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Business South America

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  • BRASILIA, July 31- Brazil's antitrust regulator CADE and federal prosecutors signed a leniency deal on Friday with engineering company Camargo Correa aimed at obtaining evidence of alleged price-fixing of contracts to build a nuclear power plant. Camargo Correa was the first of Brazil's construction firms to have its top executives convicted of...

  • QUITO, July 31- Ecuador's state oil company Petroecuador has signed a crude oil supply agreement with a division of Thailand's state-run PTT under which the Andean country will receive a $2.5 billion up-front payment, according to a statement from the company. Petroecuador International Trade Manager Nilsen Arias confirmed the deal to Ecuador's El...

  • Brazil's Petrobras receives more than $20 million Friday, 31 Jul 2015 | 11:44 AM ET

    RIO DE JANEIRO— Brazil's state-owned oil company has received the equivalent of more than $20 million that was recovered as a result of an investigation into a corruption-kickback scandal engulfing Petrobras. The Federal Prosecutor's Office says in a statement that 69 million reals were returned to Petrobras on Friday. The statement says the amount...

  • BRASILIA, July 31- Two senior executives at Brazil's state-run power company Centrais Eletricas Brasileiras SA told Reuters on Friday that they had requested leave as a corruption investigation sweeps the country's largest electric utility. Valter Cardeal, head of generation at the holding company known as Eletrobras, and Adhemar Palocci, head of planning...

  • Caracas shopkeeper Wilmer Ruiz realized last week that he couldn't call his family in Cuba or a friend who immigrated to Ecuador. Both countries have been staunch allies of Venezuela's 16- year socialist revolution. Internet calling services like Skype go only so far toward resolving the issue.

  • July 30- Barrick Gold Corp agreed on Thursday to sell 50 percent of its Zaldivar copper mine in Chile to copper miner Antofagasta Plc for $1 billion in cash, and both parties stressed that this was just the start of more cooperation. Both Barrick and Antofagasta said the deal was a launch pad for future co-operation, likely in Chile where Barrick owns large, unbuilt...

  • CARACAS, Venezuela— Venezuela's largest food distributor on Thursday denounced the government occupation of a Caracas warehouse amid accusations that the company is hoarding goods. Soldiers took over the warehouse complex used by Empresas Polar late Wednesday just as Venezuela's federation of brewers announced that Polar's beer manufacturing...

  • SAO PAULO, July 30- Brazilian planemaker Embraer SA said on Thursday it will delay development of a military cargo jet and forgo $300 million of revenue this year due to Brazil's weaker currency and defense spending cuts, triggering the biggest drop in its shares in nearly four years. Embraer now plans to deliver its first KC-390 cargo aircraft to the Brazilian...

  • RIO DE JANEIRO, July 30- Vale SA, the world's biggest iron ore producer, returned to profit in the second quarter, bolstered by higher output and cost cuts as it kept up pressure on Australian rivals in its fight for market share. A big part of the improved result was a reduction in cash costs, with Vale lowering its cost of producing a tonne of iron ore to $15.8 per tonne,...

  • RIO DE JANEIRO, July 30- Vale SA, the world's biggest iron ore producer, returned to profit in the second quarter, bolstered by higher output and cost cuts as it kept up pressure on Australian rivals in the fight for market share. A big part of the improved result was a reduction in cash costs, with Vale lowering its cost of producing a tonne of iron ore to $15.8 per tonne,...

  • RIO DE JANEIRO, July 30- Vale SA, the world's biggest iron ore producer, returned to profit in the second quarter, bolstered by higher output and cost cutting and keeping up pressure on Australian rivals in the fight for market share. A big part of the improved result was a reduction in cash costs, with Vale lowering its cost of producing a tonne of iron ore to $15.8 per...

  • *Brazil, Argentina seen offering soybeans in peak U.S. season. SINGAPORE/ BEIJING, July 30- South America's soybean exports are on track to dominate sales to top buyer China for a record period this year, threatening to displace U.S. exports during what is traditionally the peak sales time for rival North American shipments. For more than a decade, China has sourced...

  • BRASILIA, July 29- Finance Minister Joaquim Levy's role as Brazil's dominant economic policymaker is slipping as he tries to push through unpopular austerity measures aimed at saving the country's investment grade rating. To make things worse, Standard& Poor's on Tuesday threatened to strip Brazil of its coveted investment-grade rating, raising pressure...

  • SAO PAULO, July 29- Brazilian federal police are investigating potential irregularities in a military program that aims to build a nuclear-powered submarine in partnership with France by 2023, newspaper Folha de S. Paulo reported on Wednesday. Former President Luiz Inacio da Silva's government agreed in 2008 to purchase five submarines, including a...

  • Brazil police arrest 2 for alleged bribery scheme Wednesday, 29 Jul 2015 | 12:46 PM ET

    The Federal Prosecutor's Office says in a statement that police on Tuesday detained Othon Luiz Pinheiro da Silva, president of Eletronuclear, a subsidiary of Brazil's electric utilities company, Eletrobras. According to the prosecutor's office, Silva, who is on leave as Eletronuclear's chief executive officer, received 4.5 million reals in bribes from...

  • BRASILIA, July 29- Finance Minister Joaquim Levy's role as Brazil's dominant economic policymaker is slipping as he tries to push through unpopular austerity measures aimed at saving the country's investment grade rating. To make things worse, Standard& Poor's on Tuesday threatened to strip Brazil of its coveted investment-grade rating, raising pressure...

  • UPDATE 1-UN sees Latin America barely growing in 2015 Wednesday, 29 Jul 2015 | 10:46 AM ET

    SANTIAGO, July 29- Latin America is expected to register anemic 0.5 percent growth in 2015, down from a prior estimate of 1.0 percent, the United Nations' regional arm said on Wednesday, as China decelerates and investment falls. The economy of regional powerhouse Brazil will likely contract 1.5 percent, while Mexico is seen growing 2.4 percent, the Santiago-...

  • SAO PAULO, July 29- Brazilian federal police are investigating potential irregularities in a military program that aims to build a nuclear-powered submarine in partnership with France by 2023, newspaper Folha de S. Paulo reported on Wednesday. Former President Luiz Inacio da Silva's government agreed in 2008 to purchase five submarines, including a...

  • BRASILIA, July 29- Brazil's central bank was poised to maintain its aggressive pace of interest rate hikes on Wednesday after a steep cut in fiscal savings targets weakened the real currency and stirred doubts about the government's commitment to help contain price increases. The Brazilian real has slid nearly 4 percent against the U.S. dollar to its weakest...

  • BRASILIA, July 29- Brazil's central bank is widely expected to raise its policy interest rate on Wednesday after a steep cut in fiscal savings targets weakened the real currency and stirred doubts about the government's commitment to help contain price increases. Standard& Poor's threat on Tuesday to strip Brazil of its coveted investment-grade rating in...