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☆ Brazilian lender Itau launches crypto trading
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, Dec 4 (Reuters) - Brazilian bank Itau Unibanco (ITUB4.SA) on Monday launched a cryptocurrency trading service for clients of its investment platform, making the nation's largest lender the latest local player to enter the market for the digital asset's exchange. "It starts with bitcoin, but our overarching strategic plan is to expand to other crypto assets in the future," he said, adding any expansion would depend on how crypto regulation in the country evolved. Itau argues it will stand out from rivals as it also acts as a custodian, safeguarding users' assets, Antunes said. The move comes about a month after two local players announced they were leaving the crypto market. Brokerage and investments company XP (XP.O) did not say why it was shutting down its crypto service, but financial services firm PicPay, owned by conglomerate J&F which also controls meatpacker JBS (JBSS3.SA), cited regulatory uncertainties.

Persons: Guto Antunes, Itau, Antunes, meatpacker, Paula Arend Laier, Andre Romani, Kylie Madry, Chris Reese Organizations: SAO PAULO, Monday, Thomson Locations: bitcoin, Brazil

Finally Souza, an innkeeper and community leader in Bela Vista do Jaraqui, said he rallied two dozen neighbors to drill a 60-meter well in the heart of the world's largest freshwater basin. With rivers forming the backbone of transportation across the Amazon region, the drought has disrupted access to food and medicine in dozens of cities. The Amazon, the world's largest rainforest, is regarded by scientists as a bulwark against climate change because its dense vegetation absorbs carbon and emits oxygen. The five researchers predicting a 2026 recovery said the effects of the drought could endure even longer if El Nino is prolonged. That would release huge amounts of carbon dioxide, contributing to climate change and wiping out a wealth of plant and animal species found only in the Amazon.

Persons: Bruno Kelly, Raimundo Leite de Souza, Souza, Luiz Inacio Lula da Silva, Michael Coe, we're, El Nino, Coe, El, Philip Fearnside, Henrique Barbosa, Eduardo Taveira, Taveira, Paulo Brando, Brando, Barbosa, Brad Haynes, Jake Spring, Ana Mano, Andre Romani, Suzanne Goldenberg Organizations: REUTERS, Rights, Rio, cobras, United, Reuters, Research Center, National Institute of, Research, University of Maryland, Honda, LG, Positivo, GIANTS, Yale University, Sao Paulo, Thomson Locations: Tefe, Amazonas, Brazil, Rights MANAUS, caimans, Bela Vista, Guyana, Suriname, French Guiana, Venezuela, Colombia, United Nations, U.S, South America, South, Pacific, North America, El Nino, University, Baltimore, Western Europe, Brazil's Amazonas, Manaus, Itacoatiara, Madeira Rivers, Sao Paulo, Sao

☆ Brazil's StoneCo sees profit multiplying eightfold by 2027
▼ + stars: | 2023-11-15 | by ( Andre Romani | ) www.reuters.com time to read: +2 min

The firm will continue to focus on the micro, small and medium-sized business (MSMB) client segments, while maintaining a controlled level of investment, Zinner said. StoneCo is projecting adjusted net profit of at least 1.9 billion reais in 2024 and at least 4.3 billion reais in 2027, an aggressive target after closing last year with an adjusted net profit of 526 million reais. The bullish guidance comes on the heels of a more than 300% increase in adjusted profit for the third quarter year-on-year, which boosted the company's 12.9% on Monday in New York. The volume of payments processed by the company in the MSMB segment is expected to exceed 412 billion reais in 2024 and reach over 600 billion reais in 2027, compared to 290 billion reais last year. With the acquisition of Linx, it also has now a significant presence in the business management software space.

Persons: Pedro Zinner, Zinner, StoneCo, Peter Frontini, Ana Mano, Cynthia Osterman Organizations: SAO PAULO, Reuters, André, Thomson Locations: New York

☆ MercadoLibre's third-quarter profit soars past expectations
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

Stelleo Tolda, Chief Operating Officer (COO) of MercadoLibre (Online marketplace company) poses at the entrance of the company's headquarters in Sao Paulo, Brazil, July 10, 2017. The company posted a profit of $359.0 million for the July-September period, while analysts polled by LSEG expected $298.1 million. Total net revenue was around $3.8 billion in the quarter ended in September, up 39.8% year-on-year. Within the e-commerce operation, net revenue rose to $2.1 billion, up 45.2%. In its financial services arm, Mercado Pago, net revenue grew 33.2% to $1.6 billion, as the company increased the pace of lending, while its total volume of payments processed also jumped.

