Reuters) - Brazil's state-run oil company Petroleo Brasileiro SA and some of its executives were hit with a U.S. class action lawsuit by investors in $98 billion of the company's securities over an alleged kickback and bribery scheme.
News of the case helped knock Petrobras shares more than 4 percent lower. In mid-December, the stock hit its lowest in nearly 10 years as a widening corruption probe caused the company to delay the release of its third-quarter earnings.
Petrobras has already been sued by several U.S. investors who bought American Depositary Receipts sold by the company in New York.
The latest case was filed on Dec. 24 in Manhattan's federal court by the Labaton Sucharow law firm on behalf of the city of Providence, Rhode Island, which invested in Petrobras.
The lawsuit proposes to cover $98 b
It was 116.00 a share and its 76 dollars a share and only 10 shares sold to take it down 40 dollars a share, DORLL is the most expensive preferred share of this bank, I feel sorry for the people holding that share, good luck everyone
that proves Doral was cooking the books to have the V.P killed,,,
SAN JUAN, Puerto Rico (AP) — FBI agents in Puerto Rico raided the headquarters of Doral Bank on Tuesday.
The raid took place at the bank's information technology offices in Hato Rey, according to U.S. Attorney Rosa Emilia Rodriguez.
Authorities declined to provide details about the investigation, though Rodriguez said it might be related to a probe into the June 2011 killing of New Jersey bank executive Maurice Spagnoletti. The 56-year-old was fatally shot as he drove home on one of San Juan's main highways, and authorities said it seemed like a professional attack. He had been an executive vice president at Doral for about six months.
His widow previously accused bank officials of conspiring to kill him for uncovering alleged fraud at the Puerto Rico-based institution, but she withdrew the suit and the bank issued a statement saying the claim was "without merit and lacks any credibility."
Doral Bank also has been involved in a multimillion-dollar feud with the local government. The bank maintains it is owed a $230 million refund in overpaid taxes.
The bank said in a statement that FBI agents collected certain information at the bank and that officials are cooperating with authorities.
If I remember correctly Libya does 1 million barrels a day and now they re closed down, they even closed their oil pipelines down due to fighting,,,,,,, Falling rig counts and a shutdown of a major Libyan oil port is slowing the oil market breakdown despite OPEC showing no signs of changing course on oil output as they target U.S. shale producers. After spiking to new lows overnight, oil is trying to mount a comeback as Libya's eastern Al-Sider oil export port has been shut due to fighting breaking out in al-Hilal, an important oil production area.
Reports that an attack from Fajr Libya, an anti-government coalition, led to heavy fighting as the group tried to take over the Al-Sidra oil terminal. The group said its goal was to "liberate oilfields and terminals" in an area that is home to Libya’s biggest terminals Ras Lanuf and Brega.
Another sign that OPEC’s war on U.S. shale is having an impact came on Friday after Baker Hughes rig count reported that oil rigs targeting oil fell by 19 to 1,546 -- which was the biggest weekly drop in over two years. Rigs targeting oil fell to the lowest level since last June. Obviously the free fall in price is freezing producers and potential producers.
Thumbs up, honesty is the best policy, and no one should give a person thumbs down when they admit they were wrong on a buy back, good luck to you
The number of US oil and gas rigs in operation dropped again last week.
The latest active rig count data from oil driller Baker Hughes showed that total rigs in operation fell by 18 last week to 1,875.
The prior week, the rig count fell by 27 — to 1,893 from 1,920 the prior week — which was the biggest weekly drop in almost two years.
The number of rigs in operation is seen a leading indicator on drilling activity, which is being closely watched amid the massive decline in oil prices seen over the last several months.
Among major US shale plays, rigs in operation in the Permian Basin fell by 9, Williston rigs declined by 7, and Marcellus rigs declined by 1.
Eagle Ford rigs in use, however, rose by 2 last week.
The biggest declines in the report were in Canada, where oil rigs in operation fell by 25, from 215 to 190, as gas rigs fell 15 to 201 from 216. With the drop on Friday, total Canada rigs in operation are now below year-ago levels at 391 against 398 last year.
