Stories for March 11th 2016

Friday, March 11th 2016 - 20:47 UTC
Odebrecht's involvement in Petrobras corruption scandal costing the conglomerate dearly

The Odebrecht group of companies, whose top officials have been sentenced to prison for involvement in the corruption scheme of Brazil's largest company Petrobras, has come under strong pressure from its creditors to use the crown jewel, the petrochemical company Braskem as collateral to avoid filing for bankruptcy.
Friday, March 11th 2016 - 20:06 UTC
Brazil's February inflation down, but central bank calls for structural reforms and budget control

Brazil’s consumer-price index slowed in February, providing relief for the country’s central bank amid its efforts to curb inflationary pressures. The consumer-price index, IPCA, rose 0.90% in February, compared with an increase of 1.27% in January, the Brazilian Institute of Geography and Statistics, or IBGE, said.
Friday, March 11th 2016 - 20:03 UTC
Rousseff rejects calls for her resignation and confirms Finance minister Barbosa

Brazil's President Dilma Rousseff rejected calls for her resignation on Friday midst a political storm deepened by a massive corruption scandal and blamed her opponents for causing a crisis that has damaged the Brazilian economy. She also confirmed her Finance minister Nelson Barbosa.
Friday, March 11th 2016 - 06:16 UTC
Sao Paulo prosecutors insist on an arrest warrant for ex president Lula da Silva

Sao Paulo state prosecutors in Brazil are seeking the arrest of former President Lula da Silva on charges of money laundering and identity fraud for concealing ownership of a beachfront apartment, his foundation said on Thursday. The effort to arrest the former president raised the stakes dramatically in the current crisis and was likely to further polarize protests on Sunday calling for the impeachment of president Dilma Rousseff.
Friday, March 11th 2016 - 05:41 UTC
Falklands' sovereignty statements, “an unnecessary provocation” says Argentine ambassador

The private visit to Paraguay of Falkland Islands lawmaker Phyllis Rendell and her strong statements regarding sovereignty and the future of the Islands had an immediate reaction from the Argentine ambassador in Asunción Eduardo Zuain, who described the statements as an unnecessary provocation.
Friday, March 11th 2016 - 05:38 UTC
ECB cuts rate to 0% and announces new stimulus, but market reactions are mixed

European stock markets have fallen and the Euro has soared following the economic stimulus measures announced by the European Central Bank on Thursday. After initially rising following the broader than expected package, Frankfurt closed down 2.3%, Paris ended 1.7% lower and the FTSE 100 slid 1.8%.
Friday, March 11th 2016 - 05:29 UTC
Brexit would be “a disaster for UK science” warn 150 fellows from Royal Society

Stephen Hawking has called for Britain to stay in the EU, saying that a Brexit would be a “disaster for UK science”. A letter to the Times newspaper signed by more than 150 fellows of the Royal Society argues that leaving the EU would devastate research.
Friday, March 11th 2016 - 05:22 UTC
Purge in YPF; financial expert chosen as successor of Galuccio

Miguel Ángel Gutiérrez looks is to become the new president of Argentina’s state-controlled energy giant YPF, it was revealed this week after Miguel Galuccio confirmed he will step down as head of the company on April 30.
Friday, March 11th 2016 - 05:18 UTC
Brazil's Odebrecht network of alleged bribery practices investigated in several Latin American countries

Argentina is investigating whether the local unit of Brazil's Odebrecht paid bribes to government officials, an Argentine prosecutor said this week, deepening the regional fallout from the biggest corruption scandal in Brazil’s history.