Brazil’s government presented measures to offer credit for agriculture, infrastructure, industry and construction, as Latin America’s biggest economy struggles to regain investor confidence and stem job losses amid its worst downturn in decades. As much as 83 billion reais ($20.4 billion) will be offered at rates set by Banco do Brasil, Caixa Economica Federal and... Continue Reading →
Petrobras – Clarification on News: Preliminary Injunction Suspends Sale of Gaspetro
Rio de Janeiro, January 28, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 250/2016-SAE which requests the following clarifications: OFFICIAL LETTER 250/2016-SAE “Dear Sirs, A news item published by the newspaper Valor Econômico on January 27, 2016, states, among other matters, that the Federal Court of Bahia has issued a preliminary... Continue Reading →
Dovish Brazil Central Bank Sends Swap Rates Lower as Real Gains
Brazil’s swap rates plunged to a four-month low as dovish minutes from the central bank’s latest meeting led traders to cut bets on interest-rate increases. Swap rates on contracts due January 2017 fell 0.2 percentage point to 14.5 percent as of 3:37 p.m. in Sao Paulo as the central bank signaled in minutes of its latest... Continue Reading →
UPDATE 2-Petrobras cuts management, streamlines as it fights graft, oil drop
Brazil's Petrobras said on Thursday it will cut about one in five management jobs, streamline operations and boost oversight as the state-led oil company adapts to low oil prices and tries to boost confidence after a corruption scandal. The measures will save Petrobras, formally known as Petroleo Brasileiro SA, about 1.8 billion reais per year... Continue Reading →
Brazil court upholds OAS bankruptcy plan, paving way for asset sales
A Brazilian bankruptcy court upheld a restructuring plan for embattled engineering conglomerate Grupo OAS, paving the way for a slew of asset sales aimed at helping pay over 8 billion reais ($2 billion) in liabilities. In a Thursday statement, the São Paulo-based group said that bankruptcy judge Daniel Carnio Costa gave his approval to the... Continue Reading →
UPDATE 1-Norway’s oil fund puts Petrobras on ethics watch
OSLO, Jan 28 Norway's sovereign wealth fund, the world's largest, has put Brazilian oil company Petrobras on its ethics watch list due to the company's involvement in Brazil's largest-ever corruption scandal. The $800 billion-plus fund, charged with the management of Norway's oil wealth, said it could exclude it from the fund's investments if it saw... Continue Reading →
Petrobras Cuts Managers to Save $440 Million a Year in Oil Rou
Peter Millard/Bloomberg January 28, 2016 — 10:05 AM BRST Brazil’s state-controlled oil company is reducing management positions and streamlining operations to save 1.8 billion reais ($440 million) a year as it navigates the worst oil market in a generation and a sprawling corruption investigation. Petroleo Brasileiro SA is reducing management positions in non-operational areas by... Continue Reading →
Petrobras – Material Fact: Revision on Petrobras’ Governance and Organizational Model
Rio de Janeiro, January 28th, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that its Board of Directors has approved the Company’s new organizational model. The revision of the model is due to the need to align the organization with the new reality of the oil and gas sector and to prioritize profitability and... Continue Reading →
Norway’s oil fund places Petrobras investment under observation
Jan 28, 2016 Reuters OSLO Norway's sovereign wealth fund, the world's largest, has placed its investment in Brazil's Petrobras under observation after the company's involvement in Brazil's largest ever corruption scandal. The $800 billion-plus fund, charged with the management of Norway's oil wealth, said on Thursday that the decision was on the basis of the... Continue Reading →
Mexico to Evaluate Possible Pemex Capital Injection: Messmacher
Mexico could inject capital into slumping state-owned Petroleos Mexicanos and allow it to increase debt more than planned if the oil producer presents a plan to ensure its long-term sustainability and profitability, Deputy Finance Minister Miguel Messmacher said. Pemex needs to show it can lower costs, make better investments and accelerate partnerships with other companies,... Continue Reading →
