Mexico’s Pemex, battered by the oil price crash and on track to report its 11th consecutive quarterly loss on Tuesday, has found a way to improve its balance sheet. But its plan to bring in private equity funds to finance 15 offshore infrastructure projects and investments worth more than $7bn has landed it in an accounting Catch... Continue Reading →

Brazil's largest party is standing by deeply unpopular President Dilma Rousseff for now despite the defection of one of its own leaders, but that could change if an expected recession stirs up social unrest, party leaders say. Rousseff is struggling to save her presidency amid the worst economic downturn in 25 years and a political... Continue Reading →

There are times in Brazil’s young democracy -- its constitution dates from 1988 -- when the country seems to be making things up as it goes along. This is one of them. Read More

Brazilian prosecutors will present formal charges Friday against the chief executive of Latin America's largest engineering firm and other senior executives detained last month in a landmark investigation meant to show the country's elite are not above the law. Marcelo Odebrecht, the third-generation chief executive of the family-run Brazilian conglomerate, could face charges of corruption... Continue Reading →

Fitch Ratings said on Thursday it will reevaluate Brazil's fiscal trends, which are key for its decision on whether to downgrade the country's credit ratings, after the government slashed its budget savings targets for this year and next. Brazil's new fiscal savings goals are below what Fitch had estimated in April, when it decided to... Continue Reading →

The administration of Brazilian President Dilma Rousseff has shifted into overdrive to diffuse what could become the biggest risk for an impeachment against her -- accusations she doctored her budget results last year. Attorney-General Luis Inacio Adams has filed a 1000-page defense and personally met with the nine members of the audit court, appointed by... Continue Reading →

Finance Minister Joaquim Levy’s proposal to reduce Brazil’s budget savings reflects the hard reality that a contracting economy has forced the government to scale back its ambitions for fiscal retrenchment. Levy said he is targeting a fiscal surplus that excludes interest payments equal to 0.15 percent of gross domestic product this year, a sharp reduction... Continue Reading →

The Swiss Attorney General's office said on Wednesday it has widened a corruption investigation into Brazilian oil firm Petrobras to include Latin America's largest engineering and construction company, Odebrecht SA, and its subsidiaries. Swiss authorities have been collaborating with Brazil on the Petrobras probe since at least March. Their help with an ongoing Brazilian investigation... Continue Reading →