Petrobras

Petrobras Absorbs Shock On Latest Downgrading By Moody’s- Securing $10 Billion Loan From China

China has represented itself as a familiar lender to the Latin American Countries and businesses fighting for debts. In a similar approach, it has extended loan facility to Brazilian indebted oil giant Petrobras for $10 billion securing oil for Chinese companies. The announcement has appeared just after the latest downgrading by Moody’s to junk status following several other credit rating agencies.

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Petrobras price target revised, lowered

Considering the adverse conditions being faced by the Brazilian oil and gas company, Petroleo Brasileiro Petrobras' price estimate has been revised down to $7.41 a share from $10.80.

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Gates Foundation sues Petrobras and Auditor for Fraud

The trust that manages the $41 Billion Bill and Melinda Gates Foundation filed a lawsuit last Thursday that alleged the widespread corruption at the oil company and which was largely ignored by the auditor. This resulted to the charitable organization's loss of tens of millions of dollars.

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Corruption scandal rocks crisis-hit Brazil while government gears up for tax hike

The widening budget deficit has become a cause of concern for the Brazil. To speed up the economic recovery, the country needs a tax hike to ease the burden, the country's Chief of Staff Aloizio Mercadante said.

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Rolls-Royce dragged into Brazil's corruption scandal, accused of giving kickbacks to authorities investigating Petrobras

British engineering crown jewel Rolls-Royce is dragged into the giant Brazilian scandal, as it has been accused of giving kickbacks to officials involved in the state-owned oil giant Petrobras.

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Brazil is financially ruined, under recession

Whether Brazilians like it or not they are again headed for their worst economic crisis. The government reported Friday that the country's gross domestic product (GDP) had plunged 1.9% in Q2 alone and once again putting the nation into a technical recession.

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Ethanol unit sale by Brazil's Petrobras hits snag: sources

Plans by Brazil's Petrobras to sell its stake in ethanol and sugar producer Guarani SA have hit a snag as the state-run oil company has not been offered enough money for the asset, two sources with direct knowledge of the matter said.

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Petrobras brings in Merrill to help in $5 billion selloff plan-sources

Indebted Brazilian oil company Petrobras (PETR4.SA) has brought in Bank of America Merrill Lynch (BAC.N) to help manage a multi-billion dollar divestment plan and has already contacted major oil companies who might be interested buyers, three sources familiar with the matter said on Wednesday.

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Petrobras tries to turn page on corruption, talks oil

Executives at Brazil's Petrobras on Thursday sought to move on from a giant corruption scandal that has plagued the state-run oil company, outlining a back-to-basics recovery plan that left some investors hoping the worst was over.

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Petrobras halts giant production unit as safety problems found

Brazil's state-run Petrobras said on Friday it shut its P-58 offshore oil production ship after the country's petroleum regulator ANP found irregularities on board the vessel, one of the company's most important offshore production systems.

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Brazil's Rousseff says austerity drive to last as long as needed

President Dilma Rousseff appealed to Brazilians on Sunday to back fiscal austerity policies, while saying that the belt-tightening will last as long as needed and positive results will only start showing at the end of this year.

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Petrobras hires JPMorgan for $3 billion in asset sales - sources

Petróleo Brasileiro SA (PETR4.SA) has hired JPMorgan Chase & Co to handle $3 billion in planned asset sales this year, as fallout from a corruption scandal has shut access to financing for Brazil's state-controlled oil producer, two sources with direct knowledge of the situation said on Wednesday.

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New Petrobras CEO must walk political, accounting mine field

By picking a banker instead of an oil executive to run Petrobras, Brazilian President Dilma Rousseff appears to have recognized that the state-run company's biggest priority is to clean up its books and acknowledge how many billions of dollars it lost to a corruption scheme in recent years.

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Petrobras may book $20 billion asset write-down: Veja magazine blog

Brazilian state-controlled oil company Petróleo Brasileiro SA could take a charge of about 52 billion reais ($20 billion) in its delayed third-quarter results to reduce the value of some assets, a Veja magazine blog said on Monday.

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Petrobras deadline prompts some bondholders to push for default

Petrobras, Brazil's state-run oil company, could be declared in technical default on some of its foreign debt as early as Tuesday if bondholders pursue efforts to force it to speed up its assessment of losses in a giant corruption scandal.

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