Apr 26, 2016 Reuters Former President of Brazil's central bank Henrique Meirelles gestures during the Industry National Meeting in Sao Paulo, Brazil, November 13, 2015. REUTERS/RODRIGO PAIVA Brazilian Vice President Michel Temer said on Tuesday that former central bank chief Henrique Meirelles would be his choice to be finance minister if he were to take... Continue Reading →
Exxon Mobil Loses Top Credit Rating It Held Since Depression
The worst oil crash in a generation has cost Exxon Mobil Corp. the gold-plated credit rating it had held since the Great Depression. Standard & Poor’s on Tuesday stripped Exxon of its highest AAA measure of credit-worthiness, cutting it to AA+, the same as the U.S. government. It’s a defeat for Exxon, which sought to... Continue Reading →
Back to the House of Cards – Brazil’s main opposition party split on joining a future Temer government
Brazil's largest opposition party is divided over how strongly to back a new interim government if it succeeds in having President Dilma Rousseff stripped of office, as it eyes a run at the presidency in 2018, senior members said on Monday. The Brazilian Social Democracy Party (PSDB) will support a government led by Vice President... Continue Reading →
Policy Priorities for Brazil Leader Include Debt, Pension, Politics
A political maelstrom is threatening to unseat President Dilma Rousseff. Waiting in the wings is her vice president, Michel Temer, who’s set to take over during her likely impeachment trial in the Senate. His task would be formidable: cobble together a majority of lawmakers to enact reforms that not only bring about recovery of an... Continue Reading →
BP Reports Surprise Profit on Strength in Refining, Trading
BP Plc, the first oil major to report first-quarter earnings, posted a surprise profit as a stronger-than-expected refining and trading performance helped mitigate the lowest crude prices in more than a decade. Profit adjusted for one-time items and inventory changes totaled $532 million compared with $2.6 billion a year earlier, the London-based company said on Tuesday. Analysts had... Continue Reading →
Offshore rig operators reel from oil price rout/FT
Seadrill, Ensco and others report losses as producers curtail costly projects Seadrill's West Capricorn rig APRIL 24, 2016 by: Ed Crooks in New York In the depths of the ocean off the coast of Uruguay, more than two miles below sea level, the oil industry is continuing to push back the frontier. Last month a... Continue Reading →
Brazil’s Meirelles would lead finance ministry, with conditions – Folha
Former President of Brazil's central bank Henrique Meirelles gestures during the Industry National Meeting in Sao Paulo, Brazil, November 13, 2015. REUTERS/RODRIGO PAIVA If Brazilian Vice President Michel Temer takes power, former central bank President Henrique Meirelles would accept the position of finance minister under the condition he was given approval rights over members of... Continue Reading →
The Incredible Shrinking Short Sale That’s Fueling Brazil Rally
The currency market is becoming more convinced that the Brazilian real’s world-beating rally this year is far from over. Foreign investors have reduced their bearish bets against the currency in the futures market by 33 percent since the end of 2015 to $15 billion, the least since November 2013, according to data compiled by Bloomberg... Continue Reading →
Brazil Analysts Forecast Recession Deepening in 2016
Brazil economists for the first time forecast the recession will deepen from 2015, which was already the sharpest contraction for Latin America’s largest economy in 25 years. Economists lowered their 2016 GDP call to 3.88 percent from 3.8 percent previously, according to the weekly Focus survey conducted April 22. That’s worse than the 3.85 percent... Continue Reading →
Halliburton Reports $2.1 Billion Charge on Job Cuts, Assets
Halliburton Co. booked a $2.1 billion expense in the first quarter for cutting jobs and writing off assets, giving some results early and delaying the full earnings release as it strives to wrap up a takeover of rival Baker Hughes Inc. The world’s largest provider of fracking services eliminated 6,000 more jobs in the quarter to reduce... Continue Reading →
Brazil Energy Insight 