that is, until this former petrobras executive, pedro barusco, offered to return a whole lot more. >>gnol: he said that he had money abroad. and then somebody asked him, "oh, how many-- how much money do you have abroad?" and he said-- "ninety-- $97 million and-- " >> cooper: $97 million? >> dallagnol: yeah, yeah. it was too high a figure, for us to imagine. >> cooper: in some cases, petrobras executives laundered their money by buying artwork. police have confiscated so much art, they've mounted a show for the public at this museum in curitiba. the paintings may differ stylistically, but many share a common theme: they once hung on the walls of a petrobras executive now serving time in prison. if you're wondering how they got so much money out of a national oil company without anybody noticing, what happened with the building of the comperj refinery, 30 miles east of rio, is a good example. the multi-billion-dollar project was supposed to create more than 100,000 jobs. but today, the refinery sits unfinished, billions over budget, its future in doubt. the people who moved here for jo

prosecutors and former executives at petrobras say that lula was in the thick of this game, millions in bribes allegedly funneled into his campaign fund. >> a storm is brewing between filmix and the cannes festival. this year, two netflix films are in competition for the first time ever but the festival says this will be the first and last time, unless the video-on-demand company agrees to give its movies a release in cinemas as well. inwhen the lights go up cannes next week, it will be the first time a netflix film makes it into the competition, and it may be the last time, too. after two netflix films were nominated, they asked the company to be released in french cinemas, but netflix said no. they want perjury was to use their paid streaming services, a stance that has enraged the movie sector theater in france. netflix, theeo of california company is in its right. he said the establishment is closing ranks against us. theater chains want to block us from entering the cannes film festival. ther talks, they said that films will be allowed to stay in the competition but to abuse the

when former petrobras executive paulo roberto costa implicated

it would give exxon access to oil fields and infrastructure in brazil, while petrobras would gain expertiseproduction and refining. they are looking at brazil after the government opened it up -- the market up to competition. says it expects a first-quarter loss of $130 million because of wrong way bets on coal. it was once the largest commodity trader in asia but has faced years of falling profits and credit rating cuts. it has been a tactic for -- for tax for accounting practices. rishaad: let's look at the commodities index. it has fallen 6% this year, metals leading losses, a torrid .ime, and oil as well essentially this is what we have, you just see the s&p go up and up and up, but at the same time, well, look at this, look at the bloomberg commodities index. it has full and back. who better to talk to about this is greg smith. how are you reading this? you can be a contrarian at times. is this a buying opportunity? day, make. isn't that a fabulous chart. buy low, sell high. if you look at the relative value of the s&p versus commodities, you can take some profit out of equities, by so

he is accused as part of the petrobras scandal that involves hundreds of brazilian politicians. if found guilty, you get beheaded for jail. but if not, he's expected to make a bid for reelection next year. they are meant to symbolize eternal love, but the padlocks changed by couples to bridges over the seine could be about to fetch some cold hard class -- cash. city officials have decided to auction them off, with all the proceeds going to charity. >> locks from around the world that were left on paris bridges, each one with its own message of affection. some are now being auctioned off. group of a few locks to anan entire bridge panel that weighs in at halftime. since being removed from paris bridges, they were taken to a storage facility and the more original ones were picked for the auction block. >> we chose according to the color, the shape, the variety, and drawings. >> they are are estimated to fetch between 150 euros to of to 10,000 for an entire panel. the proceeds will go to three charities that help migrants that have just arrived in the city of light and love. very r

of brazil's lower house is currently serving time for corruption and for his involvement in the petrobrascandal. president's is heard acknowledging and encouraging the bribes. the president's office prompt he denied the report. report.tly denied the >> what we have all been waiting for has finally happened. concrete evidence of corruption. >> he became acting president over a year ago after the impeachment of former president, dilma rousseff. it was a political earthquake in brazil. genie: the biggest film festival in the world kicked off yesterday in cannes. more about the very first films being screened in competition today. grexit is the first day of the official competition here in cannes. the hot ticket tonight is wonder struck. it is the story of two deaf children whose destinies are intertwined in the new york of the 1920's and the 1970's. it stars michelle williams and julianne moore. she is accompanied by some talented young child actors. let's take a look at them in action. this is seen as a triumphant return for director todd haynes. he directed his 2015 film carol at the festi

there are many people in petrobras who are corrupted and who are accused of corruption.i think it's very clear the one who corrupted, the one who was corrupted should be prosecuted with a right to defense without spectacular media treatment. because what's happening in brazil is that the media places people on trial before the case even goes into the courts. now, i don't think that in any democracy in the world, as far as i know, the media can take the place of the judiciary. i don't believe the media guarantee the right to defense. it plays a fundamental role in democracy. now the role of meting out , justice has to be performed by those who have an institutional mandate to do so. amy: finally,, president roussef , in the 1960's, you were involved with the underground resistance to oppose dictatorship. are you seeing a right-wing shift in latin america and the united states? and what form do you think that resistance should take today? today it is difficult. i believe that our resistance today -- and this is a major gain for us in latin america - today we can resist wit

was convicted as part of the country's biggest corruption scandal linked to the state oil company, petrobrashey could work together on a number of crises during their first phone call since washington ordered missile strikes against a syrian airbase. the white house said donald trump and vladimir putin agreed that the civil war in syria had dragged on far too long and that all parties had to step up efforts to end it. president putin was also asked at a press conference whether russia had interfered with the american election. we never interfere in the political life and the political processes of other countries, and we don't want anybody interfering in our political life. you've referred to the us example, which is not confirmed by anything or anyone. these are just rumours used in the internal political struggle in the us. hillary clinton has been talking in more detail about her defeat by donald trump. at an event in new york city, she took some of the blame for her losing campaign, but said there were other factors at play. it wasn't a perfect campaign, there is no such thing. but i was

