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South America

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  • *Russia to host BRICS summit in city of Ufa. *Putin sees chance to show Russia not isolated. At a meeting in the remote Russian city of Ufa, originally a fortress built on the orders of Tsar Ivan the Terrible, Brazil, Russia, India, China and South Africa also aim to put the last touches to a $100- billion contingency currency reserves pool.

  • BUENOS AIRES, July 5- Argentina's business-friendly PRO party won Sunday's mayoral election in the capital Buenos Aires by 20 percentage points, but failed to capture enough votes to avoid a run-off with the No. 2 contender later this month, official returns showed. With 91.4 percent of the vote counted Horacio Rodríguez Larreta, chief of staff to outgoing...

  • BUENOS AIRES, July 5- Argentina's business-friendly PRO party appeared to win Sunday's mayoral election in capital city Buenos Aires, a key electoral district, but not by a big enough margin to avoid a run-off vote later this month, early official returns showed. With 59 percent of the vote counted Horacio Rodríguez Larreta, chief of staff to outgoing mayor and...

  • CARACAS, July 3- Venezuela's unofficial exchange rate broke through 500 bolivars per dollar on Friday, according to a widely used website, as the socialist-run country's currency control system struggles to meet keen demand for greenbacks. "As long as they don't make the adjustments the economy needs, the rate will continue to increase," said Asdrubal Oliveros...

  • QUITO, July 3- It is one of the most biodiverse nations on earth, boasting the Amazon rainforest, Andean mountains and the Galapagos Islands, where Charles Darwin formulated his theory of evolution. Yet with a heavy reliance on oil and mining, Ecuador, where Pope Francis begins his South America tour this weekend, is a prime example of tensions between politics,...

  • QUITO, July 3- Ecuador is one of the most biodiverse nations on earth, boasting the Amazon rainforest, Andean mountains and the Galapagos Islands, where Charles Darwin formulated his theory of evolution. Yet with a heavy reliance on oil and mining, Ecuador, where Pope Francis begins his South America tour this weekend, is a prime example of tensions between...

  • *Flooding stalled mining in Chile. MELBOURNE/ TOKYO, July 3- Supply of high quality copper concentrate shrank more than expected in the first half of this year due to output delays in top miner Chile, squeezing the pipeline for metal producers and likely supporting prices later in 2015, traders said. Production from two of four mines in Chile that churn out clean,...

  • Brazil probes forex activity of 15 global banks Friday, 3 Jul 2015 | 3:43 AM ET
    Canary Wharf, London

    Fifteen of the world's largest banks are under investigation on suspicion of rigging the Brazilian currency, antitrust watchdog Cade said.

  • Foreign exchange trading in Brazil is estimated at about $3 trillion a year, excluding swaps and derivative transactions. The banks named in the Cade probe are Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, Barclays Plc, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase& Co, Morgan Stanley& Co, Nomura Holdings Inc,...

  • SAO PAULO, July 2- Brazil antitrust watchdog Cade opened on Thursday an investigation over alleged currency rigging by a group of 15 global banks, the first of its kind in one of the world's busiest foreign exchange markets. In a statement, Cade said the banks colluded to influence benchmark currency rates in Brazil by aligning positions and pushing...

  • State banks Banco do Brasil SA and Caixa Econômica Federal, as well as private-sector lenders Itaú Unibanco Holding SA, Banco Santander Brasil SA and Banco Bradesco SA waived immediate repayment to allow Sete to continue with a reorganization program, said the sources, who requested anonymity due to legal restrictions on discussing the issue publicly.

  • BRASILIA, July 1- Brazilian senators on Wednesday debated alternatives to a 2010 law that requires state-run oil firm Petrobras to take a minimum 30 percent stake in new development contracts and function as operator in Brazil's subsalt oil areas. The current rules have been criticized for limiting foreign investment in the Subsalt Poligon, a region off...

  • JBS USA to buy Cargill pork business for $1.45 billion Wednesday, 1 Jul 2015 | 5:38 PM ET

    JBS USA, a division of Sao Paulo, Brazil- based JBS, and Cargill said Wednesday they have signed an agreement for the $1.45 billion transaction. JBS USA Pork Chief Operating Officer Martin Dooley says it's a strategic investment in the long-term growth of the company's U.S. pork business. Feed mills in Arkansas, Iowa, Missouri, and Texas are included, along with hog...

  • Argentina recalls its financial crisis, advises Greece Wednesday, 1 Jul 2015 | 4:33 PM ET

    BUENOS AIRES, Argentina— As Argentines closely watch the financial turmoil in Greece recalling their own worst crisis 14 years ago, the architect of the South American country's recovery has a message for the European nation: Renegotiate your debt. Greece is in a financial limbo now that its bailout program has expired, cutting it off from vital financing and...

  • Uber hits roadblocks in Brazil's biggest city and capital Wednesday, 1 Jul 2015 | 11:45 AM ET

    The Sao Paulo city council voted 48-1 late Tuesday to prohibit the use of smartphone-based ride-sharing applications like Uber in the city of 12 million. The Sao Paulo measure still needs another vote and then the approval of Mayor Fernando Haddad before taking effect. On its Facebook page, Uber said the company "defends the right of users to choose the way they...

  • Sao Paulo city council takes first step to ban Uber Wednesday, 1 Jul 2015 | 8:03 AM ET

    SAO PAULO, July 1- The city council of Sao Paulo, South America's largest metropolis, voted to ban the U.S-based Uber ride-sharing service late Tuesday, the latest setback for the company after several countries took similar steps in recent months. "Uber defends the right of users to choose the way in which they move about the city," the company said in a statement...

  • RIO DE JANEIRO, July 1- Brazilian state-run oil company Petroleo Brasileiro SA's long history of failed spending and output plans may be the biggest obstacle to its efforts to convince investors it will reduce its massive debt. Petrobras, though, has not met an annual production target since 2003 when the Workers' Party government of Brazilian President Dilma...

  • But within a year from a sharp devaluation in early 2002 the country returned to economic growth- something that Greece must now crave, with its economy shrinking by more than 25 percent since 2009.. On Tuesday, German Chancellor Angela Merkel ruled out new negotiations with Greece until after it votes on a bailout proposal by creditors. That left Athens...

  • SAO PAULO, June 30- Chinese smartphone maker Xiaomi has started making devices in Brazil for sale locally, promising to dramatically undercut rivals on price in the first big step beyond Asia for the world's most valuable technology start-up. Xiaomi's global vice-president, Hugo Barra, said in an interview on Tuesday that Brazil was "stage one of our Latin...

  • SAO PAULO, June 30- Chinese smartphone maker Xiaomi has started making devices in Brazil for sale locally, promising to dramatically undercut rivals on price in the first big step beyond Asia for the world's most valuable technology start-up. Xiaomi's global vice-president, Hugo Barra, said at a launch event on Tuesday that the entry-level Redmi 2 smartphone...