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...Singapore’s GIC reports lowest returns since global financial crisis (FT) Hut Group appoints banks for possible IPO (FT) Etihad executives played crucial role in overturning Man City sanction (FT) Pemex...
...Fitch Ratings cut its Pemex rating to one notch above junk at the end of January and Moody’s Investors Service has said its sovereign ratings outlook for Mexico is under severe pressure because of Pemex....
...We will not tolerate corruption either in Pemex or the Federal Electricity Commission or the government and that makes the difference,” he said....
...Meanwhile, Mexico’s president Andrés Manuel López Obrador is to drop his opposition to reforming state oil company Pemex....
...Proposals for large capital investments by state-owned oil company Pemex, whose balance sheet and standalone creditworthiness have been under pressure (resulting in Fitch revising the Outlook on the company...
...Mexico’s state-backed oil company Pemex makes headlines once a year when its sovereign hedging programme kicks off....
...Problems in the Brazilian and Mexican oil industries unleashed by the plunge in crude prices have ensnared two pillars of Singapore Inc — rig builders Keppel Corporation and Sembcorp Industries — and through...
...It admitted that faulty internal procedures had enabled Oceanografía, a contractor to Mexican state oil company Pemex, to stack up fake invoices....
...he would be stepping down as head of Citi’s global consumer banking early this year – a surprise boardroom casualty of the fraud scandal in which Oceanografía, a contractor to Mexican state oil company Pemex...
...of the 64-year-old’s departure had swirled since it emerged that Banamex — a unit he chaired — had lent to Oceanografia, a Mexican oil services company, against forged invoices for work it was doing for Pemex...
...The price of petrol in Mexico, set by the government with fuel sold exclusively by state oil company Pemex for now, is 41 per cent more expensive than in the US, estimates Benito Berber at Nomura....
...To develop all its prospective reserves, Pemex, which has reported losses of $30bn over the past six years, will require some $830bn in capital expenditures....
...But I have to say that the incentives for Pemex to remain in Repsol are very low.”...
...Citi has previously sought to clean up its house after admitting that faulty internal procedures had enabled Oceanografía, a contractor to Mexican state oil company Pemex, to stack up fake invoices....
...investigation and admitted it failed to spot a host of warning signs of the fraud which involved lending to Oceanografia, a Mexican oil services company, against forged invoices for work it was doing for Pemex...
...Michael Corbat said more could have been done to stop the alleged fraud which involved Banamex lending money to Oceanografía and another supplier against apparently falsified invoices of work done for Pemex...
...About a third of its federal budget is funded through taxes on Pemex, the state oil company....
...The discovery comes after Citi’s revelations in February of another, larger fraud related to loans it had made to Oceanografia, an oil services company, that were made against invoices of work for Pemex...
...(The alleged fraud involved the bank lending to suppliers of Pemex, the Mexican oil company, against falsified invoices.) And this last point is perhaps the most crucial....
...“We saw no other instances of fraud other than with [transactions involving suppliers to] Pemex,” he said....
...The alleged fraud involved the bank lending to Oceanografía and another supplier of Pemex, the Mexican state energy company, against falsified invoices....
...It is small compared to last time (less than $30m, versus $400m misappropriated in a case related to Oceanografia, a supplier to Pemex), but this revelation does not boost confidence in Citigroup’s ability...
...Banamex lent about $585m to an oil services company to finance receivables from Pemex, the state-owned oil company....
...On Monday, Mr Gerspach said the latest instance of alleged fraud affected a supplier to Mexico’s state-oil company Pemex and was for less than $30m....
...Pemex, Mexico’s state oil monopoly, said on Friday that it had signed a deal with Russia’s Lukoil at Davos, but gave no figures....
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