Petrobras' decision to settle four lawsuits over corruption allegations signals its willingness to negotiate deals in other civil cases but does not remove the threat of massive government penalties from U.S. and Brazilian investigations, legal experts said. The four settlements with large Petrobras shareholders, approved by the oil company's board on Friday, represent only a... Continue Reading →
Brazil’s police seek corruption charges against ex-finance minister
Brazil's federal police on Monday sought corruption charges against former finance minister and presidential chief of staff Antonio Palocci and accuse him of running a bribery scheme that funneled money to the former-ruling Workers Party's (PT). Police said in their investigation sent to federal prosecutors that Palocci conspired with construction firm Odebrecht SA [ODBES.UL] to... Continue Reading →
Aker Solutions to Acquire Majority Stake in Brazil’s C.S.E.
October 21, 2016 - Aker Solutions agreed to buy 70 percent of Brazilian C.S.E. Mecânica e Instrumentação Ltda, building on a strategy to expand its services business in key international markets. The agreement includes an option to purchase the remaining 30 percent of the company three years after the expected close of the transaction... Continue Reading →
GE Cuts Sales Outlook as Oil Drop Hampers Industrial Growth
General Electric Co. may not grow this year as low oil prices, a strong dollar and a sluggish economy crimp demand for oilfield equipment and locomotive parts, a setback for Chief Executive Officer Jeffrey Immelt as he pursues a sharpened focus on manufacturing. The stock fell the most in more than a month after GE... Continue Reading →
Moody’s downgrades Odebrecht’s ratings; outlook negative
Global Credit Research - 20 Oct 2016 Approximately USD3.1 billion of Debt Securities Affected New York, October 20, 2016 -- Moody's Investors Service, ("Moody's") Moody's Investors Service downgraded to Caa1 from B3 the foreign currency rating assigned to the senior unsecured notes issued by Odebrecht Finance Ltd. (OFL) and guaranteed by Odebrecht Engenharia e... Continue Reading →
Keppel Sees More Job Cuts After Profit Slumps 38% on Weak Oil
Keppel Corp., which has already eliminated more than a quarter of its workforce this year, said "painful measures" and job cuts will continue as profit at the world’s biggest oil-rig builder drops. Senior managers at the Singapore-based company have taken a cut in their monthly pay and directors will propose lower fees, Keppel said in... Continue Reading →
Brazil Cuts Key Rate First Time Since 2012 in Economic Boost
Brazil’s central bank cut its benchmark interest rate on Wednesday for the first time in four years, giving a significant boost to President Michel Temer’s efforts to kickstart the country’s economy. The central bank’s board led by President Ilan Goldfajn voted unanimously to cut the so-called Selic rate by a quarter-point to 14 percent, in... Continue Reading →
Big Oil to Start Spending Again After Two-Year Slump
Big Oil to Start Spending Again After Two-Year Slump Major oil companies are beginning to invest in projects as oil prices show signs of recovery By SARAH KENT and KEVIN BAXTER/WSJ Updated Oct. 18, 2016 1:04 p.m. ET LONDON—The prospect of rising oil prices has the global energy industry considering a strategy that has been unthinkable for... Continue Reading →
Brazil’s ‘Frank Underwood’ arrested on corruption charges
Brazil’s ‘Frank Underwood’ arrested on corruption charges by: Samantha Pearson Brazilian police have arrested Eduardo Cunha, the powerful former speaker of the lower house and one of the country’s most hated figures, over corruption at state oil company Petrobras. Mr Cunha, who masterminded the impeachment of former president Dilma Rousseff, was detained at his apartment... Continue Reading →
Exxon CEO Doesn’t See Supply Shortage Pushing Up Oil Prices
The world’s largest publicly listed oil company says ample production from U.S. shale regions will keep prices subdued for years to come, disagreeing with others in the industry who have warned about a looming shortage. Rex Tillerson, chief executive officer at Exxon Mobil Corp., presented an upbeat view of how technology will allow companies to... Continue Reading →
