Petrobras Pension Fund Losses Said to Widen to $1.9 Billion By Sabrina Valle 7:27 PM BRT April 1, 2015 Petroleo Brasileiro SA’s employee pension fund, known as Petros, lost more than 6 billion reais ($1.9 billion) last year, according to a person with direct access to the fund’s preliminary results. The deficit widened from 2.4... Continue Reading →
Aurelius Says OAS Seeking to Defraud Bondholders in Bankruptcy
Aurelius Says OAS Seeking to Defraud Bondholders in Bankruptcy By Boris Korby 1:35 PM BRT April 1, 2015 (Bloomberg) -- Hedge fund Aurelius Capital Management LP said that Brazilian builder OAS SA’s bankruptcy is part of an effort to defraud bondholders. Aurelius affiliate Huxley Capital Corp. filed a complaint in Manhattan federal court March 5... Continue Reading →
Brazil’s Real Leads Gains as Rousseff Affirms Fiscal Commitment
Brazil’s Real Leads Gains as Rousseff Affirms Fiscal Commitment By Paula Sambo 9:08 AM BRT April 1, 2015 (Bloomberg) -- Brazil’s real led global currency gains after President Dilma Rousseff affirmed a commitment to do what it takes to meet fiscal targets, fueling speculation that the nation will be able to avoid a junk credit... Continue Reading →
Petrobras signs loan of U$3.5 billion with China Development Bank.
Petrobras signs loan of U$3.5 billion with China Development Bank. According to sources the loan was booked under Petrobras subsidiary, Petrobras Global Trading. The Chinese have 20% interest in the pre salt Libra field which is operated by Petrobras with 40% and has Shell and Total as participants with 20% each and Chinese CNPC and... Continue Reading →
How Brazil’s President Plans to Get the Country and Herself Out of This Mess
How Brazil's President Plans to Get the Country and Herself Out of This Mess By Adriana Arai Raymond Colitt Arnaldo Galvao 7:00 AM BRT April 1, 2015 Brazil’s President Dilma Rousseff is battling to regain the trust of voters and global investors alike as the economy sinks and a corruption scandal deepens. On Tuesday she... Continue Reading →
In Fiscal Setback, Brazil Posts Primary Deficit for February
In Fiscal Setback, Brazil Posts Primary Deficit for February The deficit makes meeting a target of a surplus of 1.2% of gross domestic product more difficult Brazilian Finance Minister Joaquim Levy speaks to a Senate panel in Brasília on Tuesday. PHOTO: AGENCE FRANCE-PRESSE/GETTY IMAGES By PAULO TREVISANI /WSJ March 31, 2015 3:52 p.m. ET BRASÍLIA—Brazil took a... Continue Reading →
Petrobras independent director to quit board
Petrobras independent director to quit board http://www.ft.com/cms/s/0/4791990e-d7e4-11e4-80de-00144feab7de.html#ixzz3W3O0dFdF March 31, 2015 11:02 pm Joe Leahy and Samantha Pearson in São Paulo/FT ©EPA/Sebastiao Moreira Unrest: the Petrobras revelations have sparked protest An independent director of Brazil’s Petrobras has voiced a vote of no-confidence in the government’s handling of problems at the corruption-ridden state-controlled oil company by refusing to stand... Continue Reading →
OAS Files for Bankruptcy as Petrobras Probe Embroils Builder
OAS Files for Bankruptcy as Petrobras Probe Embroils Builder By Paula Sambo Christiana Sciaudone 2:46 PM BRT March 31, 2015 (Bloomberg) -- Brazilian builder OAS SA filed for bankruptcy, making it the largest company to seek protection as a bribery scandal involving state-controlled oil producer Petroleo Brasileiro SA engulfs the construction industry. OAS, which missed... Continue Reading →
Oil majors over a barrel due to falling reserves
http://www.ft.com/cms/s/0/2d35d198-d6b7-11e4-97c3-00144feab7de.html#ixzz3VzBe4t6k March 31, 2015 5:38 pm Oil majors over a barrel due to falling reserves Christopher Adams, Energy Editor/Financial Times ©Bloomberg The world’s largest oil and gas groups shed more than a billion barrels of reserves in 2014, the sharpest decline in at least six years, according to figures that show their exploration record has... Continue Reading →
Brazil Has No Room for Errors, Finance Minister Says
Brazil Has No Room for Errors, Finance Minister Says Government has run out of quick fixes for its economy, Levy warns Brazilian Finance Minister Joaquim Levy said the government has run out of quick fixes for the country’s economic problems. PHOTO:AGENCE FRANCE-PRESSE/GETTY IMAGES By LUCIANA MAGALHAES And JEFFREY T. LEWIS/WSJ March 30, 2015 3:08 p.m. ET SÃO... Continue Reading →
