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SAO PAULO/MEXICO CITY, Jan 11 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) said on Wednesday its chief executive and chief financial officer resigned after the discovery of around 20 billion reais ($3.88 billion) in accounting "inconsistencies." Lojas Americanas CEO Sergio Rial departed less than two weeks after taking the job, when he replaced Miguel Gutierrez. Joao Guerra, a long-time Americanas executive not involved with accounting or financial management, will take over as CEO on an interim basis. The amount of accounting inconsistencies is larger than the company´s net equity, 15 billion reais, said Fabrício Gonçalvez, CEO at Box Asset Management. The amount is also almost twice Americanas' 10.7 billion reais market capitalization, according to Refinitiv data.

☆ Factbox: Who is Russia's new war commander Gerasimov and why was he appointed?
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +5 min

Gerasimov's deputies will be Army General Sergei Surovikin, the previous theatre commander, appointed three months ago and nicknamed "General Armageddon"; Army General Oleg Salyukov; and Deputy Chief of the General Staff Colonel-General Alexei Kim. "Now the General Staff is directly and uncompromisingly responsible for absolutely everything," said Semyon Pegov, a Russian military blogger who uses the name Wargonzo. Gerasimov was appointed chief of the general staff and deputy defence minister by Putin on Nov. 9, 2012, three days after Putin's long-time ally Sergei Shoigu was made defence minister. Gerasimov played key roles in Russia's seizure of Crimea from Ukraine in 2014 and in Russia's game-changing military support for President Bashar al-Assad in the Syrian Civil War. Gerasimov was born on Sept. 8, 1955, in Kazan, rising through the ranks from Russia's tank forces to graduate in 1997 from the Military Academy of the General Staff.

☆ Russia says it is interested in future talks with Ukraine's human rights commissioners - TASS
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

Jan 12 (Reuters) - Russian Human Rights Commissioner Tatiana Moskalkova said on Thursday that both Moscow and Kyiv are interested in future contacts between their rights commissioners, the TASS news agency reported. Following a meeting this week in Turkey with her Ukrainian counterpart, Dmytro Lubinets, Moskalkova said she believed Ukraine had adopted a pragmatic approach to ongoing discussions between the two sides, TASS reported. At that meeting, the pair agreed the latest prisoner exchange between the two sides, with each releasing another 40 captured fighters. "They have taken a pragmatic approach and are ready for dialogue," Moskalkova said on Thursday, speaking of her Ukrainian counterparts. The most important thing is that it should not be politicised, but based exclusively on humanitarian and human rights principles," TASS quoted her as saying.

SAO PAULO, Jan 12 (Reuters) - Shares in Brazilian retailer Americanas SA (AMER3.SA) fell more than 75% on Thursday after its chief executive officer resigned citing the discovery of "accounting inconsistencies" totaling 20 billion reais ($3.9 billion). Rial attributed the inconsistencies to differences in accounting for the financial cost of bank loans and debt with suppliers. The outgoing CEO said Americanas would likely need a capital increase, though noted he didn't expect a short-term impact from the inconsistencies on its cash position. Analysts at Santander and JPMorgan, who rated Americanas "Neutral" and "Underweight" respectively, also forecast a major negative reaction to the news. PwC, Americanas' auditor, declined to comment on the accounting inconsistencies referred to by Rial.

☆ Canada, Mexico win auto rules trade dispute with U.S.
▼ + stars: | 2023-01-11 | by ( Steve Scherer | ) www.reuters.com time to read: +3 min

"The decision is good for Canada and Mexico," said Flavio Volpe, president of Canada's Automotive Parts Manufacturers' Association. The decision is "disappointing," said Adam Hodge, a spokesperson for the United States Trade Representative's office, adding that the decision could result in "fewer American jobs". The USTR will now "engage Mexico and Canada on a possible resolution to the dispute," Hodge said. The decision was announced amid a separate USMCA dispute centered on energy that has pitted the United States and Canada against Mexico. The United States said "core part" content should not be rounded up when determining the content of the entire car.

REUTERS/Adriano MachadoSAO PAULO/LONDON, Jan 9 (Reuters) - Brazilian equities were higher in choppy trade on Monday, a day after thousands of supporters of former President Jair Bolsonaro stormed government buildings in the capital, echoing the Jan. 6, 2021, insurrection in Washington. On Friday, both had performed better after Lula said the economy may grow while government finances are kept in check. On Monday hundreds of Brazilian police in riot gear and some on horseback amassed at an encampment of Bolsonaro supporters near Brasilia's army headquarters. "I think the situation will quickly normalize," said Cristian Maggio, head of portfolio strategy at TD Securities in London. "Yet, it is an event worth keeping an eye on, as it may not be fully over just yet."

