Airline Wins U.S. Bankruptcy Order
Latin America's biggest airline, Viacao Aerea Rio-Grandense, also known as Varig, won a court order blocking U.S. creditors from trying to seize its assets as the company reorganizes in Brazil. Varig filed for bankruptcy protection in Rio de Janeiro and in New York under Section 304 of the U.S. bankruptcy code, which bars creditors and others from interfering while a debtor reorganizes in another country.
Buffett Keeps Bet Against Dollar
Warren E. Buffett, right, the billionaire chairman of Omaha-based Berkshire Hathaway, is sticking to his bet against the U.S. dollar even as a rally in the currency produced more than $300 million in losses this year. Buffett said he expects the dollar will weaken over time because of the widening U.S. trade deficit.
Coca-Cola to Examine Its Labor Practices
Coca-Cola will examine its labor and business practices in India and Colombia to keep $1.3 million in contracts with the University of Michigan. Atlanta-based Coca-Cola repeatedly has denied allegations of environmental and human rights abuses, but officials said they would look into the matter to comply with a Michigan directive calling for an independent audit.
Power System to Be Upgraded
Venezuela plans to spend as much as $600 million this year to upgrade its power system to meet soaring demand, the state electricity company said. Nervis Villalobos, president of CA de Administracion y Fomento Electrico, said the company's plans include completing at least three projects for power-generating plants.
Venezuela, which has South America's highest per-capita electricity use and lowest rates, needs to boost power output to meet expected growth in demand.
Compiled from staff and news service reports.