Brazilian police raided the offices of a company owned by the son of former President Luiz Inacio Lula da Silva on Monday as part of a bribery investigation that threatens to drag his family into yet another scandal. The Federal Police said it was investigating a group of companies that allegedly bribed officials in a... Continue Reading →
Maersk Will Cut Up to 12% of Oil Jobs After Prices Slump
A.P. Moeller-Maersk plans to cut as much as 12 percent of its global oil unit workforce amid lower crude prices. The move will help Maersk Oil reach its goal of cutting expenses by 20 percent by the end of 2016 and brings the total number of job cuts this year to about 1,250, the company... Continue Reading →
Petrobras – Approval of Sale of Interests in Gaspetro
Petrobras - Approval of Sale of Interests in Gaspetro 10/23/2015 Rio de Janeiro, October 23, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby announces that, continuing the operation announced on September 22, 2015, its Board of Directors, in a meeting held today, approved the sale to Mitsui Gás e Energia do Brasil Ltda of 49%... Continue Reading →
Clarification of News item: Petrobras has already received a proposal to acquire part of BR
Clarification of News item: Petrobras has already received a proposal to acquire part of BR 10/23/2015 Rio de Janeiro, October 23, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 425/2015/CVM/SEP/GEA-1 requesting clarifications, as transcribed below: Official Letter 425/2015/CVM/SEP/GEA-1 “We refer to the news item published today in the Empresas (Companies) section... Continue Reading →
Petrobras – Gaspetro’s spin-off
Petrobras - Gaspetro’s spin-off 10/23/2015 Rio de Janeiro, October 23, 2015 – Petróleo Brasileiro S.A. – Petrobras announces that its Board of Directors, in a meeting held today, has approved the partial spin-off of Petrobrás Gás S.A. (Gaspetro). The spin-off aims to segregate the assets and liabilities related to the natural gas distribution business from... Continue Reading →
UPDATE 3-Petrobras fetches $490 mln with gas unit stake to Mitsui
State-controlled Petróleo Brasileiro SA's board approved selling a minority stake in a natural gas distribution unit to Japan's Mitsui & Co Ltd for 1.9 billion reais ($490 million) in a key step toward disposing of non-essential assets to repay debt. Petrobras, as the oil producer is commonly known, had been engaged in negotiations with Mitsui... Continue Reading →
Brazil to monitor its multinational firms for corruption abroad
Brazil has started to watch its multinational companies for corrupt practices they might commit in other countries in the wake of a massive bribery scandal at home, the nation's top anti-corruption official told Reuters. Six years after encouraging homegrown conglomerates to expand beyond Brazil with cheap credit and eased regulatory rules, the government is now... Continue Reading →
Brazilian panel approves report clearing Petrobras of wrongdoing/Travesty
A final report approved by a Brazilian congressional panel investigating corruption at state-run oil company Petrobras has blamed suppliers and rogue employees for the graft, rather than politicians or the company. The committee's final report did not criticize any politicians, including those closely associated with Petrobras, such as President Dilma Rousseff, who was chairwoman of... Continue Reading →
Petrobras Update October 2015 – PBR presentation
Attached the Petrobras Update October 2015 presentation. BTG-Pactual-Conference-Oct2015_5
The Overlooked Forces Driving Brazil’s Inflation to 10 Percent
Brazil’s policy makers have blamed the fastest inflation in roughly 12 years on a weaker currency and higher government-administered prices such as electricity. Economists don't think it's so simple.Price increases that exceed the 4.5 percent target are widespread. Six of the nine product groups tracked by the national statistics agency still have annual inflation running... Continue Reading →
