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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 →
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 →
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 →
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 →
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 →
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 →
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’s Senate opens an historic impeachment trial on Thursday that is expected to result in President Dilma Rousseff’s permanent ouster and give her successor Michel Temer some of the legitimacy he needs to revive economic growth. The trial is scheduled to finish with a vote Tuesday or Wednesday next week on charges that Rousseff illegally financed... Continue Reading →
After posting their worst-ever half-year results, two of China’s oil giants aren’t getting carried away by crude’s return to a bull market, forecasting a rocky path ahead. PetroChina Co., the country’s biggest oil and gas company, and Cnooc Ltd., China’s main offshore explorer, reported the weakest earnings since they were both publicly listed. About a... Continue Reading →
Oil and gas companies operating in Norway, western Europe’s biggest producer, cut investment forecasts further for this year and next as they continue to weather a two-year long collapse in crude prices. Investments in Norway’s offshore oil and gas industry are now expected to fall to 163 billion kroner ($20 billion) in 2016, down from... Continue Reading →
