This probe gets very close to Finance Minister Meirelles... Brazilian police on Friday raided offices of pulpmaker Eldorado Celulose controlled by the billionaire Batista family, a company spokesman said, in the latest stage of the country's biggest-ever corruption investigation. Brazilian media had reported that police targeted JBS SA, the world's largest meatpacker which is also... Continue Reading →

Brazil’s real extended its best monthly gain since 2003 in a volatile day as traders speculated that banks are buying dollars in an attempt to control the central bank rate used in settling some financial contracts. The currency gained 0.6 percent to 3.2007 per dollar at 12:36 p.m. in Sao Paulo, extending its advance this month... Continue Reading →

Brazil's federal police on Thursday raided the offices of at least 12 builders to seek evidence of a cartel handling railway projects, antitrust watchdog Cade said. Cade did not specify where the raids were conducted but said police suspected some of Brazil's largest construction companies, including Odebrecht SA, OAS SA and Andrade Gutierrez SA, were... Continue Reading →

Latin American currencies are posting the biggest back-to-back rally since 2008 as prospects for low interest rates in developed economies bolster the outlook for high-yielding assets. The Bloomberg JP Morgan Latin America Currency Index extended a two-day gain to 3.6 percent as of 12:56 p.m. in New York as central banks signaled a readiness to... Continue Reading →

Investors suing Brazil's state-run oil firm Petrobras to recoup billions of dollars in losses argued on Tuesday that the arrests and plea deals of top company executives prove that it knew of a massive bribery and political kickback scheme. Lawyers for the investors asked U.S. District Judge Jed Rakoff in Manhattan to rule, ahead of... Continue Reading →

When U.S. data storage provider EMC Corp opened an oil and gas research center in Rio de Janeiro's Technology Park in 2014, it failed to anticipate a looming downturn in Brazil's booming oil industry. Today, the park's main tenant, state-controlled oil company Petrobras, is hemorrhaging money amid slumping oil prices and the site's administrator, the... Continue Reading →

A.P. Moeller-Maersk A/S is intensifying its search for acquisitions to build up its oil unit as the Danish shipping and petroleum conglomerate loses Qatar, the biggest field in its portfolio. “We’re getting some resources freed up now,” Maersk Oil Chief Executive Officer Jakob Thomasen said in an interview. “We appreciate the clarity that we now... Continue Reading →