J.P. Morgan economists say they now see a much slower economy in the second quarter, with growth of just 1%.Market Insiderread more
Former Foreign Minister Boris Johnson is seen as the bookmaker's favorite to succeed outgoing Prime Minister Theresa May.Europe Politicsread more
The combination of mounting recession fears, bets on a more cautious Fed and a regular uptick in market volatility could spell more losses, writes Nomura.Marketsread more
The move comes just a day after the FAA's acting head said airlines don't need to keep canceling Max flights.Airlinesread more
The therapy, Zolgensma, is a one-time treatment for spinal muscular atrophy — a muscle-wasting disease and leading genetic cause of infant mortality, affecting one in every...Health and Scienceread more
The Pentagon will send additional American troops, drones and fighter jets to the Middle East amid increasing tensions between the United States and Iran.Politicsread more
An analyst for Ark Invest, which has a major investment in Tesla, says recent drastic price-target cuts by others on Wall Street are missing the big picture.Investingread more
A spokesman for Nadler told CNBC that the chairman is "okay," and that he "seems to have been dehydrated and it was very warm in the room."Politicsread more
The Moelis & Co. founder says the current market volatility from tense U.S.-China relations is impacting large-cap stocks.Investingread more
The meeting is expected to take place on the sidelines of the Shangri-La Dialogue defense summit in Singapore.Defenseread more
Former Goldman Sachs macro trader and Fortress hedge-fund manager is the latest to point out problems with modern-day capitalism and income inequality.Financeread more
SAO PAULO, May 3 (Reuters) - Oil production by Petroleo Brasileiro SA fell 3.5 percent in the first quarter from the same period a year before, according to Brazil's oil regulator ANP, which attributed the fall to a number of scheduled and unscheduled stoppages.
In a statement, the regulator said the production declines were due to maintenance work and other interruptions in January and February at platforms and FPSO units owned by Petrobras, as the firm is known.
The fall in production, to roughly 2.4 million barrels of oil equivalent per day (boe/d), comes even as Petrobras initiated operations at three platforms in March in Brazil's offshore, pre-salt oil area, considered the nation's most prolific oil producing zone.
Production at Petrobras has been hit by a decline in investments in the firm's more traditional onshore and 'post-salt' offshore assets. The company is also divesting many of its legacy oilfields, but relatively few of those sales have so far closed.
In Brazil as a whole, oil production rose 0.96 percent in annual terms to 3.261 million boe/d in March, the ANP said.
While Petrobras has historically divulged monthly production statistics, it has not done so since January. On Thursday evening, the firm informed Reuters it would shift to quarterly reporting of oil production.
The company is due to report its first quarter financial results on May 7. (Reporting by Roberto Samora; Writing by Gram Slattery Editing by Alistair Bell)