Oil majors to vie for Brazil offshore stakes despite legal setbacks

Oil majors will gather in Rio de Janeiro today to vie for stakes in offshore blocks near Brazil’s coveted pre-salt oil play, even after a court tossed the top two areas out of the running. Twenty companies including Chevron, BP, Exxon Mobil, Royal Dutch Shell, Statoil, and Total have registered to bid in a concession-style auction where 68 on and offshore blocks are being offered. Reuters reports.
Argentina rejects investor advice for IMF credit line
The Argentine government rebuffed an investor proposal that it should request a flexible credit line from the International Monetary Fund to shore up the nation’s finances, according to three people with direct knowledge of the matter. The proposal was discussed with Finance Minister Luis Caputo and his team the week of March 4 at private meetings on the sidelines of a larger gathering of about 50 investors in New York, according to the people. Government officials rejected the suggestion as infeasible given the current political situation. Bloomberg reports.
Cuba’s Communist Party admits errors, slowdown in reforms
Cuba’s Communist Party admitted a slowdown and errors in its implementation of Raul Castro’s market-style reforms, just weeks before he steps down from the presidency, but vowed to continue updating the Soviet-style command economy. The party central committee held a plenary session to discuss the state of reforms undertaken during Castro’s 10-year presidential mandate to open up the ailing economy and give the …

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