Dilma Rousseff’s popularity remained near record lows as the majority of Brazilians forecast Latin America’s biggest economy won’t recover from the current crisis for at least another three years. Rousseff’s personal approval rating was 15.9 percent compared with 15.3 percent in the previous poll in July, according to an Oct. 20-24 MDA poll published by the... Continue Reading →
BP Profit Beats Estimates as CEO Plans Deeper Cost Cuts
BP Plc third-quarter profit beat analysts’ estimates, boosted by refining profit, as Chief Executive Officer Bob Dudley laid out a plan for deeper cost cuts to withstand low prices. Earnings from processing crude into fuels and from trading oil and natural gas took profit adjusted for one-time items and inventory changes to $1.82 billion, 40... Continue Reading →
U.S. Plans to Sell Down Strategic Oil Reserve to Raise Cash
The U.S. plans to sell millions of barrels of crude oil from its Strategic Petroleum Reserve from 2018 until 2025 under a budget deal reached on Monday night by the White House and top lawmakers from both parties. The proposed sale, included in a bill posted on the White House website, equates to more than... Continue Reading →
Getting closer – Brazil police raid company owned by Lula son in corruption probe
Brazilian police raided the offices of a company owned by the son of former President Luiz Inacio Lula da Silva on Monday as part of a bribery investigation that threatens to drag his family into yet another scandal. The Federal Police said it was investigating a group of companies that allegedly bribed officials in a... Continue Reading →
Maersk Will Cut Up to 12% of Oil Jobs After Prices Slump
A.P. Moeller-Maersk plans to cut as much as 12 percent of its global oil unit workforce amid lower crude prices. The move will help Maersk Oil reach its goal of cutting expenses by 20 percent by the end of 2016 and brings the total number of job cuts this year to about 1,250, the company... Continue Reading →
Brazil to monitor its multinational firms for corruption abroad
Brazil has started to watch its multinational companies for corrupt practices they might commit in other countries in the wake of a massive bribery scandal at home, the nation's top anti-corruption official told Reuters. Six years after encouraging homegrown conglomerates to expand beyond Brazil with cheap credit and eased regulatory rules, the government is now... Continue Reading →
Brazilian panel approves report clearing Petrobras of wrongdoing/Travesty
A final report approved by a Brazilian congressional panel investigating corruption at state-run oil company Petrobras has blamed suppliers and rogue employees for the graft, rather than politicians or the company. The committee's final report did not criticize any politicians, including those closely associated with Petrobras, such as President Dilma Rousseff, who was chairwoman of... Continue Reading →
Petrobras Update October 2015 – PBR presentation
Attached the Petrobras Update October 2015 presentation. BTG-Pactual-Conference-Oct2015_5
The Overlooked Forces Driving Brazil’s Inflation to 10 Percent
Brazil’s policy makers have blamed the fastest inflation in roughly 12 years on a weaker currency and higher government-administered prices such as electricity. Economists don't think it's so simple.Price increases that exceed the 4.5 percent target are widespread. Six of the nine product groups tracked by the national statistics agency still have annual inflation running... Continue Reading →
UPDATE 1-Singapore’s Keppel says may face Brazil corruption probe
Singapore oil rig builder Keppel Corporation Ltd said it may face an investigation into deals with Brazilian state-run oil company Petrobras and rig builder Sete Brasil. A Brazilian parliamentary commission of inquiry backed further investigations into 10 companies it identified as involved in transactions with Petrobras and Sete, including the Singaporean company's Keppel FELS Brasil... Continue Reading →
