Latin American currencies are posting the biggest back-to-back rally since 2008 as prospects for low interest rates in developed economies bolster the outlook for high-yielding assets. The Bloomberg JP Morgan Latin America Currency Index extended a two-day gain to 3.6 percent as of 12:56 p.m. in New York as central banks signaled a readiness to... Continue Reading →
Investors seek ruling against Petrobras in corruption lawsuit
Investors suing Brazil's state-run oil firm Petrobras to recoup billions of dollars in losses argued on Tuesday that the arrests and plea deals of top company executives prove that it knew of a massive bribery and political kickback scheme. Lawyers for the investors asked U.S. District Judge Jed Rakoff in Manhattan to rule, ahead of... Continue Reading →
Brazil oil research park woos L’Oreal, Inbev as petro-market slips
When U.S. data storage provider EMC Corp opened an oil and gas research center in Rio de Janeiro's Technology Park in 2014, it failed to anticipate a looming downturn in Brazil's booming oil industry. Today, the park's main tenant, state-controlled oil company Petrobras, is hemorrhaging money amid slumping oil prices and the site's administrator, the... Continue Reading →
Maersk Intensifies M&A Search as Oil Unit Loses Biggest Field
A.P. Moeller-Maersk A/S is intensifying its search for acquisitions to build up its oil unit as the Danish shipping and petroleum conglomerate loses Qatar, the biggest field in its portfolio. “We’re getting some resources freed up now,” Maersk Oil Chief Executive Officer Jakob Thomasen said in an interview. “We appreciate the clarity that we now... Continue Reading →
North Sea Oil Faces Worsening Investment Drought After Brexit
Can this be a positive for the Brazil Pre Salt? The U.K.’s North Sea oil and gas industry, already reeling from low prices and high costs, now faces a worsening investment drought as the nation’s decision to quit the European Union looks set to trigger a second independence vote in Scotland. A poll on Scottish... Continue Reading →
Odebrecht sells Peru toll road project to Brookfield
Reuters Odebrecht SA has sold a 57 percent stake in a Peruvian toll road project to Brookfield Asset Management Inc, as Latin America's largest engineering firm sheds assets to cope with fallout from a sweeping corruption probe on its home turf. In a statement, Salvador, Brazil-based Odebrecht said the transaction will allow it to keep... Continue Reading →
Brazil Real Rises With Commodities, Swaps Gain on Bank Comments
Brazil’s real strengthened after the central bank appeared to rule out easing monetary policy before budget cuts are in place and as commodities advanced, boosting the outlook for the country’s raw-material exports. The currency strengthened 1.4 percent to 3.3445 per dollar at 11 a.m. in Sao Paulo. Swap rates on the contract maturing in January... Continue Reading →
Unlikely Havens Seen in Moscow to Rio as Brexit Hits Markets
Britain’s vote to quit the European Union has flipped perceptions of global political risk on their head. Brazil’s new government and Russia’s isolation represent a buying opportunity for Europe’s biggest asset manager as political chaos across the continent erodes developed economies’ traditional haven status. Even before the Brexit vote, price swings for bonds in advanced nations... Continue Reading →
Seadrill Bonds Sold by Norwegian Fund as Cleanup Seen Too Messy
The debt restructuring of offshore driller Seadrill Ltd. is becoming more of a hassle than it’s worth for some junk bond investors. Holberg Kreditt has sold all its Seadrill bonds, according to Gunnar Torgersen, chief investment officer at Bergen, Norway-based Holberg Fondsforvaltning AS. It disposed of about $56 million of the 2017 bond in April... Continue Reading →
Brazil Is Back to Pre-Junk Levels as Swaps Traders Bet on Temer
Brazil is winning over derivatives traders as Acting President Michel Temer seeks to repair the nation’s finances. The cost to hedge against losses in Brazil’s bonds with credit-default swaps has tumbled by almost a third in the past six months, the biggest drop among the world’s major economies. Prices of the swaps are also... Continue Reading →
