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Brazil’s central bank kept its key interest rate unchanged in a widely expected decision amid the unfolding drama of impeachment proceedings against President Dilma Rousseff and the country’s economic woes. Policy makers, led by President Alexandre Tombini, held the so-called Selic rate at a near-decade high of 14.25 percent on Wednesday for the sixth straight... Continue Reading →
Sete Brasil Participacoes SA may file for bankruptcy protection as early as this week, with Brazil’s state-owned banks and a government-affiliated fund accounting for more than half the oil-rig company’s 18 billion reais ($5.1 billion) in liabilities, according to people directly involved with the company’s finances. Brazil’s naval fund, which provides a state guarantee on... Continue Reading →
Total SA posted first-quarter profit that beat analysts’ estimates as cost cuts, rising production and resilient refining earnings helped the French company offset the slump in crude prices. Adjusted net income fell 37 percent from a year earlier to $1.64 billion, the company based in Courbevoie near Paris said in a statement Wednesday. Analysts had expected a... Continue Reading →
Statoil ASA, Norway’s biggest oil company, unexpectedly posted a profit in the first quarter as cost cutting helped offset the lowest crude prices in almost 12 years. Adjusted earnings after tax fell to $122 million from $902 million ayear earlier, the Stavanger-based producer said in a statement Wednesday. The average forecast of 12 analysts surveyed... Continue Reading →
April 27, 2016 01:00 AM Eastern Daylight Time PARIS--(BUSINESS WIRE)--Regulatory News: Technip (Paris:TEC) (ISIN:FR0000131708) (ADR:TKPPY) has signed a four years extension of its five-year initial contract signed in January 2011 with Petrobras S.A. for its Flexible Pipes Logistic Base (BAVIT), located in Vitória, Brazil. The scope covers storage, handling, inspection, testing, load-out (two simultaneous... Continue Reading →
The board of Brazil's central bank would be replaced as part of a drive to overhaul management of the economy and adopt sweeping reforms to regain investor confidence in a possible government of Vice President Michel Temer, three people familiar with the plan told Reuters. With President Dilma Rousseff likely to be suspended by the... Continue Reading →
Rio de Janeiro, April 25, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 178/2016/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 178/2016/CVM/SEP/GEA-1 “Dear Officer, We refer to the news item published on April 22, 2016, in the Economia (Economy) section of the newspaper O Globo, entitled: Petrobras: Mitsui não pode vender... Continue Reading →
Apr 26, 2016 Reuters Former President of Brazil's central bank Henrique Meirelles gestures during the Industry National Meeting in Sao Paulo, Brazil, November 13, 2015. REUTERS/RODRIGO PAIVA Brazilian Vice President Michel Temer said on Tuesday that former central bank chief Henrique Meirelles would be his choice to be finance minister if he were to take... Continue Reading →
The worst oil crash in a generation has cost Exxon Mobil Corp. the gold-plated credit rating it had held since the Great Depression. Standard & Poor’s on Tuesday stripped Exxon of its highest AAA measure of credit-worthiness, cutting it to AA+, the same as the U.S. government. It’s a defeat for Exxon, which sought to... Continue Reading →
Brazil's largest opposition party is divided over how strongly to back a new interim government if it succeeds in having President Dilma Rousseff stripped of office, as it eyes a run at the presidency in 2018, senior members said on Monday. The Brazilian Social Democracy Party (PSDB) will support a government led by Vice President... Continue Reading →
Brazil Energy Insight 