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Brazilian state-run oil company Petrobras and other investors reached an agreement to approve the restructuring plan of ailing oil-drilling-rig builder Sete Brasil Participações SA, two leading local newspapers reported on Friday. The plan would pave the way the refinancing of Sete Brasil's $3.8 billion in debt. Shareholders reached a deal for Sete to operate five... Continue Reading →
Brazil's economy shrank 1.9 percent in the second quarter, sinking into a recession that has hammered President Dilma Rousseff's popularity as she struggles to save the country's investment-grade credit rating amid a vast corruption scandal. The quarterly contraction, reported by government statistics agency IBGE on Friday, was bigger than the median forecast of a 1.7... Continue Reading →
Petrobras - Clarification of News Item: Investment of Partners in Comperj 08/28/2015 Rio de Janeiro, August 28, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter BM&FBovespa 2727/2015-SAE which requests the following clarifications: OFFICIAL LETTER 2727/2015-SAE “An article published by Agência Estado – Broadcast on August 27, 2015, states, among other matters,... Continue Reading →
Credit rating firm Moody's cut its 2016 global economic growth forecasts on Friday, with China and United States both trimmed and Russia and Brazil seen staying in recession. It was a surprise move from the firm, coming just 10 days since its last forecasts. It put average growth in the top 20 world economies at... Continue Reading →
Brazil’s real led losses in Latin America and stocks fluctuated after data showing Latin America’s largest economy entered a recession added to concern corporate earnings will falter. The real lost 0.4 percent to 3.5670 per dollar at 11:50 a.m. in Sao Paulo, extending its weekly slide to 1.9 percent. The Ibovespa fell 0.3 percent to 47,577.93,... Continue Reading →
Fri Aug 28, 2015 8:19am EDT Reuters Brazil real weakens as data confirms deep recession Aug 28 The Brazilian real weakened about 0.5 percent in the first minutes of trading on Friday after data confirmed the local economy plunged into a deep recession in the first half of the year. The real last traded at... Continue Reading →
Traders willing to bet the biggest oil-services deal can survive regulatory scrutiny stand to rake in more than $3 billion in profit. Baker Hughes Inc. shares closed on Thursday at $53.75. That’s about $8 below Halliburton Co.’s cash-and-stock offer. It’s a pretty wide gap -- about twice as wide as the average spread for proposed... Continue Reading →
Brazil’s economy contracted more than analysts forecast in the second quarter, as tighter monetary policy and faster inflation torpedoed confidence and caused activity to nosedive. Gross domestic product contracted 1.9 percent in the second three months of the year from the previous quarter, the national statistics agency said in Rio de Janeiro on Friday. That... Continue Reading →
WSJ U.S. oil prices soared 10% on Thursday, as a rally in Chinese and U.S. stocks and better-than-expected U.S. economic data prompted a rush by traders to bail out of bearish bets that the market would fall. Traders and analysts at hedge funds, banks and brokerages said supply-and-demand conditions in the oil market remained weak... Continue Reading →
Thu Aug 27, 2015 10:31am EDT Petrobras management asked board to delay unit IPO, source says Aug 27 Management at state-controlled Petróleo Brasileiro SA recommended the company's board in a recent meeting to delay a planned initial public offering plan of its fuel distribution unit due to souring market conditions, a source with direct knowledge... Continue Reading →
Brazil Energy Insight 