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Investors around the world have seen $230 billion wiped off the value of oil companies in the week since OPEC sent crude prices plunging to a seven-year low by abandoning its output limit. Companies producing, refining, piping and exploring for oil, along with those that provide them with services, had a market value of about... Continue Reading →
Brazil’s real declined amid speculation that tensions between Finance Minister Joaquim Levy and Planning Minister Nelson Barbosa over fiscal policy is heating up again, adding another hurdle to passing reforms needed to shore up the budget and resume growth. A Valor Economico newspaper columnist reported Friday that Levy is defending a so-called primary budget surplus... Continue Reading →
Brazilians have become inured to seeing politicians and businessmen marched off to prison for corruption. But the mug shot of banker André Esteves—unshaven and frowning—that flashed across TV screens in early December was a shock. Part of a cadre of mavericks who got astonishingly rich from Brazil’s transformation into one of the world’s top 10 economies... Continue Reading →
Drained by a 17-month crude rout, some U.S. shale oil companies are merely hanging on for life as oil prices lurch further away from levels that allow them to profitably drill new wells and bring in enough cash to keep them in business. The slump has created dozens of oil and gas "zombies," a... Continue Reading →
Brazil’s sovereign rating was put on review for a cut to junk by Moody’s Investors Service as the economy worsens and the government struggles to push through measures that would shore up the budget. A turnaround in Brazil’s economic and fiscal performance "now appears unlikely in 2016," Moody’s said in a statement Wednesday. Because of... Continue Reading →
Brazil’s real fell after Moody’s Investors Service said it may cut the nation’s sovereign rating to junk as the economy worsens and the government struggles to push through measures to shore up the budget. Moody’s said in a statement Wednesday it put Brazil’s rating under review and that a turnaround in Brazil’s economic and fiscal... Continue Reading →
It played a key role in the creative bookkeeping at the heart of the impeachment process against Brazil President Dilma Rousseff. It spearheaded the debt surge that contributed to the country’s loss of investment grade. Its biggest client has been Petrobras, the scandal-plagued state oil company. BNDES, the huge development bank owned by the Brazilian government,... Continue Reading →
It’s been a tough run for Latin American leftists, and investors couldn’t be happier. Traders have snapped up assets from countries showing a shift away from the populist leadership of the past decade. Venezuelan bonds climbed to the highest since May after the opposition on Sunday won a majority in Congress for the first time in... Continue Reading →
General Electric Co. is in advanced talks to buy the drill-bits and drilling-services divisions of Halliburton Co., which is divesting assets to win antitrust approval for its takeover of Baker Hughes Inc., according to people familiar with the matter. Selling both the drill-bits and drilling-services businesses could have fetched as much as $5 billion in... Continue Reading →
Brazil's Supreme Court has suspended impeachment proceedings against President Dilma Rousseff until it can rule on the constitutional validity of the opposition bid to impeach her, a court official said on Wednesday. Justice Luiz Edson Fachin decided late on Tuesday to suspend the appointment of an impeachment committee and all its proceedings until the top... Continue Reading →
Brazil Energy Insight 