President Michel Temer urged Brazil's top electoral court to decide quickly on a case alleging illegal funding of his 2014 campaign in order to lift political uncertainty overshadowing a recovery in Latin America's largest economy. Helped by bumper soy and corn harvests, Brazil's economy eked out growth in the first quarter following its most painful... Continue Reading →

Nearly a dozen people, including current and former top officials, were arrested in the Dominican Republic early Monday for ties to $92 million in bribes paid by the Brazilian construction company Odebrecht to obtain public works contracts. Those arrested included Victor Diaz Rua, who had previously served as the country's public works minister, as well... Continue Reading →

Brazil’s credit outlook was cut by Moody’s Investors Service, which said the corruption scandal ensnaring President Michel Temer poses a rising threat to the recovery of Latin America’s largest economy. Moody’s reduced the nation’s outlook to negative from stable and kept its rating at two levels below investment grade at Ba2, according to a statement... Continue Reading →

May 26 Maria Silvia Bastos has resigned as head of BNDES due to personal reasons, the Brazilian development bank said in a statement on Friday. BNDES director Ricardo Ramos will take over her position on an interim basis, the statement said. BNDES has been ensnared in recent months in a mounting political scandal over investments... Continue Reading →

Allies of beleaguered Brazilian President Michel Temer are waiting for a crucial electoral court ruling in early June rather than withdrawing support now, but they are already preparing a grand bargain to pick an interim successor, party leaders said this week. At dinner parties in plush Brasilia residences and in backroom meetings in Congress, Temer's... Continue Reading →

OPEC extended oil production cuts for nine more months after last year’s landmark agreement failed to eliminate the global oversupply or achieve a sustained price recovery. Members meeting in Vienna agreed to prolong their accord through March, said delegates familiar with the decision, asking not to be identified before an announcement is made. OPEC is not... Continue Reading →

Key members of Brazil's coalition government are struggling to find a consensus candidate to replace President Michel Temer should he be forced from office by a massive corruption probe that has ensnared scores of politicians and business leaders. Temer, a center-right politician, has refused to resign despite allegations he gave his blessing to a bribery... Continue Reading →

In April, the company reached an agreement with its bank group to extend the comprehensive restructuring plan negotiating period until July 31, 2017, reflecting significant progress on the terms of such restructuring made with the bank group, Seadrill said in its first quarter 2017 report on Wednesday. The company also said it is now in... Continue Reading →