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One reason for goldplated government jobs was a program five decades ago to lure qualified Brazilians from the beaches of Rio de Janeiro to the arid savanna of the new capital, Brasilia. This exacerbated fierce distortions in the economy: Brazilians pay unusually high taxes to finance a bloated state sector that provides poor public services.... Continue Reading →
Oil prices fell more than 2 percent on Friday after Goldman Sachs cut its crude forecasts, citing global oversupply and concerns over the Chinese economy, and after Saudi Arabia dismissed the idea of an oil producer summit. Joining a long list of banks cutting their price forecasts, Goldman Sachs on Friday reduced its 2015 U.S.... Continue Reading →
Brazil’s return to junk may be exactly what Finance MinisterJoaquim Levy needed. Standard and Poor’s dressing down of Latin America’s largest economy on Wednesday could finally convince lethargic policy makers to revive the economy and close the biggest budget deficit in at least two decades. "The downgrade creates a more favorable environment for approving measures because... Continue Reading →
Brazilian President Dilma Rousseff called an emergency cabinet meeting Thursday after a sovereign-debt downgrade sent the real reeling and left the government scrambling to address the nation’s fast-deteriorating economy. Ratings firm Standard & Poor’s cut Brazil’s debt rating to junk-grade BB+ in a surprise move late Wednesday that highlighted mounting political challenges to the government’s... Continue Reading →
Stephen Jen has a proposal for Brazil to get out of the current economic mess: ask for a bailout from the International Monetary Fund. Not that Brazil needs the funding, said Jen, a former IMF economist. Latin America’s largest economy holds $371 billion inforeign reserves, almost 10 times the amount of the government’sforeign-currency debt. But... Continue Reading →
Brazil's financial markets fell on Thursday after Standard & Poor's cut the country's sovereign rating to junk late Wednesday, though assets began to pare losses in late morning trading as the downgrade had been largely priced in. The drop from investment grade, which came sooner than many in the market had expected, reflected President Dilma... Continue Reading →
Petrobras - Clarification of News Item: Rental of Drilling Rigs 09/09/2015 Rio de Janeiro, September 9, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 347/2015/CVM/SEP/GEA-1 which requests the following clarifications: Official Letter 347/2015/CVM/SEP/GEA-1 “A news item that appeared in the September 6, 2015 edition of the newspaper Folha de São Paulo... Continue Reading →
When Luke Rickert first started as an engineer at Aker Solutions ASA in Oslo, a Norwegian oil services provider, his team of 24 had people from 15 different countries. People from the U.S. to India, Brazil, Portugal and dozens of other countries came to fill a shortage of skilled workers in Norway’s booming petroleum industry.... Continue Reading →
As Petroleos Mexicanos seeks investment from outside Mexico, it’s losing some support from the government. President Enrique Pena Nieto announced Tuesday that Mexico’s budget proposal would include 293 billion pesos ($17 billion) for Pemex investment in 2016, down from 366 billion pesos this year and the lowest amount allocated to the world’s ninth-largest crude producer... Continue Reading →
A funding squeeze threatens to cut U.S. oil output by as much as half a million barrels a day by the end of the year, with shale producers among the worst affected, Citigroup Inc. said. High-cost oil producers in the U.S. have been forced to scale back in the past year after members of the... Continue Reading →
