Brazil's Odebrecht files for bankruptcy protection after years of graft probes






SAO PAULO (Reuters) - Brazilian conglomerate Odebrecht SA filed on Monday for bankruptcy protection, aiming to restructure 51 billion reais ($13 billion) of debt in what would be one of Latin America’s largest-ever in-court debt restructurings.

The bankruptcy filing comes after years of struggles for Odebrecht, the biggest of the Brazilian engineering groups caught in a sweeping political corruption investigation that has rippled across Latin America.

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U.S. court voids $65 million settlement tied to Allen Stanford Ponzi scheme






(Reuters) - A federal appeals court on Monday threw out a settlement requiring insurers to pay $65 million to a court-appointed receiver for companies once run by Allen Stanford, the Texas financier serving a 110-year prison term for running a large Ponzi scheme.

By a 3-0 vote, the 5th U.S. Circuit Court of Appeals said the judge who approved the accord lacked authority to void or release some claims against the insurers, including underwriters at Lloyd’s of London, and bar further legal challenges over their policies and Stanford’s companies.

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Insurance costs rocket for U.S. IPOs as twitchy investors take to courts






(Reuters) - Companies going public in the United States face insurance costs that have increased as much as 200% in the last three years to cover their executives against lawsuits alleging they misled investors.

A rise in securities class-action cases involving initial public offerings is spurring IPO insurers to double and triple prices for directors and officers coverage, or “D&O” coverage, insurers and brokers told Reuters.

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Faith in the Fed nudges Wall Street higher






(Reuters) - Wall Street edged higher on Monday, supported by Facebook, Amazon and Apple, as investors awaited a key Federal Reserve meeting that is expected to lay the groundwork for an interest rate cut later this year.

The U.S. central bank is expected to leave borrowing costs unchanged at its two-day policy meeting starting Tuesday, but its statement will provide insight into the impact of the U.S.-China trade war, President Donald Trump’s calls for a rate cut and weaker economic data.

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Dollar steady ahead of Fed meeting; low chances of June rate cut






NEW YORK (Reuters) - The U.S. dollar was roughly unchanged on Monday, hovering near the two-week high set earlier in the session as investors reconsidered how dovish the Federal Reserve is likely to be at this week’s policy meeting.

Broader currency markets were quiet, as traders hesitated to put on large positions before the Fed’s two-day meeting, a meeting of European Central Bank policymakers in Portugal and the Bank of England’s interest rate decision on Thursday.

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New blow to Boeing from engine delay, Airbus long-range rival takes off






PARIS, France (Reuters) - Boeing suffered a fresh setback at the opening of the Paris Airshow on Monday as the U.S. planemaker’s engine supplier revealed a delay affecting its all-new 777X jet, while Airbus targeted the middle of the market with a rival plane.

GE Aviation said it had found unexpected wear in a component for the GE9X engine it is making for Boeing’s 777X, the world’s largest twin-engined jet, forcing a delay of several months while it redesigns and tests the part.

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Papa John's dismisses KPMG as its auditor, hires EY






(Reuters) - Papa Johns International Inc said on Friday it dismissed KPMG LLP as its financial auditor and appointed Ernst & Young LLP, which served as its bookkeeper from 1990 to 2017, to handle its accounts for the fiscal year ending December 2019, according to a regulatory filing bit.ly/2wWOIUg.

Papa John’s disclosed in February that it was unable to file its annual report for the year ended Dec. 30, 2018, on time because KPMG required more time to complete its audit of the company’s financial statements.

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Workers at VW's Tennessee plant vote against union representation






DETROIT (Reuters) - Workers at Volkswagen AG’s assembly plant in Chattanooga, Tennessee, have voted against union representation, the German automaker and the United Auto Workers (UAW) union said on Friday.

Workers voted 833 to 776 vote against being represented by the UAW, continuing the union’s decades long run of failures to organize a foreign automaker’s plant in the U.S. South.

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