13.61 +0.01 (0.07%)
After hours: 4:03PM EDT
|Bid||11.55 x 800|
|Ask||14.25 x 800|
|Day's Range||13.29 - 13.91|
|52 Week Range||6.96 - 14.98|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Brazilian truck drivers on Tuesday vowed to extend their protest against high fuel prices into a third day despite a government compromise to cut a fuel tax, threatening to slow economic activity and interrupt exports of grains and other goods. Thousands of trucks were parked to obstruct major roads as the protests interrupted traffic along a major soy shipping route in the grains state of Mato Grosso and impeded access to the country's two main export ports, Santos and Paranaguá.
BRASÍLIA—Truck drivers went on strike in Brazil against rising fuel prices for the second day on Tuesday, threatening the country’s sluggish recovery and pushing its cash-strapped government into a corner. Truckers complain that the cost of diesel fuel, which represents about 42% of their costs, is up 16% from a year ago.
The CEO of Brazilian state-run oil company Petroleo Brasileiro SA said on Tuesday that the federal government is not interfering with the firm's ability to set its own prices, though it is concerned about a steep hike in the price of diesel. Pedro Parente told reporters in Brasilia after a meeting with the finance and energy ministers that there was no discussion of Petrobras changing its pricing strategy, and that it was not the government's goal to interfere. A sharp rise in diesel prices in the past year has ignited a nationwide protest by truckers, who are blocking key highways in agricultural and industrial hubs.
Abcam, the group organizing the demonstrations across the country, said the truckers were protesting in 15 states, including those that are agricultural, industrial and transport hubs. Federal highway police did not have an immediate comment on the extent of the blockades nor how they were disrupting traffic around the country. The demonstrations put pressure on the government to provide relief from rising fuel costs, which could mean either backsliding on efforts to close Brazil's fiscal deficit or interfering in the state-run oil company's pricing policy.
Brazilian state-run oil company Petroleo Brasileiro SA will reduce diesel prices 1.54 percent and gasoline prices 2.08 percent starting Wednesday, the company said on its website. While Petrobras, as the ...
Rampant corruption scandals and a deep recession soured many foreign investors on Brazil in recent years, but one Canadian group saw opportunity. Brookfield Asset Management Inc (BAMa.TO) and its subsidiaries have made nearly a dozen major acquisitions there since 2013. The deals confirmed Brookfield's reputation as one of the strongest-stomached investors in Brazil.
Rampant corruption scandals and a deep recession soured many foreign investors on Brazil in recent years, but one Canadian group saw opportunity. Brookfield Asset Management Inc and its subsidiaries have made nearly a dozen major acquisitions there since 2013. The deals confirmed Brookfield's reputation as one of the strongest-stomached investors in Brazil.
Previ, Brazil’s biggest pension fund, sent a letter in February demanding BRF Chairman Abilio Diniz convene a shareholder meeting to remove the entire board, including himself. After a two-month fight, Previ got its way: Investors voted in five new directors and replaced Diniz with Pedro Parente, who’s credited with turning around the country’s state-owned oil company, Petroleo Brasileiro SA. “BRF kept showing successive results that were a concern for us as shareholders,” Gueitiro Matsuo Genso, Previ’s chief executive officer, said in an interview in Sao Paulo.
Brazil's Petroleo Brasileiro SA may raise its capital expenditure program depending on the results of Brazil's next round of offshore oil auctions in June, Chief Executive Pedro Parente said in an interview with Valor Economico. Depending on the auction results, Petrobras could need to boost its exploration budget for the coming years, he was quoted as saying by the Brazilian newspaper. Rising oil prices could also lead to a boost in capex, he said.
Petroleo Brasileiro SA said Thursday that talks with Brazil's government were making progress in resolving a dispute over offshore oil blocks, but no conclusion has been reached so far. Brazil's government and the company are negotiating revised terms for the 2010 "transfer of rights" contract, through which the government exchanged exploratory rights over some subsalt oil exploration areas oil in exchange for Petrobras equity. The company and the government are continuing talks to reach an agreement on the matter, Petrobras said in a statement on Thursday.
The world's three largest oil traders are competing to buy the African arm of Brazil's Petrobras (PETR4.SA) that owns stakes in two major Nigerian offshore oil blocks, industry and banking sources with knowledge of the matter said, after submitting bids earlier this month. Last November, state-controlled Petroleo Brasileiro SA, known as Petrobras, launched the sale of 100 percent of Petrobras Oil & Gas BV, or Petrobras Africa, as part of the heavily-indebted company's plan to offload $21 billion in assets through 2018 as it also faces a massive corruption scandal. Petrobras holds half the shares in the company while 40 percent are held by a subsidiary of Grupo BTG Pactual SA and 10 percent by Helios Investment Partners.
The world's three largest oil traders are competing to buy the African arm of Brazil's Petrobras (PETR4.SA) that owns stakes in two major Nigerian offshore oil blocks, industry and banking sources with knowledge of the matter said, after submitting bids earlier this month. Last November, state-controlled Petroleo Brasileiro SA, known as Petrobras, launched the sale of 100 percent of Petrobras Oil & Gas BV, or Petrobras Africa, as part of the heavily-indebted company's plan to offload $21 billion (15.5 billion pounds) in assets through 2018 as it also faces a massive corruption scandal. Petrobras holds half the shares in the company while 40 percent are held by a subsidiary of Grupo BTG Pactual SA and 10 percent by Helios Investment Partners.
Brazilian state-run development bank BNDES on Monday posted an increase in profits in the first quarter as it reversed loan-loss provisions and sold shares in Petroleo Brasileiro SA. BNDES reported net ...
Petróleo Brasileiro SA. – Petrobras’s (NYSE:PBR) most recent return on equity was a substandard 0.97% relative to its industry performance of 11.54% over the past year. Though PBR’s recent performanceRead More...
Improving oil prices mean a "major change" to the investment profile of Brazil-based Petroleo Brasil/ADR (NYSE: PBR ), according to Bank of America Merrill Lynch. The Analyst BofA's Frank McGaan ...
Braskem SA will soon start to negotiate a long-term contract to buy naphtha from its shareholder Petroleo Brasileiro SA, the chief executive of the Brazilian petrochemical company said on Thursday. Braskem CEO Fernando Musa said the current five-year supply contract, which is one of the largest held by Braskem with state-controlled Petrobras, ends in 2020.
Petroleo Brasileiro (PBR) was a big mover last session, as the company saw its shares rise more than 9% on the day amid huge volumes.
Brazil's antitrust regulator on Wednesday approved the sale of a Vale SA fertilizer unit to Yara International ASA in a deal that will allow the Norwegian group to produce nitrogen-based fertilizers in Brazil. Six of regulator Cade's seven board members voted to approve the $255 million transaction without demanding any asset sales or restrictions. One board member, Paula Farani, abstained from voting.
SAO PAULO (AP) — Brazil's Petrobras says profit rose 56 percent in first quarter of the year as the state-controlled oil company is beginning to emerge from a massive corruption scandal.
Brazil's state-controlled oil company Petróleo Brasileiro SA reported a 56.5 percent rise in net profit in the first quarter, helped by asset sales, a filing showed on Tuesday. Petrobras, as the company ...