watson, who has led Chevron Corp. since 2010, is planning to step down as the oil major seeks a new chief executive officer, the Wall Street Journal said, citing people familiar with the matter. While the San Ramon, California-based producer has not made a final decision on a successor, Michael Wirth, a 56-year-old Chevron... Continue Reading →

Oilfield services firm Wood Group reported an 86 percent drop in its profit for the first half of the year, citing, among other factors, weak contribution from the North Sea activity. The UK-based company posted a profit of $6 million, down from $45 million in the first half of 2016.  Profit for the period was... Continue Reading →

 Brazil on Monday floated a proposal to cede control of the country's biggest power utility, Eletrobras, in the boldest privatization yet by a government struggling to close a record budget deficit, sending Eletrobras' shares soaring in after-market trading. The Mining and Energy Ministry gave Centrais Elétricas Brasileiras SA, the holding company known as Eletrobras, notice... Continue Reading →

Offshore drillers Ensco and Atwood Oceanics, which recently agreed to merge, on Friday filed definitive proxy materials with the U.S. Securities and Exchange Commission regarding the deal. To remind, subject to certain conditions, including approval from both sets of shareholders, Ensco will acquire Atwood in an all-stock transaction. In a statement on Friday, Ensco and... Continue Reading →

Greenpeace UK activists are staging a protest in front of the UK headquarters of the oil giant BP, protesting against the company’s plans to drill near a coral reef offshore Brazil. The protesters were carrying signs which read “BP, back off the Amazon Reef” and  tropical fish and jellyfish shaped inflatables, depicting the marine life... Continue Reading →