Daily Headlines: August 3, 2015 (Updated)

* Brazil: Jose Dirceu, the former chief of staff to then-President Luiz Inacio Lula da Silva, has become the latest political figure arrested over the Petrobras bribery and corruption scandal.

* Puerto Rico: Puerto Rico will most likely fall into default on its $72 billion pubic debt by the end of today if officials cannot make a $58 million payment to creditors.

Update: It's official - Puerto Rico has fallen into default for the first time in the commonwealth's history.

* Cuba: Democratic presidential front-runner Hillary Clinton publicly proposed eliminating the decades-long U.S. trade embargo against Cuba though it remains to be seen if Congress will be amenable to her suggestion.

* Colombia: Representatives of Colombia’s FARC rebels proposed meeting with Pope Francis during the pontiff’s visit to Cuba next month.

YouTube Source – CCTV America (Video uploaded in April 2015).

Online Sources including Update – Bloomberg, Financial Times, NDTV, Reuters, Voice of America