Persons: Stelleo Tolda, Nacho, LSEG, Andre Chaves, Chaves, Mercado, Andre Romani, Peter Frontini, Kylie Madry Organizations: REUTERS, SAO PAULO, Analysts, Mercado Pago, Thomson Locations: Sao Paulo, Brazil, Mexico, Argentina

☆ Shein plans to ship Brazil-made products around Latin America from 2026
▼ + stars: | 2023-10-19 | by ( Andre Romani | ) www.reuters.com time to read: +2 min

The firm started manufacturing clothes in Brazil earlier this year, its first production center outside China. "The idea is that by 2026 Brazil will be ready to serve Latin America," Magalhaes told reporters on Wednesday at an event at Shein's Sao Paulo office. She did not specify which Latin American countries Shein could ship products to from Brazil. Brazil is one of its five main markets and the largest in Latin America, the company said. In addition to Brazil, the company started manufacturing in Turkey this year and plans to build a factory in Mexico.

Persons: Chen Lin, Fabiana Magalhaes, Magalhaes, Chris Xu, Shein, Andre Romani, Peter Frontini, Sonali Paul Organizations: REUTERS, SAO PAULO, Shein's Sao Paulo, Thomson Locations: Singapore, Brazil, Latin America, China, Nanjing, Turkey, Mexico

☆ Metalworkers suspend strike at Embraer plant in Brazil
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

A view of a miniature airplane at the assembly line of the Embraer aircraft factory in Sao Jose dos Campos, Brazil, May 30, 2022. Sindmetal said it would pitch a new strike with workers on another shift at 3 p.m. local time (1800 GMT). The metalworkers had voted to go on strike early on Tuesday, saying they had rejected a wage offer from the company. According to the union, they had warned Embraer of the potential strike on Sept. 26 but the wage proposal was not sweetened. Negotiations between FIESP and the unions continue," Embraer said, adding that its other factories are also operating normally.

Persons: Sao Jose dos Campos, Carla Carniel, dos Campos, Sindmetal, metalworkers, FIESP, Gabriel Araujo, Andre Romani, Steven Grattan, Lisa Shumaker 私 Organizations: Embraer, REUTERS, SAO PAULO, Local, Boeing, Airbus Locations: Sao Jose, Brazil, SA, FIESP

☆ Brazil's Ebanx expands into India in Asian market debut
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, Sept 18 (Reuters) - Brazilian financial technology company Ebanx is expanding its operations to India, marking its entry into the Asian market, the firm said on Monday. The move is part of the firm's global expansion strategy in developing countries and comes shortly after it announced its expansion to three nations in Africa last month, the first outside Latin America. Ebanx will enable global merchants to offer customers in India the most popular local payment methods, starting with the local payment system Unified Payments Interface (UPI) and cards, it said. "As the Indian market warmly embraces digital payments and digital commerce continues its rapid growth, we see great opportunities for businesses and meaningful partnerships being fostered," said Paula Bellizia, the firm's president of global payments. In Latin America, Ebanx processes payments for companies such as Airbnb, Spotify and Uber.

Persons: Paula Bellizia, Andre Romani, Peter Frontini, Tomasz Janowski Organizations: SAO PAULO, Uber, Thomson Locations: India, Africa, America

☆ Uber to appeal Brazil court's $205 million fine for irregular labor relations
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

The logo of Uber is seen at a temporary showroom at the Promenade road during the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, January 20, 2023. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsCompanies Uber Technologies Inc FollowSAO PAULO, Sept 14 (Reuters) - Uber (UBER.N) on Thursday said it rejected a ruling from a Brazilian labor court ordering the ride-hailing firm to pay 1 billion reais ($205 million) in fines for irregular working relations with the drivers on its app. Uber said it will appeal the decision and will not adopt any of the measures listed in the sentence before all applicable resources have been exhausted. "There is evident legal uncertainty," it said in a statement, citing legal precedents involving other companies such as delivery platforms Lalamove, Loggi and Ifood, and taxi app 99. ($1 = 4.8677 reais)Reporting by Andre Romani; Writing by Carolina Pulice; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Uber, Andre Romani, Carolina Pulice, Leslie Adler Organizations: Economic, REUTERS, Technologies, SAO PAULO, Thomson Locations: Davos, Switzerland, Sao Paulo

☆ MercadoLibre's Q2 profit doubles on higher sales volume, user growth
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

The company, with presence in over 18 countries across Latin America, saw its net revenue rise 57.3% in constant currency to $3.4 billion. Over the quarter, MercadoLibre said it added 8.1 million new users across its operations, bringing its total active user base to 108.6 million. Total payment volume jumped 96.6% in constant currency to $42 billion. MercadoLibre said that a total of 318.5 million items were shipped across Latin America in the quarter, marking a 20.6% growth year-on-year. Gross merchandise volume (GMV), a key metric in the e-commerce industry, was up 47.2% in constant currency to hit $10.5 billion.

