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Brazil’s real dropped for the first time this week as a widening corruption probe offset speculation the government will announce as much as $12.3 billion of new loans to revive Latin America’s largest economy. The real trimmed this year’s gains after Brazil’s federal police carried out search and arrest warrants in four cities on Wednesday... Continue Reading →
Goldman Sachs Group Inc. said the crisis in Brazil will get worse before it gets better after the bank last year warned that Latin America’s largest economy was being dragged into a depression. “Brazil is a mess,” Alberto Ramos, the chief Latin America economist at Goldman Sachs, said at an event organized by the Brazilian-American... Continue Reading →
Judge rules deal doesn’t meet some transparency requirements and referred to Petrobras’ previous actions A judge this week blocked Petrobras’ sale of a minority stake in its natural-gas distribution unit to Japan’s Mitsui. PHOTO: REUTERS By WILL CONNORS/WSJ Jan. 26, 2016 8:25 p.m. ET RIO DE JANEIRO—A Brazilian federal judge this week blocked the 1.9... Continue Reading →
Royal Dutch Shell Plc won shareholder approval to buy BG Group Plc, sealing its biggest acquisition amid the worst oil-industry slump since the global financial crisis. More than 83 percent of Shell shareholders voted in favor of the transaction, the company said in a statement. Most votes were cast by proxy while other investors met... Continue Reading →
Jan 26, 2016 Reuters Petrobras Distribuidora SA, the fuel distribution unit of state-run oil company Petroleo Brasileiro SA, said on Tuesday it had elected Ivan de Sá Pereira Junior as its interim chief executive. Petrobras, as the company is known, has said it wants to sell at least 25 percent of the unit to a... Continue Reading →
Brazil's Federal Police on Wednesday launched the latest stage of a sweeping investigation into corruption at state-controlled firms, with six arrest and 15 search warrants issued in the states of São Paulo and Santa Catarina. The warrants in the so-called "Operation Carwash" probe involve the suspected use of offshore companies and real estate transactions to... Continue Reading →
Reuters Jan 26 - Foreign direct investment into Brazil came in December at more than twice the amount estimated by analysts, as a weakening currency and declining asset prices triggered a jump in merger and acquisition activity at the end of last year. FDI, as the indicator is known, rose to $15.211 billion last month,... Continue Reading →
New research from DNV GL has revealed that cost management has become an even higher priority for senior oil and gas professionals in the year ahead, as 73% prepare their company for a sustained period of low oil prices. The top three measures prioritized to impose stricter cost control are: Tougher decisions on capex Headcount... Continue Reading →
Temasek Holdings Pte is discussing options for portfolio companies Keppel Corp. and Sembcorp Industries Ltd., ranging from divesting their non-core assets to selling shares, as the two Singaporean rig builders grapple with the oil-price slump, people with knowledge of the matter said. Temasek is weighing the possibility of Keppel selling its 19.1 percent stake in... Continue Reading →
Santander Investment Securities said it has an "overweight" recommendation on the bonds of Brazil's state-led oil company Petroleo Brasileiro SA on expectation its asset-sale plans and cost cutting efforts will reduce debt. After meeting company executives, analyst Aaron Holsberg said that executives at Petrobras, as the company is known, have made divestments a high priority... Continue Reading →