that he received an apartment as a bride in corruption scandals linked with the state oil company petrobrass of the eight countries with territory in the arctic circle are meeting in alaska amid confusion about the us government's policy on climate change. the effects of a warming climate are being felt particularly keenly in the arctic and they are eager to learn what us policy on climate change will be. a draft copy of the election manifesto for britain's main opposition labour party has been leaked. the document obtained by the bbc and several newspapers includes plans to nationalise britain's railway network, pa rt—nationalise its energy industry and to scrap university tuition fees. the manifesto wasn't due to be be published until next week. stay with us on bbc news. still to come: they left the west to fight for islamic state, but as the group loses ground in syria, europe doesn't want them back. so what next for these is defectors? the pope was shot and the pope will live. that was the essence of the appalling news from rome this afternoon. as an italian television commentator put i

that he received an apartment as a bride in corruption scandals linked with the state oil company petrobrashe eight countries with territory in the arctic circle are meeting in alaska amid confusion about the us government's policy on climate change. the effects of a warming climate are being felt particularly keenly in the arctic and they are eager to learn what us policy on climate change will be. stay with us on bbc news. still to come: they left the west to fight for islamic state, but as the group loses ground in syria, europe doesn't want them back. so what next for these is defectors? the pope was shot and the pope will live. that was the essence of the appalling news from rome this afternoon. as an italian television commentator put it, terrorism has come to the vatican. the man they called the butcher of lyon, klaus barbie, went on trial today in the french town where he was the gestapo chief in the second world war. winnie mandela never looked like a woman sentenced to six years injail. the judge told mrs mandela there was no indication she felt even the slightest remorse. the chi

tumbling.arket petrobras among the biggest losers. iran has hit back at new u.s.ctions, denouncing them as illegal and imposing countermeasures. targeting seven entities, including the ceo of booz allen hamilton, alleging human rights violations. the u.s. is working to curb iran's ballistic missile program and will continue to cut under the 2015 deal. iran voting today in the presidential election, seen as the most important since the founding of the islamic republic. the economy has been a major issue. rouhani is defending his record. haidi: alibaba disappointed investors, earnings heard by a high tax bill and greater spending on entertainment and the cloud. shares fell the most in the year, the biggest intraday drop since june, but recovered to close in the positive. ryan, well, president trump has tried to distinguish the political firestorm raging in washington, categorically denying he did anything, claiming he is the victim of a which hot. the story.ys has what can we read into not just what the president said, but what he has been tweaking as well? were in

likebrazilian companies, petrobras and good out come -- gerdau, a steelmaker, are up as well.ulia: president trump is set to leave on a 12 hour flight to saudi arabia, and you are looking at pictures of the presidential plane on the tarmac right now. it comes in a key time for president trump. he battles a swirl of controversy here at home. this particularly over his firing of fbi director james comey. we have coverage with the national political correspondent on set with us. shannon, i will begin with you. i mentioned that we will deal with the news today from capitol hill. we are still waiting for the announcements over the next fbi director, but some democratic senators were even concerned about a political choice for the director of the fbi, the next one. so he has to be confirmed through the senate as well. paston: yes, and the couple of days, joe lieberman, a very popular name who has emerged as fbi director. we were expecting to get a decision about that as early as today. it does not look like that will happen right now, and i believe i just heard behind me that the ju

>> we have seen there really is a rot in the question of the petrobras scandals.e will be looking -- they already are but even more so -- for some sort of outsider to come in in the next elections. julia: will early elections happen if the president's call to step down or does someone in in the meantime? >> congress gets to choose. the rules right now say congress its to choose their person. scarlet: what happens to all the reform he was supposed to lead in the meantime? congress was supposed to vote on a long anticipated, controversial issue. >> that is all dead. if he stays, he has no political support and will. i do not think they will attach themselves to someone who before this happened had less than a 10% approval rate, and they are worried about their own skin. if there is an interim president, that person has no political capital. julia: i have heard it could benefit the former president. what is the likelihood of that? >> if you look at opinion polls, he is the most popular politician in brazil today. he is going through his own process, but he has not ye

i think not to petrobras but in general, pricing perfection. we had the brazil real down to 3.07.g everything was going to fall right. that is fiscal reform, pension reforms, central bank continues to cut the economy picks up. but to me that's been really thrown out the window. look is that too positive? yes. were we too negative when the real was at 4.25? yes, the truth is somewhere in between. >> okay. so if you know, it's the case now that they have to deal with political distractions, prance that undermines the economy, people you know, capital or what have you where does it go? does it come back here and boos the dollar which has been sinking of late? >> that's the million dollar question. the dollar, the sort of reflation trade, the trump trade has sort of been on the back burner. we've had some soft u.s. data. it really calls into question whether the fed can tighten rates and especially going with delays to fiscal and stimulus infrastructure spending. so that's really up in the air. my feeling is that emerging markets still has some good spots. it is, and i think i would a

some of the major companies getting hit, petrobras. the brazilian etf is down more than 14%.s not just stocks. the currency feeling the pain. weakening against the dollar. brazilian real off by around 6%. the fallout spreading to argentina, brazil is its largest trading partner. off just about 3% as you can see. and you're seeing selling across the region, though. latin american etf down over 10% on pace for its worst day since 2008. melissa, i just got off the phone with a friend in sao palo said the political atmosphere in brazil right now very tense as you can imagine. >> thank you. >>> so, stocks rebound from the biggest selloff of the year, how should investors position their portfolios from here. bill, it's always great to have you with us. how should investors view this bounce, particularly when the hardest hit sector yesterday the financials getting barely a bounce in today's session? >> yeah. we still like the financials, so i think you have to think about where you think things are going and whether you think the economy is continuing to improve. i would even throw