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  • RIO DE JANEIRO, July 20- Three executives of Brazil's Camargo Correa group were convicted on Monday of money laundering, corruption and other charges, the first construction-industry executives to be sentenced in a giant price fixing and bribery scandal involving state-run oil company Petrobras. The ruling was handed down by Judge Sergio Moro of Brazil's...

  • RIO DE JANEIRO, July 16- Brazil's state-run oil company Petroleo Brasileiro SA said late Thursday it paid 1.6 billion reais to settle part of a tax dispute with Brazilian authorities and will take the charge against second-quarter earnings. The charge includes 1.2 billion reais in back taxes and 400 million reais in fines, the company, known as Petrobras, said in...

  • RIO DE JANEIRO, July 16- Brazil's state-run oil company Petroleo Brasileiro SA is working to bring domestic diesel and gasoline prices into parity with international levels in order to attract downstream buyers or partners, a company executive said on Thursday. Petrobras, as the company is known, is looking to sell assets as it battles to survive a combination...

  • SAO PAULO, July 16- Federal prosecutors in Brazil have opened a formal inquiry into whether former President Luiz Inácio Lula da Silva improperly used his connections overseas to benefit Latin America's largest engineering firm, Odebrecht SA, a spokeswoman said on Thursday. The inquiry puts the legacy of one of Brazil's most popular former leaders on the...

  • SAO PAULO, July 16- Federal prosecutors in Brazil have opened a formal inquiry into whether former President Luiz Inácio Lula da Silva improperly used his connections overseas to benefit Latin America's largest engineering firm, Odebrecht SA, a spokeswoman said on Thursday. The investigation comes a month after Brazil- based Odebrecht's chief executive...

  • BRASILIA, July 16- The speaker of Brazil's lower house of Congress said on Thursday he is weighing legal arguments to impeach President Dilma Rousseff, which would be the first ouster of a sitting president in the country in nearly 23 years. Cunha has himself been named in a Supreme Court investigation of corruption at Petrobras, formally known as Petroleo...

  • *Ethanol surges 41 percent on price parity, taxes. RIO DE JANEIRO, July 15- Brazilian sales of gasoline and diesel fuel fell in the first half of 2015 and are likely to show a full-year decline as Brazil's economy cools, the country's fuel distributors' association SINDICOM told Reuters on Wednesday. The ethanol surge came as the government allowed state-run oil...

  • Police seized luxury cars including a red Ferrari, a black Porsche and a gray Lamborghini from the home of Senator Fernando Collor de Mello, a former president, according to a Reuters witness. Police did not provide the names of those under investigation but confirmed the operations were ordered by Brazil's Supreme Court, which is the only authority that can...

  • Senators Fernando Collor de Mello and Ciro Nogueira are among the names being investigated in the 16th round of the probe, dubbed "Politeia", TV Globo and newspaper O Estado de S. Paulo said. In statements, Brazil's federal police and prosecutors did not confirm the names under investigation but said the operations were ordered by the Supreme Court, Brazil's...

  • NEW YORK, July 10- A U.S. judge has rejected Brazilian state-run oil producer Petrobras' effort to dismiss a lawsuit claiming that years of corruption, including bribery, caused more than $98 billion of its stock and bonds to be overvalued. Shareholders led by England's Universities Superannuation Scheme Ltd alleged that Petrobras, whose formal name is...

  • RIO DE JANEIRO, July 8- Brazil's state-run oil company Petrobras hopes to boost the crude processing capacity of its newest refinery 62 percent to as much as 120,000 barrels per day in the second half of this year, the company's refining chief said Wednesday. Petroleo Brasileiro SA, as Petrobras is formally known, plans to start testing higher processing levels...

  • RIO DE JANEIRO, July 8- Brazil poses a larger threat of contagion for global financial markets than other emerging economies, far eclipsing Russia and China, Fitch Ratings said on Wednesday, giving highlights of an upcoming survey of European fixed-income investors. The investors, who manage an estimated 7.8 trillion euros in assets, considered economic...

  • BRASILIA, July 7- Brazil's Senate may vote on Wednesday on a bill ending state-run oil company Petrobras' leadership and mandatory minimum stake in a giant offshore oil district known as the subsalt, a key leader in the Brazilian upper house of Congress said on Tuesday. The Senate will likely put the bill up for a vote in the morning, said Delcídio Amaral, the leader...

  • RIO DE JANEIRO, July 7- Concerns that Brazil may lose its coveted investment grade credit rating are again on the rise among government officials and investors who worry that President Dilma Rousseff's austerity push won't fully offset plunging government revenues. As Brazil prepares for a crucial ratings review by Moody's Investors Service in the third...

  • RIO DE JANEIRO, July 6- Brazil's state-run Petrobras must pay the government about 350 million reais more in royalties each quarter for oil produced in seven offshore fields under an arbitration ruling, the company said on Monday. The fields, 100 percent owned by Petroleo Brasileiro SA, as Petrobras is formally known, include three of Brazil's 20...

  • SAO PAULO, July 6- Offshore oil driller Ensco Plc said in a statement on Monday it has found no evidence of wrongdoing by its employees or other representatives in a regular compliance review of operations in Brazil. The statement was in response to comments from Brazilian prosecutor Carlos Fernando dos Santos Lima on Thursday alleging that Jorge Zelada,...

  • SAO PAULO, July 3- The judge presiding over Brazil's largest-ever corruption investigation defended his impartiality on Friday, in a case centered on state-run oil firm Petrobras that has swept up some of the country's most powerful executives. Executives from the nation's largest engineering firms are accused of price-fixing contracts and overcharging...

  • BRASILIA, July 1- Brazilian senators on Wednesday debated alternatives to a 2010 law that requires state-run oil firm Petrobras to take a minimum 30 percent stake in new development contracts and function as operator in Brazil's subsalt oil areas. The current rules have been criticized for limiting foreign investment in the Subsalt Poligon, a region off...

  • RIO DE JANEIRO, July 1- Brazilian state-run oil company Petroleo Brasileiro SA's long history of failed spending and output plans may be the biggest obstacle to its efforts to convince investors it will reduce its massive debt. Petrobras, though, has not met an annual production target since 2003 when the Workers' Party government of Brazilian President Dilma...

  • BRASILIA, June 30- Brazil's senate on Tuesday voted to raise salaries for court workers by as much as 78 percent over the next two years, pressuring government coffers at a time President Dilma Rousseff is trying to cut spending and attract investment. The extra expenditure would further threaten Finance Minister Joaquim Levy's efforts to shore up government...