Halliburton Co.’s “unfixable” plan to merge with Baker Hughes Inc. finally collapsed under the weight of worldwide antitrust opposition. The duo called off their $28 billion deal on Sunday after more than a year trying to get approval from regulators in the U.S., European Union, Brazil and Australia. The companies ultimately failed to overcome concerns... Continue Reading →
Halliburton Faces Deadline Saturday in $28 Billion Baker Deal
Halliburton Co. and Baker Hughes Inc. have until the end of Saturday to obtain antitrust approval from regulators or either side can walk away from a deal matching the world’s No. 2 and No. 3 oil service firms. If the $28 billion deal fails, Halliburton must pay Baker Hughes a $3.5 billion termination fee. Halliburton... Continue Reading →
Chevron Posts a Wider-Than-Expected Loss in the First Quarter
Chevron Corp. reported a loss that was double analysts’ estimates amid an oil-market collapse that’s sparked currency crises, corporate bankruptcies, credit downgrades and hundreds of thousands of layoffs across the industry. Chevron swung to a loss of $725 million, or 39 cents a share, from a profit of $2.6 billion, or $1.37 a year earlier,... Continue Reading →
Exxon Posts Smallest Profit Since 1999 Amid Global Oil Slump
Exxon Mobil Corp. beat analyst estimates as a jump in earnings from its chemicals segment cushioned the blow from tumbling prices for oil and natural gas. First-quarter net income fell to $1.81 billion, or 43 cents a share, from $4.94 billion, or $1.17, a year earlier, Exxon said in a statement on Friday. The quarterly... Continue Reading →
Seadrill Agrees With Banks in First Step Toward Refinancing
Seadrill Ltd., the offshore driller with the biggest debt load, reached a deal with its banks to extend its three nearest credit lines and amend covenants as it seeks to ease its burden amid a drop in the demand for offshore rigs. In the “first phase of a broader plan to refinance and recapitalize the... Continue Reading →
Brazil Real Posts Best Streak in a Month on Turnaround Outlook
The real advanced as investors anticipated a turnaround for the Brazilian economy and the Senate prepares to decide on the impeachment of President Dilma Rousseff. The central bank refrained from acting to weaken the currency for a fourth consecutive day. The currency strengthened 1.1 percent to 3.4885 per dollar at 3:49 p.m. in Sao Paulo,... Continue Reading →
Pemex Posts 14th Straight Loss as Spending Cuts Crimp Output
Petroleos Mexicanos posted a loss for the 14th consecutive quarter as massive spending cuts diminish the state oil producer’s ability to arrest years of declining production. The first-quarter loss narrowed to 62 billion pesos ($3.6 billion), from 100.5 billion a year earlier, Pemex, as Mexico’s biggest company is known, said in a statement Thursday. The... Continue Reading →
Brazil prosecutors charge Rousseff campaign strategist
Brazilian prosecutors charged political strategist Joao Santana, the architect of President Dilma Rousseff's 2010 and 2014 election victories, and 16 others with corruption on Thursday as part of a massive graft investigation. Santana, who was arrested in February, is accused of receiving bribes from engineering conglomerate Odebrecht in a scheme to divert funds from state-run... Continue Reading →
IMF says Brazil resilience bodes well for recovery post-crises
Fund points to country’s ability to attract foreign direct investment despite political upheaval © AFP by: Jude Webber in Mexico City Brazil’s “amazing” resilience in attracting foreign direct investment despite a crushing political and economic crisis bodes well for its recovery in the aftermath of the decision on President Dilma Rousseff’s impeachment, the International Monetary... Continue Reading →
Brazil Holds Rate Steady as New Government Waits in Wings
Brazil’s central bank kept its key interest rate unchanged in a widely expected decision amid the unfolding drama of impeachment proceedings against President Dilma Rousseff and the country’s economic woes. Policy makers, led by President Alexandre Tombini, held the so-called Selic rate at a near-decade high of 14.25 percent on Wednesday for the sixth straight... Continue Reading →