Persons: MercadoLibre, Mercado, Pedro Arnt, Arnt, Gross, Andre Romani, Carolina Pulice, Brendan O'Boyle Organizations: SAO PAULO, Mercado Pago, Thomson Locations: Latin America, Brazil, Mexico, America

☆ ByteDance launches new music streaming service in Brazil, Indonesia
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, July 6 (Reuters) - Chinese company ByteDance, which owns short-video company TikTok, on Thursday said it will launch a new music streaming service in Brazil and Indonesia, as it tries to become a player in that market. The initiative is a new attempt by ByteDance, as the company in a statement said it will stop its existing music streaming service Resso as of Sept. 5 in both countries. Media reports late last year said ByteDance was planning an expansion into more countries of its music streaming service, a market currently led by companies like Spotify (SPOT.N). TikTok Music will have three monthly plans in Brazil that will cost between 8.5 reais ($1.73) and 26.9 reais, data on its website showed, slightly below the service price Spotify offers. ($1 = 4.9218 reais)Reporting by Andre Romani; Writing by Carolina Pulice; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

Persons: ByteDance, Andre Romani, Carolina Pulice, Mark Porter Organizations: SAO PAULO, Media, Spotify, Thomson Locations: Brazil, Indonesia, India

☆ Ex-CEOs at Brazil's Americanas did not make proper accounting disclosures - regulator
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, June 5 (Reuters) - Brazil's securities regulator has accused two former CEOs of retailer Americanas of failing to comply with information disclosure requirements following an investigation into the firm's accounting inconsistencies, the agency said. According to a document from securities regulator CVM made public on Monday, the two ex-CEOs, Sergio Rial and Joao Guerra, also failed to meet other obligations on informing investors. Americanas entered bankruptcy protection in January after uncovering around $4 billion in accounting inconsistencies. Americanas said in a statement that it was monitoring the CVM investigation and hoped any irregularities would be "duly clarified". The company did not mention the accusations against Guerra in its statement and he did not respond to a query via LinkedIn.

Persons: CVM, Sergio Rial, Joao Guerra, Rial, Guerra, Americanas, Andre Romani, Carolina Pulice, Jamie Freed Organizations: SAO PAULO, Thomson

☆ Brazil's Haddad argues country is ready for interest rate cuts
▼ + stars: | 2023-05-26 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, May 26 (Reuters) - Brazil Finance Minister Fernando Haddad on Friday said the country is about to enter a downward cycle of interest rates, pointing out that inflation is "more behaved." "We are about to.. have a downward cycle of interest rates. "Long-term interest rates are falling. The monetary authority has held Brazil's benchmark interest rate at 13.75% since September. Central bank chief Roberto Campos Neto has ruled out imminent cuts.

☆ Brazil's antitrust watchdog approves L'Oreal deal to buy Aesop
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: 1 min

SAO PAULO, May 17 (Reuters) - Brazil's antitrust regulator Cade on Wednesday recommended the approval of the sale of Natura & Co's (NTCO3.SA) Aesop brand to French cosmetics company L'Oreal (OREP.PA), according to the country's daily gazette. Last month, L'Oreal agreed to buy Australian luxury brand Aesop from Natura for an enterprise value of $2.53 billion. Under the regulator's rules, the approval is considered definitive within 15 calendar days of its publication, if no appeals are filed. Reporting by Andre Romani; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Carrefour Brasil swings to quarterly loss as BIG purchase weighs
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, May 2(Reuters) - Carrefour Brasil (CRFB3.SA) reported a first quarter net loss of 113 million reais ($22.39 million), hit by high investment costs at its acquired food retailer Grupo BIG, the company said in a filing with Brazil's main stock exchange on Tuesday. The company posted a net profit of 370 million reais in the same January-to-March period last year. Carrefour's Brazilian unit said operating expenses soared 52% from a year earlier to total 3.8 billion reais, fueled by store conversion and the integration of BIG. The Carrefour subsidiary bought BIG in mid-2022 and announced last month a discount of up to 1 billion reais in the initial amount paid of 7.5 billion reais. Carrefour Brasil said it has opened three new wholesale format stores and 23 converted stores in the first quarter.

