Petróleo Brasileiro SA cut debt by 20 percent and had positive free cash flow for the seventh straight quarter during the fourth quarter, in a further sign of recovery at Brazil's state-controlled oil company in spite of a quarterly profit miss. Net income at Petrobras (PETR4.SA) came in at 2.510 billion reais ($812 million) last... Continue Reading →
Carwash at Three Years Moves From Brazil Ground Zero to Diaspora
More than 200 people have been charged by the crusading local federal judge, Sergio Moro. For more than a decade, Moro has been working closely with the same police officers and prosecutors who have made up part of the Carwash task force since 2014. That group of young investigators, some of whom specialized in financial-crime... Continue Reading →
Transocean to sell entire jack-up fleet to new offshore driller
zoom Norwegian offshore drilling contractor Borr Drilling, formerly known as Magni Drilling, is planning to buy 15 jack-up drilling rigs from Swiss-based Transocean for $1.35 billion. Borr Drilling announced on Monday the signing of a letter of intent with Transocean for the acquisition of 15 high-specification jack-up rigs. The transaction consists of Transocean’s entire jack-up fleet, including ten... Continue Reading →
Brazil’s inflation likely eases to 4.7 percent in mid-March
Brazil's inflation rate probably approached the center of the official target in mid-March as food prices continued to ease and a long recession curbed the increase of services prices, according to a Reuters poll of economists on Monday. Consumer prices probably rose by 4.73 percent in the 12 months through mid-March, slowing from an increase... Continue Reading →
Rival Drilling Tycoons Place Bets on Offshore Oil-Rig Recovery
Billionaire John Fredriksen and his former top adviser Tor Olav Troim may not see eye to eye anymore, but they agree on this: it’s time to buy offshore rigs again. Foreseeing a boom in oil drilling a decade ago, the shipping tycoon and his right-hand man built one of the biggest offshore-rig companies before they... Continue Reading →
Brazil’s Camargo selling cement unit
Camargo Correa SA, the Brazilian family-owned conglomerate that exited several businesses over the past year, has put a cement unit up for sale, a column in newspaper O Globo said on Sunday. According to Globo columnist Lauro Jardim, Camargo Correa values the unit known as InterCement SA at around 20 billion reais ($6.47 billion). The... Continue Reading →
Brazilian corruption probe sends politicians running for cover
Brazilian politicians are scrambling to negotiate an amnesty for illicit funding as part of efforts to shield themselves from a widening graft probe that has engulfed President Michel Temer's government and the Congress. Lawmakers have for months sought a legislative slight-of-hand to evade the rapidly expanding "Car Wash" investigation that has exposed systematic corruption on... Continue Reading →
Brazil’s Temer says economy turning around, confidence rising
The Brazilian economy has begun to turn around, jobs are being created, and business confidence is slowly recovering, President Michel Temer said on Friday, touting initial successes of his recovery plan. Speaking at a business meeting in Sao Paulo, Temer pointed to the latest cover of The Economist showing Brazil beginning to lift off among... Continue Reading →
Brazil Heralds $1.2 Billion Raised in Key Infrastructure Auction
Brazil raised 3.72 billion reais ($1.2 billion) with the auction of four airports on Thursday in the latest test of President Michel Temer’s strategy of jump-starting growth via private investments. The auction, the first of its kind since 2013, had bids for all the airports. Fraport AG Frankfurt Airport Services Worldwide got contracts to operate... Continue Reading →
BRIEF-Moody’s changes outlook on Brazil’s Ba2 issuer rating to stable from negative
Moody's * Changes outlook on brazil's ba2 issuer rating to stable from negative * Moody's on brazil says risk of contingent liabilities from government-related entities, captured in negative outlook, has been significantly reduced * Moody's on brazil says expectation that the downside risks reflected in the negative outlook are abating and macroeconomic conditions stabilizing *... Continue Reading →
