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South America

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  • BUENOS AIRES, March 31- Argentina's public transport networks ground to a halt, port workers in the grains export hub of Rosario downed tools and banks shuttered their doors on Tuesday in a general strike over demands for changes to income tax. The prospect of further labor disputes as unions knuckle down to wage negotiations is another headache for President...

  • Transportation strike in Argentina shuts down country Tuesday, 31 Mar 2015 | 7:39 AM ET

    BUENOS AIRES, Argentina— Many businesses were shuttered and streets were mostly empty Tuesday as the country's transportation unions called a nationwide strike to protest income tax rates and high inflation in the South American country. Top officials in President Cristina Fernandez's administration have rejected the demands, saying the tax rates are...

  • SAO PAULO, March 30- Brazilian airline Gol Linhas Aereas SA expects positive operating income in 2015 and an operating margin of between 2 and 5 percent, the company said in a securities filing on Monday. The airline may revise its outlook for the year because of "an adverse macroeconomic scenario," the filing said. Gol reiterated its expectations for stable...

  • SANTIAGO, March 30- The Chilean-based LATAM Airlines said on Monday it was canceling a large number of domestic flights in Argentina as well as some international ones into and out of the country due to an upcoming general strike. Banks will also close their doors and port workers in the Rosario grains hub 300 km northwest of Buenos Aires will down tools.

  • SAO PAULO, March 30- Volkswagen AG has furloughed 4,200 workers at its second largest factory in Brazil for three weeks, a local union said on Monday, as disappearing demand forces carmakers in the country to manage excess capacity. As exports to Argentina have plunged and demand in Brazil hits its worst downturn in over a decade, VW is cutting a shift at the Taubate...

  • SAO PAULO, March 30- Volkswagen AG has furloughed 4,200 workers at its second largest factory in Brazil for three weeks, a local union said on Monday, as a demand crisis forces domestic carmakers to manage excess capacity. As exports to Argentina have plunged and demand in Brazil hits its worst downturn in over a decade, VW is cutting a shift at the Taubate plant and...

  • ISTANBUL— Turkish Airlines said it diverted an Istanbul- to- Sao Paulo flight with 256 people aboard to Morocco after finding a note with the word "bomb" in the toilet. Turkish Airlines says it is standard procedure to make an emergency landing under such circumstances. The airline said a similar incident occurred Sunday on an Istanbul flight to Tokyo.

  • *Southern Copper CEO, Grupo Mexico say Tia Maria going ahead. *Southern Copper shares down 5.6 pct. LIMA, March 27- Conflicting statements about whether Southern Copper Corp would cancel development of its $1.4 billion Tia Maria copper mine in Peru's Arequipa region have battered the company's share price and left investors wondering about the project's...

  • *Lead posts 5 pct monthly gain on China demand. LONDON, March 27- Copper tracked losses in oil and fell to its lowest level of the week on Friday as traders waited for comments from the Federal Reserve, but the metal still clocked up its third straight weekly gain helped by mine closures in key producer Chile. Oil fell as fears about the disruption of Middle East crude...

  • Brazil federal police report massive tax fraud scheme Friday, 27 Mar 2015 | 10:28 AM ET

    SAO PAULO— The federal police agency said Friday it has begun legal proceedings against companies allegedly involved in a fraud scheme that has cost Brazil's public coffers almost $2 billion in unpaid fines and taxes. A federal police press officer said Friday that more than 50 companies in the industrial, financial and agricultural sectors are being...

  • Brazil's economy barely avoided recession last year Friday, 27 Mar 2015 | 9:56 AM ET

    RIO DE JANEIRO— Brazil's economy grew just 0.1 percent last year, barely keeping the country out of a recession, the government's statistics bureau said Friday. It was the worst result since 2009 and bad news for President Dilma Rousseff, whose popularity has plummeted along with Brazil's economic performance. IBGE said Brazil's 2014 GDP totaled 5.52 trillion...

  • MELBOURNE, March 27- London copper fell on Friday but was set for its third straight weekly climb, buoyed as severe flooding affected mines in key producer Chile and as seasonal demand from top consumer China slowly improved. *Three-month copper on the London Metal Exchange had fallen 0.9 percent to $6,119 a tonne by 0115 GMT. *The most-traded June copper contract...

  • RIO DE JANEIRO, March 26- The former chief executive officer of Petroleo Brasileiro SA, Maria das Graças Foster, on Monday said she was ashamed of a corruption scandal at the state-run oil company but denied any knowledge of alleged widespread bribery. Foster, who resigned her post on Feb. 4, told a congressional committee in Brasilia that the company cannot be...

  • BOGOTA, Colombia— A lawyer for a fugitive Colombian millionaire at the center of the South American nation's biggest financial scandal says his client has been arrested in Spain. Attorney Ivan Cancino tells The Associated Press that former investment executive Victor Maldonado was captured Thursday in Madrid. Maldonado was the largest shareholder of...

  • BRASILIA, March 26- Brazilian authorities on Thursday said they uncovered a tax fraud scheme at the Finance Ministry's tax appeals board that may have cost taxpayers up to 19 billion reais. The news came in the midst of a multibillion-dollar corruption scandal at state oil company Petroleo Brasileiro SA, or Petrobras, that has rattled Brazil's political...

  • BUENOS AIRES, March 26- Argentina's waterlogged soy lands will get much-needed sun over the 10 days ahead, firming soils and allowing growers to drive harvesting combines into fields turned to mud by heavy early-March storms, meteorologists said on Thursday. Areas hardest hit by floods are in central-west Santa Fe and central-east Cordoba provinces.

  • Former head of Petrobras testifies in Brazilian Congress Thursday, 26 Mar 2015 | 12:14 PM ET

    SAO PAULO— The former head of Brazil's state-run oil giant Petrobras, told a parliamentary investigative committee Thursday that she and other executives were taken by surprise by the 2014 probe that has revealed a kickback scheme believed to be the largest uncovered in the country's history. "I never knew of any bribes at Petrobras," Maria das Gracas Foster...

  • SAWETO, Peru— Illegal logging persists unabated in this remote Amazon community where four indigenous leaders who resisted it were slain in September, and the lingering fear remains palpable. "It has neither the mandate nor the desire to start protecting the community," American philanthropist Alexander Soros told reporters last week after visiting Saweto...

  • SANTIAGO, March 25- Torrential downpours in the north of Chile, the world's biggest copper producer, have forced companies to suspend operations at several of the area's major mines, putting an estimated 1.5 million tonnes of capacity of the red metal on hold. World No. 1 copper miner Codelco suspended mining operations at its Chuquicamata, Ministro Hales,...

  • Argentina criticizes Citibank for bond payment agreement Wednesday, 25 Mar 2015 | 6:15 PM ET

    BUENOS AIRES, Argentina— Argentina's minister of economy is criticizing Citibank's agreement with a New York court that will allow the bank to process bond payments for the South American country while it exits the custodial business. U.S. District Court Judge Thomas Griesa had ordered Citibank to stop processing Argentine bond payments, leading...