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Don't expect the plunge in commodity costs to help the global economic picture any time soon. Analysts at Natixis, led by Chief Euro-Region Economist Sylvain Broyer, contend that the headwinds stemming from lower crude will only start to outweigh any positives this year. This analysis adds to an increasing body of commentary that claims "this time is different": lower... Continue Reading →
Feb 18, 2016 Reuters The Brazil's state-run Petrobras oil company headquarters is pictured in Rio de Janeiro, Brazil, January 28, 2016. REUTERS/SERGIO MORAES Brazil's state-run oil company Petroleo Brasileiro SA or Petrobras said on Thursday that Standard & Poor's downgraded its foreign currency bond rating to "B+" from "BB" after the ratings agency cut Brazil's... Continue Reading →
Feb 18, 2016 Reuters By Bruno Federowski SAO PAULO, Feb 18 The Brazilian real underperformed Latin American currencies on Thursday after Standard & Poor's downgraded the country deeper into junk territory. Citing considerable economic and political challenges, S&P cut Brazil's sovereign grade rating to BB from BB+ with a negative outlook. Traders said the cut... Continue Reading →
Creditors of ailing Brazilian engineering and rig leasing conglomerate Grupo Schahin rejected on Wednesday a reorganization plan, a source with direct knowledge of the decision said. The decision could pave the way for Schahin's liquidation, said the source, who is not authorized to discuss the issue publicly. All 13 banks that are creditors of Schahin,... Continue Reading →
Chartered by Petrobras, the CMM Celerity is expected to start operating at the end of June [17.02.2016] / By João Montenegro/Brasil Energy The Damen shipyard in the Netherlands launched the OSRV CMM Celerity, owned by Compagnie Maritime Monégasque International (CMM). To work on behalf of Petrobras, the CMM Celerity is expected to start operating at... Continue Reading →
The Norwegian company has completed construction of its US$ 100 MM drilling packages plant [17.02.2016] / By João Montenegro/Brasil Energy MHWirth, owned by the Akastor group, has completed construction of its drilling packages plant in Macaé (Rio de Janeiro). The information was disclosed during the presentation of the company's 4Q15 earnings results. However, no date... Continue Reading →
QGOG Taken Off The Blacklist Queiroz Galvão’s shipping company can now sign new contracts with Petrobras again. The company had been prohibited to do so as part of the Lava Jato corruption investigation [17.02.2016] / By Gustavo Gaudarde/Brasil Energy Queiroz Galvão Óleo e Gás (QGOG) has been allowed to sign contracts with Petrobras once again.... Continue Reading →
The largest party in Brazil’s lower house of Congress re-elected a pro-government leader, strengthening President Dilma Rousseff’s hand in fending off impeachment. In a 37 to 30 vote Wednesday, deputies of the Brazilian Democratic Movement Party, or PMDB, re-elected Congressman Leonardo Picciani, who has spoken out against efforts to remove Rousseff from office on charges... Continue Reading →
Brazil’s debt rating was cut deeper into junk territory by Standard & Poor’s, which cited fiscal and political challenges for Latin America’s largest economy. The long-term foreign currency rating was reduced one level to BB with a negative outlook, S&P said in a statement Wednesday. The new level, two steps below investment grade, puts Brazil... Continue Reading →
Dilma Rousseff’s supporters are almost cheerful, missing no opportunity to proclaim that the political crisis that shook Brazil in 2015 and led to impeachment proceedings against the president has lost momentum. In private, they are worried. Their main concern is that an almost two-year probe into a scheme of kickbacks in return for political favors... Continue Reading →
