The International Monetary Fund nudged up its 2018 growth outlook for Brazil as fading political uncertainty, easing monetary policy and progress on the government’s economic reform agenda help foster a gradual recovery. Brazil will grow 1.7 percent next year, compared with a January forecast of 1.5 percent, the IMF said in its World Economic Outlook... Continue Reading →

  Without having faith in the judicial recovery process of Sete Brasil - and who does? - Jurong shipyard will take tougher measures against the company. The Singapore Group is expected to demand possession of the Arpoador drill ship, which Jurong is building for Sete Brasil. It would use the equipment to cover part of... Continue Reading →

Brazil’s newsstands and its markets have never seemed more disconnected. As the nation obsesses over new details emerging from a sweeping corruption probe that’s implicated top business executives and politicians -- with pundits predicting who is likely to end up in jail and which government figures will resign in disgrace -- Brazilian assets are extending... Continue Reading →

Brazilian President Michel Temer said on Monday he expects some of his ministers to resign after they were implicated in a massive corruption investigation, but said this would not stop his government from approving landmark economic reforms. Eight of Temer's ministers were mentioned by executives of engineering group Odebrecht SA in plea bargain testimonies made... Continue Reading →

A U.S. judge on Monday sentenced Brazilian engineering company Odebrecht SA to pay $2.6 billion in fines in a massive criminal corruption case, signing off on a plea deal between the company and U.S., Brazilian and Swiss authorities. U.S. District Judge Raymond Dearie said at a hearing in Brooklyn federal court that about $93 million... Continue Reading →

Odebrecht SA [ODBES.UL], the Brazilian engineering company at the center of a historic corruption scandal, paid out a total of about $3.3 billion in bribes in the nine years through 2014, according to testimony cited by local media on Saturday. Through a department specifically established to pay politicians and other recipients for public works contracts,... Continue Reading →

For some in Brazil, the decision by a Supreme Court judge to place many top politicians under investigation for suspected corruption, including leading contenders in next year's presidential race, clears the way for a new era in politics. The sweeping probe ordered by Justice Luiz Edson Fachin encompassed all the likely presidential candidates from Brazil's... Continue Reading →

Former Petroleos Mexicanos Chief Executive Officer Emilio Lozoya denied participating in an alleged bribery scheme involving Brazilian construction company Odebrecht SA in Mexico, after Veja magazine reported the executive was mentioned in connection with an ongoing corruption probe. "I haven’t requested nor have I received illegal money," Lozoya said in an emailed response to questions... Continue Reading →

Brazil slashed interest rates to their lowest in over two years on Wednesday, accelerating the pace of its rate-cutting cycle to revive an economy still reeling from its deepest recession ever. In a unanimous vote, the central bank's 9-member monetary policy committee, known as Copom, decided to lower its benchmark Selic rate by 100 basis... Continue Reading →

Brazil's President Michel Temer urged lawmakers on Wednesday to push ahead with business as usual, a day after a Supreme Court justice ordered corruption probes into 98 politicians, including leading legislators and a third of his cabinet. Temer avoided commenting on the unprecedented wave of investigations triggered by plea bargain testimony from executives at engineering... Continue Reading →