Traders willing to bet the biggest oil-services deal can survive regulatory scrutiny stand to rake in more than $3 billion in profit. Baker Hughes Inc. shares closed on Thursday at $53.75. That’s about $8 below Halliburton Co.’s cash-and-stock offer. It’s a pretty wide gap -- about twice as wide as the average spread for proposed... Continue Reading →
U.S. Oil Prices Post Biggest Rise on Percentage Basis Since 2009
WSJ U.S. oil prices soared 10% on Thursday, as a rally in Chinese and U.S. stocks and better-than-expected U.S. economic data prompted a rush by traders to bail out of bearish bets that the market would fall. Traders and analysts at hedge funds, banks and brokerages said supply-and-demand conditions in the oil market remained weak... Continue Reading →
Brazil’s Senate confirms reappointment of prosecutor general
Brazil's Senate confirmed on Wednesday the reappointment of Prosecutor General Rodrigo Janot, who is leading a massive corruption investigation that has put dozens of politicians under scrutiny for allegedly receiving kickbacks. The Senate voted in favor of Janot's reappointment 59-12 after lawmakers questioned him for more than 10 hours about the investigation focused on a... Continue Reading →
Cameron Purchase Hails More Deals: Real M&A
Schlumberger Ltd.’s takeover of Cameron International Corp. could inspire more dealmaking. The world’s biggest oilfield contractor agreed on Wednesday to buy pump-and-valve maker Cameron for about $66.36 a share in cash and stock. It’s the second-largest oil and gas services deal on record after No. 2 Halliburton Co. agreed to buy No. 3 Baker Hughes... Continue Reading →
UPDATE 1-Brazil near deal on firms hit by Petrobras probe
Brazil's government is preparing a deal to allow construction companies implicated in a massive corruption scandal to do business again with state-run oil company Petrobras in exchange for the payment of fines and damages, a government official briefed on the matter said on Wednesday. The official, who asked not to be named because negotiations are... Continue Reading →
Brazil judge says president’s ex-chief of staff may have been bribed
A federal judge in Brazil overseeing a sweeping corruption investigation said on Tuesday there were signs that President Dilma Rousseff's former chief of staff had received bribes. Judge Sergio Moro asked the Supreme Court to authorize an investigation into whether a graft case involving Brazil's planning ministry may have benefited Gleisi Hoffmann, now a senator... Continue Reading →
Brazil Court Delays Decision on Rousseff Campaign Funding
Brazil’s electoral court delayed a decision on whether to open hearings into allegations President Dilma Rousseff illegally financed her re-election campaign, charges that could provide grounds for her removal from office. Five of the seven judges on the court, known as the TSE, said they were in favor of opening hearings, and one voted against.... Continue Reading →
Brazil Court to Decide on Hearing Rousseff Campaign Funding Case
Brazil’s electoral court will vote late on Tuesday whether to open hearings into allegations President Dilma Rousseff illegally financed her re-election campaign, charges that could provide grounds for her removal from office. A petition with the court filed by the opposition party PSDB alleges that Rousseff and her Vice-President Michel Temer used more money than... Continue Reading →
Brazil VP drops liaison role, remains in Rousseff government: source
Brazilian Vice President Michel Temer has decided to drop his role as day-to-day political coordinator in Congress for President Dilma Rousseff but is not leaving her government, a source in the administration said on Monday. Temer is an important ally of the embattled Rousseff and his decision will further hamstring the unpopular president, who is... Continue Reading →
Brazil to cut government ministries, costs to show austerity
Brazil's government announced on Monday it will slash the number of ministries and reduce its spending, in an effort to show commitment to austerity that could be politically costly for President Dilma Rousseff. Planning Minister Nelson Barbosa said the administrative overhaul aims to make the state more efficient, but did not specify how much the... Continue Reading →
