SAO PAULO, Dec 10 When Grupo BTG Pactual SA took control of apparel and home furnishing retailer Leader Participações SA about three years ago, it looked like a classic turnaround play: a threadbare chain that could be revamped to serve Brazil's burgeoning middle class. Of all BTG Pactual's investments, the most painful is Sete... Continue Reading →
Oil Giants Pledge Even Deeper Spending Cuts Amid Prolonged Slump
Some of the biggest oil explorers in the Western Hemisphere are cutting budgets yet again to conserve cash as a plunge in energy markets shows no signs of abating. ConocoPhillips will reduce capital spending by 25 percent next year to $7.7 billion to protect the highest dividend yield among major U.S. oil producers, the Houston-based... Continue Reading →
Brazil’s ANP asks govt. to extend Petrobras’ Marlim field rights
Dec 10, 2015 Reuters Brazil's ANP asks govt. to extend Petrobras' Marlim field rights RIO DE JANEIRO Dec 10 Brazil's oil industry regulator ANP on Thursday asked the government to extend the concession to operate the giant Marlim offshore oil field of state-run oil company Petroleo Brasileiro SA that is scheduled to expire in 2025.... Continue Reading →
Zombies appear in U.S. oilfields as crude plumbs to new lows
Drained by a 17-month crude rout, some U.S. shale oil companies are merely hanging on for life as oil prices lurch further away from levels that allow them to profitably drill new wells and bring in enough cash to keep them in business. The slump has created dozens of oil and gas "zombies," a... Continue Reading →
Moody’s reviews Petrobras’ rating
12/09/2015 Rio de Janeiro, December 9, 2015 – Petróleo Brasileiro S.A. – Petrobras informs Moody’s Investors Service reviewed Petrobras' rating from Ba2 to Ba3, with negative outlook. According to Moody’s, this revision reflects elevated refinancing risks due to deteriorating industry conditions, difficulties to implement the divestment plan, high level of debt maturities in the coming... Continue Reading →
Brazil Ratings Put Under Review for Cut to Junk by Moody’s
Brazil’s sovereign rating was put on review for a cut to junk by Moody’s Investors Service as the economy worsens and the government struggles to push through measures that would shore up the budget. A turnaround in Brazil’s economic and fiscal performance "now appears unlikely in 2016," Moody’s said in a statement Wednesday. Because of... Continue Reading →
Brazil Real Tumbles as Moody’s Signals It May Cut Rating to Junk
Brazil’s real fell after Moody’s Investors Service said it may cut the nation’s sovereign rating to junk as the economy worsens and the government struggles to push through measures to shore up the budget. Moody’s said in a statement Wednesday it put Brazil’s rating under review and that a turnaround in Brazil’s economic and fiscal... Continue Reading →
The Professor at the Heart of Brazil’s Market Meltdown
It played a key role in the creative bookkeeping at the heart of the impeachment process against Brazil President Dilma Rousseff. It spearheaded the debt surge that contributed to the country’s loss of investment grade. Its biggest client has been Petrobras, the scandal-plagued state oil company. BNDES, the huge development bank owned by the Brazilian government,... Continue Reading →
Latin America’s Populist Collapse Cheered With Foreign Inflows
It’s been a tough run for Latin American leftists, and investors couldn’t be happier. Traders have snapped up assets from countries showing a shift away from the populist leadership of the past decade. Venezuelan bonds climbed to the highest since May after the opposition on Sunday won a majority in Congress for the first time in... Continue Reading →
GE Said to Be in Advanced Talks for Halliburton Drilling Assets
General Electric Co. is in advanced talks to buy the drill-bits and drilling-services divisions of Halliburton Co., which is divesting assets to win antitrust approval for its takeover of Baker Hughes Inc., according to people familiar with the matter. Selling both the drill-bits and drilling-services businesses could have fetched as much as $5 billion in... Continue Reading →
