Brazilian prosecutors late on Saturday accused executives from construction conglomerate Odebrecht and state-run oil company Petrobras of misconduct and demanded they pay 7.3 billion reais ($2 billion) in damages. Prosecutors accused Odebrecht of paying bribes to win multi-billion dollar contracts with Petrobras as part of a massive corruption scheme that implicated dozens of politicians and... Continue Reading →
Brazil’s PMDB to decide on breaking with Rousseff in 30 days
Brazilian President Dilma Rousseff's main coalition partner served notice on Saturday that it could break from her embattled Workers' Party government in 30 days and join opposition efforts to unseat the leftist leader. At a rowdy convention of the fractious Brazilian Democratic Movement Party (PMDB), leaders quashed a motion by irate delegates who wanted to... Continue Reading →
Brazilians return with force to streets to demand Rousseff’s exit
Demonstrators depicting Brazil's former President Luiz Inacio Lula da Silva (L) and Brazil's President Dilma Rousseff attend a protest against Rousseff, part of nationwide protests calling for her impeachment, in Brasilia, Brazil, March 13, 2016. REUTERS/UESLEI MARCELINO Protesters poured en masse onto the streets of Brazil's major cities on Sunday to demand the removal... Continue Reading →
Pemex Woes Trigger 2,000 Provider Job Cuts as Boom Turns to Bust
Petroleos Mexicanos’ woes are hitting home for suppliers that less than two years back were preparing for an oil boom. Cotemar, one of Mexico’s largest oil service providers, will lay off as many as 2,000 workers after Pemex suspended two of the company’s contracts amid massive budget reductions, according to a company official, asking not to... Continue Reading →
Buyers bet on Brazil regime change
Investors swooped on Brazil's first sovereign bond deal since 2014 on Thursday, as the country's deepening corruption scandal bolstered expectations of a change in government. The country took advantage of a strong rally in global credit to print a US$1.5bn due April 2026 bond at 6.125%, the most it has paid for 10-year funding since... Continue Reading →
Brazil’s Rousseff says not resigning in political crisis
Brazil's President Dilma Rousseff speaks during a news conference at the Planalto Palace in Brasilia, Brazil March 11, 2016. REUTERS/UESLEI MARCELINO Brazil's President Dilma Rousseff rejected calls for her resignation on Friday midst a political storm deepened by a massive corruption scandal and blamed her opponents for causing a crisis that has damaged the Brazilian... Continue Reading →
Brazil’s Odebrecht mulls sale of Braskem’s majority stake
Grupo Odebrecht SA , Latin America's largest engineering conglomerate, is considering selling the majority stake it has in petrochemical producer Braskem SA, according to three sources with direct knowledge of the situation. Odebrecht, controlled by the namesake millionaire Brazilian family, could exit Braskem in a joint transaction with state-controlled oil producer Petroleo Brasileiro SA, said... Continue Reading →
Game Over for Rousseff?
In a matter of days, the vast corruption probe known as Operation Carwash has moved closer than ever to Brazil’s president, Dilma Rousseff.On Feb. 22, Rousseff’s top campaign strategist, João Santana, was arrested for allegedly receiving $7.5 million, a sum tied to a bribery scheme at national oil company Petrobras, which is at the center of... Continue Reading →
Brazil prosecutors seek Lula’s arrest for money laundering
Mar 10, 2016 Reuters SAO PAULO | BY BRAD HAYNES AND EDUARDO SIMÕES Former Brazilian President Luiz Inacio Lula da Silva waves to the crowd from his home in Sao Bernardo do Campo, Brazil, March 5, 2016. REUTERS/PAULO WHITAKER TPX IMAGES OF THE DAY State prosecutors in Brazil are seeking the arrest of former President... Continue Reading →
Anadarko Cuts 1,000 Jobs as It Idles Drilling Rigs, Sells Assets
Anadarko Petroleum Corp. is shrinking its workforce in the latest step to cope with a collapse in oil and gas prices, following plans to park rigs, slash dividends and sell assets. The third-largest U.S. natural gas producer is laying off about 1,000 workers, roughly a 17 percent reduction, said company spokesman John Christiansen. The move... Continue Reading →
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