(The following statement was released by the rating agency) RIO DE JANEIRO, November 03 (Fitch) Brazil's decision to repay National Treasury debt owed to federally owned banks is positive for the banks as it imposes a new level of segregation between the government and these financial institutions, says Fitch Ratings. The decision will have a... Continue Reading →
Brazil judge convicts former Mendes Junior VP in Petrobras case
The federal judge handling the Petrobras corruption cases sentenced the former vice president of Brazilian engineering firm Mendes Junior to 19 years and four months in prison for his role in the massive kickback scheme. Judge Sergio Moro convicted Sergio Cunha Mendes of corruption, money laundering and racketeering for the payment of 31.5 million reais... Continue Reading →
Surviving attacks, Brazil’s Levy aims to stay for austerity plan
When he became finance minister 10 months ago, Joaquim Levy was an uncomfortable fit in Brazil's left-leaning government - an orthodox, University of Chicago-trained economist, a fiscal hawk with an affinity for cutting spending. Dogged by speculation over his departure amid vocal opposition from the ruling Workers' Party, Levy and his boss President Dilma Rousseff... Continue Reading →
Oil up 2 percent; gasoline adds fuel to rally on Libya, Brazil
Crude prices rose more than 2 percent on Tuesday as a rally in U.S. gasoline and diesel added support to oil markets already boosted by an industry strike in Brazil and force majeure for Libyan crude loadings. The rebound, after a 1 percent drop in crude prices on Tuesday, came ahead of industry group American... Continue Reading →
Rousseff’s Most Powerful Foe Weakened on Ethics Committee Probe
Brazil’s lower house will open hearings against its speaker on allegations of misconduct that could deplete his political capital and make it increasingly difficult for him to start impeachment proceedings against President Dilma Rousseff. The house ethics committee on Tuesday will begin choosing a legislator to lead the probe into accusations that the chamber’s president, Eduardo Cunha,... Continue Reading →
BP Says Technology Can Keep Oil and Gas Abundant, Affordable
Technology can be used to increase the world’s proved oil and gas reserves by two thirds -- almost double the amount needed to meet demand through 2050 -- keeping energy supplies plentiful and affordable, according to BP Plc. The amount of oil and gas recoverable from known reservoirs could rise to 4.8 trillion barrels of... Continue Reading →
Shell Steams Ahead With BG Takeover With Promise of More Savings
Royal Dutch Shell Plc said its record takeover of BG Group Plc will still deliver value to investors even in a prolonged oil-industry downturn and reshaped its business in preparation for the acquisition. Europe’s biggest oil company will save an addition $1 billion in operating costs from the combination with BG, bringing the total estimate... Continue Reading →
Switzerland Probes Banks to Gauge Exposure in Petrobras Scandal
Switzerland’s finance regulator is investigating local banks to gauge their exposure to a widening scandal surrounding Brazilian oil producer Petrobras Brasileiro SA. The regulator, known as Finma, said it is looking into whether banks and securities trading firms met their due diligence obligations in possible cases of money laundering, and whether any possible incidents were... Continue Reading →
Exxon Beats Estimates as Refining Profit Doubles Amid Oil Slide
Exxon Mobil Corp. posted higher-than-expected profit as soaring margins on processing oil into fuels blunted the impact of collapsing crude markets. Third-quarter net income fell to $4.24 billion, or $1.01 a share, from $8.07 billion, or $1.89, a year earlier, Irving, Texas-based Exxon said in a statement on Friday. Per-share profit was 13 cents higher... Continue Reading →
Chevron Cuts More Jobs and Spending as Oil Downturn Saps Profit
A pumpjack operates above a Chevron Corp. oil well near Taft, California. Photographer:Chip Chipman/Bloomberg Chevron Corp. said it’s cutting its workforce by about 10 percent amid the worst oil-market slump since the 1980s even as the company posted third-quarter profit that surpassed analysts’ expectations. Chevron said in a statement Friday that it will cut 6,000... Continue Reading →
Brazil Energy Insight 