05062016Fri
Last update: Fri, 06 May 2016 12am

South America

World - South America

Brazilian exchanges plan to launch power futures contracts SAO PAULO: Two Brazilian exchanges are planning to launch electricity futures contracts this year, betting that companies will jump at the chance to protect against big price swings amid an uncertain outlook for the sector.BBCE, an over-the-counter, electronic platform to trade power, and Brix, an electricity exchange partly owned by the Intercontinental Exchange (ICE), said they are working on the derivatives' terms and seeking regulatory approval.Brazil spot power prices have oscillated widely in the last three years as a harsh drought followed by one of the strongest El Nino weather patterns on record dramatically changed projections for power generation on the country's mostly hydroelectric power matrix."We might be able to have that available for trade from May," BBCE's head Victor Kodja told Reuters, referring to the contract.Both exchanges plan to develop non-deliverable forward contracts with financial liquidation only. They hope to attract investors outside the power sector to improve liquidity ...

World - South America

Brazilian impeachment commission head to give symbolic verdict BRASÍLIA: The head of Brazil's impeachment commission was to give his verdict Wednesday on whether President Dilma Rousseff should be ousted, raising the temperature another notch in a political crisis engulfing Latin America's biggest country.Lawmaker Jovair Arantes, who presided over the cross-party congressional commission examining the fate of Brazil's first woman president, was to present his recommendation at 1700 GMT.Arantes' decision is non-binding and mostly of symbolic value but will move the furious debate over ...

World - South America

Brazil president faces key call in impeachment drive BRASÍLIA: Brazilian President Dilma Rousseff's battle to cling to power enters a crucial phase Wednesday as lawmakers hear a motion on whether there are grounds to impeach her.A congressional committee has wrapped up its preliminary sessions and will now hear lawmaker Jovair Arantes present his recommendation on whether congress should vote to open an impeachment trial. He is expected to make his recommendation to the commission at 1700 GMT. Brazil's political crisis rumbled on Tuesday ...

World - South America

Brazil's Rousseff says no cabinet changes before impeachment vote BRASILIA: Brazil's President Dilma Rousseff on Tuesday said she is not planning a cabinet reshuffle, ignoring calls for immediate changes in her administration that would help secure political support to defeat an upcoming impeachment vote.Since Rousseff's main coalition partner, the Brazilian Democratic Movement Party (PMDB), broke away last week her government has offered jobs and pork barrel to other wavering allies ahead of an impeachment vote in the lower house expected for mid-April.Her Workers' Party ...

World - South America

Argentina president urged to explain Panama Papers link BUENOS AIRES: Argentine President Mauricio Macri's political opponents urged him Monday to clarify his links to a company named in the Panama Papers offshore finance scandal.The conservative president, his father, and his brother Mariano were on the board of directors of Fleg Trading, an offshore company registered in the Bahamas, the newspaper La Nacion reported.Several top members of the Renewal Front, a center-right alliance that forms part of the political opposition, called for Macri to ...

World - South America

Brazil attorney general seeks legal block of Rousseff impeachment case SAO PAULO: Brazilian Attorney General Jose Eduardo Cardozo will ask a Congressional committee on Monday to dismiss impeachment proceedings against President Dilma Rousseff on the grounds there is no legal basis for the claim, his office said in a statement. Cardozo will argue that the decision by the speaker of the lower house, Eduardo Cunha, to accept the impeachment request was motivated by his desire for political revenge against his bitter political enemy, Rousseff. The ...

World - South America

Brazil's president makes final plea to impeachment committee BRASÍLIA: Brazilian President Dilma Rousseff's top lawyer will present final arguments before an impeachment committee Monday at the start of a crucial two weeks in the embattled leader's bid to stay in power.Solicitor General Jose Eduardo Cardozo was due to face the cross-party committee for the last time before it votes on whether to recommend Rousseff face trial for allegedly illegal accounting practices.The session was expected to start at around 1930 GMT.The commission recommendation, scheduled ...