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☆ Brazil Retail Billionaire Abilio Diniz Dies at 87
▼ + stars: | 2024-02-18 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +1 min

BRASILIA (Reuters) - Brazilian billionaire Abilio Diniz, who built an empire in the supermarket retail sector, died on Sunday in Sao Paulo, according to his press office. The 87-year-old had been hospitalized at the Albert Einstein Hospital and suffered respiratory failure due to pneumonitis, his press office said in a statement. Diniz played a pivotal role in the history of Brazilian retail, serving most recently as vice-chairman of Carrefour Brasil and as a board member of the French group Carrefour. Diniz remained with the company he founded until 2013, when he took over as chairman of Brazilian food processor BRF, where he served for five years. Photos You Should See View All 33 ImagesIn 2014, Diniz acquired a stake in Carrefour Brasil through his private investment company Peninsula.

Persons: Abilio Diniz, Diniz, Pao de, Marcela Ayres, Chris Reese Organizations: Reuters, Albert Einstein Hospital, Carrefour Brasil, Carrefour, Forbes Locations: BRASILIA, Sao Paulo, French, Carrefour Brasil

☆ EU-Mercosur Deal's Future up to New Argentina Government -Sources
▼ + stars: | 2023-12-02 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +3 min

"Given the transition in Argentina, we are handing the subject to the new government, which has indicated they want a deal," the Brazilian foreign ministry spokesman said. A European official with knowledge of the talks said Argentina was no longer open to finalizing the deal on Mercosur. Argentine negotiators who were due to travel to Brasilia for final push to close the deal canceled their trip, a Brazilian government trade official told Reuters. Officials wanted to wrap up agreements before Argentina's Milei takes office on Dec. 10, as he has criticized the trade deal that took two decades to negotiate. Argentina's incoming foreign minister, Diana Mondino, said it was important to sign the EU-Mercosur accord after she visited Brasilia last Sunday to meet Brazil's foreign minister.

Persons: Anthony Boadle BRASILIA, Javier Milei, Milei, Diana Mondino, Anthony Boadle, Marcela Ayres, Lisandra, Matthew Lewis Organizations: Reuters, European Union, Mercosur, Argentine, EU, Milei, Diplomats Locations: Argentina, Mercosur, Brasilia, American, Brazil, Argentine, Belen, Madrid, Jorgelina, Rosario, Buenos Aires

Persons: Javier Milei, Milei, Diana Mondino, Anthony Boadle, Marcela Ayres, Lisandra, Matthew Lewis Organizations: European Union, Mercosur, Argentine, Reuters, EU, Milei, Diplomats, Thomson Locations: BRASILIA, Argentina, Mercosur, Brasilia, American, Brazil, Argentine, Belen, Madrid, Jorgelina, