Brazil's President Dilma Rousseff reacts as she attends a signing ceremony for new universities, at Planalto Palace in Brasilia, Brazil, May 9, 2016. REUTERS/ADRIANO MACHADO - RTX2DJ5S Minutes after taking her oath of office in 2011, President Dilma Rousseff stood before Congress and pledged to end the dirty back-room deals and kickback schemes at the... Continue Reading →
SBM Looks to Regain Footing in Brazil Market as Probes Drag On
Bruno Chabas thought it would be easier to restore the image of offshore oil equipment supplier SBM Offshore NV when he became the chief executive officer in early 2012. Three months after moving into the executive suite, Chabas decided to go public with what would become Holland’s biggest corruption scandal. Schiedam-based SBM announced it had been... Continue Reading →
The continuing saga at House of Cards
May 10, 2016 Reuters Brazil's attorney general asks court to annul impeachment Brazil's General Attorney Jose Eduardo Cardozo gestures as he presents President Dilma Rousseff's defence against impeachment in Brasilia, Brazil, May 5, 2016. REUTERS/ADRIANO MACHADO Brazil's Attorney General Eduardo Cardozo asked the Supreme Court to annul impeachment proceedings against President Dilma Rousseff, his office... Continue Reading →
Brazil Real, Stocks Rise as Drive to Oust Rousseff Back on Track
The real and the Ibovespa benchmark equity index resumed a rally that has put Brazilian assets among this year’s world beaters as the drive to oust President Dilma Rousseff appeared to get back on track. The currency advanced 0.9 percent to 3.4858 per dollar and the stocks gauge climbed 1.4 percent to 51,679.67 at 10:32 a.m.... Continue Reading →
Brazil’s Economic Czar Has No Time for Skeptics as Rebound Ahead
Antonio Delfim Netto has no patience for skepticism about Brazil’s future. In his 88 years, he’s witnessed -- and sometimes, been part of -- plenty of periods of instability. A military regime, multiple currency changes, a sovereign debt default, hyperinflation, Brazil’s so-called economic miracle, and the deep recession that followed it. Now, when everybody else... Continue Reading →
Meanwhile at the House of Cards – Speaker of Brazil lower house backtracks on impeachment annulment
Reuters May 9, 2016 The acting speaker of Brazil's Lower House of Congress early on Tuesday revoked his decision to annul the impeachment vote against President Dilma Rousseff. Speaker Waldir Maranhao, in an official statement to the Senate, did not cite any reason for backtracking on his surprise announcement on Monday to annul last month's... Continue Reading →
Norway’s Biggest Bank Sees Offshore Downturn Lasting to 2020
DNB ASA, one of the biggest lenders to the offshore energy industry, sees the market slump lasting until 2020 as the collapse in crude prices drags down drillers and supply ship operators. The market crash would resemble a “very long U,” or even an “L,” the bank’s head of Shipping, Offshore & Logistics, Kristin Holth,... Continue Reading →
Brazil Senate Chief Says Rousseff Impeachment Will Continue
Brazil’s Senate decided on Monday to move ahead with impeachment proceedings against President Dilma Rousseff, just hours after the head of the lower house called for the process to be suspended. Senate chief Renan Calheiros told the chamber that he wouldn’t recognize lower house interim President Waldir Maranhao’s decision earlier in the day to annul the... Continue Reading →
Schlumberger and Oil Services Peers Cut Most Jobs in 2016
Low oil prices continue to take their toll on the energy industry’s labor force. Three oil services companies are among the top five in 2016 job reductions. Houston-based Schlumberger Ltd. leads the way with 20,000 jobs cut, according to data compiled by Bloomberg. Each of the three announced cuts in April amid aslowdown in the... Continue Reading →
Back at the House of Cards – Brazil’s Lower House Chief Annuls Rousseff Impeachment Vote
Bloomberg Brazil’s interim lower house chief Waldir Maranhao called for a new vote on the impeachment of President Dilma Rousseff, in a surprise move that prompted a sell off of Brazilian assets. Maranhao said he annulled the lower house vote last month in favor of Rousseff’s impeachment, citing procedural irregularities, according to a statement sent... Continue Reading →
