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  • SAO PAULO— Moody's Investors Service has downgraded the credit rating of Brazil's state-owned oil company because of the widening kickback-corruption scandal affecting Petrobras. Authorities allege that firms bribed former Petrobras executives to win inflated contracts worth as much as $4 billion, and that some of that money was then funneled back to...

  • BRASILIA, Jan 29- Brazil's government has no preferred model for consolidation of the country's telecom market, a source told Reuters on Thursday, leaving behind the days when Brazilian telecom company Oi SA was held up as a "national champion." Oi has been in talks with Spain's Telefonica SA and Mexico's America Movil SAB about making a joint bid to buy rival TIM...

  • RIO DE JANEIRO, Jan 29- Brazilian miner Vale's mega-ships have been able to dock at five ports in China, the firm's head of investor relations said on Thursday, as a ban that had been in place since 2012 is relaxed. In 2012, China's Ministry of Transport banned the ships from the country's ports, citing safety concerns. A month later, one of the ships docked at a port in...

  • RIO DE JANEIRO, Jan 29- A Brazilian state court froze the assets of former Petrobras Chief Executive Officer Jose Sergio Gabrielli on Wednesday amid an investigation of graft and money-laundering in the government-run oil producer's contracts with construction companies. State prosecutors in Rio de Janeiro suspect Gabrielli participated in a scheme to...

  • Several top executives from Brazil's biggest construction and engineering firms remain jailed as the investigation continues, with a judge saying they're a flight risk and cannot be freed. It was the first time they have said how much money they think was involved in bribes and kickbacks in the case, which they call the largest known corruption scheme in...

  • RIO DE JANEIRO, Jan 29- A Brazilian state court froze the assets of former Petrobras Chief Executive Officer Jose Sergio Gabrielli on Wednesday amid an investigation of graft and money-laundering in the government-run oil producer's contracts with construction companies. State prosecutors in Rio de Janeiro suspect Gabrielli participated in a scheme to...

  • Petrobras releases profit drop in 3rd quarter 2014 Wednesday, 28 Jan 2015 | 10:29 AM ET

    SAO PAULO— Brazil's scandal-plagued state-run oil company Wednesday released its third quarter report for 2014, showing that profits dropped 9 percent compared to the same period in 2013.. Authorities allege that top officials from Petrobras and executives from some 15 of the Brazil's biggest construction firms operated a kickback scheme on contracts...

  • TV star's plastic surgery disaster tests Brazil Wednesday, 28 Jan 2015 | 12:16 AM ET

    SAO PAULO— Andressa Urach went from being a single teenage mom nicknamed "Beanpole" to a reality TV bombshell in Brazil thanks to silicone implants, anabolic steroids, a nose job, and gel and botox injections, a fact she wasn't ashamed to share with fans. The 27- year-old Urach, arguably Brazil's most outspoken advocate of advancement through cosmetic surgery,...

  • Why iron ore won’t rebound any time soon Monday, 26 Jan 2015 | 10:53 PM ET
    Rail cars laden with iron ore arrive at the receiving facility at Fortescue Metals' Herb Elliott Port in Western Australia.

    Economists may teach that low prices and declining demand encourage producers to decrease supply, but the iron ore industry may have skipped class that day.

  • RIO DE JANEIRO/ SAO PAULO/ MILAN, Jan 23- Oi SA, Brazil's most indebted phone carrier, is open to all options in a potential process of industry consolidation as long as the transaction helps create value for shareholders, Chief Executive Officer Bayard Gontijo said on Friday. However, management at Telecom Italia SpA, TIM's controlling shareholder, plans to meet...

  • BRASILIA, Jan 23- Brazil's inflation rate spiked to its highest in more than three years in mid-January as local and federal authorities raised electricity tariffs and bus fares to balance government finances, statistics agency IBGE said on Friday. Key producing regions in Brazil, the world's largest exporter of coffee, sugar, soy and beef, have received much...

  • SAO PAULO/ BRASILIA, Jan 22- Brazilian President Dilma Rousseff's crusade to win back investor confidence has entrusted policymakers with the tough mission of hiking interest rates while major central banks cut them, raising the prospect of another recession in Latin America's biggest economy. The move left the Brazilian central bank at odds with the...

  • The Brookings Institution and JPMorgan Chase ranked 300 major cities worldwide for economic performance last year.

  • BRASILIA, Jan 21- State-run Brazilian oil producer Petroleo Brasileiro SA does not need to curtail its multibillion-dollar investment plan because of a growing corruption scandal, Mines and Energy Minister Eduardo Braga told Reuters on Wednesday. As a result, company officials said in December they expect to cut back a five-year $221- billion investment...

  • DIARY-Emerging Markets Economic Events to Feb 3 Tuesday, 20 Jan 2015 | 7:02 PM ET

    **SEOUL- Bank of Korea Governor Lee Ju-yeol will hold a press conference with foreign media at the Seoul Foreign Correspondent's Club- 2230 GMT. **SEOUL- Bank of Korea Governor Lee Ju-yeol will meet the heads of banks in South Korea- 2230 GMT. PRETORIA- The South African Reserve Bank starts its three-day monetary policy committee meeting.

  • Alitalia's new strategy envisions new routes from Rome to Dusseldorf, San Francisco, Beijing, Santiago, Chile, among other cities, and extra flights to New York, Chicago, Rio de Janeiro and Abu Dhabi, Etihad's hub. Strategy focuses on three Italian hubs: Milan's Malpensa airport for increased long-haul flights; Milan's Linate for more connections to partner...

  • SAO PAULO, Jan 19- Rolling blackouts swept across parts of Brazil on Monday as the grid operator ordered select power cuts to avoid a larger crisis, drawing attention to a fragile electric system that is buckling under the strains of record-breaking heat and dryness. Grid operator ONS said it orchestrated 2,200 megawatts of controlled outages in eight states...

  • RIO DE JANEIRO, Jan 19- Three workers were seriously hurt in an explosion on Sunday at Petrobras' 323,000- barrel-a-day Landulpho Alves Refinery outside the northeastern city of Salvador, the second serious accident at Brazil's second-largest refinery in a week. The union will stage a wildcat protest strike until Tuesday morning, Cedro Silva, a director of...

  • *Workers suffered burns to 10-75 percent of bodies. RIO DE JANEIRO, Jan 19- Three workers were seriously hurt in an explosion on Sunday at Petrobras' 323,000- barrel-a-day Landulpho Alves Refinery outside Salvador, Brazil, the second serious accident at Brazil's second-largest refinery in a week. Petroleo Brasileiro SA, as state-run Petrobras is formally...

  • Why commodity exporters may get a tailwind Sunday, 18 Jan 2015 | 5:54 PM ET
    A worker walks among coils of galvanized steel at the ArcelorMittal Eko Stahl steelworks in Germany

    Conventional wisdom suggests commodity exporters will take price declines on the chin, but Morgan Stanley expects they'll benefit most.