Boston, MA 02/26/2014 (wallstreetpr) – Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) which is now known as the most indebted oil major in the world ended up reporting drop in profits in the latest quarter. The company announced that its profit declined due to losses made in diesel and gasoline sales. PBR continues to important and sell fuel at a loss in the domestic market where inflation features has resulted in unfriendly pricing policies for the company. In the most recent quarter, PBR announced 6.3 billion Brazilian raise profit, reflecting 19 percent drop from the figure reported in 2012. Revenue increased by 10 percent to 81.03 billion reais. In addition to positing faltering profits, PBR also announced reduction of its five-year investment spending. The state-run Brazilian company expects to spend $220 billion instead of the previous planned $236.7 billion. The company has promising domestic oil fields, but its production efforts are hampered by lack of adequate financing for installation of offshore drilling facilities. The stock of Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) was last seen at $11.33, after falling 2.91 percent.
Comcast Corporation (NASDAQ:CMCSA) signed an agreement with Netflix, Inc. (NASDAQ:NFLX), but the financial details of the deal are confidential. In that scenario, questions have been raise if Netflix, Inc. (NASDAQ:NFLX) users will have to pay more to keep the deal. There are no absolute answers as Netflix itself has not indicated that it would increase its subscription fee. Yet, analysts think that the aspect of the deal announcement that Comcast will receive payment from Netflix for streaming the latter’s content through its pipes might come as a cost for the subscribers. Netflix, Inc. (NASDAQ:NFLX) bypassed third-party broadband providers to sign a deal with Comcast that would effectively improve the speed of its content streaming.
Vodafone Group Plc (ADR) (NASDAQ:VOD) is making some business move that could complicate its marriage with AT&T Inc (NYSE:T). VOD is seen making efforts at acquisition of cable assets, yet for AT&T, wireless business is the best bet. While AT&T is salivating for the data business opportunity in Europe and VOD increasingly becoming its target to stitch into the European telecoms fabric, what VOD is doing by purchasing cable is not very impressive for the U.S. telecoms giant. Vodafone Group Plc (ADR) (NASDAQ:VOD) recently disengaged in wireless deal with Verizon Communications (NYSE:VZ) where it ended up with $130 billion, an amount of money that is enough to power its expansion.