Business South America

  • Odebrecht, the largest construction firm in Latin America, admitted to paying bribes in 12 countries, including $29 million in Peru over the course of three presidencies, as part of a settlement with the U.S. Department of Justice last month. While it is under investigation in other countries, the case is more advanced in Peru than anywhere outside of Brazil.

  • SAO PAULO— Brazil's president said Saturday that he would wait to name a replacement for the Supreme Court justice who died in a plane crash until after the court reassigns a major corruption case he was handling. President Michel Temer nominates judges to the Supreme Court, and typically a new justice would take over the caseload of the one he replaces.

  • LIMA, Peru— Police in Peru have arrested a former transport official as part of a massive graft scandal implicating Brazilian construction giant Odebrecht and several regional governments. Edwn Luyo headed the committee that awarded Odebrecht a contract in 2009 to build Lima's elevated metro. In Peru it paid $29 million to officials in three...

  • *Market assessing extent of flood damage in Argentina. CHICAGO, Jan 20- U.S. corn futures touched a six-month high on Friday, buoyed by robust demand from exporters and ethanol producers, analysts said. Chicago Board of Trade March corn settled up 3-1/ 2 cents at $3.69-3/ 4 a bushel after reaching $3.70, its highest since mid-July.

  • *Market assessing extent of flood damage in Argentina. PARIS/ SINGAPORE, Jan 20- Chicago soybeans slid for a second session on Friday as a firm dollar encouraged consolidation below this week's six-month high while traders assessed the extent of rain damage to crops in Argentina. The most active Chicago Board Of Trade soybean contract was down 0.8 percent at...

  • SAO PAULO, Jan 20- Brazilian college operator Estácio Participações SA aims to raise more revenue per pupil in its next incoming class by giving fewer scholarships and offering a new student loan arrangement, Chief Executive Pedro Thompson said late Thursday. Under the program, new students can pay just 30 percent of tuition while in college and the balance...

  • RIO DE JANEIRO— Brazilian Supreme Court Justice Teori Zavascki's died in a small-plane crash just weeks before he was to rule on a major corruption case that could implicate high-ranking politicians in several Latin American countries. "Justice Teori Zavascki had been strongly driving the# Carwash investigation in the Supreme Court. It's hard to believe...

  • SANTIAGO, Jan 19- Chilean copper miner Antofagasta said on Thursday it would sell its 40 percent stake in the Alto Maipo hydroelectric power project to partner AES Gener, exiting the project entirely. London- listed Antofagasta, controlled by Chile's wealthy Luksic family, signed up to Alto Maipo in 2013, seeking to secure power for its Los Pelambres mine.

  • SAO PAULO, Jan 19- Leading shareholders of Vale SA are close to endorsing a plan to turn the world's No. 1 iron ore producer into a company with dispersed share ownership within six years, two people familiar with the talks said. Bradespar SA, Mitsui& Co and several Brazilian pension funds are negotiating a new shareholder accord that would give Vale dispersed share...

  • SANTIAGO, Jan 19- Middle Eastern private equity investor Abraaj Group has bought a majority stake in Chile's private home furnishings retailer Casaideas in its first foray into the country, Abraaj said on Thursday. Casaideas runs more than 50 stores in South America, including 33 in Chile and 16 in Peru. Abraaj has made a number of investments in other countries...

  • BRASILIA, Jan 19- Brazil's inflation rate slowed more than expected in mid-January, falling below 6 percent for the first time in nearly three years and reinforcing market bets on steep interest rate cuts by the central bank. "Inflation is slowing down in general, not only at a single group," said Carlos Lopes, an economist with Banco Votorantim.

  • BRASILIA, Jan 19- Brazil's inflation rate slowed more than expected in mid-January, falling below 6 percent for the first time in nearly three years and reinforcing market bets on steep interest rate cuts by the central bank. "Inflation is slowing down in general, not only at a single group," said Carlos Lopes, an economist with Banco Votorantim.

  • BOGOTA, Jan 19- Colombia could produce 14.5 million 60- kg bags of coffee this year, the highest output in more than two decades, the head of the country's growers' federation said on Thursday, as it pushes productivity and fertilization improvements on farms. Colombia had an output of 18 bags per hectare in 2016, but if growers increase tree density, that figure...

  • BRASILIA, Jan 19- Brazil's inflation rate slowed more than expected in mid-January, falling below 6 percent for the first time in nearly three years and reinforcing market bets on steep interest rate cuts by the central bank. Consumer prices as measured by the IPCA-15 index rose 5.94 percent in the 12 months to mid-January, slowing from an increase of 6.58...

  • SAO PAULO, Jan 19- Leading shareholders of Vale SA are close to endorsing a plan to turn the world's No. 1 iron ore producer into a company with dispersed share ownership within six years, two people familiar with the talks said. Bradespar SA, Mitsui& Co and several Brazilian pension funds are negotiating a new shareholder accord that would give Vale dispersed share...

  • SAO PAULO, Jan 19- Leading shareholders of Vale SA are close to endorsing a plan to turn the world's No. 1 iron ore producer into a company with dispersed share ownership within six years, two people familiar with the talks said. Bradespar SA, Mitsui& Co and several Brazilian pension funds are negotiating a new shareholder accord that would give Vale dispersed share...

  • BRASILIA, Jan 18- Mexico's economy is set to grow at the slowest pace in four years in 2017, a Reuters poll showed on Wednesday, after the election of Donald Trump to the White House upended relations with its biggest trade partner and foreign investor. Forecasts for economic growth elsewhere in Latin America were also revised down for most countries, the poll...

  • *Graphic of poll results: http://tmsnrt.rs/2e7JFpt. Jan 18- The global economic outlook remains shaky, despite recent pockets of resilience, according to the overwhelming majority of economists polled by Reuters who said a rise in protectionist trade policies would hamper growth. That uncertainty is heightened by the signs of a rise in nationalist...

  • SANTIAGO, Chile— Luis Maldonado is the last remaining photographer in the main square of the Chilean capital still using a wooden box camera. Clients are scarce, with days, even weeks, passing before someone asks him to create a portrait with the old-fashioned contraption. But coming from a family of box camera photographers that includes his grandfather, father...

  • BRASILIA, Jan 17- The Brazilian Air Force is planning to privatize the running of its telecom network used for defense, surveillance and air traffic control, an Air Force spokeswoman said on Tuesday. The planned public-private partnership is aimed at reducing the cost to the Air Force of modernizing the system and would involve about 4.3 billion reais in...