[1/2] Supporters of Brazil's former President Jair Bolsonaro are pictured through broken glass as they hold a demonstration against President Luiz Inacio Lula da Silva, in Brasilia, Brazil, January 8, 2023. REUTERS/Adriano MachadoMEXICO CITY/SAO PAULO, Jan 9 (Reuters) - Brazilian assets may be hit by fresh volatility on Monday after supporters of former President Jair Bolsonaro stormed key government buildings, echoing the U.S. Jan. 6 insurrection of 2021, analysts said. Ricardo Lacerda, founder and CEO of Brazilian investment bank BR Partners (BRBI11.SA), said he expects markets to react with volatility in the short term, especially on Monday, given the higher institutional risk. But Komura expects the markets to recover by the end of the week considering a strong institutional reaction against the rioters. While large sections of the Brazilian banking industry has tended to back Bolsonaro given his free market credentials relative to Lula's Workers' Party, the sector's main industry association roundly condemned Sunday's violence.

Bolsonaro, a far-right nationalist, left Brazil for Florida on Friday after losing to leftist President Luiz Inacio Lula da Silva in Brazil's most fraught vote in a generation. Bolsonaro's U.S. trip insulates him from any immediate legal jeopardy in Brazil, where he is under investigation in at least four criminal probes. Under Brazil's constitution, a sitting president can only be arrested if he is convicted by the Supreme Court. From September, Lula will be able to install his own prosecutor general, who has the power to charge Bolsonaro if his cases remain with the Supreme Court. Bolsonaro also faces 12 requests for investigation at the Superior Electoral Court (TSE) for baseless claims Brazil's electoral system is liable to fraud, as well as alleged abuses of power for granting economic benefits to win votes.

☆ Oil set to end turbulent 2022 modestly higher
▼ + stars: | 2022-12-30 | by ( Florence Tan | Emily Chow | ) www.reuters.com time to read: +3 min

FILE PHOTO: A view shows Chao Xing tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. Brent looked set to end the year with a 7.6% gain, after jumping 50.2% in 2021. So I think oil prices may fall to $60 next year,” he said. Oil prices cooled quickly in the second half this year as central banks across the world hiked interest rates to fight inflation, boosting the U.S. dollar. Also, China’s zero-COVID restrictions, which were only eased in December, squashed oil demand recovery hopes for the world’s No.

☆ Oil set to end turbulent 2022 with second annual gain
▼ + stars: | 2022-12-30 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

FILE PHOTO: A view shows Chao Xing tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. “Next year is set to be another year of uncertainty, with plenty of volatility.”On Friday, Brent crude was up 32 cents, or 0.4%, to $83.78 a barrel by 0915 GMT. So I think oil prices may fall to $60 next year,” he said. Oil’s fall in the second half of 2022 came as central banks hiked interest rates to fight inflation, boosting the U.S. dollar. 2 consumer in 2022 posted its first drop in oil demand for years.

☆ Oil set to close higher in 2022, a turbulent year marked by tight supplies
▼ + stars: | 2022-12-30 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

FILE PHOTO: A view shows Chao Xing tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. U.S. West Intermediate crude was at $78.88 a barrel, up 48 cents, or 0.6%, after closing 0.7% lower on Thursday. Brent is set to close 2022 with a 5.76% gain after rising 50.2% in 2021. Also, China’s zero-COVID restrictions, which were only eased in December, squashed oil demand recovery hopes at the world’s No. Looking ahead on supplies, western sanctions will push Russia to divert more crude and refined products exports from Europe to Asia.

☆ Oil set to end volatile 2022 with second annual gain
▼ + stars: | 2022-12-30 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

FILE PHOTO: A view shows Chao Xing tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana MeelCrude surged in March with international benchmark Brent reaching $139.13 a barrel, the highest since 2008, after Russia’s invasion of Ukraine upended global crude flows. U.S. crude was set to rise about 5% in 2022, following last year’s gain of 55%. “So I think oil prices may fall to $60 next year..Oil’s decline in the second half of 2022, largely on rising interest rates to fight inflation, boosted the U.S. dollar. The world’s top oil importer and second biggest consumer in 2022 posted its first drop in oil demand for years.

☆ Latam M&A expected to recover in 2023, IPOs may take longer
▼ + stars: | 2022-12-27 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +4 min

SAO PAULO, Dec 27 (Reuters) - After a sharp drop in Latin American deals in 2022, bankers expect a slow recovery next year, led by M&A. The volume of M&A deals in Latin America fell 35% this year, to $86 billion, according to Refinitiv data. Bankers predict M&A volumes will grow up to 20% in the region next year as Latin America becomes more relevant among emerging markets. Latin America has a great opportunity to increase its share among emerging markets, said Latam M&A co-head at Citigroup Nicolas Roca. Share offerings fell 61% in Latin America this year to $13.4 billion, according to Refinitiv data through December 26.

