An aerial view shows the Arena das Dunas stadium, which will host matches for the 2014 soccer World Cup, in Natal, Brazil, January 22, 2014. REUTERS/SERGIO MORAES/FILE PHOTO On Christmas Day 2014, in an empty São Paulo office building, four senior executives at engineering firm Grupo OAS SA set in motion a corporate bankruptcy... Continue Reading →
Brazil Analysts Forecast Stronger Real
Brazil economists forecast a stronger currency in 2016 and 2017 for the second straight week as the government seeks to shore up fiscal accounts and rebuild confidence. The country’s real will reach 3.55 per U.S. dollar at the end of 2017, compared to the previous week’s forecast of 3.70 and 3.81 a month ago, according... Continue Reading →
Brazil’s Petrobras oil, gas production up 2 pct in June
Jul 11, 2016 Reuters Brazilian state-run oil company Petrobras said on Monday it produced 2.9 million barrels equivalent of oil and natural gas per day in June, an increase of 2 percent compared with May. Petroleo Brasileiro SA, as the company is formally known, said oil production reached a daily average of 2.3 million barrels... Continue Reading →
Transocean’s Junk Bond Sale Shows Investors Still Fear Energy
After a two-week drought, debt investors showed they’re willing to start lending to junk-rated borrowers again. But they’re still apprehensive when it comes to energy companies. That’s what happened this week when off-shore driller Transocean Ltd. came to the bond market with plans to raise $1.5 billion. The company ended up trimming the deal to $1.25... Continue Reading →
Size Isn’t Everything Anymore for World’s Oil-Service Providers
The era of monster takeouts in the oil-services world took a further step back Thursday when National Oilwell Varco Inc. and GE Oil & Gas partnered up, reinforcing an industry-wide push for cost savings over size. The last major attempt at large-scale consolidation failed after Halliburton Co. called off the $28 billion takeover of... Continue Reading →
Big Oil’s $45 Billion of New Projects Signal Spending Revival
Two projects worth $45 billion announced this month show the world’s largest oil companies are regaining the confidence to make big investments, emboldened by rising crude prices and low costs that promise to trigger more expansion ahead. Chevron Corp. gave the go-ahead to a $37 billion expansion in Kazakhstan, the industry’s biggest undertaking since crude... Continue Reading →
Meanwhile at the House of Cards Set – Engulfed by Corruption Probe, Brazil’s House Speaker Resigns
Brazilian congressman Eduardo Cunha, who led the drive to impeach Dilma Rousseff, stepped down as lower house speaker on Thursday following allegations of corruption. He announced his decision in a press conference in Brasilia, at times choking up with emotion, saying his decision would help ease the political instability that has rocked Latin America’s largest... Continue Reading →
Brazil police launch probe into Panama’s FPB Bank
Brazilian police seized documents and questioned suspects on Thursday to investigate Panama's FPB Bank in connection to a sweeping graft probe of political corruption at state-run companies. Police said FPB Bank was under investigation for "financial crimes, laundering of assets and transnational criminal organization" for offering private banking services without the authorization of Brazil's central... Continue Reading →
Lost Generation of Oil Workers Leaves Few Options for Next Boom
The oil industry is fighting a generation gap. Already contending with a global price slump, U.S. explorers are also grappling with the demographic hangover of the last great industry downturn in the 1980s, when scores of drillers went out of business. That rout drove a generation away from the business, leaving a shortage of workers... Continue Reading →
Brazil’s Rousseff gives impassioned defense against impeachment
Suspended Brazilian President Dilma Rousseff attends a news conference with foreign media in Brasilia, Brazil, June 14, 2016. REUTERS/UESLEI MARCELINO Brazil's President Dilma Rousseff presented her written defense to a Senate impeachment trial on Wednesday, denouncing the proceedings as a farce and saying her alleged crimes were no more than "routine acts of budgetary management."... Continue Reading →
