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Brazil's Petrobras to step up search for onshore gas reserves

Rio de Janeiro, May 3 (EFE).- Brazilian state-controlled energy giant Petrobras, whose production mostly comes from deep-water fields, will step up its search for onshore natural gas reserves in the coming years, CEO Maria das Graças Foster said Friday. In remarks at the Federal University of Rio de Janeiro, she said one of the priorities of Petrobras' Strategic Plan 2030 is to develop reserves of natural gas and so-called non-conventional gas.

Slovenia places bonds despite 'junk' downgrade

Slovenia has raised 3.5 billion dollars (2.7 billion euros) in a successful bond sale, two days after Moody's downgraded the eurozone country's rating to "junk", the finance ministry said on Friday. The country sold 2.5 billion dollars in 10-year dollar-denominated bonds at an average interest rate of 6.00 percent, and 1.0 billion dollars in five-year bonds at 4.95 percent, the ministry said.

Valeant Pharmaceuticals Q1 revenue rises 25%, but loss doubles to $27.5M

LAVAL, Que. - Valeant Pharmaceuticals International Inc. (TSX:VRX) saw its net loss more than double in the first quarter, with the Quebec-based concern citing costs associated with its acquisition of Medicis Pharmaceuticals Corp. among the reasons. Valeant, Canada's largest publicly traded pharmaceutical company, says its net loss for the three months ended March 31 was $27.5 million or nine cents a share. That compared with a first-quarter loss of $12.9 million or four cents per share in the same 2012 period.

Shell CEO Voser to retire in 2014; company first quarter profit dips on lower oil prices

AMSTERDAM - Royal Dutch Shell PLC said Monday Chief Executive Peter Voser will step down in early 2014, and the company reported lower first-quarter profits in the wake of a decline in oil prices. The departure comes as a surprise, as Voser is just 54 years old and is well-regarded within the industry. Shell broke with a longstanding tradition of alternating British and Dutch chief executives with the July 2009 appointment of Voser, a Swiss national.

Brazil's Petrobras sells stake in Gulf of Mexico blocks

Rio de Janeiro, May 1 (EFE).- Brazilian state-controlled oil giant Petrobras said it has sold its 20 percent stake in six exploratory blocks in the U.S. Gulf of Mexico. In a regulatory filing, Petrobras said it signed a sale and purchase agreement for the divestment of its stake in the KC 49, 50, 92, 93, 94 and 138 blocks that make up the Gila asset, in which BP Plc is the operator.

Mexican Senate approves telecom reform

Mexico's Senate on Tuesday approved legislation to open up the telecommunications industry, a sector dominated by two television channels and billionaire Carlos Slim's phone empire. The bill, already approved by the lower house, is one of the signature reforms being pushed by President Enrique Pena Nieto, who took office in December with a vow to improve the country's competitiveness.

Moody's downgrades Slovenia, warns might need bailout

The international ratings agency Moody's downgraded Slovenia on Tuesday by two notches to junk status, with a negative outlook, citing the troubled state of the banking sector and a deterioration of the government's finances, and warning that the eurozone member might need a bailout. Moody's said Slovenia's sovereign debt rating had been cut to "Ba1" from "Baa2", placing it in the speculative category, and added that uncertain funding prospects had heightened "the probability that external assistance will be needed".

Aetna's 1st-quarter profit slips 4 per cent, health insurer raises 2013 forecast

Aetna's first-quarter net income fell 4 per cent as acquisition-related costs and rising health care expenses more than offset government business gains for the health insurer. But earnings still topped analysts' expectations, the company raised its 2013 forecast and said it expects more growth on top of that once it closes the acquisition of fellow insurer Coventry Health Care. Shares of the Hartford, Conn., company reached their highest price in more than five years in Tuesday morning trading after the company announced results.

BP profits more than triple in Q1 as company continues with disposal plan following US spill

LONDON - BP's sale of its Russian joint venture helped it more than triple first-quarter profits, the oil company said Tuesday in a further sign that its disposal program in the wake of the Gulf of Mexico oil spill disaster is on track.

Bankruptcy hearing underway on coal company's bid to cut pension, health benefits for workers

ST. LOUIS - A bankruptcy hearing is underway over a coal company's quest to significantly cut health care and pension benefits for its union workers, who are protesting the move. The legal tussle is being argued this week in St. Louis between Patriot Coal Corp. and the United Mine Workers of America. And it may be the most contentious issue tied to Patriot's Chapter 11 bankruptcy. The hearing could last through Friday.
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