Corruption charges against former Brazilian President Luiz Inacio Lula da Silva piled up on Monday as prosecutors accused him and Marcelo Odebrecht, ex-CEO of engineering group Odebrecht SA, in an alleged bribery scheme related to contracts in Angola. Lula already faced several other charges related to a sweeping kickback probe at state-run oil company Petrobras,... Continue Reading →

Brazilians will start to see the benefits of an economic recovery in 2017 and there are no signs they are inclined to support populist candidates, Finance Minister Henrique Meirelles said on Monday. In an interview at Bloomberg headquarters in New York, Meirelles also said that he supports Petrobras’s plan to adjust fuel prices in line... Continue Reading →

Duke Energy Corp. agreed to sell its Brazilian assets to China Three Gorges Corp. for $1.2 billion as the utility owner looks to focus on its regulated U.S. power business. Proceeds from the deal will be used to reduce Duke Energy holding company debt, the Charlotte, North Carolina-based company said in a statement Monday. Duke,... Continue Reading →

The initial approval of a public spending cap is a step in the right direction, but it will still take years and other tough reforms for Brazil to regain its coveted investment-grade rating, a senior analyst with S&P Global Ratings told Reuters. In a late Friday telephone interview from the sidelines of the International Monetary... Continue Reading →

The eldest member of Brazil's Odebrecht family is personally spearheading negotiations between executives of his namesake engineering conglomerate and federal prosecutors for a potential plea deal in Brazil's biggest-ever corruption probe, O Estado de S.Paulo newspaper reported on Saturday. According to Estado, patriarch Emilio Odebrecht is leading a team of executives and lawyers of Odebrecht... Continue Reading →

Shipyard Atlantico Sul (EAS) signed last week a memorandum of understanding with the South American Tankers Company (Satco) to build, at its facilities in Ipojuca (PE), five Suezmax ships . These ships do not yet have rental contracts with customers. This year the yard had already signed another agreement with Satco to build eight vessels... Continue Reading →

A congressional committee in Brazil approved a constitutional amendment on Thursday that would limit public spending increases for 20 years, handing President Michel Temer an initial victory in his plan to plug a widening deficit. The lower house committee voted 23-7 to pass the proposal, which will be put to a vote in the full... Continue Reading →

Brazil's top court has approved a request by prosecutors to split the investigation of dozens of politicians implicated in the sprawling Petrobras corruption scandal by grouping them by the main parties that prosecutors allege received kickbacks. The separation is bad news for President Michel Temer because it will focus the investigation directly on politicians of... Continue Reading →

Oct 6/Reuters -  A former chief executive of Braskem SA is working with investigators in Brazil to establish the petrochemical company's responsibility in a political graft scandal involving its shareholders, according to a newspaper report on Thursday. Brazilian daily Valor Economico reported, without saying how it obtained the information, that former Chief Executive Carlos Fadigas... Continue Reading →

The red triangle is just about everywhere, from the massive sign looming over Fenway Park’s Green Monster to the filling stations on seemingly every other corner in the eastern half of the U.S. to the heating oil donated to the poor in the winter. Few foreign companies have the kind of footprint or brand recognition... Continue Reading →