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 →

Bonds issued by Venezuela’s state oil company rallied after the country made $2.2 billion in payments on notes that matured Wednesday. The $1.1 billion of notes from Petroleos de Venezuela that come due in seven months gained 2.1 cents to 87.3 cents on the dollar as of 3:17 p.m. in New York. The payment, which... Continue Reading →

Brazil's central bank is widely expected to speed up monetary easing on Wednesday, taking advantage of slowing inflation to try to revive an economy still struggling with its deepest recession on record. All but one of the 47 economists polled by Reuters expected the bank to cut its benchmark Selic rate BRCBMP=ECI by 100 basis... Continue Reading →

A Supreme Court justice dealt President Michel Temer and Brazil's political elite a heavy blow on Tuesday by ordering investigations into eight cabinet ministers and dozens of lawmakers allegedly linked to the country's biggest corruption scandal. The list of names under investigation released by Justice Edson Fachin read like a Who's Who of Brazilian politics,... Continue Reading →