Offshore oil-rig operators, grappling with the biggest industry downturn in a generation, say they finally have the bottom in sight. The problem is, they could be stuck there for a long time. Transocean Ltd., which owns the biggest offshore-rig fleet in the world, believes utilization for floating units will reach bottom toward the middle of... Continue Reading →
GE Said to Suffer Payment Delay on Brazil Corruption Scandal/Queiroz Galvao
General Electric Co.’s renewable energy business in Brazil is facing delays in getting paid by a client that’s involved in a corruption probe, according to two people with direct knowledge of the matter. GE is owed about 500 million reais ($150 million) by the Brazilian conglomerate Queiroz Galvao SA, according to the people, who asked... Continue Reading →
Prosecutors Call Lula Mastermind of Brazil’s Biggest Scandal
Brazilian prosecutors accused Luiz Inacio Lula da Silva of masterminding the worst graft scandal in the country’s history, saying the former president enriched himself and orchestrated political kickbacks that cost the country billions of dollars. Lula received at least 3.7 million reais ($1.1 million) in benefits and ran the so-called Carwash scheme that cost state... Continue Reading →
Oil Industry May Cut Spending for Third Year in Row, IEA Says
The oil industry may cut spending for a third straight year in 2017 as lower costs kick in and companies continue to grapple with weaker finances because of crude’s slump. Investments in oil and gas fields are set to drop 24 percent to $450 billion this year, the International Energy Agency said in a report,... Continue Reading →
PDVSA Seeks to Buy Time for Oil Rally With $7 Billion Debt Swap
Venezuela’s state-owned oil company has been on default watch for two years. Now it hopes it can buy itself, and the country, more time with a $7 billion debt swap. Petroleos de Venezuela SA wants investors holding unsecured bonds due this year and next to exchange them for notes with payments staggered over the next... Continue Reading →
Key Takeaways: Brazil Central Bank Chief Goldfajn Interview
Brazil’s central bank president Ilan Goldfajn sat down for an interview with Bloomberg on Thursday in his office in Brasilia. He discussed expectations for fiscal austerity measures and the conditions that must be met before his board can cut the benchmark interest rate. Monetary Policy Goldfajn said policy makers are monitoring investor perception of risk... Continue Reading →
Pemex Budget Slashing to Continue as Minister Signals Austerity
Mexico will continue to hack into the budget of its oil producer next year, a move likely to mean further financial duress and continued output declines for Petroleos Mexicanos. It’s “reasonable” that the 2017 budget reduction for Pemex, as the state-owned company is known, will be around the same amount as the 100 billion pesos ($5.4... Continue Reading →
BNDES reviews local content index for accreditation of suppliers
The National Bank for Economic and Social Development (BNDES) approved a temporary measure that reduces from 60% to 50% the minimum nationalization index requirement for the accreditation Suppliers of machinery and equipment, industrial systems and components in the credit operations of the Bank, called accreditation Computerised Suppliers (CFI). The amendment applies to all sectors of... Continue Reading →
Presidential ambitions put stress on Brazil’s new government
A pledge by Brazil's new President Michel Temer not to run in the 2018 election enticed political rivals to back his coalition but pressure from his party might lead him to break the promise, jeopardizing the support he needs to push through reforms. Temer needs the backing of a fragile coalition of 21 parties in... Continue Reading →
Brazilian activists demand impeachment of judge in Rousseff trial
Critics say former president faced ‘impeachment with impunity’ by: Joe Leahy, São Paulo, FT Just when Brazil was looking to put the trauma of last week`s impeachment of former president Dilma Rousseff behind it, the issue is threatening to make a comeback. An activist group has petitioned the senate to impeach the supreme court judge who presided... Continue Reading →
