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Brazil’s State Oil Company Takes Massive Loss From Corruption

Brazil’s state-owned oil company, Brasileiro SA, has reported a huge loss for 2014, driven in part by a massive charge against earnings due to corruption. And the Petrobras scandal has reverberated beyond the oil company to Brazil’s top political tiers. Earnings released this month show a staggering net loss of 21.6 billion Brazilian reals - $7.2 billion - with $2.1 billion directly related to corruption. Multiple sources report that this scandal involves alleged overcharges to...

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