Brazil’s real declined a second day as the central bank intervened to weaken it, joining a selloff in emerging-market currencies as renewed concern that China’s economy is faltering dimmed demand for riskier assets. The real slumped 2.1 percent to 3.5656 per dollar at 11:53 a.m. in Sao Paulo after the monetary authority sold 9,800 reverse... Continue Reading →
Halliburton Stays Course as Baker Hughes Seeks Changes Post-Deal
Halliburton Co. and Baker Hughes Inc. wasted no time making clear they will take different paths after the termination of their merger. "Our strategy has not changed," Halliburton Chief Executive Officer Dave Lesar told investors and analysts on a conference call Tuesday. His statement came minutes after Baker Hughes wrapped up a separate conference call in... Continue Reading →
Halliburton Loss Grows as It Takes Baker Hughes Deal Charges
Halliburton Co.’s first-quarter loss widened as customers slashed budgets in half and the company took charges related to the $28 billion merger with Baker Hughes Inc. that was called off Sunday in the face of stiff resistance from regulators in the U.S. and Europe over antitrust concerns. The world’s largest provider of fracking services reported a... Continue Reading →
Corporate Brazil faces cash risks through 2017 -Moody’s
More Brazilian companies will face increasing liquidity risk through next year as rising borrowing costs and the harshest recession in decades hamper their ability to service debt, Moody's Investors Service said on Monday. A Moody's team of analysts led by Erick Rodrigues said in a report that the number of companies facing high funding risks... Continue Reading →
Brazil’s $2 Billion Intervention Makes Real World’s Worst Loser
Brazil’s real led losses among its most-traded peers as the central bank intervened to weaken the currency in a bid to slow this year’s rally and support exporters. The real dropped 1.6 percent to 3.4936 per dollar at 4:43 p.m. in Sao Paulo, making it the world’s worst-performing currency after Libya’s dinar. The loss came... Continue Reading →
Brazil State Banks’ Bond Woes to Worsen After Years of Largess
After ratcheting up lending at the behest of President Dilma Rousseff, Brazil’s state-controlled banks may be in store for more pain. Banco do Brasil SA, Caixa Economica Federal and development bank BNDES are seeing their borrowing costs in the bond market soar relative to those of their private-sector peers as Brazil’s longest recession in a century sparks a... Continue Reading →
Brazil’s turmoil conceals signs of growth
Glimmers of economic hope may come too late for Dilma Rousseff by: Joe Leahy in São Paulo Brazil’s President Dilma Rousseff is battling impeachment proceedings in the senate for manipulating public accounts. Most analysts however believe that her real crime, in the eyes of markets, industry and voters, was the murder of one of the world’s most promising... Continue Reading →
Election of the Board of Directors of Petrobras Distribuidora and Acting President of the Extension of the mandate of this subsidiary
Rio de Janeiro, April 29, 2016 - Petróleo Brasileiro S.A. – Petrobras informs that the Ordinary General Meeting of its subsidiary Petrobras Distribuidora S.A. – BR approved the election of the following members of its Board of Directors: Augusto Marques da Cruz Filho – Chairman of the Board of Directors Aldemir Bendine Clemir Carlos Magro... Continue Reading →
Brazil’s Embattled Rousseff Courts Base With More Spending
At a rally of labor unions and Workers’ Party faithful in Sao Paulo on Sunday, Rousseff announced tax cuts, more public housing units and an average 9 percent increase in the cash transfer program known as Bolsa Familia, even as Brazil faces a recordbudget deficit. The May 1 rally, traditionally a celebration of worker rights... Continue Reading →
Baker Hughes to Buy Back Shares, Cut Costs on Merger Failure
Baker Hughes Inc. said it will buy back shares and debt and simplify its organization to save $500 million annually after the collapse of a planned merger with Halliburton Co. The third-largest oil services provider is taking steps to cut costs related to the merger agreement, Baker Hughes said in a statement Monday. On Sunday, the... Continue Reading →
