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Weatherford International Plc shareholders are asking the company for one thing this quarter: Please, just be a little more boring. Over the last decade, the oilfield-services provider has missed analyst estimates 20 times, settled a corruption probe and spent more than $150 million in professional fees to fix errors in its accounting. And last month, it... Continue Reading →
Brazil’s real fell the most in the region on speculation the government will change this year’s budget target to a deficit from a surplus, highlighting its inability to shore up the country’s finances. All four of Brazil’s largest newspapers now report that the government will revise this year’s budget target for a third time, forecasting... Continue Reading →
For the second time in Brazil’s 30-year-old democracy, the country finds itself lurching toward the impeachment of its president. A group of high-profile lawyers plans to file a request Wednesday to begin the proceedings, nudging President Dilma Rousseff closer to being ousted after months of will-she or won’t-she-be-impeached speculation that has paralyzed Congress, rattled financial... Continue Reading →
Brazil's government is considering slashing its key fiscal goal to a deficit of around 50 billion reais ($12.9 billion) this year as revenues plummet due to the ongoing recession, three sources with direct knowledge of the talks said on Tuesday. That primary budget deficit would be equal to 0.85 percent of the country's gross domestic... Continue Reading →
The five Brazilian banks owed $3.6 billion from Sete Brasil, a company set up to build offshore drill-rigs for state-led oil company Petroleo Brasileiro SA, will extend a repayment deadline into next year, the Estado de S.Paulo newspaper reported on Tuesday. The debt, owed to state-led Banco do Brasil SA and state-owned Caixa Economica Federal... Continue Reading →
Eduardo Cunha on Oct. 19 Photographer: Evaristo Sa/AFP/Getty Images A group of high-profile lawyers, including a former member of the ruling Workers’ Party, will file a request on Wednesday to begin impeachment proceedings against Brazilian President Dilma Rousseff, alleging she continued to doctor fiscal accounts this year. The petition, which was originally expected Tuesday, is... Continue Reading →
Brazil’s real rose as volatility increased to the highest level in almost three weeks amid optimism that Finance Minister Joaquim Levy will stay in his post, offsetting concerns about the outlook for Latin America’s largest economy amid political strife. The real advanced 0.9 percent to 3.8529 per dollar at 9:40 a.m. in Sao Paulo. The currency is... Continue Reading →
Oct 19 (Reuters) - Brazilian construction group Andrade Gutierrez said on Monday that it has no intention of selling its stake in Brazil's CCR SA, an operator of toll roads, as reported earlier by Estado de S.Paulo newspaper. "The company denies that it has made any type of offer to market agents in relation to... Continue Reading →
Sevan Drilling Ltd: Press Release 16.10.2015 Reference is made to the Company's press release dated 29 June, 2015, regarding Brazilian authorities' investigation into corrupt activities involving Petrobras. In 2011, Sevan Drilling was separated out from the 100% ownership of Sevan Marine ASA and listed separately on the Oslo stock exchange.The Company notes that Sevan Marine... Continue Reading →
The selloff punishing Brazilian markets in recent months isn’t fazing Jerome Booth. He’s seen it before and says just like then, it’s way overdone. Yes, Brazil has serious problems. The country’s “a mess,” he says, with a massive corruption investigation at state-run oil company Petroleo Brasileiro SA, a worsening fiscal outlook, the steepest recession in... Continue Reading →
Brazil Energy Insight 