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Petrobras is trying to stay the course on efforts to reduce one of the heftiest debt loads among oil companies worldwide - $88 billion in gross debt - through divestments and an investment focus on Brazil’s coveted offshore pre-salt area. “The strategic plan came within the expectations of the market, a reasonable increase in oil prices, with important refining divestments and an ambitious leverage target,” said Adriano Pires, a consultant at Brazil’s Center for Infrastructure.

In a call with investors, Petrobras Chief Financial Officer Rafael Grisolia said the company expects to attract partners for its refineries in the short term, While the plan appeared to contain no major surprises, it was released just as prosecutors in Brazil alleged that trading giants Vitol [VITOLV.UL], Trafigura [TRAFGF.UL], and Glencore (GLEN.L) wonder woman justice league cufflinks paid over $30 million in bribes to Petrobras employees, The allegations are another black eye for Petrobras, which has been at the center of Brazil’s sprawling “Car Wash” corruption investigations, and the firm is eager to clean up its image..

Preferred Brazil-listed shares in Petrobras edged up 0.3 percent in afternoon trade, paring earlier losses, while Brazil's benchmark Bovespa index .BVSP was little changed. Whether or not the company sticks to the plan, Pires added, will depend on the incoming government of right-wing President-elect Jair Bolsonaro. “The challenge of the next government is to maintain this plan,” he said. Bolsonaro, a former lawmaker and military officer, last month named Roberto Castello Branco, a University of Chicago-trained economist, to succeed current Chief Executive Officer Ivan Monteiro, who is set to step down on Jan. 1.

While Castello Branco has said he favors selling noncore assets, some of the generals close to Bolsonaro, who see the oil company as a “strategic asset,” may put the brakes on any radical restructuring bid, wonder woman justice league cufflinks Petrobras will maintain its focus on deepwater exploration and production, particularly in Brazil’s coveted pre-salt blocks, an offshore area where billions of barrels are locked beneath a thick layer of salt under the ocean, Even so, the company reduced its oil production target to 6 percent in annualized growth from 8 percent in its last plan..

“Frankly, I’ve lost count of how many times the production targets have been slashed over the past five-plus years,” said Pavel Molchanov, an energy analyst at Raymond James. The oil company also disclosed its return on invested capital should be above 11 percent in 2020, as it sells assets and cuts debt. Its ratio of net debt to earnings before interest, taxes, depreciation, and amortization should fall to 1.5 times by the end of that year, it added, from a goal of 2.5 by the end of 2018.

(Reuters) - American International Group (AIG.N) Inc has racked up an estimated $750 million to $800 million in catastrophe losses so far wonder woman justice league cufflinks during the 2018 fourth quarter, its chief executive officer said on Wednesday, Still, the company’s general insurance unit is on track to enter 2019 “at a slight underwriting profit,” AIG CEO Brian Duperreault said at the Goldman Sachs U.S, Financial Services Conference in New York, The catastrophe losses do not include December, Duperreault said..

Duperreault, who took charge of AIG in 2017, has vowed to turn the company around. His most critical task is overhauling AIG’s underwriting culture after the company spent years chasing revenue growth without appropriately weighing risks. AIG company expects an overall eight percent adjusted return on equity going into 2019, driven in part by the slight underwriting profit in its general insurance unit, Duperreault said on Wednesday. “But let me be clear. We are not satisfied with an eight percent,” Duperreault said. The company intends to reach a double-digit adjusted return on equity, but the process could take up to three years, he added.

“The problems that AIG had when I arrived were the result of over a decade of firefighting but we are moving beyond that era,” Duperreault said, wonder woman justice league cufflinks AIG expects the unit’s 2019 net earned premium to be consistent with 2018 levels, Duperreault said, Wildfires in California, net of reinsurance, will add between $150 million and $175 million to AIG’s net pretax losses for the fourth quarter, since the company has triggered its reinsurance coverage, Duperreault said, AIG expects its Validus Holdings Ltd unit, the reinsurer it acquired in July, to incur about a $60 million pretax loss for wildfires, he added..



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