Business South America

More

  • SAO PAULO, Feb 12- Mexico's peso clawed back gains from a record low on Friday after brutal losses during the week as a rebound in oil prices and global stocks lifted battered Latin American currencies. Solid U.S. consumer data on Friday helped stocks on Wall Street rebound while oil prices, which have driven the fortunes of oil producers like Mexico and Colombia,...

  • NEW YORK, Feb 11- A U.S. judge on Thursday ordered creditors suing Argentina over defaulted bonds to establish why orders that restricted it from servicing its restructured debts should not be vacated after the country's $6.5 billion offer to settle the dispute. District Judge Thomas Griesa in Manhattan gave bondholders until mid-February to show why the...

  • BRASILIA, Feb 11- Iran and Brazil are in talks about a possible Iranian investment in troubled refinery projects controlled by Brazilian state-led oil company Petroleo Brasileiro SA, a Brazilian government source told Reuters on Thursday. Iran, which is boosting oil output after the end of sanctions over its nuclear program, is interested in exporting oil to...

  • Brazil court freezes Vale, BHP, Samarco assets -report Thursday, 11 Feb 2016 | 7:00 PM ET

    RIO DE JANEIRO, Feb 11- A judge in Brazil's state of Minas Gerais has frozen 470 million reais of assets owned by Vale SA and 1.8 million reais linked to BHP Billiton Ltd to ensure payment of damages related to a deadly dam rupture, Rio de Janeiro's O Globo newspaper said on Thursday. A tailings dam at Samarco Mineração SA's main iron ore mine burst in early November,...

  • NEW YORK, Feb 11- A U.S. judge on Thursday ordered creditors suing Argentina over defaulted bonds to establish why an order that restricted it from servicing its restructured debts should not be vacated after the country's $6.5 billion offer to settle the dispute. District Judge Thomas Griesa in Manhattan gave bondholders until mid-February to show cause why...

  • MEXICO CITY, Feb 11- A global selloff of riskier assets drove the Mexican peso to a record low on Thursday, spurring bets that the central bank of Latin America's No. 2 economy could hike interest rates ahead of the United States. Both Mexico and Colombia are major crude producers, but Mexico depends much less on oil exports as it ships mostly factory-made goods.

  • WASHINGTON, Feb 11- The World Bank on Thursday approved $2.5 billion in new three-year credit lines for Peru to bolster the country's finances as it struggles with slowing growth and fiscal pressures brought on by the collapse of commodities prices. The World Bank said the two facilities approved by its executive board, each for $1.25 billion, are contingency...

  • BUENOS AIRES, Argentina— Argentine president Mauricio Macri is meeting with powerful union leaders to discuss their growing demands for salary hikes amid one of the world's highest inflation rates. The government has been offering salary hikes of up to 25 percent in line with this year's inflation forecast. On Tuesday, he admitted that it would take between...

  • WASHINGTON, Feb 11- The World Bank on Thursday approved $2.5 billion in new three-year credit lines for Peru to bolster the country's finances as it struggles with slowing growth and fiscal pressures brought on by the collapse of commodities prices. The World Bank said the two facilities approved by its executive board, each for $1.25 billion, are contingency...

  • MEXICO CITY, Feb 11- The Mexican peso slumped to a record low on Thursday while Colombia's peso also hit its weakest level ever as investors dumped riskier assets around the world. Both Mexico and Colombia are major crude producers, but Mexico depends much less on oil exports as it ships mostly factory-made goods. Colombia's peso shed more than 1.4 percent to...

  • BRASILIA, Feb 11- Iran and Brazil are in talks about a possible Iranian investment in troubled refinery projects controlled by Brazilian state-led oil company Petroleo Brasileiro SA, a Brazilian government source told Reuters on Thursday.

  • Brazil police arrest ex-president of construction company Thursday, 11 Feb 2016 | 12:57 PM ET

    SAO PAULO— Brazilian police have arrested the former president of construction giant Andrade Gutierrez for his suspected role in a bribery scandal involving the state-owned company that operates Brazil's two nuclear power plants. He was arrested in June 2015 and released into house arrest on Feb. 5. Prosecutors have said that Andrade Gutierrez and other...

  • RIO DE JANEIRO, Feb 10- A group of international investors and law firms are seeking compensation from Brazil's state-led oil company Petrobras under European law for losses allegedly suffered as the result of a giant price-fixing, bribery and political kickback scandal. SPCF believes it has a claim against Petrobras under European securities law because...

  • CARACAS, Feb 10- Venezuelan shopping centers are scaling back hours of operation causing an uproar among consumers, in the wake of the government's move to reduce their electricity supplies in the early afternoon and evening. Socialist President Nicolas Maduro's government last week said shopping centers would have to generate their own electricity...

  • BUENOS AIRES, Feb 10- Argentine banks are gearing up for a potential lending boom that could push depressed private credit demand to a 16- year high, bolstered by the reforms undertaken by newly-elected President Mauricio Macri. An end to the 14- year standoff between Argentina and the lenders who refused to participate in the earlier debt restructuring could...

  • Venezuela malls scale back hours as government cuts energy Wednesday, 10 Feb 2016 | 10:25 AM ET

    CARACAS, Venezuela— Shops in malls across Venezuela closed their doors Wednesday afternoon to comply with a government electricity rationing order. Venezuela's socialist government is asking more than 100 malls to close or generate their own power four hours each day, from 1 p.m. to 3 p.m. and from 7 p.m. to 9 p.m.. Venezuela has grappled with blackouts for years,...

  • UNITED NATIONS, Feb 6- The United Nations Security Council will hold an emergency meeting on Sunday to discuss the North Korean rocket launch as requested by United States, Japan and South Korea, the U.N. press office said. The closed-door consultations of the 15- nation council on North Korea will take place at 11 a.m. ET, the United Nations said in a statement on...

  • BUENOS AIRES/ NEW YORK, Feb 6- Investors on Saturday praised the speed with which new Argentine President Mauricio Macri made a cash offer to holders of defaulted bonds aimed at ending a long and bitter dispute that has strangled government finances. A financial markets pariah since defaulting on a record $100 billion in 2002, Argentina proposed on Friday a...

  • Investors welcome Argentina's swift offer to holdouts Saturday, 6 Feb 2016 | 12:14 PM ET

    BUENOS AIRES/ NEW YORK, Feb 6- Investors on Saturday praised the speed with which new Argentine President Mauricio Macri tabled a cash offer to holders of defaulted bonds aimed at ending a long and bitter dispute that has strangled government finances. A financial markets pariah since defaulting on a record $100 billion in 2002, Argentina proposed on Friday a...

  • NEW YORK/ BUENOS AIRES, Feb 5- Argentina offered a $6.5 billion cash payment to creditors who hold its defaulted bonds on Friday, seeking to end a festering legal battle that transformed the country into a financial markets pariah. The turning point in the decade-long legal fight stemming from Argentina's record default on around $100 billion in 2002 comes less...