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RF Micro Devices Inc. Message Board

speculamania2 293 posts  |  Last Activity: 21 hours ago Member since: Dec 2, 2013
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  • Type messageROGÉRIO L. FURQUIM WERNECK - The Estado de S. Paulo

    December 19, 2014 | 02h 04

    Six months ago President Dilma still had not realized the disaster of proportions that had befallen Petrobras. Continued to autocongratular for his long involvement with the company, ". Who look at what happened with Petrobras in the last ten years and Designing for the Future concludes that made a big cycle I was present at all times" (S. Sheet Paul, 2/7).

    Her involvement began in 2003, when she assumed the presidency of the Board of Directors of the company, a position which only moved away in 2010 to contest the presidential election. From 2005, in the privileged position of those who also had become minister-chief of staff and coordinator of the Growth Acceleration Program (PAC), Dilma became the key figure in the government's dome interface with Petrobras.

    It was through her that the preferences, policies, priorities and the Plateau emergency were felt in the company's management. And of course, any appointment of director, was the technical or political choice, had to go through your screen.

    With the discovery of pre-salt, the involvement of Dilma with Petrobras has become even more intense. Especially from 2008, when President Lula, concerned about the lack of electoral experience of their future successor, decided to transform the pre-salt in blatant anticipated launch pad his candidacy for the Presidency.

    To set the legal framework that pautaria the pre-salt exploration, the government could have opted for a cross-party routing problem as a matter of state. But preferred partidarizar discussion and brandishing a nationalist restoration of state control of the oil exploration and production, to exacerbate differences that could favor the official candidate in the political struggle.

    In the new framework, designed by a committee formed by Dilma Rousseff, Edison Lobao, Guido Mantega, José Sergio Gabrielli, Luciano Coutinho and three other members, Petrobras just overwhelmed by the triple requirement of (a) maintain a monopoly on the operation of the pre fields -salt, (b) ensure at least 30% of each consortium to explore such fields and (c) bear the "noble mission" to develop equipment industry for the oil industry in the country.

    Was set up a huge registry for distributing largesse to equipment manufacturers. A kind of industrial coronelismo, in which Petrobras holds the "safe graces and the power of doom". Under the protection of absurd requirements of local content, who never even built a boat was transformed into a major producer of high-tech equipment.

    This hype, washed down with cheap money from BNDES, passed on by the Treasury, created breeding ground conducive to the proliferation of irregularities that now are highlighted in the media.

    Not only the overhead of investment and the obligation to afford exorbitant prices of capital goods, Petrobras was further weakened by long impoundment populist fuel prices.

    In the wake of the discovery of a large embezzlement scheme through their investment programs, the company's situation worsened rapidly. Processed by minority and investigated by the Federal Police, the public prosecutor and the securities commissions of Brazil and the United States, Petrobras already can not even publish audited balance sheets. March for the loss of investment grade, while its shares plummet in free fall.

    It is the melancholy outcome of 12 years of close involvement of Dilma Rousseff with Petrobras. It was, in fact, a long cycle, during which she was "present at all times." Having tied her political career to the company, Dilma after all realized that is bound to be haunted, in his second term, by the unfolding of events that occurred in the long period when it was the main cause of Petrobras destinations.

    * He is an economist and professor at PUC-Rio

  • speculamania2 speculamania2 Dec 20, 2014 10:51 AM Flag

    but Landim was president of OGX, what a weird choice although he knows oil but I think he is fraudulent just as batista

  • speculamania2 speculamania2 Dec 20, 2014 9:58 AM Flag

    and who do you think is the most capable? meirelles is a banker with no knowledge of oil?

  • Citigroup has assigned a Buy rating on Petrobras stock, with a target price that represents 94% upside on the current share price. Report published by Citigroup analyst discusses the positive aspects and risks associated with Petrobras stock
    By: Micheal Kaufman
    Published: Dec 18, 2014 at 6:49 am EST
    Citigroup Inc (NYSE:C) analyst Pedro Medeiros has maintained a Buy rating on Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) stock, with a target price of $13.00, according to a report issued on Monday.
    The report indicates a 94% expected return on Petrobras share price as per yesterday’s close yesterday. The announcement was made following the press release of Petrobras on Friday. The company released limited, unaudited financial information for the third quarter. There are several key points that can be derived from the research report.
    Firstly, the company generated a positive free cash flow amounting to $1.9 billion. It was much higher than analysts’ estimate of negative $2.8 billion. Secondly, the management proposed and approved plans to trim down capital expenditure (capex) and operational spending, and improve working capital. This is particularly good news as the company had previously committed to spending an extraordinary $220 billion in the face of plunging oil price.
    Furthermore, Petrobras expects to publish third-quarter audited results by January 2015. The analyst mentions the Rio de Janeiro-based company’s approval of actions taken to improve governance, and the formation of an independent compliance department. The new compliance department will lead an internal investigation after the company and its former executives were charged with bribery, corruption, and money laundering. Brazilian Prosecutor General Rodrigo Janot has publicly appreciated the company’s coordination with federal prosecutors in the investigation.
    The Buy rating has been reiterated as the cash flow outlook looks positive. The reduction in capex and non-recurring gains in net working capital ought to take the company a step closer to its objective of achieving positive free cash flow for 2015. There had been some concerns last week about the cash flow of the company but the sale of assets worth $2.2 billion and announcement by Centrais Electricas Brasileiras SA (ADR) (NYSE:EBR.B) to repay $3.5 billion, with the first monthly installment due in February 2015, will address the cash flow concerns.

