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The Swiss Attorney General's office said on Wednesday it has widened a corruption investigation into Brazilian oil firm Petrobras to include Latin America's largest engineering and construction company, Odebrecht SA, and its subsidiaries. Swiss authorities have been collaborating with Brazil on the Petrobras probe since at least March. Their help with an ongoing Brazilian investigation... Continue Reading →
When Brazil revises its 2015 budget estimates Wednesday afternoon, the question investors will be asking is how much more spending can be cut without deepening an economic recession. Tax revenue has dropped below government estimates this year as the economy slows amid austerity measures designed to mend the worst budget deficit on record, and rate... Continue Reading →
Reuters - Swiss Petrobras investigation widens to include Odebrecht GENEVA, JULY 22 The Swiss Attorney General's office has widened a corruption investigation into Brazilian oil firm Petrobras to include construction company Odebrecht SA and other associated entities, it said on Wednesday, confirming a report in the Neue Zuercher Zeitung newspaper. "Subsidiaries of Odebrecht are suspected... Continue Reading →
Halliburton Co.’s takeover of Baker Hughes Inc. is facing resistance from U.S. enforcement officials who are concerned the tie-up could hurt competition, according to a person familiar with the matter. Justice Department lawyers reviewing the proposed $34.6 billiontransaction are worried that the oilfield services industry would become too concentrated after a combination of its No.... Continue Reading →
Traders now have one more reason to expect a downgrade of Brazil’s credit rating. A press report saying President Dilma Rousseff will cut the primary budget surplus goal, which excludes interest payments, spurred the worst slide in the Americas for the Ibovespa. An earlier-than-estimated revision of the target is seen hurting the government’s credibility and... Continue Reading →
The Brazilian government will slash its key fiscal surplus goal for the year as tax revenues sink, but plans to unveil fresh spending cuts to show its commitment to austerity, two officials familiar with the decision told Reuters early on Wednesday. The reduction of the targeted primary surplus of 66.3 billion reais ($20.89 billion) or... Continue Reading →
Petrobras - Clarification on News: Contract with Braskem 07/21/2015 Rio de Janeiro, July 21st, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 278/2015/CVM/SEP/GEA-1, as transcribed below: OFFICIAL LETTER 278/2015/CVM/SEP/GEA-1 We refer to the article published on July 18, 2015 on the G1 website, entitled Petrobras sai no prejuízo em contrato com... Continue Reading →
Petrobras - Clarification on News: Petrobras Distribuidora offering 07/21/2015 Rio de Janeiro, July 21st, 2015 – Petróleo Brasileiro S.A. – Petrobras´ response to Official Letter BM&FBovespa n.º 2379/2015-SAE, as transcribed below: OFÍCIO n.º 2379/2015-SAE “According to the news’ content broadcasted by Valor Econômico, on 07/21/2015, comprises information that the company analyzes (to make) the IPO... Continue Reading →
Brazil’s June current account deficit was wider than economists forecast, as imports fall amid an economic slowdown. The deficit in the current account, the broadest measure of trade in goods and services, narrowed in June to $2.5 billion from a revised $3.3 billion a month earlier, the central bank said in a report distributed today... Continue Reading →
Aker ASA, Norway’s biggest high-yield issuer, criticized bondholders it said risked eroding trust in the market by using lower oil prices as an excuse to demand excessively lucrative terms. Issuer efforts to relax loan terms as lower oil prices hurt cash flows are being met by unreasonable bondholder demands, according to Chief Executive Officer Oeyvind... Continue Reading →
Brazil Energy Insight 