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 →
Rousseff Allies Said to Jump Ship as Brazil Crisis Deepens
Senate leaders from Brazil’s biggest political party are pushing their colleagues in Congress to declare their independence from President Dilma Rousseff’s government, according to two people with direct knowledge of the discussions. The leaders of the Brazilian Democratic Movement Party, or PMDB, discussed the strategy at a dinner Wednesday night with their counterparts from the... Continue Reading →
Brazil Sells $1.5 Billion in 10-Year Bonds as Yields Decline
The same turmoil that’s roiling Brazil’s government opened up a window for the country’s first bond sale since it was cut to junk. Brazil sold $1.5 billion of 10-year bonds to yield 6.125 percent, according to data compiled by Bloomberg. The sale comes as speculation that President Dilma Rousseff will be impeached drives down borrowing... Continue Reading →
Brazil Real, Stocks Gain on Report Prosecutors Seek Lula Arrest
Brazil’s real extended its best-in-the-world rally and stocks climbed as a news report that prosecutors requested a preventive arrest of Brazil’s former President Luiz Inacio Lula da Silva added to speculation that a change in government may be drawing closer. With Thursday’s gain, the real is up 11 percent since the start of March, the... Continue Reading →
Argentina’s ‘Dead Cow’ Provides Rare Bright Spot for Oil, Gas Driller
As companies rein in drilling world-wide, government buoys firms developing ‘Vaca Muerta’ shale play Workers adjust a drill at one of YPF SA’s shale gas production sites, El Orejano, in the province of Neuquén, Argentina. Workers adjust a drill at one of YPF SA’s shale gas production sites, El Orejano, in the province of Neuquén,... Continue Reading →
Daewoo Shipbuilding Says Worst Is Over, Sees Profit This Quarter
Daewoo Shipbuilding & Marine Engineering Co. said the worst is over for the company and it expects to post an operating profit this quarter after a record loss for 2015. The world’s second-largest shipbuilder is working on nine offshore projects as planned and doesn’t expect any further losses from them, Chief Executive Officer Jung Sung Leep... Continue Reading →
Argentina probes Brazilian construction firm Odebrecht’s local unit
Argentina is investigating whether the local unit of Odebrecht paid bribes to government officials, an Argentine prosecutor said on Wednesday, deepening the regional fallout from the biggest corruption scandal in Brazil's history. The probe laid out by Sergio Rodriguez, the lead prosecutor on public administration investigations, is a further sign of international cooperation in a... Continue Reading →
