Tag: Brazil

Friday, April 24th 2015 - 22:08 UTC

Eight first convictions in Petrobras corruption case including a former manager

The convictions stemmed from activities related to the construction of an oil refinery in the northeastern Brazilian state of Pernambuco.

The Brazilian judge overseeing the investigation into alleged corruption at Petrobras on Wednesday convicted eight people of crimes related to kickbacks and bribery. Judge Sergio Moro found former Petrobras executive Paulo Roberto Costa and currency dealer Alberto Youssef guilty of money laundering, and Mr. Costa of belonging to a criminal organization.

Friday, April 24th 2015 - 08:51 UTC

Petrobras normalizing links with investors on improved governance and transparency

“It's impossible to have a normal relationship with investors because there's no transparency without the numbers,” Ivan Monteiro

With the release of audited financials, Brazilian oil giant Petrobras believes it has started to normalize its relationship with investors and to implement better corporate governance in the wake of the financial scandal that has rocked the company, its chief financial officer said on Thursday.

Friday, April 24th 2015 - 08:43 UTC

Good news for Brazil: economy adds jobs for the first time since November

Job creation remained lackluster by historical standards: over the past decade, the Brazilian economy usually added more than 100,000 jobs per month.

Brazil's economy added jobs in March for the first time since November, government data showed on Thursday, suggesting the country's likely recession may not be as severe as many economists feared. Factories, farms and services companies in Brazil added a net 19,282 jobs in March, the Labor Ministry said, topping market expectations for 25,000 net firings.

Thursday, April 23rd 2015 - 08:45 UTC

Brasil's third biggest builder contracting drastically after Petrobras scandal and bankrupcy

OAS hopes to start talks with creditors on how to restructure the 8 billion Reais that the group owes to banks, suppliers and bondholders.

Brazilian engineering conglomerate Grupo OAS expects revenue to shrink more than 50% by 2017 as it sells operations and refocuses on civil construction after filing for bankruptcy protection due to a bribery scandal at a state-run oil company.

Thursday, April 23rd 2015 - 07:09 UTC

Petrobras reveals extent of its losses because of corruption and mismanagement

CEO Bendine said, “we have made our best efforts to turn the page on this sad chapter that the company has passed through.”

Brazil's state-run oil giant Petrobras which has been bashed by a wide-spread corruption scandal, reported on Wednesday a 2014 net loss of 21.6 billion Reais (7.2 billion dollars) after taking 50.8 billion Reais in charges.

Monday, April 20th 2015 - 23:41 UTC

Uruguay insists with the EU trade accord, even leaving Mercosur aside

   “It is essential that we advance together with Brazil in trade matters to see if we can finally reach an agreement Mercosur/EU”, said President Vazquez

Uruguay's president Tabare Vazquez announced that when he meets with Brazil's Dilma Rousseff next month, they will consider as a priority how to get the Mercosur-European Union talks for a trade agreement rolling again.

Monday, April 20th 2015 - 06:51 UTC

Brazil tells IMF it's working with Congress to restore fiscal balance and structural change

“The current year is a transition year for the Brazilian economy, when we are committed to a swift reversal of the fiscal situation”, said Joaquim Levy

Brazil is working with Congress on a broad agenda of structural changes to improve the business climate, increase productivity and set price signals correctly to stimulate investment, announced Finance minister Joaquim Levy in his speech to the International Monetary and Financial Committee (IMFC) this weekend.

Monday, April 20th 2015 - 06:42 UTC

Brazilian leading contractor admits paying 36m dollars in bribes to Petrobras officials

Camargo Correa is one of the largest privately owner organizations in Brazil with businesses in several fields, and operations in 21 countries

A vice president of construction company Camargo Correa told Brazilian prosecutors that he paid 36 million dollars in bribes to officials of state-controlled oil company Petrobras, the press reported, citing a document prepared by prosecutors.

Thursday, April 16th 2015 - 08:12 UTC

Brazil questions Argentina's approach to China in military procurement

“I returned from Buenos Aires with assurances that Argentina gives leading priority to its association with Unasur”, said minister Jacques Wagner<br />

Brazil's minister of defense Jacques Wagner questioned Argentina's approach to China regarding military procurement, but discarded any conflict with Buenos Aires, since the country is a 'strategic and important partner' of Brazil. Apparently the issue was brought up by Jacques when he visited his counterpart Agustín Rossi in Buenos Aires last week.

Thursday, April 16th 2015 - 08:07 UTC

Petrobras corruption probe encroaching President Rousseff; party's treasurer arrested

The arrested ruling Workers Party treasurer, Vaccari Neto, has been charged with receiving “irregular donations” for the party, from Petrobras contractors

A widening investigation into alleged corruption at Brazil’s state-controlled oil giant Petrobras took a step closer to President Dilma Rousseff on Wednesday when police arrested the ruling party’s treasurer, João Vaccari Neto, who has been charged with receiving “irregular donations” for the Workers’ Party, or PT, from some of the oil company’s suppliers.


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