Argentina's government stressed on Tuesday that it will continue to service restructured debt regardless of the outcome of its legal fight with bondholders who refused to accept its debt-restructuring offers, Reuters reported. The government laid out its position in a statement ahead of filing its latest court papers in the U.S. Supreme Court in the high-profile litigation. The nine justices are set to consider whether to hear Argentina's appeal on June 12.

Oléo e Gás Participações SA, OGXP3.BR +6.25% Brazilian businessman Eike Batista's oil company, announced late Friday changes to its restructuring plan, placing in the spotlight a $1 billion put option that the former billionaire never repaid, The Wall Street Journal reported. Rio de Janeiro-based OGP, formerly known as OGX Petróleo e Gás Participações SA, filed for bankruptcy protection in October 2013. In December, creditors accepted a restructuring plan that would have canceled the put option. But, in March, prosecutors, who are investigating Mr.

Eike Batista’s bankrupt shipbuilder, OSX, has presented its long-awaited restructuring plan, seeking approval to pay back its $2.6bn of debt over 25 years, the Financial Times reported. Under the proposal, Brazil’s former richest man plans to ensure the company’s survival by leasing the areas OSX owns in the vast Açu Port complex in Rio de Janeiro. It may also seek to raise additional funds, possibly through the sale of stakes in the company, OSX said in the plan it presented to a Rio court late on Friday.

The onetime Brazilian billionaire Eike Batista has begun his formal defense against the insider-trading allegations brought by Brazil’s main securities regulator, the C.V.M., the International New York Times DealBook blog reported. Federal prosecutors in the country are also investigating Mr. Batista’s actions. But Mr. Batista’s ultimate saving grace may be that no one in Brazil has ever gone to jail for insider trading, and lawyers say that is unlikely to change now. Based on the track record of previous cases, the worst outcome Mr. Batista probably faces is a fine. Ever since Mr.

The war on those stashing undisclosed money offshore intensified this week when 47 countries, including the Group of 20 and some prominent tax havens, sealed a pact that will shake up the sharing of tax information, The Economist reported. Under the present system, countries have to file requests with each other for data on suspected cheats. Even reasonable enquiries are often rejected as “fishing expeditions”. In future the signatories—and dozens of others that will be pressed into joining later—will automatically exchange information once a year.

Prosecutors in Rio de Janeiro state have asked a Brazilian court to freeze the assets of businessman Eike Batista as a precautionary measure, a spokesman for the public prosecutors said, The Wall Street Journal reported. The spokesperson said he couldn't provide further details because the probe is subject to judicial secrecy. Mr. Batista is under investigation by the federal police for alleged financial crimes connected to his distressed oil company, formerly known as OGX Petróleo e Gás Participações SA. Mr. Batista couldn't be immediately reached for comment.

Oleo e Gas Participacoes SA, the bankrupt oil company controlled by Brazilian tycoon Eike Batista, received a $44 million offer for five oil exploration and production blocks in Colombia, the company said on Friday. The offer involves $30 million in cash and the assumption of $14 million in future exploration obligations in Colombia, Oleo e Gas said in a statement. It did not give the name of the investor or company making the offer. Oleo e Gas was formerly known as OGX Petroleo e Gas Participacoes SA.

After a year in office, Nicolás Maduro has made little headway in correcting the economic distortions bequeathed by his Comandante. Since Hugo Chávez died in March last year, Venezuelans have suffered rapidly deteriorating economic conditions, from a yawning budget deficit to galloping inflation and widespread shortages of goods, from milk to toilet paper, the Financial Times reported. But the people have pushed back.

Brazil’s federal police have opened an investigation into former billionaire Eike Batista for financial crimes, including insider trading, manipulation of markets and money laundering, Brazilian media reported on Friday. If the police probe leads to criminal charges against Batista, it would be yet another major blow for a businessman once hailed as Brazil's model entrepreneur and symbol of its economic success. Batista’s EBX oil, mining and logistics empire, which two years ago was valued at $60 billion, collapsed last year in a mountain of debt and massive filings for bankruptcy protection.

For a bunch of people who just agreed the global economy is doing better, top officials from the world's rich and poor nations sound rather worried. For poor nations, the easy monetary policies in advanced economies are leading to big swings in capital flows that could destabilize emerging markets. For rich countries, the hoarding of currency by developing nations is blocking progress toward a more stable global economy.