Embraer SA will have the right to block ten crucial matters in the commercial-aircraft joint venture it’s forming with Boeing Co, according to a Memorandum of Understanding between the two companies, Bloomberg News reported. The document was made available via the website of the Sao Jose dos Campos Metalworkers Union on Sept. 21 after the Labor Prosecutor’s Office requested a copy of the MoU under judicial confidentiality and made it public…Embraer’s American Depositary Receipts reversed earlier gains after the MoU was reported and were trading down 0.3 percent to $19.72 at 2:08 p.m.

A Rio de Janeiro appeals court has determined that billions of dollars in fines owed to regulators by Brazil’s Oi SA will be included in the company’s bankruptcy recovery package, a ruling showed on Wednesday. Oi, Brazil’s largest fixed line telecom company, entered bankruptcy in 2016, and in late 2017 creditors approved a plan to convert billions of dollars of debt into fresh equity, Reuters reported.

Brazil's state-run oil giant Petróleo Brasileiro SA aims to raise output as much as 10 percent to around 2.3 million barrels per day (bpd) in 2019 and cut net debt by $10 billion (7.62 billion pounds), Chief Financial Officer Rafael Grisolia told Reuters. The world's most indebted oil company is on course to reduce debt to $69 billion by the end of this year despite falling short of its $21 billion asset sales target, Grisolia told Reuters in an interview in New York late Friday.

Brazil’s Natura Cosmeticos SA recently approached Avon Products Inc. about a takeover, according to people familiar with the matter. The companies aren’t in serious talks and Avon, which has received other expressions of interest, is focused on turning itself around and reviving its shares, one of the people said. Following years of decline in its once-formidable direct-sales business, Avon had a market value as of Monday’s close of just $900 million, The Wall Street Journal reported.

Brazilian infrastructure operator Invepar should focus on refinancing its substantial debt load instead of pursuing an immediate sale, the chief executive of pension fund Previ, one of Invepar’s key investors, said on Monday. Speaking on the sidelines of a pension fund event in Florianopolis, Previ’s José Mauricio Coelho said Invepar may issue new debt or extend maturities on its current debt, instead of looking for an investor to take control of the company and inject cash, Reuters reported. Invepar has lost 1.2 billion reais ($291 million) over the last two years.

Turkey’s market mayhem came as no surprise to many emerging-market veterans. What investors may be underestimating, though, is the contagion risk for Brazil, according to Carmen Reinhart, the Cuban-born economist whose warning in May of perils to come proved prescient, Bloomberg News reported. "Do I think Turkey will turn into a major contagion episode? I think a key answer is what happens in Brazil," the Harvard professor said in an interview, citing high liquidity, political uncertainty and a debt-to-GDP ratio not seen in two centuries.

Speculation about consolidation is a staple in Brazil’s highly competitive, fast-growing telecom sector. Now, conditions may be ripe for action. NII Holdings Inc. has skyrocketed this year in New York trading, signaling that investors are stepping up their M&A bets as two favorite targets finish actions that could pave the way for deals, Bloomberg News reported. Nextel Telecomunicacoes Ltda., NII’s Brazilian unit, concluded a debt restructuring and is in better shape to be acquired as the country slowly exits a long recession.

The construction unit of Brazilian conglomerate Odebrecht SA is seeking to win $18 billion in engineering contracts in the next two years and could partner with a strategic foreign investor, the unit’s chief executive, Fabio Januário, told Reuters. Januário said a foreign partner could help to reduce dependence on Brazil’s oil and gas sector, whose fortunes have swung sharply over the past decade with the price of crude oil, Reuters reported. “We are open to partners but it has to be someone who gives us that,” Januário said during an interview on Friday.

Oi SA, Brazil’s largest fixed line telecom firm, called a general shareholders’ meeting on Sept. 3 in Rio de Janeiro to formally vote on a 4 billion reais ($1.07 billion) capital injection, the company said, Reuters reported. In a securities filing made late on Wednesday night, the firm said shareholders would also consider the composition of a new board of directors and a number of by-law changes, confirming a Reuters report earlier in the day which said Oi would send the invite for the meeting as early as this week.