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Brazil's Petrobras overpaid up to $1.2bn in kickback transactions BRASILIA: Petrobras may have overpaid as much as 1.2 billion dollars in transactions being investigated for potential kickbacks, Brazil's national accounting office said Tuesday.The alleged graft issue at the state oil giant and elsewhere was used against President Dilma Rousseff in her reelection campaign but did not stop her from winning -- while promising she would fight corruption harder.Voters did not blame Rousseff -- who was on Petrobras' board at the time -- in two rounds of voting in which she prevailed last month."We have demonstrated that there was overbilling (at the) Pasadena (refinery). And we found evidence this happened with other major projects, all of which were worth a total of almost 1.2 billion dollars," said Augusto Nardes, head of the government's accounting arm, known as the TCU.The Pasadena refinery case alone cost Petrobras 317 million dollars, Nardes said.With Rousseff board chair at the time, Petrobras in 2006 approved ...

ExxonMobil earnings edge up on strong refining results NEW YORK: US energy giant ExxonMobil reported slightly higher third-quarter earnings on Friday as better results in refining and chemicals offset lower profits from exploration and production.The largest US publicly-traded oil company, Exxon reported net income of $8.1 billion, up 2.5 percent from the same period a year ago.Earnings from the upstream division, which finds and produces oil and gas, fell $297 million to $6.4 billion as oil-equivalent production dropped 4.7 percent from last year.The ...
Oil price declines have small-cap shale investors scrambling NEW YORK: Plummeting oil prices are pushing some of the small-cap companies which flourished as part of the US shale energy boom close to their breaking point, while also prompting some well-known fund managers to aggressively buy energy stocks. Concerns about slowing growth in Europe and a stronger dollar have helped push the price of light crude oil down about 25 percent since June to about $82 a barrel, creeping closer to the average marginal ...
Oil rises after 2-day loss; US inventories seen up again NEW YORK: Crude oil prices closed higher on Tuesday, with Brent finishing just above $86 a barrel after two straight days of losses, helped by a weaker dollar and a rally on Wall Street. But worries about a third weekly build in a row in US crude inventories capped gains. Crude stockpiles in the United States were forecast to have risen 3.4 million barrels in the week to Oct. 24, while inventories of distillates and ...
Wall St ends flat, but energy shares lower NEW YORK: US stocks ended near flat on Monday, pausing after the S&P 500's biggest weekly gain since January 2013, while energy shares fell with another decline in oil prices. The Dow Jones industrial average rose 11.05 points, or 0.07 percent, to 16,816.46, the S&P 500 lost 3.06 points, or 0.16 percent, to 1,961.52 and the Nasdaq Composite added 2.22 points, or 0.05 percent, to 4,485.93. Copyright Reuters, 2014 ...
Oil, weak German data drag on stocks; Brazil sinks NEW YORK: Global equity markets slipped on Monday, hit by weak German business sentiment and another decline in oil, while Brazil slumped after incumbent Dilma Rousseff narrowly won a second term over an opponent seen as more pro-business. Major indexes on Wall Street ended mixed.The benchmark S&P 500 closed slightly lower after last week's big gains, hurt by another drop in energy shares as oil neared a four-year low. Disappointing data showing the pace of ...
Oil bucks downtrend to eke out small gain NEW YORK: Oil prices rose slightly on Friday, bouncing from near four-year lows even while marking a fourth straight weekly loss, as investors bought back into a market they said was oversold, and as fighting in Iraq increased political risk. Oil has dropped over 25 percent since June on strong supply, signs of weak demand growth and indications that key oil producers, particularly Saudi Arabia, have a limited appetite to cut output to bolster prices. ...


Index Closing Chg%
Arrow DJIA 17,810.06 0.51
Arrow Nasdaq 4,712.97 0.24
Arrow S&P 2,063.50 0.52
Arrow FTSE 6,750.76 1.08
Arrow DAX 9,732.55 2.62
Arrow CAC-40 4,347.23 2.67
Arrow Nikkei 17,357.51 0.33
Arrow H.Seng 23,437.12 0.37
Arrow Sensex 28,334.63 0.95

Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln