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U.S. Economic Growth Nearly Stalls Out Businesses slash investment, exports tumble and consumers show caution as GDP expands at 0.2% pace The U.S. economy slowed sharply at the start of the year as businesses slashed investment, exports tumbled and consumers showed signs of caution., Here, a pallet of lumber gets marked at the Allegheny Millwork... Continue Reading →
Wed Apr 29, 2015 1:29am EDT Brazil readies a steep interest rate rise to salvage credibility BRASILIA | BY ALONSO SOTO Brazilian Central bank chief Alexandre Tombini gestures as he attends a meeting with businessmen in Sao Paulo March 18, 2015. REUTERS/PAULO WHITAKER (Reuters) - Brazil is poised to deliver another big interest rate increase on Wednesday as... Continue Reading →
Nine Brazilian Executives Accused of Graft in Petrobras Case to Be Released Supreme Court says executives will wear ankle monitors and will be under house arrest By LUCIANA MAGALHAES/WSJ April 28, 2015 10:11 p.m. ET SÃO PAULO—Brazil’s Supreme Court said Tuesday it has allowed the release from jail of nine executives accused in the alleged graft... Continue Reading →
Rig Bond Distress Seen Subsiding as Oil Bounce Produces Windfall By Isabella Cota/Bloomberg 10:00 PM BRT April 28, 2015 The rise of Mexico’s rig operators from the depths of distress is turning into a boon for bond investors. Offshore Drilling Holding’s $950 million of notes due 2020 have returned 11 percent this month alone, almost... Continue Reading →
http://www.ft.com/cms/s/0/3a6ddd04-ed70-11e4-a894-00144feab7de.html#ixzz3YbWnVqUy Last updated: April 28, 2015 8:09 am Total’s refining and chemicals unit limits decline in earnings Michael Stothard in Paris ©AFP A tripling of net income at Total’s refining and chemicals unit helped the oil and gas major beat analysts’ expectations and offset the crippling effect of the 50 per cent fall in oil prices in its first-quarter... Continue Reading →
BP Profit Beats Estimates as Refining Offsets Oil’s Plunge By Rakteem Katakey / Bloomberg 3:10 AM BRT April 28, 2015 BP Plc reported first-quarter profit that was more than double analysts’ estimates as earnings from refining and trading offset lower crude prices. The first results this year from the world’s largest oil companies demonstrate the... Continue Reading →
Biggest Brazil Builder Freezes New Investments on Funding Fears By Blake Schmidt Michael Smith / Bloomberg 9:00 PM BRT April 27, 2015 Odebrecht SA Chief Executive Officer Marcelo Odebrecht said, “The big risk to Brazil’s growth in the next two years is the question of the credit outlook.” Photographer: Kiyoshi Ota/Bloomberg Odebrecht SA, Latin America’s... Continue Reading →
PDVSA’s Boost in Oil Well Spending Fails to Stem Output Declines By Pietro Pitts / Bloomberg 3:41 PM BRT April 27, 2015 A 62 percent increase in Petroleos de Venezuela SA’s 2014 exploration and development spending wasn’t enough to stem a near decade-long slide in crude output. PDVSA, as the state oil company is known,... Continue Reading →
http://www.ft.com/cms/s/0/1e4570d0-ea5d-11e4-96ec-00144feab7de.html#ixzz3YWzOmn7w April 27, 2015 2:49 pm Oil companies seek lasting cost cuts after crude price plunge Ed Crooks and Christopher Adams in Houston/FT ©Bloomberg As oil companies grapple with the consequences of the plunge in the value of crude over the past nine months, some are coming to a paradoxical conclusion: they may be better off when... Continue Reading →
Mon Apr 27, 2015 11:55am EDT Fitch: BNDES's Scale-Back an Opportunity for Brazil's Banks (The following statement was released by the rating agency) NEW YORK, April 27 (Fitch) As Brazil's government-sponsored Banco Nacional de Desenvolvimento Economico e Social (BNDES) likely scales back its role in infrastructure financing, the federal government expects more active participation of... Continue Reading →