☆ How London became the divorce capital of the world for the mega-rich
▼ + stars: | 2022-12-26 | by ( Bill Bostock | Charles R. Davis | ) www.businessinsider.com time to read: +5 min

A UK judge ordered Sheikh Mohammed of Dubai to pay a $679 million divorce settlement to his ex-wife. Princess Haya had filed for divorce in London, known as "the divorce capital of the world." It also reaffirmed London's status as the de facto "divorce capital of the world," at least for the rich and famous. The often-cited case — "White v White" — concerns Martin White and Pamela White, farmers from Somerset who filed for divorce in 1994. Lawyers for Khoo told the court that his case had enhanced "the ill-gotten reputation of this country for being the divorce capital of the world."

☆ Migrants dropped near home of Vice President Kamala Harris on frigid Christmas Eve
▼ + stars: | 2022-12-25 | by ( ) www.cnbc.com time to read: +3 min

Local organizers in Washington say three buses of recent migrant families arrived from Texas near the home in record-setting cold on Christmas Eve. Three buses of recent migrant families arrived from Texas near the home of Vice President Kamala Harris in the record-setting cold on Christmas Eve. Local organizers had expected the buses to arrive Sunday but found out Saturday that the group would get to Washington early, Laborde said. It was the coldest Christmas Eve on record for Washington, according to the Washington Post. Laborde said employees had blankets ready for the people who arrived on Christmas Eve and moved them quickly onto waiting buses for a ride to an area church.

☆ Migrants dropped outside VP Harris's home on blustery Christmas Eve
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Dec 25 (Reuters) - Busloads of migrants were dropped over Christmas weekend near Vice President Kamala Harris' residence in Washington amid freezing temperatures, having traveled from the southwest border in Texas, immigrant aid groups said on Sunday. Aides to Texas Governor Greg Abbott were not available to comment on whether the state coordinated their transportation. U.S. Vice President Kamala Harris participates in a working lunch on multilateral cooperation during the U.S.-Africa Leaders Summit, in Washington, U.S., December 15, 2022. REUTERS/Evelyn HocksteinThe Republican governor, a vocal critic of the Biden administration's immigration policies, and some other Republican governors have been transporting migrants to Democratic-controlled cities in the northern United States. Laborde said that in the past week, nine busloads of migrants have been dropped off in Washington.

☆ The Year in Pictures 2022
▼ + stars: | 2022-12-19 | by ( The New York Times | ) www.nytimes.com time to read: +57 min

Every year, starting in early fall, photo editors at The New York Times begin sifting through the year’s work in an effort to pick out the most startling, most moving, most memorable pictures. But 2022 undoubtedly belongs to the war in Ukraine, a conflict now settling into a worryingly predictable rhythm. Erin Schaff/The New York Times “When you’re standing on the ground, you can’t visualize the scope of the destruction. Jim Huylebroek for The New York Times Kyiv, Ukraine, Feb. 25. We see the same images over and over, and it’s really hard to make anything different.” Kyiv, Ukraine, Feb 26.

☆ Viktor Bout praises Putin, enjoys celebrity status after Griner exchange
▼ + stars: | 2022-12-12 | by ( Mithil Aggarwal | ) www.nbcnews.com time to read: +5 min

He has since given high-profile interviews to state media and on Monday appeared on stage at a political event as he joined an ultranationalist party. Viktor Bout on a plane in Abu Dhabi before departing for Russia on Thursday. Russian media also showed him walking off a plane in Moscow, where relatives waiting with flowers embraced him. AFP - Getty ImagesSince his return home, Bout has given a pair of interviews to Maria Butina on the state-run TV channel RT. Like Butina, who was elected to the State Duma last year, Bout spared no time kicking off a potential political career.

☆ Brazil economy ministry rejects Lula transition team's judgment on finances
▼ + stars: | 2022-12-11 | by ( Nayara Figueiredo | ) www.reuters.com time to read: +2 min

SAO PAULO, Dec 11 (Reuters) - Brazil's Economy Ministry on Sunday rejected assertions by president-elect Luis Inacio Lula da Silva's transition team that the outgoing administration was leaving government finances "bankrupted." The Economy Ministry said in a statement that gross debt will reach 74% of GDP by the end of the year, with a primary surplus (excluding debt costs) of 23.4 billion reais, the first since 2013. Last week, the Planning and Budget group in Lula's camp said President Jair Bolsonaro is leaving the Brazilian state "bankrupted," according to former minister and transition team member Aloizio Mercadante. Brazil will pay international financial institutions $1.23 billion next year, 20% below the $1.56 billion that was due in 2016, the ministry said. Lula's transition team is in talks to approve a bill allowing 145 billion reais in expenses above the current legally allowed ceiling.

