Business South America

More

  • Virginia college student contracts Zika virus Monday, 1 Feb 2016 | 9:22 AM ET

    Officials for a university in Virginia say one of its students contracted the Zika virus over winter break.

  • BUENOS AIRES, Argentina— Argentina announced an end to subsidies on electricity bills Friday, and officials said the move will save the government $4 billion this year. The social tariff will benefit 20 percent of the 4.6 million electricity users in the Buenos Aires area, he said. Consumers in the Buenos Aires region have benefited most from the subsidies,...

  • BUENOS AIRES, Jan 29- Argentina's energy minister on Friday announced new power rates on the back of subsidy cuts that could see the bills of some consumers jump six-fold, saying that a near total freeze on tariffs in parts of the country had left the power grid "on the brink of collapse." Minister Juan Jose Aranguren said the government of newly-elected Mauricio...

  • RIO DE JANEIRO, Jan 29- Brazil's state-controlled oil producer Petrobras slashed its oil and natural gas reserves 20 percent on Friday, hit by a plunge in energy prices, a heavy debt load, high costs and a corruption scandal. The bigger-than-expected cut, reported in a securities filing on Friday, highlights how the once soaring potential of big oil discoveries...

  • Jan 29- Companies and scientists are racing to create a Zika vaccine as concern grows over the mosquito-borne virus that has been linked to severe birth defects and is spreading quickly through the Americas. Brazil, the hardest-hit country, has reported around 3,700 cases of the devastating birth defect called microcephaly that are strongly suspected to be...

  • SAO PAULO— Former Brazilian President Luiz Inacio Lula da Silva has been subpoenaed as part of an investigation into a suspected money laundering scheme involving an apartment he once thought of buying, the Sao Paulo state prosecutor's office said Friday. The office of prosecutor Cassio Conserino said Silva and his wife, Marisa Leticia, would be questioned...

  • RIO DE JANEIRO, Jan 29- Oil and gas fields already paid for and in production can sustain Brazilian state-run company Petroleo Brasileiro SA for two to three years of low prices, a board member for the firm told reporters on Friday. Today, the cost to carry on production will cost less or nearly nothing, "Petrobras board member Segen Estefen told reporters at an event...

  • BRASILIA, Jan 29- Brazil is losing the battle against the mosquito spreading the Zika virus, President Dilma Rousseff said on Friday, calling for a national effort to eradicate the insect. The virus has been linked to thousands of cases of babies being born in Brazil with microcephaly- meaning they have abnormally small heads and brains that have not developed...

  • SAO PAULO, Jan 28- Grupo BTG Pactual SA cut about 18 percent of Brazil- based staff on Thursday as the embattled investment-banking firm moved to reduce costs by 25 percent in the wake of the arrest of billionaire founder André Esteves. The bank had 1,653 staff in Brazil. On Wednesday, Reuters reported that up to 25 percent of Brazil employees could be fired to bring...

  • The global El Nino weather phenomenon associated with warmer-than-average Pacific surface temperatures off Peru tends to mean wetter conditions in southern Brazil, home to about 40 percent of the country's 200- million-plus-tonne grain crop. Nearly 200 townships in Brazil's southern states of Rio Grande do Sul Santa Catarina, Parana and Mato Grosso do...

  • SAO PAULO, Jan 28- Grupo BTG Pactual SA cut about 18 percent of Brazil- based staff on Thursday after the embattled investment-banking firm moved to reduce costs by 25 percent. In a securities filing, BTG Pactual dismissed 305 out of the 1,653 employees based in São Paulo, Rio de Janeiro and other Brazilian cities. No business area will be deactivated as a result of...

  • Jan 28- Lufthansa, British Airways and JetBlue on Thursday became the latest international carriers to offer rebookings or refunds for tickets to areas affected by the Zika virus, as the World Health Organization expressed concern about the swift spread of the mosquito-borne disease. The virus is present in more than 20 countries and territories in the...

  • GRAINS-U.S. soybeans hit one-month low on export woes Thursday, 28 Jan 2016 | 1:46 PM ET

    CHICAGO, Jan 28- U.S. soybean futures fell on Thursday, with the most-active March contract down 1.6 percent, the largest drop for soybeans in more than a month, after exporters canceled U.S. soybean sales to China. At the Chicago Board of Trade as of 12:30 p.m. CST, March wheat was down 4-1/ 4 cents at $4.72-1/ 4 per bushel, after hitting a one-month high earlier this week.

  • RIO DE JANEIRO, Jan 28- Brazil's Petrobras said on Thursday it will cut about one in five management jobs, streamline operations and boost oversight as the state-led oil company adapts to low oil prices and tries to boost confidence after a corruption scandal. Bendine and Petrobras are struggling with a nearly 50 percent decline in the price of oil in the past...

  • OSLO, Jan 28- The ethics watchdog for Norway's $800 billion sovereign wealth fund, the world's largest, is stepping up its scrutiny of companies the fund invests in to make sure they are not involved in corruption, an official at the watchdog told Reuters. Eli Ane Lund, administrative leader of the ethics council, said the watchdog was currently investigating 14...

  • Zika epidemic on US doorstep spurs vaccine hunt Thursday, 28 Jan 2016 | 7:40 AM ET

    The rapid spread of the zika virus has spurred the hunt for a cure, but the financial incentive and likely length of time for a vaccine are unclear.

  • SAO PAULO, Jan 28- Debt restructuring firms are poised to pull in record amounts of business in Brazil this year as the country's worst recession in decades and a corruption probe that has cast a shadow over dozens of companies leads to a surge in defaults. Scenting an opportunity, U.S. restructuring shops including FTI Consulting Inc, Houlihan Lokey Inc, and...

  • QUITO, Jan 27- Venezuela's revenues slid 70 percent due to the oil price slump and its economy shrank 5 percent in 2015, President Nicolas Maduro said at a summit in Quito on Wednesday. Critics say 17 years of failed socialist policies are the root of Venezuela's problems, while the Maduro government blames an "economic war" by its foes. Speaking to a meeting of heads...

  • BRASILIA, Jan 27- A Brazilian federal court has revoked a lower court's injunction that had suspended the operating license for the Belo Monte hydroelectric dam, one of the world's largest, Brazil's Energy Ministry said in a Twitter post on Wednesday. Belo Monte, a dam built on the Xingu River in the middle of the Amazon forest, will have a total installed capacity...

  • Jan 26- Airlines, hotels and cruise operators serving Latin America and the Caribbean are facing growing concern among travelers who had planned to visit countries potentially affected by Zika after the World Health Organization warned the virus is likely to spread to most of the Americas. Canada and Chile are the only countries in the Americas the virus is...