Brazil’s central bank kept the pace of monetary easing and signaled future rate cuts may not be as aggressive amid a fresh political crisis that has rocked the country. The bank’s board led by President Ilan Goldfajn reduced the benchmark Selic rate by a full percentage point to 10.25 percent on Wednesday, as forecast by 43... Continue Reading →
INVESTORS ASK FOR REIMBURSEMENT OF R $ 4.475 BILLION FOR LOSSES WITH SETE BRASIL
MAY 31, 2017 Sete Brasil has been in judicial disputes between shareholders for some time as a result of the Lava Jato's revelations, the drop in the price of oil, and the cutback in Petrobrás investments, but now the dispute has advanced a notch. The investors of the company have filed a request for international arbitration... Continue Reading →
Brazil testimony may link two billionaires to graft probe
A former Brazilian cabinet minister is offering prosecutors evidence of graft involving two prominent billionaires who allegedly sought help from politicians to undertake deals during the left wing Workers Party administration, two newspapers reported on Wednesday. Antônio Palocci has decided to cooperate with prosecutors in exchange for a lighter sentence related to his role in... Continue Reading →
Stalled Brazilian Odebrecht projects decay in Venezuela
In the hot and humid town of Caicara, in the heart of Venezuela, some 20 piers jutting out of the vast Orinoco river gather mildew and rust. Brazilian construction company Odebrecht ODBES.UL was meant to build an 11-km (seven-mile) bridge in the town - the longest in the South American country - in 2011 but... Continue Reading →
Despite the crisis in the sector, the government approves R $ 3 billion for shipyards
Renée Pereira, O Estado de S.Paulo 31 May 2017 Despite the crisis in the naval sector, the Board of Directors of the Merchant Marine Fund (CDFMM) approved in the last months almost R $ 3 billion for the construction of new shipyards. The projects are aimed at repairing medium and large ships and do not... Continue Reading →
Vard buys PJMR stake in Vard Promar shipyard
Vard Holdings announced the acquisition of the control of the Vard Promar shipyard, located in Pernambuco, and acquired a 4.85% stake in PJMR (Ariovaldo Rocha, president of Sinaval). The value of the transaction is R $ 5.5 million. The Vard group, controlled by Italian state-owned company Fincantiere, will now have 100% control of the local... Continue Reading →
BW OFFSHORE AND PETROBRAS NEGOTIATE FIELD WHERE FPSO CITY OF SÃO MATEUS WILL OPERATE
May 30, 2017 BW Offshore is still in discussions with Petrobras to decide which field will be the final destination of the FPSO Cidade de São Mateus when the unit, which suffered an explosion in 2015, is again in operation. At the time of the tragedy, which made nine fatalities, the platform ship was... Continue Reading →
Brazil set for steep rate cut despite political storm
Brazil's central bank is widely expected to maintain its rapid pace of interest rate cuts on Wednesday despite a political crisis that has clouded the future of an economy slowly emerging from its worst recession ever. Corruption allegations against President Michel Temer, which threaten to unseat the center-right politician and derail his economic reform agenda,... Continue Reading →
Petrobras – Favorable Court decision related to the sale of Liquigás
Rio de Janeiro, May 30, 2017 - Petróleo Brasileiro S.A. - Petrobras informs that, today, obtained a unanimous favorable decision from the Federal Regional Court of the 5th Region, maintaining the prior decision from the Federal Justice of Sergipe, regarding the proceed of the sale of its wholly-owned subsidiary Liquigás Distribuidora S.A. (“Liquigás”). The sale... Continue Reading →
Ensco set to buy Atwood Oceanics
zoom UK offshore driller Ensco is set to acquire its U.S. rival Atwood Oceanics, expanding its fleet with high end rigs, and becoming the world’s largest jack-up operator. The two companies have entered into a definitive merger agreement under which Ensco will acquire Atwood in an all-stock transaction. The definitive merger agreement was unanimously... Continue Reading →
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