During Monday’s Afternoon trade, Shares of Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR), lost -7.54% to $8.16, following a report that the Brazilian state-controlled oil company could sell a stake in Braskem SA and build provisions against tax debts.
Brazilian state-run energy firm Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) said, it may look to sell off part of its Petrobras Distribuidora SA distribution unit in an effort to cut towering debt.
Petrobras is under noteworthy financial pressure. The company is highly leveraged with debt levels sky rocketing at more than $120 billion. The company has also been influenced by a corruption scandal and forced to take a write-down of $16 billion related to a corruption charge this year. Meanwhile, crude oil prices have fallen by 50%, shrinking the company’s exploration and production margins. Petrobras in a move to save on cash and service its debt also plans to cut its five-year investment budget by 37% or $130.3 billion.
Petróleo Brasileiro S.A. Petrobras operates as an integrated energy company in Brazil and internationally. Its Exploration and Production segment engages in the exploration, development, and production of crude oil, natural gas liquids, and natural gas; and sale of crude oil and oil products produced at natural gas processing plants in domestic and foreign markets.
Shares of National Bank of Greece S.A. (NYSE:NBG), declined -12.83% to $0.99, during its current trading session, after the Greek referendum. The results showed that 61% voted “no” on whether to accept bailout terms projected by the country’s international creditors.
Following the vote Greece’s finance minister, Yanis Varoufakis, stepped down saying that by doing so he feels it would assist the country find a solution to its ongoing debt crisis, BBC.com reports.
National Bank of Greece S.A., together with its auxiliaries, provides diversified financial services. The company is involved in retail and commercial banking, asset administration, investment banking, brokerage, and insurance activities.
Finally, SouFun Holdings Ltd. (NYSE:SFUN), lost -13.94%, and is now trading at $7.16.
SouFun Holdings Limited, declared that it held its 2015 annual general meeting of shareholders on July 3, 2015. The shareholders passed an ordinary resolution adopting the 2015 Stock Incentive Plan.
SouFun Holdings Limited operates a real estate Internet portal, and home furnishing and improvement Websites in the People’s Republic of China. The company offers marketing services on its Websites, primarily through advertisements to real estate developers in the marketing phase of new property developments, in addition to real estate agencies; and suppliers of home furnishing and improvement, and other home-related products and services.
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