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Brazil

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  • The IPO filing follows the successful listing of hamburger chain Shake Shack Inc in January and Habit Restaurants Inc in November. Fogo de Chao, back by private equity firm Thomas H. Lee Partners LP, has 26 restaurants in the United States and nine in Brazil, according to a regulatory filing on Monday. Fogo de Chao started as a restaurant in Porto Alegre, Brazil, in...

  • ITABORAÍ, Brazil, April 20- For the 20 men hanging on at the Pousada do Trabalhador, a 600- bed boarding house on the dusty outskirts of this boom town northeast of Rio de Janeiro, the dream that Brazil's oil wealth would bring a better life was over. The men are the latest victims of Brazil's biggest-ever corruption scandal, a multi-billion dollar graft scheme...

  • SAO PAULO— Brazil's troubled state-owned oil company has said it will reveal its estimate on how much it lost in a sweeping kickback scheme when it releases an audited report of its financial earnings from last year's third and fourth quarters. Part of that money allegedly went to the governing Workers' Party and other parties for political campaigns.

  • 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...

  • 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...

  • 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...

  • 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...

  • Brazil police arrest politicians in corruption case Friday, 10 Apr 2015 | 12:39 PM ET

    SAO PAULO— Brazil's federal police Friday arrested three former congressmen suspected of involvement in a corruption scheme at Brazil's state-run oil giant Petrobras. Luiz Argolo belongs to the Solidarity Party and Pedro Correa is a member of the Progressive Party. The investigation of the bribery scheme has resulted in the arrest of more than 30...

  • 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...

  • SAO PAULO— Brazil's lower house has approved the preliminary text of a bill opposed by labor unions that would allow companies to outsource their entire labor force. After its final approval by the chamber, the bill would have to be approved by the Senate. Congressman Siba Machado of the governing Workers' Party has said the legislation would allow companies to...

  • SAO PAULO— The treasurer of Brazil's ruling Workers' Party Thursday told a congressional panel investigating the kickback-corruption scheme engulfing stated-owned oil company Petrobras that all the donations made to his party during last year's political campaign were perfectly legal. Joao Vaccari, who has been charged with corruption and money...

  • BRASILIA, April 9- State-run oil company Petrobras has purged corrupt managers and put a graft scandal behind it, while hitting record output levels from off-shore deposits, Brazil's President Dilma Rousseff said on Thursday. The indictment of former senior executives of Petroleo Brasileiro SA and the investigation of dozens of political allies of...