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  • BRASILIA/ SAO PAULO, Dec 19- Brazil pledged on Friday to suspend financial support for state development bank BNDES next year, marking a major policy shift that will help trim billions of reais in subsidies that have weighed down public finances. The decision was announced by Paulo Rogerio Caffarelli, the finance minister's No. 2 official, at the end of a...

  • Brazil graft cases: Beginning of impunity's end? Friday, 19 Dec 2014 | 12:03 AM ET

    RIO DE JANEIRO— A federal investigation into a kickback scheme at Brazil's state oil company has, so far, ensnared 30 executives. And in perhaps the most stunning turn of all, the oil and mining tycoon who once was Brazil's richest billionaire is on trial for something that, until recently, was not even seen as a crime: profiting from inside information.

  • SAO PAULO, Dec 18- Brazilian President Dilma Rousseff, dogged by a multibillion-dollar corruption scandal at state-run oil company Petrobras, vowed on Thursday to stamp out graft at the flagship firm and place it under strict corporate governance. In a speech in the capital, Brasilia, Rousseff urged Brazilians not to lose faith in the vital oil producer,...

  • BRASILIA, Dec 18- A congressional committee investigating a mushrooming corruption scandal at Brazil's state-run oil company Petroleo Brasileiro SA recommended on Thursday that prosecutors bring charges against 52 people for alleged money laundering and racketeering. It now goes before the two houses of Congress for debate and a final vote.

  • RIO DE JANEIRO, Dec 17- Petroleo Brasileiro SA's Chief Executive Officer Maria das Graças Foster said on Wednesday that she had offered to resign because of a widening alleged bribery scandal but that Brazil's President Dilma Rousseff had turned her down. "I need to be investigated, we all need to be investigated, that takes time," Foster told journalists at...

  • BRASILIA, Dec 17- Brazilian President Dilma Rousseff's approval rating has not suffered from a widening corruption scandal involving state-run oil company Petroleo Brasileiro SA and many Brazilians continue to trust her, a poll showed on Wednesday. Prosecutors have indicted nearly 40 people, including two former Petrobras directors and executives of...

  • RIO DE JANEIRO, Dec 17- Senior management at Petroleo Brasileiro SA may have to resign to avoid further delays of the Brazilian state-run oil company's audited third-quarter earnings report, Chief Executive Officer Maria das Graças Foster said on Wednesday. Foster said she had spoken to President Dilma Rousseff about the potential resignations, including...

  • Cramer Remix: It's the right time to buy this Tuesday, 16 Dec 2014 | 7:36 PM ET
    Jim Cramer on Mad Money.

    It’s been a wild ride, but Jim Cramer thinks that things could still look bright for this energy-related stock.

  • Cramer: A boom is coming, thanks to Goldilocks Tuesday, 16 Dec 2014 | 6:16 PM ET

    Jim Cramer thinks that a boom could be coming, if only Goldilocks could defeat these three bears standing in the way.

  • Rio prosecutors file new case against Petrobras Tuesday, 16 Dec 2014 | 4:30 PM ET

    RIO DE JANEIRO— Officials from Rio de Janeiro public prosecutors' office said Tuesday that they've filed legal action against Brazil's scandal-mired oil company, Petrobras, as well as top builder Andrade Gutierrez. Authorities there allege top officials from Petrobras operated a kickback scheme on contracts worth upward of $4 billion, with money from the...

  • RIO DE JANEIRO, Dec 16- Prosecutors in Rio de Janeiro said on Tuesday that they were seeking to indict the former chief executive officer of Brazilian state-run oil company Petroleo Brasileiro SA and a leading local construction and engineering firm for fraud. This list includes Jose Sergio Gabrielli, CEO from July 2005 to January 2012 and Renato Duque, the...

  • Julio Camargo, a consultant for contractor Toyo Setal, and lobbyist Fernando Soares were charged along with Cervero with allegedly paying out $40 million in kickbacks to political parties, executives and contractors and accepting $13 million in bribes from Korean shipbuilder Samsung Heavy Industries, the prosecutors said in a statement.

  • Brazil: Google fined in Petrobras probe Monday, 15 Dec 2014 | 1:34 PM ET

    SAO PAULO— A Brazilian court says it has fined Google around $200,000 for refusing to intercept emails needed in a corruption investigation at state-run oil company Petrobras. The federal court in the southern state of Parana said in a statement Monday that Google eventually did share the emails with Brazilian police several months ago but had to pay the fine...

  • Vinicius and Tom named 2016 Olympics mascots Monday, 15 Dec 2014 | 11:26 AM ET

    RIO DE JANEIRO— The mascot for the 2016 Olympics in Rio de Janeiro has been named Vinicius, and the Paralympics mascot will go by the name of Tom. The names honor Brazilian musicians and partners Vinicius de Moraes and Tom Jobim. Vinicius is a yellow cat-like creature that represents Brazil's fauna, and Tom is a bushy-headed figure reminiscent of the country's...

  • The prosecutors said Nestor Cervero, the former head of Petrobras' distribution subsidiary, as well as lobbyist Fernando Soares and Julio Camargo of local contractor Toyo Setal funneled $40 million of kickbacks and accepted $13 million in bribes from Korean shipbuilder Samsung Heavy Industries. Toyo Setal and Samsung Heavy Industries were not...

  • Newspaper: Petrobras told of corruption in 2009 Friday, 12 Dec 2014 | 5:11 PM ET

    SAO PAULO— Brazil's state-run oil company was warned five years ago of the kickback scheme that has plunged Petrobras into one of the country's worst corruption scandals, a newspaper reported Friday. The paper, Valor Economico, said it obtained documents showing that in 2009, former Petrobras executive Venina Velosa da Fonseca warned chief executive Maria...

  • SAO PAULO, Dec 12- Brazil's securities industry watchdog opened eight investigations into executives at state-controlled oil producer Petróleo Brasileiro SA related to a vast graft and money-laundering scheme inside the company, three sources with direct knowledge of the situation said. Rio de Janeiro- based CVM is also extending the inquiries to the...

  • Chef Jamie Oliver eyes empire expansion: Sources Friday, 12 Dec 2014 | 12:53 PM ET
    Celebrity Chef Jamie Oliver, restaurateur and media personality.

    British celebrity chef Jamie Oliver is looking to outside investors to help expand his restaurants and fund an online TV project, sources said.

  • Bigger the mess, bigger the opportunities: Pro  Friday, 12 Dec 2014 | 12:49 PM ET

    Amid an oil selloff, Andres Garcia-Amaya, JPMorgan Asset Management, finds emerging opportunities.

  • Brazil charges 35 in Petrobras scandal Thursday, 11 Dec 2014 | 2:11 PM ET

    SAO PAULO— Prosecutors investigating a sprawling kickback scheme at Brazil's state-run oil company Petrobras filed charges Thursday against 35 people, including executives from some of the nation's biggest construction firms. The formal charges cap a months-long investigation dubbed "Operation Car Wash," which is proving to be one of Brazil's biggest...