The world’s three biggest shipyards plan to raise a combined 8.41 trillion won ($7.3 billion) selling assets as part of a restructuring following losses last year. Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. have submitted their fund-raising plans to their creditors, including state-run Korea Development Bank and... Continue Reading →
World Bank Sees Three-Year Brazil Decline
The World Bank forecast Brazil’s recession will extend into a third consecutive year, while Venezuela takes the world’s deepest plunge in 2016. The two will drag Latin America into back-to-back economic contractions for the first time in more than three decades. Brazil will contract 4 percent in 2016 and 0.2 percent next year, with the... Continue Reading →
Meanwhile at the House of Cards Set – Scandals in new Brazil government offer Rousseff hope of survival
This would be fatal for Brazil's economic revival.... Suspended Brazilian President Dilma Rousseff gestures during the launching ceremony of the book ''Resistance to the 2016 Coup,'' written by professors from the University of Brasilia, in Brasilia, Brazil, May 30, 2016. REUTERS/UESLEI MARCELINO A wave of scandals buffeting Brazil's interim government is weakening the resolve of... Continue Reading →
Odebrecht CEO’s Jailing Said to Derail $4.1 Billion Peru Loan
A unit of Odebrecht SA, the construction company whose former chief executive is serving a 19-year prison sentence as part of a sweeping corruption scandal in Brazil, still hasn’t received a $4.1 billion loan for a key project in Latin America, said two people with direct knowledge of the matter. The credit committees for a... Continue Reading →
So, what is new?? -Police Raid Rio de Janeiro Olympic Complex on Fraud Suspicions
Brazil’s federal police raided the offices of the consortium building the second-largest Olympics complex in Rio de Janeiro, clouding the run-up to the mega-event whose chief advocate will also face investigation in a separate case. Authorities executed a search-and-seizure warrant at the headquarters of the Deodoro Sports Complex’s northern section, which was built by Queiroz Galvao... Continue Reading →
Petrobras Stock Rally Offsets Political Tension
The Ibovespa rose for the fourth time in five days as state-controlled Petroleo Brasileiro SA followed oil higher, offsetting increased political tension. Petrobras, as the Brazilian oil producer is known, contributed the most to the benchmark equity index’s advance as Brent crude advanced to an eight-month high. The rally overshadowed concern it may be difficult... Continue Reading →
BP-Prumo’s NFX starts importing maritime diesel to Brazil’s Acu port
Jun 7, 2016 Reuters NFX, the joint venture between oil company BP and port operator Prumo Logistica, has begun importing maritime fuel to the Brazilian port of Acu, the company said in a statement on Tuesday. NFX said its first shipment arrived on June 3 and it expects to import 4.5 million tonnes of maritime... Continue Reading →
Trafigura -Global Oil Demand Is Growing ‘Strongly
Trafigura Group Pte has joined other leading energy trading houses in saying oil demand is growing "strongly" this year, suggesting that OPEC’s cheap oil strategy is spurring consumption despite weak economic growth in China and other emerging nations. “Strong consumption growth", led by gasoline demand in the U.S. and China, Trafigura said in its interim report... Continue Reading →
Angolan Party Rejects President’s Daughter as Oil Company Head
Angola’s main opposition party rejected President Jose Eduardo dos Santos’s decision to name his billionaire daughter Isabel as chairwoman of the state oil company and said it would ask parliament to debate the appointment. “The measure confirms once more the practice of nepotism by President Jose Eduardo dos Santos,” the National Union for Total Independence... Continue Reading →
Petrobras Clarification about News item: Debt with Eletrobras Companies
Rio de Janeiro, June 06, 2016 – Petróleo Brasileiro S.A. – Petrobras complies with Official Letter 239/2016-CVM/SEP/GEA-1 which requests clarifications as transcribed below: Official Letter 239/2016-CVM/SEP/GEA-1 “Dear Executive Officer, We refer to the news item published today on Valor Econômico newspaper, Seção Empresas (companies section), under the title: “State-owned company negotiates installment payment of debt... Continue Reading →
