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’s Temer not a presidential candidate for 2018
Brazil's Vice President Michel Temer said on Tuesday he is not seeking to run for president in 2018, but his PMDB party is keen to launch its own candidate and has released a pro-business economic agenda as its platform. The PMDB, the largest party in Brazil's ruling coalition, has clashed repeatedly with President Dilma Rousseff... Continue Reading →
Key Petrobras union still on strike over back-pay, asset sales
A union representing workers at state-run oil company Petroleo Brasileiro SA in Brazil's most important production area said on Monday it remains on strike over back pay and the state-owned oil company's plans for assets sales. Sindipetro Norte Fluminense workers operate oil platforms and other services in the Campos Basin, the source of 64 percent... Continue Reading →
Brazil speaker faces ethics investigation on Swiss accounts
A Brazilian congressional ethics committee decided on Monday to investigate whether lower house speaker Eduardo Cunha lied in a corruption hearing about Swiss bank accounts that prosecutors say he controls. The probe threatens the political career of Cunha, the sole member of Congress with authority to take up impeachment requests filed against President Dilma Rousseff.... Continue Reading →
Petrobras – Export Credit Agencies Funding
11/16/2015 Rio de Janeiro, November 16th, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that in line with its strategy of diversifying funding sources, is concluding negotiations the Export Credit Agency (ECA) from Italy – SACE, from the United Kingdom - UK Export Finance (UKEF), from Japan - Nippon Export and Investment Insurance (NEXI) and... Continue Reading →
Apache, Anadarko Golden Parachutes Offer Less Incentive to Sell
Apache Corp. and Anadarko Petroleum Corp., two exploration businesses that may find themselves as targets in an industry consolidation, are run by chief executives with smaller golden parachutes than similar-sized oil and gas companies. The dollar incentive for takeovers for Apache CEO John Christmann was $8.4 million as of the company’s fiscal year-end when he was... Continue Reading →
Shell Plans to Retain Four Senior BG Executives After Merger
Royal Dutch Shell Plc plans to retain four senior executives from BG Group Plc after the merger between the two oil and gas groups completes next year, according to an internal memo sent on Monday. The announcement comes less than two weeks after Shell revealed organizational changes as it prepares for its biggest ever takeover,... Continue Reading →