UNMASKINGGlobal oil and energy consumption have been falling since the third quarter under the impact of exceptionally high prices and a slowing economy. But the impact was initially masked by concerns about the planned introduction of the price cap on Russia's crude and refined products exports. Traders anticipated the price cap and Russia's response would cut production by more than the economic slowdown cut consumption. LESSONS FROM 2014The recent slump in oil prices shares some, though not all, characteristics with the slump occurring in the third quarter of 2014 ("A brief history of the oil crash", Reuters, January 2015). It is also probable recent hedge fund liquidation has exaggerated the recent fall in oil prices creating some headroom for a short-term rebound; positions are now unusually low.

☆ Anti-war protesters in Italy denounce La Scala for staging Russian opera
▼ + stars: | 2022-12-07 | by ( Sara Rossi | ) www.reuters.com time to read: +2 min

[1/5] Demonstrators holding Ukrainian flags and signs protest outside of La Scala opera house, ahead of its 2022-23 season opening night performance of "Boris Godunov," a Russian-composed opera performed by Russian artists, in Milan, Italy, December 7, 2022. REUTERS/Flavio Lo ScalzoMILAN, Dec 7 (Reuters) - Anti-war protesters demonstrated outside Milan's La Scala theatre on Wednesday before it opened its 2022-2023 opera season with a gala performance of the Russian work "Boris Godunov". Around 20 people waved the Ukrainian flag and held up placards denouncing Russian President Vladimir Putin for the invasion of Ukraine in February. She questioned why La Scala had not changed its programme over the nine months since the war began. La Scala artistic director Dominique Meyer last month defended its decision to stage the work, written by Russian composer Modest Mussorgsky in the 19th century, after protests from Ukrainian exile groups.

☆ Protests held as Italy's La Scala opens season with Russian opera
▼ + stars: | 2022-12-07 | by ( Sara Rossi | ) www.reuters.com time to read: +3 min

[1/5] Demonstrators holding Ukrainian flags and signs protest outside of La Scala opera house, ahead of its 2022-23 season opening night performance of "Boris Godunov," a Russian-composed opera performed by Russian artists, in Milan, Italy, December 7, 2022. REUTERS/Flavio Lo ScalzoMILAN, Dec 7 (Reuters) - Milan's La Scala theatre opened its 2022-2023 opera season on Wednesday with a gala performance of the Russian work "Boris Godunov" as protesters against the Ukrainian war demonstrated outside the venue. "We have nothing against the Russian people, against Russian history, against Russian culture," Meloni told reporters before the performance. She questioned why La Scala had not changed its programme over the nine months since the war began. Russian bass Ildar Abdrazakov took the lead role as Godunov while Russian soprano Anna Denisova was Kseniya, his daughter.

But keeping Russian oil on the market and global prices low soon became the bigger priority as oil prices jumped, people familiar with the mechanism's evolution and energy analysts said. Analysts said the cap will have little immediate impact on the oil revenues that Moscow is currently earning. "I really think that the U.S. Treasury's main objective was to defuse the EU embargo," on Russia's oil exports, Cahill said. The official said the price cap is "institutionalizing" current market discounts, arguing that the price cap created them. The $60 price cap level was agreed on Friday after fierce debate.

☆ G7 price cap on Russian oil kicks in, Russia will only sell at market price
▼ + stars: | 2022-12-05 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

The price cap, to be enforced by the G7, the European Union and Australia, comes on top of the EU's embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain. It allows Russian oil to be shipped to third-party countries using G7 and EU tankers, insurance companies and credit institutions, only if the cargo is bought at or below the price cap. Because the world's key shipping and insurance firms are based in G7 countries, the cap could make it difficult for Moscow to sell its oil for a higher price. Russia, the world's second-largest oil exporter, said on Sunday it would not accept the cap and would not sell oil that is subject to it, even if it has to cut production. In essence, such a decree would ban the export of oil and petroleum products to countries and companies that apply it.

The G7 and Australia said in a statement the price cap would take effect on Dec. 5 or very soon thereafter. "The Price Cap Coalition may also consider further action to ensure the effectiveness of the price cap," the statement read. The G7 price cap will allow non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price cap. Because the most important shipping and insurance firms are based in G7 countries, the price cap would make it very difficult for Moscow to sell its oil for a higher price. The initial G7 proposal last week was for a price cap of $65-$70 per barrel with no adjustment mechanism.

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