(The following statement was released by the rating agency) RIO DE JANEIRO, November 03 (Fitch) Brazil's decision to repay National Treasury debt owed to federally owned banks is positive for the banks as it imposes a new level of segregation between the government and these financial institutions, says Fitch Ratings. The decision will have a... Continue Reading →
Brazil judge convicts former Mendes Junior VP in Petrobras case
The federal judge handling the Petrobras corruption cases sentenced the former vice president of Brazilian engineering firm Mendes Junior to 19 years and four months in prison for his role in the massive kickback scheme. Judge Sergio Moro convicted Sergio Cunha Mendes of corruption, money laundering and racketeering for the payment of 31.5 million reais... Continue Reading →
Petrobras Output Cut by Oil Workers Striking Against Austerity
Brazil’s daily oil production has fallen by about 500,000 barrels as oil workers strike for the third day to protest austerity measures by state-controlled Petroleo Brasileiro SA that are resulting in job losses, the country’s main oil union said Tuesday. Output from the Campos Basin is down about 400,000 barrels a day with 25 offshore... Continue Reading →
No current risk of oil shortages due to Petrobras strike -ANP
No current risk of oil shortages due to Petrobras strike -ANP Reuters Nov 3 Brazil's oil agency ANP said on Tuesday there was no risk at the moment of an oil shortage as a result of the strike at state-run oil company Petroleo Brasileiro SA. The country's main oil union, FUP, said on Tuesday the... Continue Reading →
Surviving attacks, Brazil’s Levy aims to stay for austerity plan
When he became finance minister 10 months ago, Joaquim Levy was an uncomfortable fit in Brazil's left-leaning government - an orthodox, University of Chicago-trained economist, a fiscal hawk with an affinity for cutting spending. Dogged by speculation over his departure amid vocal opposition from the ruling Workers' Party, Levy and his boss President Dilma Rousseff... Continue Reading →
Oil up 2 percent; gasoline adds fuel to rally on Libya, Brazil
Crude prices rose more than 2 percent on Tuesday as a rally in U.S. gasoline and diesel added support to oil markets already boosted by an industry strike in Brazil and force majeure for Libyan crude loadings. The rebound, after a 1 percent drop in crude prices on Tuesday, came ahead of industry group American... Continue Reading →
Rousseff’s Most Powerful Foe Weakened on Ethics Committee Probe
Brazil’s lower house will open hearings against its speaker on allegations of misconduct that could deplete his political capital and make it increasingly difficult for him to start impeachment proceedings against President Dilma Rousseff. The house ethics committee on Tuesday will begin choosing a legislator to lead the probe into accusations that the chamber’s president, Eduardo Cunha,... Continue Reading →
BP Says Technology Can Keep Oil and Gas Abundant, Affordable
Technology can be used to increase the world’s proved oil and gas reserves by two thirds -- almost double the amount needed to meet demand through 2050 -- keeping energy supplies plentiful and affordable, according to BP Plc. The amount of oil and gas recoverable from known reservoirs could rise to 4.8 trillion barrels of... Continue Reading →
Swiss Begin Enforcement Proceedings Against Banks Over Petrobras
Hugo Miller /Bloomberg November 3, 2015 — 5:21 AM BRST Switzerland’s finance regulator has begun enforcement proceedings against three Swiss banks over shortcomings in their anti money-laundering provisions that exposed them to a widening corruption scandal surrounding Brazilian oil producer Petrobras Brasileiro SA. Finma, as the regulator is known, said Tuesday in an e-mailed statement... Continue Reading →
Shell Steams Ahead With BG Takeover With Promise of More Savings
Royal Dutch Shell Plc said its record takeover of BG Group Plc will still deliver value to investors even in a prolonged oil-industry downturn and reshaped its business in preparation for the acquisition. Europe’s biggest oil company will save an addition $1 billion in operating costs from the combination with BG, bringing the total estimate... Continue Reading →
