OIL EDGED DOWN ON FEARS OF OVERSUPPLY
Oil prices edged down in London trading Tuesday, one day after hitting a three-week low on data showing increased U.S. shale production and a decline in Chinese refinery demand.
Brent crude, the global oil benchmark, fell 0.43% to $50.50 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 0.40% at $47.40 a barrel.
FORMER PEMEX CEO EMILIO LOZOYA TOOK BRIBES, SAY EX-ODEBRECHT OFFICIALS
Ex-officials of Brazilian construction firm Odebrecht SA say the company gave some $10 million in bribes to the former head of Mexico’s state-run oil firm Petróleos Mexicanos, reports The Wall Street Journal’s Juan Montes.
Three former executives for Odebrecht, Latin America’s largest construction firm, told Brazilian prosecutors that Emilio Lozoya, a past chief executive of Pemex, was paid bribes according to testimony published late Sunday in local news outlets.
The Wall Street Journal hasn’t independently confirmed the testimony but has reviewed bank records the executives provided to the prosecutors in support of their allegations.
Mr. Lozoya denied the allegations on Monday. The improper transaction supposedly happened partly when Mr. Lozoya was a top campaign official for Mexico’s President Enrique Peña Nieto.
Eduardo Sánchez, a spokesman for Mr. Peña Nieto, said the allegations were “absurd and false.”
In December 2016, Odebrecht admitted it paid nearly $800 million in bribes across Latin America and Africa, as a part of a $2.6 billion plea bargain agreed with U.S. authorities.
ISRAEL BILLIONAIRE DETAINED IN FRAUD INVESTIGATION, POLICE SAY
Israeli authorities on Monday detained billionaire Beny Steinmetz for questioning in a fraud probe, months after he was taken into custody and released in connection to an international corruption investigation, writes Rory Jones.
“In a public statement, the police said five suspects were asked about allegations of fraud, money laundering and creating fictitious contracts in a foreign country.
The statement didn’t name any of the individuals questioned. A police official, however, later identified Mr. Steinmetz as one of the five,” the Journal reports.
A lawyer for Mr. Steinmetz couldn’t immediately be reached for comment.
Mr. Steinmetz was last taken into custody by Israeli police in December on suspicion of paying bribes in 2008 to government officials in Guinea to secure mining rights the West African nation. He was later released without charge.
Guinea’s Simandou mine was sought after because of its size and high quality of iron ore. Rio Tinto, the last western firm to acquire rights to the mine, sold its stake to Aluminum Corp. of China for about $1.3 billion in 2016.