Italian oilfield services contractor Saipem recorded a drop in revenue and profit in the first quarter of 2017, however it said the drop was in line with expectations. Revenue fell to 2.26 million euros, from 2.84 million a year ago. Net profit was 47 million euros, a decrease from 61 million in the first quarter... Continue Reading →

Former Brazilian Finance Minister Antonio Palocci told a court hearing on Thursday that he could provide details of a political kickback scheme, which could threaten former President Luiz Inácio Lula da Silva's chances of running in the 2018 election. In the video of the hearing released on Thursday, Palocci made the offer directly to Judge... Continue Reading →

BP Plc’s 2010 Gulf of Mexico oil spill caused damage to beaches, animals, fish and coral that the public values at $17.2 billion, according to a financial accounting released on the seventh anniversary of the disaster. The tally, published Thursday in the journal Science, is based on a survey of thousands of Americans that asked what they’d... Continue Reading →

Brazil’s economy will emerge from its worst recession on record in the first quarter of this year, Finance Minister Henrique Meirelles said in an interview with Bloomberg News and TV. Latin America’s largest economy is estimated to have grown 0.5 percent to 0.7 percent quarter-on-quarter in the three months ending in March, Meirelles said in... Continue Reading →

The latest draft bill for Brazil's landmark pension reform is substantially weaker than the original proposal and will probably force the government to take additional austerity measures, economists said on Thursday. Changes made on Tuesday by the bill's sponsor after talks with party leaders and government officials are likely to reduce savings from the bill... Continue Reading →

A judge in the Dominican Republic on Wednesday approved terms of a $184 million fine on Odebrecht SA [ODBES.UL], which sought a plea deal after admitting to bribing officials to win contracts in the country. Dominican Attorney General Jean Rodriguez called the ruling by Judge Danilo Quevedo "a momentous step forward in the fight against... Continue Reading →

Dubai Ports World Co and MSC Mediterranean Shipping Co SA are seizing on Brazil's three-year-long recession and rising debt levels among local port operators to bid for marine terminals in one of the world's top commodity exporters. But their plan will not come cheap. Half of the 12 terminal and port sales negotiated in Brazil... Continue Reading →

HNA Airport Holding Group Co Ltd is close to buying out the stake that engineering conglomerate Odebrecht SA has in Brazil's second-busiest international airport, a person briefed on the matter said on Monday, partly solving an impasse with a government agency over licensing rights. The Chinese company, which is part of HNA Group Co Ltd,... Continue Reading →

Brazil's President Michel Temer on Tuesday made new concessions to ease passage of an unpopular pension reform bill that has drawn angry demonstrations from labor organizations, including police unions that tried to invade Congress in protest. The watered-down proposal, which has faced pressure from skittish lawmakers, has raised doubts among investors about the full fiscal... Continue Reading →

Former Brazilian Finance Minister Antonio Palocci entered talks with federal police to strike a plea bargain deal, in a potential blow to former President Luiz Inácio Lula da Silva's chances of running in next year's election, newspaper Folha de S.Paulo said on Tuesday. Palocci, one of the closest advisers to Lula and former president Dilma... Continue Reading →