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The debate over President Dilma Rousseff’s political survival intensified as lawmakers for the second time this month debated impeachment, clashing over the rules of a process that hasn’t been carried out in Brazil since 1992. Lawmakers disagreed Thursday whether Rousseff can be impeached for misdeeds allegedly carried out in her previous term. Lower house President... Continue Reading →
Brazil’s lower house leader Eduardo Cunha gave opponents of President Dilma Rousseff hope by saying in a report he may be able to accept an impeachment request that is based on misdeeds committed in a prior presidential term. Opposition leaders have filed a request with Cunha to impeach Rousseff based on charges she doctored fiscal accounts,... Continue Reading →
Brazil's Supreme Court voted on Wednesday to move part of the country's largest-ever corruption probe to another judge, challenging the notion that all pieces of a case that initially focused on state-run oil firm Petrobras are legally linked. Justice Dias Toffoli argued that an investigation into whether President Dilma Rousseff's former chief of staff Gleisi... Continue Reading →
(Reuters) - Brazil's Congress early on Wednesday upheld key presidential vetoes to avert a surge in public expenditure and postponed a decision on a possible salary increase for judiciary employees, in a rare victory for an embattled government struggling to rebalance its fiscal accounts. Lawmakers decided to uphold President Dilma Rousseff's veto of a bill... Continue Reading →
Total SA scaled back the expansion strategy it pursued during the past decade of high oil prices, announcing a fresh round of investment cutbacks and project delays while reducing production targets. The measures, laid out by the French energy company on Wednesday before an investor day in London, signal that the belt-tightening among global oil... Continue Reading →
World Wide Supply AS, a company providing offshore shipping services for the global petroleum industry, has received notice of early termination of contracts for two of its platform supply vessels (PSVs) from Brazilian oil and gas giant Petrobras.
Namely, the contracts were terminated for two 2013-built PSVs, the World Opal and the World Peridot. The vessels were supposed to be under a contract with Petrobras until July 2018.
According to World Wide Supply, the charterer has declared that it does not see itself obligated to pay the accrued hire through the “blocking-period”, which at the date hereof amounts to approximately $3 million.
“Dialog has been initiated with Nordic Trustee and an informal bondholders’ committee,” the shipping company said.
The vessels are of a Damen’s PSV 3300 design. With an 80.1m length, the PSV 3300 has a deck load of 1,500 tonnes. It can…
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Brazil’s collapsing currency has claimed its first victim: General Shopping Brasil SA bonds. The mall operator is offering to buy back as much as $50 million worth of its senior debt for a fraction of the face value: 51 cents on the dollar if bondholders accept by Sept. 29 and 48 cents if they wait... Continue Reading →
(Reuters) - A massive corruption and political kickback scheme at Brazil's state-run oil company Petrobras started with former president Luiz Inacio Lula da Silva's chief of staff, a lead prosecutor said on Monday. Prosecutor Carlos Fernando dos Santos Lima said the bribery scheme at Petroleo Brasileiro SA, as Petrobras is formally known, had the same... Continue Reading →
Petroleo Brasileiro SA has canceled five platform-supply vessels from two separate contractors as a rout in oil prices and rising borrowing costs force Brazil’s state-controlled producer to deepen spending cuts. Ultrapetrol Bahamas Ltd. had three vessel contracts terminated ahead of schedule and World Wide Supply AS had two contracts canceled, the companies said in separate... Continue Reading →
Brazil's Supreme Court decided on Thursday to ban corporate donations to election campaign financing in a move to clean up Brazilian politics caught in a massive kickback scandal. The top court voted 8-3 to allow election donations from individuals but not from companies, a decision that renders unconstitutional a bill passed last week by the... Continue Reading →
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