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When Petroleo Brasileiro SA sold 100-year bonds in June, the move was largely seen as a sign the corruption-tainted oil producer had put the worst of its problems behind it. For investors like Pacific Investment Management Co., Fidelity Management & Research Co. and Capital Group Inc. -- the threebiggest holders of the securities -- that... Continue Reading →
OPEC trimmed estimates for supplies from outside the group in 2016 as the slump in prices takes its toll on the U.S. shale-oil industry. The Organization of Petroleum Exporting Countries cut 2016 estimates for non-OPEC output by 110,000 barrels a day, its Vienna-based secretariat said Monday in its monthly market report. Still, the group sees... Continue Reading →
Credit growth in China, Brazil and Turkey doesn’t only risk spurring a hangover in bad debt -- it also signals a banking crisis is on the horizon, according to the Bank for International Settlements. A ratio of credit to gross domestic product, a measure of how much private-sector credit has deviated from its long-term trend,... Continue Reading →
Brazilian President Dilma Rousseff has one last chance to stem a growing political and economic crisis before being forced to step down, one of the country's leading daily newspapers said on Sunday. In an unusual front-page editorial, Folha de S.Paulo said Rousseff needs to take "drastic measures" including additional spending cuts and tax increases to... Continue Reading →
Pessimism about Brazil deepened this week after Standard & Poor's downgraded both the sovereign and Petrobras to junk status, reigniting fears of forced selling in a country sinking fast into high-yield territory. The other agencies are expected to follow suit soon, further clouding the picture for Brazil, which is undergoing its worst economic crisis in... Continue Reading →
Brazil's Supreme Court said on Friday it had received a request from federal investigators to question former President Luiz Inacio Lula da Silva in a political kickback scheme engulfing the state-run oil company. According to a motion filed with the court, federal police suspect the former president "may have benefited" from a political kickback scheme... Continue Reading →
At least one other rating agency is likely to withdraw Brazil's investment grade this year as renewed efforts to cut a budget deficit will probably fail, a Reuters poll showed, potentially deepening the country's economic and political crisis. All but one of 26 economists surveyed by Reuters on Thursday expect Brazil's rating to be cut... Continue Reading →
Brazil’s real volatility climbed to a six-month high as traders weighed whether Standard & Poor’s move to cut the nation’s credit rating to junk will prompt lawmakers to work with the government to shore up the budget. One-week implied volatility on options for the real, reflecting projected shifts in the exchange rate, increased to 26.83 percent... Continue Reading →
Aker Solutions Appoints José Formigli to Innovation Board September 10, 2015 - Aker Solutions has appointed José Formigli to its innovation board and to serve as an adviser for overall strategic decisions. Formigli, a Rio de Janeiro native and engineer by training, has more than 30 years' experience in the oil and gas business, starting... Continue Reading →
Petrobras - Standard & Poor’s reviews Petrobras’ global ratings 09/10/2015 Rio de Janeiro, September 10, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that the rating agency Standard & Poor’s (S&P) announced the revision of Petrobras' corporate debt rating from BBB- to BB. With this grade Petrobras is no longer an Investment Grade company for... Continue Reading →