☆ Meta's WhatsApp rolls out business payment tool in Brazil
▼ + stars: | 2023-04-11 | by ( Andre Romani | ) www.reuters.com time to read: +2 min

SAO PAULO, April 11 (Reuters) - Meta Platforms (META.O) on Tuesday began rolling out its payments tool to small and medium-sized firms through its WhatsApp messaging platform in Brazil, part of Meta's strategy to use the Brazilian market as a key test space for business messaging. The development of business messaging has become all the more urgent as Meta's core advertising business has stalled. The tool will initially be available for some merchants that use WhatsApp Business. While Brazil is the first country to have the service launched for small businesses using the free version of WhatsApp Business, in India, WhatsApp's largest market, users can make payments to businesses that use the application's paid API. WhatsApp users in Brazil have been able to make payments between users through the app since 2021, and last year, Meta launched a commercial directory for WhatsApp in Brazil, allowing users find companies with business messaging accounts.

☆ Brazil's Americanas faces more debt, asset sales as it restructures
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +2 min

Sources with knowledge of the situation, however, told Reuters that the company shoulders a higher debt load than previously disclosed. Americanas presented the first draft of a legal recovery plan to a court in Rio de Janeiro state, O Globo newspaper reported. In January, the company entered bankruptcy protection after disclosing accounting "inconsistencies" worth 20 billion reais ($3.78 billion). The company said in early March it had offered a 10 billion reais capital injection to its creditors that will come from top shareholders. Sources close to the matter said the company holds debts of more than 50 billion reais, which exceeds the 42 billion reais previously acknowledged during the bankruptcy proceedings.

☆ Brazilian securities watchdog launches new probes into Americanas accounting fiasco
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, March 17 (Reuters) - Brazilian securities watchdog CVM said on Friday it has launched two new probes into retailer Americanas SA's (AMER3.SA) accounting scandal and the firm's reorganization process. CVM said it launched an administrative proceeding to analyze "failures to disclose relevant information by (Americanas) regarding proposals for capitalization and the renegotiation of debts with creditors and the assessment of the sale of assets." Americanas entered bankruptcy protection in January shortly after disclosing accounting inconsistencies worth 20 billion reais ($3.78 billion) and overall debt of more than $8 billion. Earlier this month, the retailer said it had offered a capital injection to its creditors of 10 billion reais ($1.93 billion) which would come from top shareholders. The launch of the probes comes a day after Americanas' former CEO Miguel Gutierrez testified before CVM.

☆ MercadoLibre to invest $3.6 billion in Brazil this year
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, March 16 (Reuters) - MercadoLibre Inc. (MELI.O) said on Thursday it expects to invest 19 billion reais ($3.60 billion) in Brazil in 2023, 11.5% more than the amount invested in the previous year. The South American e-commerce and financial services giant, which in 2018 had invested one billion reais in the country, has upped its bet in Brazil in recent years, especially after a surge in demand for online shopping caused by the COVID pandemic. The goal, he said, is to service more cities and increase deliveries made within one day - which currently represent about 50% of the total. MercadoLibre does not disclose how much will be invested in each area of the company. ($1 = 5.2710 reais)Reporting by Andre Romani; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil central bank greenlights Meta's WhatsApp merchant payment system
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] A smartphone with a displayed Meta logo is placed on a computer motherboard in this illustration taken February 23, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoSAO PAULO, March 2 (Reuters) - Brazil's central bank on Thursday approved Meta Platforms' (META.O) payments launch for small and medium-sized business in Brazil via its messaging application WhatsApp, building on the app's existing local peer-to-peer payment system. WhatsApp users in Brazil have been able to make payments between users through the application since 2021, but the new development clears the way for merchants to receive payments. "Soon, WhatsApp users will be able to pay for products and services directly in a conversation with Mastercard and Visa debit and credit cards," Guilherme Horn, head of WhatsApp Latin America, said in a Linkedin post. Shortly after the central bank's greenlight, Meta's chief executive Mark Zuckerberg said on his Instagram broadcast channel that "people will be able to pay small businesses right on WhatsApp".

