Brazil

Thursday, November 24th 2016 - 16:27 UTC
Odebrecht in world record plea and leniency deal: ready to pay US$ 2 billion for Petrobras corruption

Federal prosecutors and Odebrecht SA have agreed on the world's biggest plea and leniency deal under which the embattled engineering conglomerate would pay around 7 billion Reais (US$ 2 billion) in fines related to its role in Brazil's biggest corruption scandal, local media reported.
Thursday, November 24th 2016 - 16:09 UTC
Brazilian cash-strapped states agree to back structural reform in exchange for financial aid

Brazil's federal government reached a deal to help cash-strapped states with their fiscal woes in exchange for support from governors on deeper structural reforms including pension reform and the capping of public employee salaries.
Wednesday, November 23rd 2016 - 16:09 UTC
Economic crisis hits airline industry in Brazil, Venezuela. Low-cost carrier wants start operating in Argentina

Etihad join list of Asian airlines that continue to drop their routes to South America's biggest market. New low-cost service aims at passengers who do not travel by plane today in Argentina and Venezuelan companies in dire straits to stay operational.
Wednesday, November 23rd 2016 - 15:07 UTC
Prosecution warns Congress planning to shut down Petrobras investigation: “the corrupt have a lot of power”

The top prosecutor in Brazil's biggest ever corruption investigation has called on the public to rally around the operation in the face of attempts to shut it down. There are fears that Congress while passing anti corruption measures would also include in an unofficial amnesty for existing cases.
Wednesday, November 23rd 2016 - 15:03 UTC
Petrobras case connections in Geneva targeted by Swiss prosecution

The Office of the Attorney General of Switzerland has opened criminal proceedings against a former senior executive at the Geneva-based commodity trader Trafigura. The case is reportedly linked to corruption involving the Brazilian state-run oil company Petrobras.
Tuesday, November 22nd 2016 - 14:10 UTC
Brazil admits Trump policies could cause a flow out of capital from emerging economies

Brazil's Central Bank (BC) President Ilan Goldfajn said on Monday that the outcome of the US presidential election, won by magnate Donald Trump, brought an element of uncertainty to markets, but reiterated that the institution has kept a close watch on the development of international markets and worked to prevent the effects of “external shocks” from threatening macroeconomic stability.
Tuesday, November 22nd 2016 - 13:38 UTC
Fiscal vulnerability of Brazilian economy exposed at a business conference

Brazilian President Michel Temer warned on Monday that the national debt could swell to the size of the country's gross domestic product within eight years should public spending not be brought under control and fiscal reforms not enacted.
Tuesday, November 22nd 2016 - 09:36 UTC
Uruguay prepared to receive Lula da Silva if he requests political asylum

President Tabare Vazquez said on Monday that Uruguay recognizes the government of president Michel Temer, respects the decisions of Brazil emerging from its political situation and admitted considering giving asylum to Brazilian politicians, if contemplated under International Law.
Tuesday, November 22nd 2016 - 09:04 UTC
“Surreal” to think Lula was not aware of the massive corruption schemes

Former Senator Delcídio do Amaral described as “surreal” the notion that former President Lula da Silva was not aware of a giant corruption scheme active during his tenure, in testimony on Monday marking the start of the trial against the man that ran Brazil from 2003 to 2010.
Tuesday, November 22nd 2016 - 09:00 UTC
Santander bank confident of Brazil's “rapid recovery”

President Michel Temer met on Monday with Banco Santander chairman Ana Botin, who expressed the Spanish banking giant's confidence in Brazil's economic future despite the current downturn being experienced by Latin America's largest economy.