Obama Underwrites Offshore Drilling
Updated Aug. 18, 2009 1:45 p.m. ET
You read that headline correctly. Unfortunately, the Obama Administration is financing oil exploration off Brazil.
The U.S. is going to lend billions of dollars to Brazil's state-owned oil company, Petrobras, to finance exploration of the huge offshore discovery in Brazil's Tupi oil field in the Santos Basin near Rio de Janeiro. Brazil's planning minister confirmed that White House National Security Adviser James Jones met this month with Brazilian officials to talk about the loan.
The U.S. Export-Import Bank tells us it has issued a "preliminary commitment" letter to Petrobras in the amount of $2 billion and has discussed with Brazil the possibility of increasing that amount. Ex-Im Bank says it has not decided whether the money will come in the form of a direct loan or loan guarantees. Either way, this corporate foreign aid may strike some readers as odd, given that the U.S. Treasury seems desperate for cash and Petrobras is one of the largest corporations in the Americas.
That mean the stock gets halted on the U.S exchange, to dangerous for U.S investors to get involved in with this stock. I am sitting on one halted stock for 4 months and watch it crash every day.
Research ( Russian Billionaires lost ) just this week they lost 10 billion, it will be a coup created by the Russian Billionaires , Russia’s wealthiest are getting demolished this year.
Over the course of the year, the 20 richest Russians have lost a combined $62 billion, according to Bloomberg.
(For a reference point, that’s three times the GDP of Afghanistan.)
And while 2014 certainly hasn’t been easy for Russian billionaires, the last week has been straight up brutal: The 20 richest lost a whopping $10 billion in just three days.
The major drop over the last three days follows several economic issues. On early Tuesday morning (late Monday ET), the Russian Central Bank raised rates to 17% from 10.5%, in order to limit the devaluation of the ruble and inflation risks.
Opponent calls for Putin's exit as Russia slides into crisis
By Timothy Heritage
3 hours ago
MOSCOW (Reuters) - A prominent opponent has warned Vladimir Putin his days in power are numbered, as Russia awaits the president's response to the dramatic decline of the rouble.
Putin has been silent as the currency collapsed against the U.S. dollar this week before making up some of the lost ground on Wednesday, but he is sure to be asked about it at his end-of-year news conference starting at noon (0900 GMT) on Thursday.
Former Prime Minister Mikhail Kasyanov, an ex-ally who is now an opposition leader, blamed the growing financial crisis on economic mismanagement by Putin, as well as Western sanctions over the Ukraine crisis and a fall in global oil prices.
"Russia is going into decline," Kasyanov, 57, told Reuters in an interview on Wednesday evening. "2015 is a year in which Putin must make a 'principle' decision."
Warning the president would face protests, he said Putin could choose a "further squeezing of the political environment", meaning a tightening of the screws on critics, or accept "he needs an exit strategy" and agree to hold free elections early next year as the economic crisis worsened. "As a result of that, (he should have) just a quiet departure through presidential elections. I don't believe he will win presidential elections if they are free and fair," Kasyanov said.
Opinion polls show Putin has sky-high popularity ratings since annexing the Crimea peninsula from Ukraine in March and suggest Kasyanov, who worked under him as premier until 2004, has little public support. But Kasyanov said opposition would quickly mount early next year as the economic crisis worsened.
Japan needs natural gas
The country is turning to natural gas to fill the void. Even Japan's Prime Minister Shinzo Abe is trying to negotiate deals to buy more natural gas from nations like Mozambique. Abe is reportedly involved in negotiations for a $20 billion deal to build natural gas export facilities there.
Japan obviously needs natural gas and is willing to pay for it. The country will need more LNG in the near future because its rate of economic growth is up and its stock market is booming. If the Japanese want the good times to continue, they're going to need natural gas.
Japan is now the world's largest importer of natural gas, and that demand is poised to grow. In addition to Mozambique, Abe was in Canada in September trying to negotiate to buy—you guessed it—more LNG.
