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Halliburton Co.’s profit tumbled in the last quarter after a yearlong crude-market crash forced customers to slam the brakes on oilfield work. The world’s largest fracking-services provider said second-quarter net income fell to to $54 million, or 6 cents a share, from $774 million, or 91 cents, a year earlier, the Houston-based company said in... Continue Reading →
Moody’s Investors Service, Standard & Poor’s and Fitch Ratings have dished out 93 corporate downgrades since January 1, already more than in any full year since 2002, and they may not be done. Speculation is mounting that Moody’s -- which met with officials in Brazil last week -- will lower the country’s rating, a move... Continue Reading →
Analysts reduced their forecast for inflation for the third straight week, to 5.4 percent from 5.44 percent the prior week, and cut their outlook for the benchmark Selic to 12 percent from 12.25 percent, according to the July 17 central bank survey of about 100 analysts published Monday. They also forecast 2016 growth of 0.33... Continue Reading →
State-controlled Petróleo Brasileiro SA hired a group of five banks to handle the initial public offering of its fuel distribution business, two sources with knowledge of the plans said on Friday. The investment-banking units of Citigroup Inc, Banco Bradesco SA, Itaú Unibanco Holding SA, Banco do Brasil SA and Grupo BTG Pactual SA were hired... Continue Reading →
The turmoil swirling around President Dilma Rousseff and Brazil’s other top politicians grew more intense Friday when the head of the lower house announced an open rebellion against her. Read More
Petroleo Brasileiro SA, the world most indebted oil producer, is selling its controlling stake in an Argentine unit, Neuquen Province Governor Jorge Sapag said. YPF SA, Pan American Energy LLC, Pluspetrol SA and Tecpetrol SA are among the companies planning to jointly buy about 70 percent of Petrobras Argentina SA owned by the Rio de... Continue Reading →
Brazil’s real led global losses amid concern mounting political tension will make it harder for President Dilma Rousseff to trim budget deficits and maintain the nation’s credit rating. The currency fell the most in a week as Eduardo Cunha, the head of the lower house, broke with the ruling coalition after a state’s witness accused... Continue Reading →
The speaker of Brazil's lower house of Congress, Eduardo Cunha, broke with the government of President Dilma Rousseff on Friday over corruption allegations, deepening a political crisis in Latin America's largest economy. Cunha accused Rousseff's government and prosecutor general Rodrigo Janot of conspiring to incriminate him in a widening corruption scandal at state-run oil firm... Continue Reading →
Petrobras - Settlement of Tax Contingency 07/16/2015 Rio de Janeiro, July 16, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby announces that, due to the unfavorable final ruling in the administrative sphere by the Tax Appeals Board (CARF), it paid today the amount of R$1.6 billion in relation to the Tax Deficiency Notice issued by... Continue Reading →
Petrobras - New Decision on the Parque das Baleias Arbitration 07/17/2015 Rio de Janeiro, July 17, 2015 – Petróleo Brasileiro S.A. – Petrobras, regarding the press released filled on July 6th about the Parque das Baleias Arbitration, informs that the Arbitration Tribunal presented a new ruling determining the suspension of the deposits of the disputed... Continue Reading →
Brazil Energy Insight 