Brazil’s real rose ahead of a planned vote in congress on the country’s fiscal target and as the central bank stepped up support for the currency. The real climbed 0.7 percent to 3.7052 per U.S. dollar at 1:20 p.m. in Sao Paulo. The government is working to gather support among lawmakers to guarantee approval of a change... Continue Reading →
Norway Faces 20% Drop in Oil Investment After Prices Slump
Western Europe’s biggest oil and gas producer will probably see investments slump by one-fifth next year compared with 2014, when crude hit a peak, as the industry adjusts to considerably lower prices. Investments by oil and gas companies operating in Norway will fall to 171 billion kroner ($20 billion) next year, 5.6 percent under a... Continue Reading →
Seadrill Turns to Loss on $1.8 Billion Writedown in Oil Rout
Seadrill Ltd., the offshore driller controlled by billionaire John Fredriksen, reported its first quarterly loss since 2011 as a collapse in oil prices reduced demand for its rigs. The net loss of $1.83 billion came after the Hamilton, Bermuda-based company booked $1.8 billion in non-cash impairment charges to investments and goodwill, it said in a... Continue Reading →
Camargo Clan Sells Maker of Havaianas Sandals to JBS Controller
Camargo Correa SA, the holding company of the billionaire Camargo sisters, said it is selling the maker of Havaianas flip-flops to J&F Investimentos SA for 2.7 billion reais ($718 million). J&F, a holding company that controls the world’s largest meat exporter JBS SA, will acquire control of Alpargatas SA, the publicly-traded company that includes Havaianas among its... Continue Reading →
Eni Sells Remaining Galp Stake as Oil Company Disposes of Assets
Eni SpA sold its remaining 4 percent stake in Galp Energia SGPS SA as the Italian oil producer disposes of assets that aren’t part of its main business. Eni raised 325 million euros ($347 million) by selling 33.1 million shares of Portugal’s biggest oil company at 9.81 euros apiece to institutional investors, the Rome-based company said in a... Continue Reading →
Brazil Said to Study Hybrid Securities for Petrobras
Brazil is studying the possibility of using hybrid securities to boost capital at struggling state-controlled oil producer Petroleo Brasileiro SA, Agencia Estado reported, citing government officials it didn’t name. The operation is being discussed between Brazil’s treasury and Petrobras’s management, and no amount has been defined yet, Estado said. The government and Rio de Janeiro-based... Continue Reading →
Cunha Delays Decision on Brazil Impeachment, Lawmaker Says
Brazil’s lower house speaker Eduardo Cunha will postpone until next year his decision whether to accept the opposition’s leading impeachment request against President Dilma Rousseff, Congressman Darcisio Perondi said. Cunha discussed the new timeframe in a talk with lawmakers, said Perondi, a member of the speaker’s PMDB party. Cunha’s press office didn’t immediately respond to... Continue Reading →
Petrobras’s Dangerous Debt Math: $24 Billion Owed in 24 Months
The debt clock is ticking down at Brazil’s troubled oil giant, Petrobras. Next up: $24 billion of repayments over 24 months. That’s a towering hurdle for a company that hasn’t generated free cash flow for eight years and whose borrowing rates are soaring. Annual debt servicing costs have doubled to 20.3 billion reais ($5.4 billion)... Continue Reading →
Brazil’s Inflation Surpasses 10% for First Time in 12 Years
Brazil’s inflation exceeded 10 percent for the first time in 12 years, complicating President Dilma Rousseff’s efforts to revive an economy that is also battling higher-than-forecast unemployment. Consumer prices rose 0.85 percent from Oct. 15 to Nov. 12, pushing the 12-month inflation rate to 10.28 percent, the national statistics agency said Thursday. The monthly gain,... Continue Reading →
Rousseff impeachment would be neutral “at best” for Brazil’s rating: Moody’s
An impeachment of President Dilma Rousseff would be credit neutral "at best", but more likely negative for Brazil's teetering credit rating, Moody's top Latin American analyst said on Wednesday. Rousseff's political opponents are seeking her impeachment saying she has mismanaged a once-booming economy and undermined confidence. Senior Moody's analyst Mauro Leos said along with the... Continue Reading →
Brazil Energy Insight 