Brazil slashed interest rates to their lowest in over two years on Wednesday, accelerating the pace of its rate-cutting cycle to revive an economy still reeling from its deepest recession ever. In a unanimous vote, the central bank's 9-member monetary policy committee, known as Copom, decided to lower its benchmark Selic rate by 100 basis... Continue Reading →
Brazil’s Temer urges business as usual after massive bribery probe
Brazil's President Michel Temer urged lawmakers on Wednesday to push ahead with business as usual, a day after a Supreme Court justice ordered corruption probes into 98 politicians, including leading legislators and a third of his cabinet. Temer avoided commenting on the unprecedented wave of investigations triggered by plea bargain testimony from executives at engineering... Continue Reading →
PDVSA Notes Rally After Venezuela Makes Good on $2.2 Billion Debt Paymen
Bonds issued by Venezuela’s state oil company rallied after the country made $2.2 billion in payments on notes that matured Wednesday. The $1.1 billion of notes from Petroleos de Venezuela that come due in seven months gained 2.1 cents to 87.3 cents on the dollar as of 3:17 p.m. in New York. The payment, which... Continue Reading →
Brazil likely to step up monetary easing to spur recovery
Brazil's central bank is widely expected to speed up monetary easing on Wednesday, taking advantage of slowing inflation to try to revive an economy still struggling with its deepest recession on record. All but one of the 47 economists polled by Reuters expected the bank to cut its benchmark Selic rate BRCBMP=ECI by 100 basis... Continue Reading →
Brazil judge orders corruption probe into a third of Temer’s cabinet
A Supreme Court justice dealt President Michel Temer and Brazil's political elite a heavy blow on Tuesday by ordering investigations into eight cabinet ministers and dozens of lawmakers allegedly linked to the country's biggest corruption scandal. The list of names under investigation released by Justice Edson Fachin read like a Who's Who of Brazilian politics,... Continue Reading →
BHP CEO Rejects Oil Spinoff for Third Time After Singer Demand
The previous two times BHP Billiton boss Andrew Mackenzie ran his ruler over the company’s $29 billion oil unit he decided it was still a good fit for the world’s biggest miner. A fresh review following the urging of billionaire activist Paul Singer came up with the same answer. Read more
Speedcast Secures Two Systems Integration Contracts with Leading Fabricator for Offshore E&P Assets
/js/libs/html5shiv-printshiv.js SYDNEY--(BUSINESS WIRE)--Speedcast International Limited (ASX: SDA), the world’s most trusted provider of highly reliable, fully managed, remote communication and IT solutions, today announced it has won two new systems integration projects with a leading fabricator for the oil and gas industry. In both contracts, Speedcast has been named telecoms systems integrator, responsible for all... Continue Reading →
Petrobras – Moody’s upgrades Petrobras’ rating
Rio de Janeiro, April 10, 2017 – Petróleo Brasileiro S.A. – Petrobras informs that the rating agency Moody’s upgraded the company’s corporate debt rating to B1 from B2 and changed the outlook to positive from stable. Moody’s highlighted the continuous improvement of Petrobras’ liquidity profile and financial metrics over the last quarters on its report,... Continue Reading →
Damen to buy Keppel Verolme shipyard
Dutch offshore shipbuilder Damen has agreed to buy the Keppel Verolme shipyard from Singapore’s largest rig builder, Keppel Offshore & Marine. Keppel said the proposed sale comes after a strategic review and as part of the company’s efforts to optimize its operations and rationalise its global network of yards. “Keppel O&M continues to see opportunities in... Continue Reading →
Brazil to get data for revision of large Petrobras contract in May
Brazil's oil industry regulator ANP will submit next month the calculations to base the revision of a large contract with Petrobras known as the Transfer of Rights, the Energy Minister Fernando Coelho Filho said on Monday. The contract, through which the government exchanged in 2010 exploratory rights over some oil areas in its coast for... Continue Reading →
Brazil Energy Insight 