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Brazil is winning over derivatives traders as Acting President Michel Temer seeks to repair the nation’s finances. The cost to hedge against losses in Brazil’s bonds with credit-default swaps has tumbled by almost a third in the past six months, the biggest drop among the world’s major economies. Prices of the swaps are also... Continue Reading →
Rio de Janeiro, June 23, 2016 – Petróleo Brasileiro S.A. – Petrobras announces that the Deliberative Board of Petros approved, at a meeting held today, the Actuarial Statement of the Petros Plan of the Petrobras System (PPSP), related to 2015, having been confirmed the disclosure of a deficit of the Plan above the tolerance limit... Continue Reading →
Rio de Janeiro, Brazil – June 24, 2016 – Petróleo Brasileiro S.A. – Petrobras (“Petrobras”) (NYSE: PBR) hereby announces that its wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”) is amending the terms of its previously announced offer to purchase for cash any and all of PGF’s 8.375% Global Notes due 2018 (the “2018 Notes”), and... Continue Reading →
Brazil's state-led oil company Petrobras said on Thursday its pension fund has 22.6 billion reais ($6.8 billion) in unfunded liabilities, a new financial burden for what is already one of world's most indebted firms. The shortfall at the country's second-largest pension fund is the latest setback to Petrobras' efforts to preserve cash needed to pay... Continue Reading →
Brazil's interim President Michel Temer attends a meeting with governors of Brazilian states, at the Planalto Palace in Brasilia, Brazil, June 20, 2016. REUTERS/ADRIANO MACHADO Conservative legislators in Brazil say they will back interim President Michel Temer through a growing corruption scandal in return for support for their right-wing social agenda, including tougher abortion restrictions... Continue Reading →
The cost to drill wells at Argentina’s Vaca Muerta, site of the world’s second-biggest shale reserves, has dropped 20 percent this year, putting Chevron Corp. and its partners closer to meeting spending goals. Drilling costs at the Loma Campana field in Vaca Muerta have declined to $11.2 million per well from $14 million in the... Continue Reading →
Rising petroleum demand in China, North America and Europe will help bring global oil markets into balance this year, BP Plc Chief Executive Officer Bob Dudley said. “Global supply and demand recently have moved toward a better balance, and we expect this trend to continue into the second half of 2016 and probably reaching a... Continue Reading →
Prosecutor Carlos Fernando dos Santos Lima speaks during an interview for Reuters in Curitiba, Brazil, June 23, 2015. REUTERS/RODOLFO BUHRER For weeks, his possible earth-shattering testimony in Brazil's biggest corruption scandal has been the talk of the nation, filling endless pages in newspapers and magazines. Breathless reports stated that Marcelo Odebrecht, the former chief executive... Continue Reading →
Concerns that bribery scandal at Brazilian state-controlled oil company will spread by: Madison Marriage and Joe Leahy/FT Norway’s largest pension fund has blacklisted Petrobras over concerns that the state-controlled oil company at the centre of a Brazilian bribery scandal is prone to further corruption problems beyond its home market. KLP, which oversees NKr553bn ($67bn) of assets, said it would... Continue Reading →
Brazil’s real advanced along with emerging-market currencies worldwide as commodity prices rallied amid improved appetite for riskier assets. The currency rose 0.7 percent to 3.3557 per dollar as of 1:54 p.m. in Sao Paulo, the highest level since July. The real has surged 18 percent in 2016, the world’s best performance. A gauge of emerging-market currencies... Continue Reading →