☆ Latam's MercadoLibre's net profit rises, fueled by fintech arm
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

Total Payment Volume (TPV) via Mercado Pago grew 79.5% in constant currency (45.3% in dollars) to reach $36.0 billion. In commerce, net revenues hit $1.7 billion, up 22.3% in dollar terms, in the period. The company also said the Gross merchandise volume (GMV) - a key metric in the e-commerce industry - was up 34.7% in constant currency (20.8% in dollars) to hit $9.6 billion. In the fourth-quarter last year, the company posted a net loss of $46.1 million. Reporting by Andre Romani; Writing by Carolina Pulice; Edited by Isabel WoodfordOur Standards: The Thomson Reuters Trust Principles.

SAO PAULO, Feb 10 (Reuters) - Shares in Brazil's Banco Bradesco SA (BBDC4.SA) fell to their lowest level in almost two years on Friday after the bank reported fourth-quarter net income equivalent to less than half that of analysts' estimates. Bradesco reported a 75% drop in net income and sharply increased its provisions for loan losses to around $3 billion. The bank's preferred shares were down 6.6% in early trading in Sao Paulo to 12.89 reais, paring losses that reached 8.7% after the open. Bradesco set aside 4.9 billion reais in provisions in the fourth quarter to cover its loans to retailer Americanas SA (AMER3.SA), which has asked for bankruptcy protection. Reporting by Aluisio Alves, writing by Tatiana Bautzer; editing by Jason Neely and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Americanas board to remove top executives after accounting scandal
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, Feb 3 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) said on Friday its board had decided to remove three directors and three executives amid investigations over so-called accounting inconsistencies. Americanas, backed by the billionaire trio that founded investment firm 3G Capital, entered bankruptcy protection last month after disclosing "inconsistencies" in its accounting worth 20 billion reais ($3.88 billion). In a securities filing, Americanas said three directors and three executives had been removed "from all their roles and activities at the company and its subsidiaries." Americanas said it had also removed executives Fabio da Silva Abrate, Flavia Carneiro and Marcelo da Silva Nunes. Americanas added that it has hired a forensic expertise institute and a consultancy to protect company data while its reorganization and legal procedures take place.

☆ Mastercard, Binance launching prepaid card in Brazil
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] Representations of cryptocurrencies are seen in front of displayed Binance logo in this illustration taken November 10, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoSAO PAULO, Jan 30 (Reuters) - Mastercard Inc (MA.N) and Binance said on Monday they are lauching a prepaid card in Brazil, Latin America's largest economy, as part of the crypto giant's efforts to "broaden the connection between traditional finance and crypto". According to a statement, the so-called Binance Card is currently in beta testing and should be widely available in the next few weeks, making Brazil the second country in Latin America to receive it after Argentina. Brazil is one of Binance's ten-largest markets, the crypto said, adding that the prepaid card will all new and existing Binance users in the country to shop and pay bills with cryptocurrencies at Mastercard merchants. Reporting by Andre Romani; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Minority shareholders denounce Brazil's Americanas for 'multi-billion fraud'
▼ + stars: | 2023-01-13 | by ( Rodrigo Viga Gaier | ) www.reuters.com time to read: +3 min

RIO DE JANEIRO/SAO PAULO, Jan 13 (Reuters) - A group representing minority shareholders on Friday filed a complaint with Brazil's securities regulator against Americanas SA (AMER3.SA) after the retailer uncovered "accounting inconsistencies" totaling 20 billion reais ($3.89 billion). The Abradin association said it was denouncing Americanas for what it called a "multi-billion fraud," while also asking regulator CVM to investigate the retailer's auditor, PwC. Shares in Americanas plummeted more than 75% on Thursday, wiping out 8.4 billion reais in market value, after the company's chief executive Sergio Rial resigned, citing the discovery of inconsistencies. It's not easy to hide 20 billion reais," said Eric Barreto, a professor at Sao Paulo's Insper. Americanas has long been controlled by three Brazilian billionaires who founded 3G Capital.

George Washington de Oliveira Sousa was arrested on Saturday, the day after police said they foiled his plot to set off an explosive device near the Brasilia airport. A 54-year-old gas station manager from the northern state of Para, Sousa told police that Bolsonaro's sowing of election doubts inspired his Dec. 12 journey to the capital. He added that he planned to share his weapons with other CAC-holders in the Brasilia camp. After the Dec. 12 attack, he said police and firemen near the camp told him they would not arrest any protesters for vandalism, as long as they did not attack cops. That same day, Sousa saw on the news that police had found the bomb near the airport.

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