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Brazilian federal police arrested four people on Friday including the chief executive of engineering group OAS in a new probe of suspected price-fixing and kickbacks on a long-delayed project to divert water to the drought-prone Northeast. Police said they had evidence that a consortium of engineering companies working to redirect water from the São Francisco... Continue Reading →
Halliburton Co.’s takeover bid for Baker Hughes Inc. has come down to the wire with the U.S. Justice Department, which may decide by next week whether to approve the deal after months of negotiations. Halliburton has presented a package of proposed asset sales to antitrust officials in hopes of allaying their concerns that the tie-up... Continue Reading →
Former President Luiz Inacio Lula da Silva has been called in for questioning next week by Brazil's federal police in a bribery investigation involving his son Luis Claudio, according to a summons document seen by Reuters on Friday. Lula is not under investigation but will be questioned about the case in which police suspect a... Continue Reading →
Brazil’s political crisis is becoming a two-horse race between President Dilma Rousseff and the head of the lower house to see who survives in office longer. The same man who started impeachment proceedings against Rousseff, Chamber of Deputies President Eduardo Cunha, is struggling to hang on to his own job as he faces an ethics... Continue Reading →
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 →
