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Brazil's economy hurt by unknown cost of Petrobras' corruption
Brazil's economy hurt by unknown cost of Petrobras' corruption

Brazil's economy took another hit Wednesday after its state-controlled oil company admitted it couldn't calculate how much money had been lost in a vast corruption scandal. Petrobras, until last year Latin America's largest company by market value, released third-quarter financial results that were incomplete, unaudited and two months late. Shares dived 9% as investors reacted to the ongoing blowback from an alleged kickback scheme. The alleged scheme involving potentially $4 billion has been one of the major drags on Latin America's largest economy, and officials concede Brazilians face a difficult year of spending cuts and tax hikes before the country has any chance...

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