(The following statement was released by the rating agency) LONDON, August 11 (Fitch) Investigations into allegations that Brazilian banks may have been involved in longstanding bribery of tax officials and members of the Tax Appeals Board to either waive or reduce tax payments could add to the pressures on the Brazilian banking sector, says Fitch... Continue Reading →
Petrobras – Oil and natural gas production in July
Rio de Janeiro, August 11, 2016 – Petróleo Brasileiro S.A. – Petrobras announces that its total production of oil and natural gas in July was of 2.89 million barrels of equivalent oil per day (boed), with the same level of the previous month, which was of 2.90 million boed. Of this total, 2.70 million boed... Continue Reading →
Petrobras second-quarter profit may triple as cuts offset lower oil prices
People leave the headquarters building of Petroleo Brasileiro S.A. (PETROBRAS) in Rio de Janeiro, Brazil, March 21, 2016. REUTERS/SERGIO MORAES Profit at Brazil's state-controlled oil company Petrobras likely more than tripled in the second quarter compared with a year earlier as investment cuts and declining financial losses helped make up for stagnant output and falling... Continue Reading →
Mexican Chemical Maker’s Brazil Dreams Win Investor Endorsement
Alpek SAB is studying a pivot toward South America with a record acquisition in Brazil -- and winning applause from investors. Shares have advanced 4 percent since the chemical maker said July 28 that it was exploring a purchase of two Petroleo Brasileiro SA polyester units. That’s almost twice the gain in Mexico’s benchmark IPC... Continue Reading →
Investors Have $100 Billion to Spend on Oil Assets No One Else Wants
The long wait may finally be over. Since the great crash of oil in mid-2014, more than $100 billion has been raised by buyout firms and distressed-debt funds eager to scoop up energy assets on the cheap. But as the months rolled by, few opportunities cropped up as cash-starved drillers limped along with the help... Continue Reading →
Odebrecht Hires Top Brazil Lawyer Munhoz for Restructuring
Odebrecht SA, the once-powerful Brazilian construction firm with 110 billion reais ($35.2 billion) in debt, hired Eduardo Munhoz, founding partner at E.Munhoz Advogados, to help with the “company restructuring process.” Munhoz was hired by the holding company about six months ago and has been working with Odebrecht Agroindustrial on its successful 13 billion-real debt restructuring... Continue Reading →
Standoff with Petrobras drives Odebrecht Oil and Gas closer to bankruptcy protection
Petrobras asked Odebrecht Oil and Gas (OOG to paralyze work in four out of six drilling rigs that are active, that can lead to equipment supplier to seek bankruptcy protection, according to two sources familiar with the matter. Banks and OOG investors are monitoring the situation with concern. The company had already negotiated with investors... Continue Reading →
Brazil’s Messy Impeachment Drama Almost Over. Markets Can’t Wait
Even after Brazil outperformed almost all other major markets this year, analysts and fund managers say there’s still room for further gains if suspended President Dilma Rousseff is impeached in coming weeks. Rousseff’s permanent ouster would clear the way for acting President Michel Temer to get on with the fiscal reforms investors have been pushing... Continue Reading →
Clarification on News: Legal dispute between Petrobras Distribuidora and WTorre
Rio de Janeiro, August 9, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby answers to the Official Letter No. 347/2016-CVM/SEP/GEA-1, which requests the following clarifications: Ref.: Official Letter No. 347/2016-CVM/SEP/GEA-1 “Mr. Director, We refer to the news item published on August 7, 2016, in the newspaper O Estado de São Paulo, editorship Coluna do Estadão,... Continue Reading →
Brazil’s Senate indicts Rousseff, opens impeachment trial
President of Brazil's Supreme Court, Ricardo Lewandowski and Brazil's Senate President Renan Calheiros speak during a discussion before the Senate votes on whether suspended President Dilma Rousseff should stand trial for impeachment, in Brasilia, Brazil, August 9, 2016. REUTERS/ADRIANO MACHADO Brazil's Senate voted early on Wednesday to indict President Dilma Rousseff on charges of breaking... Continue Reading →