  • speculamania2 speculamania2 Dec 18, 2014 6:16 PM Flag

    new idiot here, alias created today to spread desinformation

  • if this was PBR it would collapse by 50 %

  • BRASILIA, Dec 18 - Brazilian President Dilma Rousseff is planning a package of budget cuts and tax increases worth as much as 100 billion reais ($36 billion) in an aggressive attempt to recover investor confidence at a time of growing strain on emerging markets, senior government officials told Reuters.

    The fiscal adjustment, which is at the high end of market expectations, is the latest sign that Rousseff is adopting a significantly more austere and business-friendly agenda for her second term, which will start on Jan. 1.

    It also comes as some of Brazil's peers are moving to shield themselves from falling commodities prices and a general loss of confidence in emerging markets. Russia's central bank hiked interest rates by 6.5 percentage points this week amid recent heavy declines in oil prices and its currency. [ID:nL6N0TZ48Q]

    After a long boom last decade, Brazil's economy has averaged less than 2 percent annual growth, with high inflation, during Rousseff's first four years in office.

    That mediocre record, along with disappointing tax collection, recent global instability, and falling prices for Brazil's commodities such as iron ore, convinced Rousseff to make a major policy change, the officials said on condition of anonymity.

    As part of the shift, Rousseff will give her incoming finance minister Joaquim Levy, a former banker with a good reputation on Wall Street, "carte blanche" to run the economy as he sees fit, an official close to the president said.

    Rousseff, a trained economist, personally made many of the policy decisions, such as targeted tax cuts, that eroded Brazil's finances and damaged investor confidence during her first term.

    "It's a new term, with new ideas," the official close to Rousseff said.

    The centerpiece of the shift under Levy will be the fiscal adjustment, which the official close to Rousseff said would total between 90 billion and 100 billion reais or about 2 percent of GDP. Rousseff's steepest budget adjustment to date

  • speculamania2 speculamania2 Dec 17, 2014 9:42 AM Flag

    how can a tax increase be good for pbr?

  • Reply to

    Three Bears

    by jillian.scott Dec 16, 2014 2:16 PM
    speculamania2 speculamania2 Dec 16, 2014 2:43 PM Flag

    the same cramer advised to buy just before the top a few months ago

  • Reply to

    The right direction

    by iammiamiami Dec 16, 2014 10:49 AM
    speculamania2 speculamania2 Dec 16, 2014 11:09 AM Flag

    agree and if Vale CEO accepts to replace Grace, this would be great

  • Reply to

    VALE CEO selected as new CEO for PBR

    by austin_buyer Dec 16, 2014 6:39 AM
    speculamania2 speculamania2 Dec 16, 2014 10:01 AM Flag

    me too, let us hope

  • Reply to

    VALE CEO selected as new CEO for PBR

    by austin_buyer Dec 16, 2014 6:39 AM
    speculamania2 speculamania2 Dec 16, 2014 9:15 AM Flag

    Do not understand your reasoning: Feirreira is a real business man while Dirceu looks to be a corrupt ex politician:

    Dirceu's departure as Lula's Chief-of-Staff is attributed to his masterminding of a massive corruption scheme in the legislature, the Mensalão scandal. Upon leaving the government, Dirceu resumed his roles as an elected congressman for the state of São Paulo. He was expelled from the Congress on November 30, 2005, accused of breaking the parliamentary decorum due to his involvement with the Mensalão scandal. He cannot be elected to any executive or legislative positions until 2015. As of 2006, he practices in a law firm in Rio de Janeiro.

  • Reply to

    VALE CEO selected as new CEO for PBR

    by austin_buyer Dec 16, 2014 6:39 AM
    speculamania2 speculamania2 Dec 16, 2014 7:25 AM Flag

    do you consider this as a good move?

  • see article in estado

  • speculamania2 speculamania2 Dec 15, 2014 3:24 PM Flag

    this is the real problem and why the stock collapses

  • speculamania2 speculamania2 Dec 15, 2014 1:45 PM Flag

    global warming is no nonsense, look at the glaciers they shrunk enormously last 200 years.

  • speculamania2 speculamania2 Dec 15, 2014 12:48 PM Flag

    in normal circumstances, taking measures to have positive free cashflow and no need for extra financing would be great news and applauded by the market.

  • Reply to

    When will PBR stop dropping???

    by handsome868 Dec 15, 2014 8:23 AM
    speculamania2 speculamania2 Dec 15, 2014 9:36 AM Flag

    I know but a write down is one item in the balance sheet. So they should have given a detailed report with one big write down to be revised as more clarity emerges.

  • Reply to

    When will PBR stop dropping???

    by handsome868 Dec 15, 2014 8:23 AM
    speculamania2 speculamania2 Dec 15, 2014 9:21 AM Flag

    I do not understand why they do not publish an income statement with the normal operational data and with a provision for the calamities to be revised later on?

RFMD
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