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Business South America

  • BUENOS AIRES, Sept 17- Scandal-hit Brazilian construction company Odebrecht said on Sunday it has sold its 33 percent stake in a massive subway project in Argentina's capital Buenos Aires, but vowed to keep working in the country. Odebrecht is involved in a sprawling corruption saga and has already paid $3.5 billion in settlements in the United States, Brazil...

  • BRASILIA, Sept 15- Brazil's government has approved a plan by American Airlines Group Inc to build a maintenance center at Sao Paulo's Guarulhos airport, a $100 million investment that will help the U.S. carrier consolidate its South American operations. Reuters first reported in March that the U.S. airline planned to set up its first aircraft maintenance...

  • SAO PAULO, Sept 15- A member of Brazil's billionaire Batista family should be declared guilty of fostering anti-competitive practices in the domestic cattle slaughtering market more than a decade ago, a body at antitrust watchdog Cade recommended on Friday. In a post on the government's official gazette, Cade's general superintendency recommended...

  • ATLANTA— The city of Atlanta tested a self-driving vehicle on one of its busiest streets Thursday. The test on North Avenue in the city's bustling Midtown area meant that Atlanta has become one of the largest urban areas to test autonomous vehicles, joining Sao Paulo and Shanghai. While driving an Associated Press reporter, the driver made minimal human...

  • CARACAS, Sept 14- Venezuela will make all pending debt payments despite "a series of difficulties" that have arisen as a result of financial sanctions by the United States, Economy Vice President Ramon Lobo said on Thursday. The United States in August prohibited dealings in new debt from Venezuela and state oil company PDVSA in response to the creation of a new...

  • BUENOS AIRES, Sept 14- Argentina's unemployment rate fell to 8.7 percent in the second quarter, the government's Indec statistics agency said on Thursday, down from 9.3 percent in the second quarter of last year and 9.2 percent in the first quarter of this year. An improving economy could give his candidate a boost over former populist President Cristina...

  • HOUSTON/ NEW YORK, Sept 14- Washington's recent sanctions against Venezuelan state-run oil company PDVSA have started to ensnare its U.S. unit, Citgo Petroleum, making it harder for the refiner to obtain the credit it needs to purchase crude, according to six traders and banking sources. Citgo's three U.S, refineries, one each in Illinois, Texas and Louisiana,...

  • SAO PAULO, Sept 14- CPFL Energia SA, Brazil's largest private electricity company, wants to grow its power transmission business, including by bidding in coming rounds for new licenses to build and operate lines, a company executive told Reuters. The company, which is controlled by State Grid Corp of China, the world's largest electricity utility, plans to bid for...

  • BRASILIA/ SAO PAULO, Sept 14- Brazilian police raided the home of Agriculture Minister Blairo Maggi on Thursday in a corruption investigation linked to his time as a state governor, adding to the graft scandals rocking President Michel Temer's government. Last month the Supreme Court opened a bribery probe into Maggi's role in a scheme known as "mensalinho," a...

  • BRASILIA, Sept 14- Brazil's federal police conducted a raid and search operation at the house of Agriculture Minister Blairo Maggi in Brasilia, related to an ongoing bribery and graft scandal, a person with direct knowledge of the situation said on Thursday. According to the source, the raid is linked to a plea deal by former Mato Grosso state governor Silval...

  • BRASILIA, Sept 13- Congressmen from Brazil's Social Democratic Party on Wednesday invited Finance Minister Henrique Meirelles to run for president in 2018, growing the list of potential contenders from within President Michel Temer's fragmented coalition. Other potential contenders being floated by ruling parties include Sao Paulo state governor...

  • SAO PAULO, Sept 13- Brazil's federal police on Wednesday arrested the chief executive of JBS SA, the world's No. 1 meatpacker, accusing him of insider trading ahead of a plea bargain he signed this year whose disclosure pummeled the company's stock. The accusations could hurt a plea deal that both brothers signed in May in relation to a three-year graft probe that...

  • SAO PAULO, Sept 13- Certain units of JBS SA, the worlds largest meatpacker, on Wednesday suspended cattle purchases temporarily following the arrest of Chief Executive Wesley Batista, a source familiar with the matter said. Ranchers said the company "had no price to offer" after reaching out to JBS buyers at the plants of Juara and Pontes e Lacerda, in the state of...

  • SAO PAULO, Sept 13- Certain units of JBS SA, the worlds largest meatpacker, have suspended cattle purchases temporarily following the arrest of Chief Executive Wesley Batista, a source told Reuters on Wednesday on condition of anonymity because of the sensitivity of the issue. Ranchers said, according to the source, the company "had no price to offer" after...

  • Temer and his coalition allies in Congress are confident they can block a second corruption charge that Brazil's top prosecutor, Rodrigo Janot, is expected to file against the president by the end of the week. Yet as long as Temer is in office, any charges against the president must be approved by the lower house of Congress in which he has retained enough backing...

  • SAO PAULO, Sept 13- Brazil's federal police on Wednesday detained the chief executive of JBS SA, the world's No. 1 meatpacker, saying he used insider information to avoid hefty losses related to a plea bargain he signed earlier this year. The accusations could hurt a plea deal that both brothers signed in May in relation to a three-year graft probe that has shocked...

  • SAO PAULO, Sept 13- Brazil's federal police on Wednesday detained the chief executive officer of JBS SA, the world's No. 1 meatpacker, saying he used insider information to avoid hefty losses related to a plea bargain signed earlier this year. Wesley Batista, who has been at the helm of JBS since 2011, was detained under an arrest warrant against him and his younger...

  • SAO PAULO, Sept 13- Brazil's federal police detained JBS SA Chief Executive Officer Wesley Batista on Wednesday, as an investigation escalated into the role played by him and his younger brother in suspected insider trading ahead of a plea bargain deal with prosecutors. The disclosure of their plea bargain testimony, which involved key politicians, led to...

  • SAO PAULO— Former President Luiz Inacio Lula da Silva told a Brazilian court Wednesday that the corruption charges against him stem from a witch hunt and questioned the impartiality of the judge. Silva's deposition in the southeastern city of Curitiba was the second time he faced off with Judge Sergio Moro, who oversees the country's sprawling investigation...

  • SAO PAULO, Sept 13- Brazil's federal police detained JBS SA Chief Executive Officer Wesley Batista early on Wednesday, as an investigation into his and his younger brother's role in potential insider trading ahead of a plea bargain deal with prosecutors escalated, two people with knowledge of the matter said. Earlier in the day, police issued a preventative...