Aug 1 A crippling recession and doubts over the approval of structural economic reforms will keep credit conditions in Brazil weak for some time, Moody's Investors Service said on Monday. The rating agency, which stripped Brazil of its investment grade rating in February, said in a statement that credit conditions have stabilized with improved market... Continue Reading →
Offshore Rig Owners Fall Most in More Than Month on Drop in Oil
The world’s largest owners of offshore drilling rigs fell the most in more than a month as oil’s drop below $40 extended their pain. Diamond Offshore Drilling Inc. fell 5.7 percent to $21.42 at 12:22 p.m. in New York after earlier dropping as much as 7.4 percent, the worst intraday tumble since May 9. Competitors... Continue Reading →
Brazil’s Lula to stand trial for obstruction of justice – court
Brazil's former president Luiz Inacio Lula da Silva attends a protest against Brazil's interim President Michel Temer and in support of suspended President Dilma Rousseff at Paulista Avenue in Sao Paulo, Brazil, June 10, 2016. REUTERS/PAULO WHITAKER Brazil's ex President Luiz Inacio Lula da Silva and the former chief executive of investment bank Grupo BTG... Continue Reading →
Sembcorp Joins Keppel With Profit Plunge as Oil Damps Demand
Sembcorp Marine Ltd., the world’s second-biggest builder of oil rigs, joined its larger rival Keppel Corp. in reporting a profit slump last quarter as projects were deferred or canceled due to low crude oil prices. Shares fell. Net income at Singapore-based Sembcorp plunged 90 percent in the quarter through June to S$11.5 million ($8.5 million)... Continue Reading →
Brazil Hedge-Fund Manager Who Called Real Rally Sees More Gains
In the depths of Brazil’s world-worst market selloff last year, hedge-fund manager Luiz Fernando Figueiredo made a bold call. All the fretting about a dangerous financial crisis was way overblown, he said, and markets were ready to rebound. Now, after outsize rallies this year across Brazilian financial markets, Figueiredo doesn’t talk like a man who’s... Continue Reading →
Chevron Extends Losses as Reeling Prices Prompt Writedown
Chevron Corp. extended its longest losing streak in more than a quarter century, missing profit and production expectations as a glut-driven price collapse forced a writedown of the value of oil and natural wells. The company posted a surprise loss of $1.47 billion, or 78 cents a share, compared with profit of $571 million, or... Continue Reading →
Brazil’s Lula tells U.N. his rights violated in corruption probe
Brazil's former president Luiz Inacio Lula da Silva attends a protest against Brazil's interim President Michel Temer and in support of suspended President Dilma Rousseff at Paulista Avenue in Sao Paulo, Brazil, June 10, 2016. REUTERS/PAULO WHITAKER Lawyers for Brazil's former President Luiz Inacio Lula da Silva petitioned the United Nations on Thursday with allegations... Continue Reading →
Eni Misses Estimates as Bigger Tax Burden Leads to Loss
Eni SpA posted a surprise loss as a heavier tax burden added to the problems of low oil prices and a production shutdown in Italy. Shares fell. The company’s adjusted net loss was 290 million euros ($321 million) compared with a profit of 505 million euros a year earlier, it said in a statement Friday.... Continue Reading →
Exxon Mobil Profit Slumps as Global Oil Glut Spreads to Fuel
Exxon Mobil Corp. profit fell, missing analyst estimates, as an oil glut spread to motor fuels, dragging down refinery margins. Net income declined to $1.7 billion, or 41 cents a share, from $4.19 billion, or $1, a year earlier, Irving, Texas-based Exxon said in a statement on Friday. The per-share result was 23 cents lower than... Continue Reading →
Statoil Buys Petrobras Oilfield for $2.5 Billion Amid Crash
Statoil ASA, Norway’s biggest oil company, will buy an offshore oil block in Brazil from Petroleo Brasileiro SA for $2.5 billion, seizing on lower asset valuations amid a price slump to make its biggest acquisition since 2011. Statoil will buy Petrobras’s operating interest of 66 percent in the BM-S-8 offshore license in the Santos basin,... Continue Reading →
