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  • CARACAS, April 15- Venezuela said ambassadors of various OPEC countries, including Saudi Arabia, were meeting the country's oil minister Asdrubal Chavez in Caracas on Wednesday. "Ambassadors of Saudi Arabia, Algeria, Ecuador, Iraq, Kuwait, Nigeria, Qatar, Iran and Indonesia are present," the Oil Ministry said in a tweet. The Oil Ministry's twitter feed said the group...

  • CURITIBA, Brazil, April 15- Brazilian police on Wednesday arrested the treasurer of the ruling Workers' Party Joao Vaccari, moving an investigation of rampant corruption at state-run oil company Petrobras closer to President Dilma Rousseff's inner circle. Vaccari's arrest could bring the investigation closer to the president if the money allegedly...

  • The decision is the latest twist in a struggle for control between the shareholders Luxembourg- based Ternium SA and Japan's Nippon Steel& Sumitomo Metal Corp.. Ternium said on Wednesday it would appeal the CVM decision, while Nippon said it needed to fully understand the details before making a decision. The CVM decision relates to last October, when Ternium...

  • Governing party treasurer arrested in Brazil kickback case Wednesday, 15 Apr 2015 | 10:03 AM ET

    RIO DE JANEIRO— Federal police on Wednesday detained the treasurer of Brazil's governing Workers' Party in the wide-ranging investigation into corruption at state-run oil giant Petrobras, and the party said later he had asked to resign the post. Joao Vaccari Neto was detained in Sao Paulo as he was heading out for an early morning jog, police and judicial...

  • CURITIBA, Brazil, April 15- Brazilian police on Wednesday arrested the treasurer of the ruling Workers' Party Joao Vaccari, moving an investigation of graft and political kickbacks at state-run oil company Petrobras closer to President Dilma Rousseff's inner circle. He said all campaign donations to the Workers' Party from the construction and engineering...

  • CARACAS, April 14- Venezuela's state oil company PDVSA has offered to buy oil and gas producer Harvest Natural Resources Inc's stake in the Petrodelta joint venture, a source close to PDVSA said on Tuesday. The company has twice been poised to sell its minority stake but said the OPEC country blocked the transaction. In 2013 a deal with Indonesia's oil company...

  • SANTIAGO DE CUBA, Cuba— Two and a half years after Hurricane Sandy trashed Cuba's second-largest city, 35- year-old Melba Martinez is still out of work and struggling to feed two children on her state ration book and a daily hustle for extra rice or cooking oil. "How are you going to buy a pair of shoes that cost $20? Down the hill in the pastel-tinted colonial center of...

  • LANUS, Argentina, April 14- Daniel Scioli, the front-running candidate for the ruling party ticket in Argentina's presidential election, has a new buzz word: "gradualismo," or "gradual change." Scioli, a 58- year-old former power boat champion who lost his right arm in a crash in 1989, is governor of Argentina's most populous province, Buenos Aires.

  • LONDON, April 14- It's that time of year when the copper industry gathers for CESCO Week in Chile to chew the collective fat on what the future holds. In Chile this week the focus will be firmly on supply, inevitably given the structural problems facing operators in what is still the world's largest copper producing nation. But in truth the present confusion is all...

  • SAO PAULO, April 13- Petrobras hopes to release third-quarter and full-year 2014 financial results after a board meeting on April 22, after more than five months of delays in the wake of a corruption scandal that has spread to the highest levels of government. The excess funds might have been funneled to political parties, including President Dilma Rousseff's...

  • TOKYO/ NEW DELHI, April 13- China could have outsized influence over a new Beijing- backed international development bank under a proposed shareholding structure likely to be discussed at a meeting of member nations in Washington this week, sources say. China has proposed that Asian nations own three-quarters of the Asian Infrastructure Investment Bank, a...

  • ITU, Brazil, April 13- The Brazilian iPhone was meant to mark a new era. Foxconn has created only a small fraction of the 100,000 jobs that the government projected, and most of the work is in low-skill assembly. That Brazil has so little to show for the Foxconn investment underscores the shortcomings of its industrial policy, defined by costly tax incentives that...

  • CAIMANES, Chile, April 12- Alvaro Badillo remembers a time when his dad would take him fishing in the stream just a stone's throw away from the dusty streets of their small hometown of Caimanes in central Chile. It is the tailings dam for Los Pelambres, Chilean miner Antofagasta Plc's flagship copper mine, which holds enough leftover processed rock to fill some...

  • Codelco, the Chilean state miner that produces about 8 percent of the world's copper, will review the cost reduction plan at its Salvador mine as it prepares to restart operations there after torrential rains shuttered the complex in March, said a source close to the state-run miner. Salvador produced copper at a cost of some $11,439 per tonne in the fourth...

  • SAO PAULO, April 10- The assets management unit of Brazilian bank Bradesco has proposed two candidates for seats on the board of the state-run oil company Petroleo Brasileiro SA, or Petrobras. Petrobras said in a filing on Friday that Bradesco Asset Management SA had nominated Eduardo Bunker Gentil and Otavio Yazbek as candidates for the board.

  • SAO PAULO, April 10- Russian state company Rostec could use equipment from Brazilian defense contractor Mectron in the YAK-130 jet trainer, a senior executive told Reuters, as Russia turns to Latin America to offset sanctions imposed by the West over the crisis in Ukraine. The statement by Sergei Goreslavsky, deputy head of Rostec unit Rosoboronexport, is the...

  • CARACAS, April 10- Venezuela's flavorful cocoa, coveted centuries ago by pirates and now a darling of specialty producers, will not be enriching foreign chocolate bars any time soon. "They're ruining the reputation of Venezuela as a cocoa exporter," said group President Alejandro Prosperi. Still, the holdup highlights the risks for businesses in highly...

  • GOIANIA, Brazil, April 10- Brazilian Finance Minister Joaquim Levy on Friday failed to convince all of the country's states to unify an inter-state tax that he said is crucial to reduce legal uncertainties and bolster investment. Speaking after a meeting with the heads of finance of Brazil's 27 states in the central city of Goiania, Levy said all but four states...

  • By embracing power-sharing deals and budget cuts that she shunned during her first term in office, President Dilma Rousseff has begun to ease the economic and political crisis plaguing Brazil, congressional leaders and economists say. Rousseff's decision this week to hand formal responsibility for negotiating with Congress to Vice President Michel...

  • Brazil probes $5.4 billion Saab fighter deal Friday, 10 Apr 2015 | 11:04 AM ET

    BRASILIA, April 10- A Brazilian prosecutor is investigating possible corruption in Brazil's $5.4 billion purchase of 36 Gripen fighter planes from Sweden's Saab AB. The spokeswoman confirmed Brazilian media reports that the prosecutor was looking at a $900 million difference between the price in Saab's initial proposal in 2009 and the final price agreed...