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Brazil is more likely to reform its struggling oil industry to attract investments if there is a change in government, some of the country’s top oil executives said at an industry gathering in Houston. Brazil is expected to ease Buy in Brazil restrictions and auction exploration acreage more regularly if a new government takes over, Jorge... Continue Reading →
Halliburton Co.’s first-quarter loss widened as customers slashed budgets in half and the company took charges related to the $28 billion merger with Baker Hughes Inc. that was called off Sunday in the face of stiff resistance from regulators in the U.S. and Europe over antitrust concerns. The world’s largest provider of fracking services reported a... Continue Reading →
More Brazilian companies will face increasing liquidity risk through next year as rising borrowing costs and the harshest recession in decades hamper their ability to service debt, Moody's Investors Service said on Monday. A Moody's team of analysts led by Erick Rodrigues said in a report that the number of companies facing high funding risks... Continue Reading →
Brazil’s real led losses among its most-traded peers as the central bank intervened to weaken the currency in a bid to slow this year’s rally and support exporters. The real dropped 1.6 percent to 3.4936 per dollar at 4:43 p.m. in Sao Paulo, making it the world’s worst-performing currency after Libya’s dinar. The loss came... Continue Reading →
After ratcheting up lending at the behest of President Dilma Rousseff, Brazil’s state-controlled banks may be in store for more pain. Banco do Brasil SA, Caixa Economica Federal and development bank BNDES are seeing their borrowing costs in the bond market soar relative to those of their private-sector peers as Brazil’s longest recession in a century sparks a... Continue Reading →
Glimmers of economic hope may come too late for Dilma Rousseff by: Joe Leahy in São Paulo Brazil’s President Dilma Rousseff is battling impeachment proceedings in the senate for manipulating public accounts. Most analysts however believe that her real crime, in the eyes of markets, industry and voters, was the murder of one of the world’s most promising... Continue Reading →
Rio de Janeiro, April 29, 2016 - Petróleo Brasileiro S.A. – Petrobras informs that the Ordinary General Meeting of its subsidiary Petrobras Distribuidora S.A. – BR approved the election of the following members of its Board of Directors: Augusto Marques da Cruz Filho – Chairman of the Board of Directors Aldemir Bendine Clemir Carlos Magro... Continue Reading →
At a rally of labor unions and Workers’ Party faithful in Sao Paulo on Sunday, Rousseff announced tax cuts, more public housing units and an average 9 percent increase in the cash transfer program known as Bolsa Familia, even as Brazil faces a recordbudget deficit. The May 1 rally, traditionally a celebration of worker rights... Continue Reading →
Baker Hughes Inc. said it will buy back shares and debt and simplify its organization to save $500 million annually after the collapse of a planned merger with Halliburton Co. The third-largest oil services provider is taking steps to cut costs related to the merger agreement, Baker Hughes said in a statement Monday. On Sunday, the... Continue Reading →
Halliburton Co.’s “unfixable” plan to merge with Baker Hughes Inc. finally collapsed under the weight of worldwide antitrust opposition. The duo called off their $28 billion deal on Sunday after more than a year trying to get approval from regulators in the U.S., European Union, Brazil and Australia. The companies ultimately failed to overcome concerns... Continue Reading →
Brazil Energy Insight 