A five Japanese companies consortium led by Mitsubishi, prepares to leave the capital of Ecovix, which controls the Rio Grande Shipyard (ERG). The consortium took over 30% stake in the business just over two years for $ 300 million. According to a report by Francisco Garcia, the sale of that stake to the holding Jackson... Continue Reading →
Brazil’s Lula summoned to testify in bribery case
Mon Jan 4, 2016 Brazil's Lula summoned to testify in bribery case Reuters Brazil's former President Luiz Inacio Lula da Silva reacts during a meeting with Rio de Janeiro's Governor Luiz Fernando Pezao in Rio de Janeiro, Brazil December 3, 2015. REUTERS/RICARDO MORAES Former Brazilian President Luiz Inacio Lula da Silva was summoned to testify... Continue Reading →
Petrobras CEO’s Challenges Aren’t Going Away/WSJ
Oil giant’s turnaround is stalled amid cheap oil prices and high debt Aldemir Bendine has been the company’s chief for 11 months. Aldemir Bendine has been the company’s chief for 11 months. PHOTO: UESLEI MARCELINO/REUTERS By WILL CONNORS and PAUL KIERNAN Jan. 4, 2016 8:50 p.m. ET RIO DE JANEIRO—In his 11 months at the... Continue Reading →
UPDATE 2-Brazil posts 2015 trade surplus as recession curbs imports
Jan 4 Brazil returned to a trade surplus in 2015 as the worst recession in 25 years and a slump in the real currency damped demand for imports in Latin America's largest economy, data showed on Monday. Brazil posted a trade surplus of $19.681 billion for last year, rebounding from a deficit of $4 billion... Continue Reading →
Brazil November oil, gas output lowest in a year after strike
Brazil's oil and natural gas output was the lowest in a year in November as a strike reduced production from fields run by Brazil's biggest operator, state-run Petroleo Brasileiro SA, oil regulator ANP said in a statement on Monday. Oil companies in the country produced 2.972 million barrels a day of oil and natural gas... Continue Reading →
Big oil to cut investment again in 2016
With crude prices at 11-year lows, the world's biggest oil and gas producers are facing their longest period of investment cuts in decades, but are expected to borrow more to preserve the dividends demanded by investors. At around $37 a barrel, crude prices are well below the $60 firms such as Total (TOTF.PA), Statoil... Continue Reading →
Brazil’s Real Leads Losses in Emerging Markets on Chinese Data
Brazil’s real led global declines as data showing weakness in the nation’s top trading partner added to concern a recession in Latin America’s largest economy will drag on. The real slid 2.3 percent to 4.0431 per dollar at 9:51 a.m. in Sao Paulo, on course for the weakest close in three months. The decline was the... Continue Reading →
Brazil Analysts Ring in New Year With Deeper Recession Forecast
Brazil analysts expect a deeper recession this year than previously forecast, as economic activity and confidence sink amid a political crisis. Latin America’s largest economy will shrink 2.95 percent this year, according to the weekly central bank survey of about 100 economists, versus a prior estimate of a 2.81 percent contraction. It was the 13th straight... Continue Reading →
Petrobras starts the year with a new round of renegotiations with suppliers
01.04.2016 | News release Petrobras starts the year with a new round of renegotiations with suppliers Petrobras said it plans to launch this month a new round of renegotiations of suppliers contracts in an attempt to reduce their operating costs. In 2015, the company managed to reduce by 13% on average, several contracts in the... Continue Reading →
Brazil’s Shrinking Investment-Grade Club Set to Dwindle Further
Brazil’s dwindling number of investment-grade companies is poised to shrink again in 2016. After two downgrades to junk for sovereign debt and more than 200 corporate rating cuts in 2015, Latin America’s largest economy is now home to just 14 investment-grade companies. Six of those at the lowest investment grade have negative outlooks on their ratings,... Continue Reading →