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Big Oil gives Brazil the cold shoulder in second auction flop

Brazil held a second underwhelming oil auction in as many days on Thursday, as major global oil firms passed again on offshore blocks billed as among the world’s most promising. The only block awarded in Thursday’s auction went to state-run Petroleo Brasileiro SA , or Petrobras, and Chinese state firm CNODC, a unit of China National Petroleum Corp, who offered the minimum bid. The flop, following a similar lack of foreign interest in an even bigger round on Wednesday, was a wake-up call to officials who expected this week to crown Brazil as uncontested champion of the Latin …read more […]

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UPDATE 1-Teva Pharm nudges up earnings forecast, names new CFO

The world’s largest generic drugmaker earned 58 cents per diluted share excluding one-time items in the July-September period, down from 68 cents a year earlier. Revenue fell 6% to $4.26 billion due to generic competition for its multiple sclerosis drug Copaxone and declines in sales in the United States, Russia and Japan, although it posted gains in some of its newly launched drugs. Analysts had forecast Israel-based Teva would earn 59 cents a share ex-items on revenue of $4.24 billion, according to I/B/E/S data from Refinitiv. …read more […]