Stephen Jen has a proposal for Brazil to get out of the current economic mess: ask for a bailout from the International Monetary Fund. Not that Brazil needs the funding, said Jen, a former IMF economist. Latin America’s largest economy holds $371 billion inforeign reserves, almost 10 times the amount of the government’sforeign-currency debt. But... Continue Reading →
Petrobras Investment Plans at Risk From S&P Downgrade
Petroleo Brasileiro SA’s investment plans will be at risk if Standard & Poor’s downgrades the state-controlled producer to junk as it did with Brazil’s sovereign rating, said analysts at HSBC Holdings Plc and BTG Pactual. Petrobras plans to invest $108.6 billion on exploration and production through 2019, or 83 percent of its business plan, to... Continue Reading →
Brazil markets sink as S&P cuts sovereign to junk
Brazil's financial markets fell on Thursday after Standard & Poor's cut the country's sovereign rating to junk late Wednesday, though assets began to pare losses in late morning trading as the downgrade had been largely priced in. The drop from investment grade, which came sooner than many in the market had expected, reflected President Dilma... Continue Reading →
Petrobras – Clarification of News Item: Rental of Drilling Rigs/ Sete Brasil
Petrobras - Clarification of News Item: Rental of Drilling Rigs 09/09/2015 Rio de Janeiro, September 9, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 347/2015/CVM/SEP/GEA-1 which requests the following clarifications: Official Letter 347/2015/CVM/SEP/GEA-1 “A news item that appeared in the September 6, 2015 edition of the newspaper Folha de São Paulo... Continue Reading →
Oil Jobs Exit Norway as Era of Richest Rewards Peters Out
When Luke Rickert first started as an engineer at Aker Solutions ASA in Oslo, a Norwegian oil services provider, his team of 24 had people from 15 different countries. People from the U.S. to India, Brazil, Portugal and dozens of other countries came to fill a shortage of skilled workers in Norway’s booming petroleum industry.... Continue Reading →
Brazil Returns to Junk as Bonanza Ends and Crisis Snares Levy
Brazil is junk -- again. Seven years after Standard & Poor’s lifted the nation’s credit rating to investment grade, reflecting the rising influence of emerging markets, Latin America’s largest economy has lost its vaunted designation. S&P’s decision late Wednesday to cut Brazil’s rating one step, to BB+ with a negative outlook, underscores its worsening economic and... Continue Reading →
Here’s What Brazil Investors, Lawmakers Are Saying About S&P Cut
Brazil had its credit rating cut to junk by Standard & Poor’s on Wednesday after the close of markets, with a negative outlook. The downgrade sent the ETF that tracks Brazilian shares plunging in late trading. Here’s what lawmakers and investors are saying: MARKET REACTION: * Brasil Plural: "If the timing of the downgrade was... Continue Reading →
Brazil downgraded to junk rating by S&P, deepening woes
Standard & Poor's downgraded Brazil's credit rating to junk grade on Wednesday, further hampering President Dilma Rousseff's efforts to regain investors' trust and pull Latin America's largest economy out of recession. The faster-than-anticipated downgrade from investment grade will likely rock Brazilian financial markets on Thursday and will increase borrowing costs for the government and Brazilian... Continue Reading →
Pemex 2016 Spending Budget Reduced as Woes Build After Reform
As Petroleos Mexicanos seeks investment from outside Mexico, it’s losing some support from the government. President Enrique Pena Nieto announced Tuesday that Mexico’s budget proposal would include 293 billion pesos ($17 billion) for Pemex investment in 2016, down from 366 billion pesos this year and the lowest amount allocated to the world’s ninth-largest crude producer... Continue Reading →
Brazil’s Rousseff under pressure to loosen austerity
After months of trying to shore up Brazil's public finances, President Dilma Rousseff now faces political and business pressure to ease up on painful austerity measures in a country long hooked on the helping hand of a big state. Business leaders have supported the beleaguered Rousseff as she faces growing calls from political foes for... Continue Reading →
