Dilma Rousseff’s plea against the impeachment process that she likens to a political “death sentence” failed to sway senators, with lawmakers on both sides of the aisle expecting the Brazilian president’s permanent ouster this week. In her first appearance in Congress since proceedings started in December 2015, Rousseff on Monday cited minutia of budget laws,... Continue Reading →
Oil industry suppliers see light at the end of the tunnel
European suppliers to the oil industry, hit by their customers' spending cutbacks over the past two years, have produced stronger than expected second-quarter earnings and are cautiously pointing to signs of recovery in demand. These companies, which encompass oil drillers, engineering groups, oil services providers and seismic surveyors, have had to slash jobs, costs and... Continue Reading →
Seadrill says oil industry may be turning as Q2 beats forecast
Listed offshore driller Seadrill, once the crown jewel in the business empire of shipping tycoon John Fredriksen, said the oil industry may be turning a corner as it posted second-quarter earnings above forecasts on Thursday. At the height of the oil price boom, the company was the world's largest offshore driller by market capitalisation, but... Continue Reading →
Sinopec Profit Slips as Oil Crash Drags Down Refining Gains
China Petroleum & Chemical Corp., the world’s biggest oil refiner, posted a 22 percent decline in profit for the first half of the year as oil’s collapse overpowered the boost from cheaper crude used to make fuels and chemicals. Net income dropped to 19.9 billion yuan ($3 billion), the Beijing-based company known as Sinopec said... Continue Reading →
Brazil’s Impeachment Euphoria Is Blinding Bond Traders to Risks
The finances of Brazilian companies are deteriorating quickly, yet their bonds are handing investors some of the most impressive returns in emerging markets. The incongruity underscores how the euphoria unleashed by the push to impeach President Dilma Rousseff has masked the faltering creditworthiness of the nation’s businesses. S&P Global Ratings now has a negative outlook... Continue Reading →
Brazil’s Dilma Rousseff takes stand in impeachment trial
Suspended President Dilma Rousseff will make a last stand in Brazil's Senate on Monday in an impeachment trial that is widely expected to remove her from office and end more than a decade of leftist rule by her Workers Party. Rousseff, who is being impeached on charges of breaking budget laws, has denied wrongdoing and... Continue Reading →
Brazil’s Lula Charged With Corruption Amid Trial of His Protege
Brazilian police charged former President Luiz Inacio Lula da Silva with corruption and money laundering as his successor faces an impeachment trial expected to oust her permanently next week. A spokesman for the federal police in Brasilia confirmed the charges on Friday, which local media reported are in relation to a beach-side apartment in Sao... Continue Reading →
Brazil’s Camargo Correa chairman Hallack quits
Aug 26 Vítor Sarquis Hallack has stepped down as chairman of Brazil's Camargo Correa SA as the Brazilian engineering company involved in the country's worst corruption scandal moves to transform itself into an investment holding firm, O Estado de S. Paulo newspaper reported on Friday. According to Estado, Camargo Correa, which was founded in 1939... Continue Reading →
Oil Industry Shifts From Survival to Growth
Multibillion-dollar oil and gas deals are back on the table. More than $11 billion of transactions were announced globally in July as crude’s recovery fueled hopes of a steadier market, Wood Mackenzie Ltd. said. That’s the highest monthly total this year and brings the amount since May to $32 billion, triple that of the previous three... Continue Reading →
Brazil state banks to fund infrastructure projects
Aug 25 State-controlled Brazilian lenders BNDES and Caixa Econômica Federal SA plan to extend funding to private investors who win licenses for port, energy and other infrastructure projects, including stakes in offshore oil finds, newspaper O Estado de S. Paulo reported on Thursday. The planned auctions, which could be Brazil's most ambitious privatization drive in... Continue Reading →
Brazil Energy Insight 