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South America

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  • BRASILIA, April 29- Brazil opted for another steep interest rate hike on Wednesday to convince investors that the government is serious about reining in runaway prices despite fears of a recession. Brazil's benchmark interest rate now stands well above those of other major emerging market countries such as India and Turkey, both with rates at 7.5 percent.

  • April 29- General Motors Co said it is likely it will cease vehicle production in Venezuela in July as the automaker joins other U.S. corporations in taking action to shield their profits from the South American country's volatile currency. GM has one plant in Venezuela, in Valencia, where it builds the Chevrolet Aveo and Cruze cars, the Orlando crossover vehicle...

  • FORT WORTH, Texas— American Airlines is making final preparations to begin flying its newest plane, the Boeing 787, next week. The first passenger flight with the plane, which Boeing calls the Dreamliner, is scheduled for May 7 from Dallas to Chicago. It will fly to Beijing starting June 2, to Buenos Aires on June 4, and American plans other destinations later.

  • The injunction ordered Uber to cease operations immediately and to ensure the app is no longer available for download from the online stores of Google, Apple, Samsung and Microsoft. The Brazilian press offices of Google, Samsung, Microsoft and Apple did not immediately respond to requests for comment. The world's most valuable venture-backed startup with a...

  • Brazil executives moved to house arrest in corruption case Wednesday, 29 Apr 2015 | 12:23 PM ET

    Among those released were Ricardo Pessoa, chief executive officer of UTC Engenharia, and Gerson Almada, vice president of Engevix, two of Brazil's largest engineering firms. Brazil's Supreme Court ruled Tuesday evening that the executives could await possible trials on corruption charges under house detention. Some had been jailed for nearly six months,...

  • CARACAS, Venezuela— The Venezuelan unit of General Motors is firing 13 percent of its workforce as a shortage of dollars idle assembly lines across the oil-rich South American country. Autoworker union representatives said Tuesday that an arbitration panel had given GM permission to lay off 446 employees at its factory in the coastal city of Valencia.

  • LATAM Airlines rules itself out of TAP sale Tuesday, 28 Apr 2015 | 1:04 PM ET

    SANTIAGO, April 28- LATAM Airlines Group SA, Latin America's biggest carrier, said on Tuesday it would not participate in the privatization of Portuguese flag-carrier TAP under current market conditions. However, LATAM- formed in 2012 with the merger of Chile's LAN and Brazil's TAM- thinks now is not the right time, Chairman Mauricio Amaro told journalists...

  • WILMINGTON, Delaware, April 28- Brazilian oil company Petrobras' $17 billion write-down, announced last week, may have been meant to close the accounting on a sprawling corruption scandal, but could instead provide fresh ammunition for a U.S. class action lawsuit. The case, filed in Manhattan federal court in December by a group of large investors, alleges $98...

  • DIARY- Emerging Markets Economic Events to May 11 Monday, 27 Apr 2015 | 2:32 PM ET

    SINGAPORE- Monetary Authority of Singapore releases its macroeconomic review- 0400 GMT. SEOUL- Bank of Korea will release minutes from its April policy rate meeting- 0700 GMT. BUCHAREST- National bank of Romania Governor Mugur Isarescu to attend financial seminar.

  • DIARY- Emerging Markets Economic Events to May 7 Friday, 24 Apr 2015 | 8:02 PM ET

    SINGAPORE- Monetary Authority of Singapore releases its macroeconomic review- 0400 GMT. SEOUL- Bank of Korea will release minutes from its April policy rate meeting- 0700 GMT. BUCHAREST- National bank of Romania Governor Mugur Isarescu to attend financial seminar.

  • HOUSTON/ NEW YORK, April 24- Venezuela, struggling to pay for essential items such as food and medicine amid strict foreign currency controls, may have failed to collect about a third of its potential oil revenue in 2014, a Reuters analysis suggests. An exact figure for both realized and deprived revenues is unavailable given the absence of specific data from...

  • RIO DE JANEIRO, April 24- Petrobras' decision to take a massive $17 billion write-down to account for overvalued assets and corruption-related costs is only the start of a broad overhaul needed to revive Brazil's troubled state-owned oil company. While many have focused on the $2.1 billion, or 12 percent of the write-down, related to money siphoned off in a...

  • BUENOS AIRES, April 24- Argentina's central bank is ramping up issuance of short-term debt to soak up pesos and contain one of Latin America's quickest inflation rates, but risks creating another financing headache for the next government. This is helping mop up some of the liquidity resulting from President Cristina Fernandez's expanding the money supply...

  • RIO DE JANEIRO, April 24- Petrobras' decision to take a massive $17 billion write-down to account for overvalued assets and corruption-related costs is only the start of a broad overhaul needed to revive Brazil's troubled state-owned oil company. While many have focused on the $2.1 billion, or 12 percent of the write-down, related to money siphoned off in a...

  • BRASILIA, April 24- Brazilian interest rates are set to rise sharply again next week, a Reuters poll showed on Friday, as the central bank attempts to boost its inflation-fighting credentials even as signs of a recession continue to grow. Forty-two of the 48 economists surveyed in the poll expect policymakers to raise the benchmark Selic rate by 50 basis points...

  • RIO DE JANEIRO— When Frenchman Gwenel Lecourieux was gearing up to move to Brazil, the country with its swelling upper class and world-renowned hunger for luxury goods seemed like the perfect place to set up his dream business, selling high-end watches. Brazil doesn't track the number of foreign residents leaving the country, but signs indicate the country's...

  • Brazil trucker strike sputters on second day Friday, 24 Apr 2015 | 10:15 AM ET

    SAO PAULO, April 24- Participation in a trucker strike in Brazil weakened on Friday, its second day, as the number of blockages on highways fell to 11 from 17 the night before, according to police. Truckers in Brazil resumed roadblocks across the country's main farm belt early on Thursday, after failing to reach common ground in talks with the government and freight...

  • ENSENADA, Chile— Authorities urged 2,000 people living near the Calbuco volcano to evacuate Friday after potentially devastating mudflows of volcanic debris were detected in a nearby river, the result of two huge eruptions this week that sent ash across large swaths of southern South America. Authorities said the evacuees from the towns of Chamiza, Lago...

  • LIMA, Peru— Mourners carried a coffin holding a 61- year-old farmer through the streets of a southern Peru port city Thursday after the man became the first fatality of a monthlong protest against a Mexican-owned copper mining project. Agriculture Minister Juan Manuel Benites, the chief government negotiator in the dispute, said the widening protest against...

  • BUENOS AIRES, April 23- Argentina's state energy company YPF said it had sold $1.5 billion of new 10- year bonds at 8.5 percent on Thursday, raising its planned issuance from $500 million on the back of strong demand. YPF needs to raise cash to invest in its vast but barely tapped Vaca Muerta shale oil and gas formation in order to reverse Argentina's energy sector...