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South America

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  • BRASILIA, March 6- Brazil's annual inflation rate rose more than expected in February to the highest in nearly 10 years, drifting further away from the central bank's goal despite aggressive interest rate hikes and sputtering economic growth. The result, which topped even the most pessimistic of 28 forecasts in a Reuters poll, shows the unpopular shock therapy...

  • BRASILIA/ SAO PAULO, March 5- A corruption scandal at state-run oil company Petrobras has entered a volatile new phase that could lead to jail for some of Brazil's best-known politicians and business leaders while making a likely recession even worse. A prosecutor's motion on Tuesday to open investigations against 54 individuals, reportedly including the...

  • LIMA, Peru— Indigenous communities that sued Occidental Petroleum over contamination in Peru's northern Amazon have reached an out-of-court settlement in which the U.S.-based oil company will pay them an undisclosed sum. The case was the first of its kind involving oil drilling in South America to advance in U.S. courts, said attorney Marco Simons of...

  • RIO DE JANEIRO, March 5- The opening of a Brazilian congressional probe into alleged corruption at state-run oil company Petroleo Brasileiro SA erupted into a shouting match on Thursday when lawmakers rushed the dais and accused the probe's leader of seeking to manipulate the outcome. The dispute highlights the rising tension in Congress two days after a...

  • Chile eyes new push on a glacier protection law Thursday, 5 Mar 2015 | 11:13 AM ET

    SANTIAGO, March 5- The Chilean government and congressional lawmakers agreed this week to work together to try to pass legislation to protect the country's glaciers, a move that could hinder development of mining projects in the world's No. 1 copper exporter. Most glaciers in South America are already receding due to higher temperatures linked to global...

  • CARACAS, Venezuela— Early morning fireworks burst over Venezuela's capital Thursday for a commemoration of Hugo Chavez on the second anniversary of his death, even as economic crisis threatens to undo his legacy of lifting many out of poverty. And poverty, which had fallen under Chavez, has been steadily increasing, a rise that began even before the economy...

  • Rousseff met with legislative leaders from her coalition after they unexpectedly threw out a presidential decree that would have raised payroll taxes and helped close a gaping hole in Brazil's budget. If Congress blocks them, the government will have to make deeper spending cuts elsewhere to meet its fiscal savings target of 1.2 percent of gross domestic...

  • RIO DE JANEIRO— The inquiry into the biggest corruption scandal yet uncovered in Brazil entered an expansive new phase, as the attorney general formally requested the Supreme Court's permission to open investigations against 54 people, most expected to be top political figures. Rousseff hasn't been directly implicated in the scandal, denies wrongdoing and...

  • BRASILIA, March 3- Brazil's top prosecutor asked the Federal Supreme Court on Tuesday to open investigations into politicians who allegedly benefited from a multibillion-dollar kickback scheme at state-run oil company Petroleo Brasileiro SA, a court official said on Tuesday. Janot's office did not release the names of the politicians to be investigated,...

  • RIO DE JANEIRO— Brazil's attorney general on Tuesday asked the nation's Supreme Court for permission to investigate 54 people, the majority top political figures, for alleged involvement in what prosecutors say is the country's largest corruption scandal yet uncovered. Attorney General Rodrigo Janot's request to the top court opens an expansive new phase...

  • BOGOTA, March 3- Colombia's state-controlled oil company Ecopetrol will propose distributing 70 percent of its 2014 net profit of 7.5 trillion pesos as an ordinary dividend at its upcoming shareholder meeting, the company said on Tuesday. The size of Ecopetrol's dividend payouts has a direct impact on the Andean nation's public finances since the...

  • BUENOS AIRES, March 3- Argentine farmers will suspend grain sales for three days to protest export quotas and other government policies they say hurt profits, the country's main growers' organizations said on Tuesday. The strike will start on Wednesday, March 11, leaders of three of Argentina's biggest farm groups told a press conference. The three strongest...

  • CARACAS, March 3- OPEC member Venezuela said on Tuesday it has modified a deal with beef-exporting Uruguay to allow it to pay for oil with goods and services, in the latest move possibly designed to ease shortages. Under a July contract, Venezuela promised to supply some 12,330 bpd to Uruguay this year. Strict currency controls in Venezuela have reduced access to...

  • SAO PAULO, March 3- Only a handful of roads remained blocked in Brazil on Tuesday as truck drivers focused their grievances on Brasilia and a key highway in top soy state Mato Grosso opened after two weeks of protests. By mid-afternoon 500 trucks had arrive at Brazil's No. 2 soy exporting port of Paranagua where recent roadblocks depleted soy stocks.

  • SAO PAULO, March 3- Some truck drivers in Brazil continued blocking roads on Tuesday, slowing grains deliveries to southern ports, even as adherence to the strike diminished and a key highway in top soy state Mato Grosso opened. Nationwide, there were 18 roadblocks over rising freight costs by the end of the day on Monday, well below peaks of more than 100 a week ago,...

  • SAO PAULO, March 2- Petróleo Brasileiro SA plans to dispose of as much as $13.7 billion in assets this year and next as part of efforts by Brazil's largest state-controlled company to reduce debt and protect cash. In a securities filing on Monday, the oil company commonly known as Petrobras raised the target for assets sales from the $5 billion to $11 billion...

  • MEXICO CITY/ BRASILIA, March 2- Mexico is willing to extend an auto export quota pact with Brazil for up to two more years, provided restrictions are eased when the current agreement ends at midnight on March 18, an official familiar with the talks said on Monday. The accord, signed in 2012, limits the automotive trade between Mexico and Brazil under an annual quota...

  • NEW YORK/ MANAGUA, March 1- Venezuela, once a proud exporter of premium coffee, has been reduced to swapping crude oil for growing volumes of Nicaraguan coffee beans to make sure worsening economic turmoil does not prevent people from getting their caffeine fix. Falling coffee production and near-record demand has forced it to buy more higher-priced foreign...

  • CARACAS, Feb 28- Venezuelan President Nicolas Maduro said on Saturday his government had captured American citizens involved in "espionage activities," and said U.S. citizens in the future will have to seek visas to come to the OPEC nation. Speaking during a rally, he said his government will prohibit some U.S. officials from entering Venezuela in retaliation for...

  • SAO PAULO, Feb 27- The leader of a truth commission investigating abuses during Brazil's 1964-85 military dictatorship lambasted German automaker Volkswagen AG at a hearing on Friday for providing what he called "unsatisfactory" testimony regarding its alleged ties with the regime. In a contentious, nearly three hour-long session, Sao Paulo state...