Kitmat is the key to profiting from Japanese LNG demand
Naturally, investors will be wondering how to profit from this situation. Well, there are two publicly traded energy companies in excellent position to cash in on the Japanese LNG market right now: Chevron (NYSE: CVX ) and Apache Corporation (NYSE: APA ) .
These two companies are partners in what is known as the Kitmat LNG Project in British Columbia. If you haven't heard of it, Kitmat is a facility for the export of LNG on Canada's Pacific Coast. Best of all, Kitmat, unlike the facilities in Mozambique, is under construction right now. When it starts pumping, Kitmat will be able to export five million mt of LNG a year.
The gas will initially come from Apache's Horn River Basin and Liard Fields in British Columbia. The Horn River Basin could contain up to 424 trillion cubic feet of natural gas. There are also plans for a pipeline to bring in even more natural gas from Alberta. The Liard Basin contains an estimated 48 tcf of natural gas.
Well if it isn't Jillian who deletes her replies once I expose you. Greg buy Gazprom, but when it was at 6 dollars it was 224 rubies, now its at 4 dollars and its at 280 rubies, get in on the tank, it like when a dollar bought 500 peso before Mexico went bankrupt. I hope you bought a ton of Gazprom Jillian
I believe I have made every call correct for the last 2 weeks, I know the MFI is at 12 and at 11 yesterday, I gave you 2 up days which I called last night then its back down.
Lets look at currency exchange to see how they crash stocks. OGZPY I believe is the symbol for Gazprom, when it was 6 dollars as a ADR and the Ruble was 38 that means the ADR against the Russian exchange was 228 rubles at 6 dollars, at todays closing the ruble hit 70 well a little over 70 but we will go with 70, Today OGZPY closed at 4 dollars a share and in order for it to close at 4 OGZPY is at 280 rubles a share, so share holders in Russia is making more of a profit at 4 then at 6. What happens real soon is the biggest selloff in the Russian market. Putin did what Mexico did in the 80`s and dollar could get 500 peso`s before Mexico went bankrupt. Once the Ruby hits a 100 then no one can determine the bottom of the free fall.I have Sherbank and I expect to get wiped out. If Putin doesn't change you can bet his inner circle might have him taken out. It will take a wheel barrel of Rubies to buy a loaf of bread.
as I stated yesterday you should get a bounce in PBR for a day or two, you got one bounce today and you should get another one tomorrow before another selloff continues, key buying points as I stated yesterday is first at 5.90 which would be ok to start a position then the next low target of 5.10, good luck and don't forget the thumbs down
Putin in his recklessly pushed interests rates to 17% thinking it would put a halt to shorting the ruble, but he forgot service debt for oil and gas companies are in dollars and investors are fleeing the Russian market. NEW YORK (MarketWatch) — The dollar rose to new record highs against the ruble Monday, as unraveling oil prices were compounded by fears that some of Russia’s largest companies could default on their dollar-denominated debts.
In recent trade, the dollar rose to 65.5870 rubles RUBUSD, +0.02% — its highest level ever — as the price of West Texas Intermediate crude oil for January delivery sunk below $56 a barrel. The dollar was worth 58 rubles Friday.
The ruble fell more than 13% against the dollar Monday, surpassing the Ukrainian hryvnia as the worst-performing currency of 2014.
The yield on dollar-denominated Russian 10-year bonds, on Monday, rose to 7.20%, the highest level since they were offered in September 2013. Rising yields have intensified worries that giant Russian energy companies will soon find it difficult to service their debt.
I would keep an eye on DORLO DORLN which are the 25 dollar preferred shares and DORLP is the 50 dollar preferred share, the most expensive one is DORLL at a 116 a share with no buyers, even though I bailed at a lost I hope you get some good news soon, like an asset sell. If the PR government announces it will continue its fight and no asset sales announced DRL would be in trouble, it needs asset sales along with winng the PR case which I believe they can win the PR case easily, but it will take more, good luck