Brazil’s real weakened the most among major currencies a corruption probe that has engulfed the state-run oil giant reached Grupo BTG Pactual, the largest independent investment bank in Latin America. Andre Esteves, BTG Pactual’s billionaire chief executive officer, was arrested along with the government’s leader in the Senate, Delcidio Amaral, a police press official said, declining... Continue Reading →

Mexico Reaps Record $6.4 Billion in Oil Hedge Win, Minister Says Adam Williams/Bloomberg November 24, 2015 — 5:21 PM BRST Mexico is reaping record financial returns from its oil hedge this year. After locking in crude sales at $76.40 a barrel, Mexico will receive $6.4 billion in December as the guaranteed price exceeds the average... Continue Reading →

Brazilian federal police on Tuesday arrested businessman and rancher José Carlos Bumlai, a friend of former President Luíz Inácio Lula da Silva, for suspected fraud in a drillship contract with state-run oil firm Petrobras. Prosecutors said they were also investigating Bumlai with the help of Brazil's tax collection agency for his role as the intermediary... Continue Reading →

Brazilian police investigating corruption around state-run oil firm Petrobras also plan to probe more than $10 billion of construction contracts for the 2016 Olympic Games in Rio de Janeiro, a lead investigator said. Some of the big engineering firms caught up in the Petrobras probe "very probably" broke laws against price-fixing and bribery on contracts... Continue Reading →

Brazil’s real rose ahead of a planned vote in congress on the country’s fiscal target and as the central bank stepped up support for the currency. The real climbed 0.7 percent to 3.7052 per U.S. dollar at 1:20 p.m. in Sao Paulo. The government is working to gather support among lawmakers to guarantee approval of a change... Continue Reading →

Seadrill Ltd., the offshore driller controlled by billionaire John Fredriksen, reported its first quarterly loss since 2011 as a collapse in oil prices reduced demand for its rigs. The net loss of $1.83 billion came after the Hamilton, Bermuda-based company booked $1.8 billion in non-cash impairment charges to investments and goodwill, it said in a... Continue Reading →

Camargo Correa SA, the holding company of the billionaire Camargo sisters, said it is selling the maker of Havaianas flip-flops to J&F Investimentos SA for 2.7 billion reais ($718 million). J&F, a holding company that controls the world’s largest meat exporter JBS SA, will acquire control of Alpargatas SA, the publicly-traded company that includes Havaianas among its... Continue Reading →

Eni SpA sold its remaining 4 percent stake in Galp Energia SGPS SA as the Italian oil producer disposes of assets that aren’t part of its main business. Eni raised 325 million euros ($347 million) by selling 33.1 million shares of Portugal’s biggest oil company at 9.81 euros apiece to institutional investors, the Rome-based company said in a... Continue Reading →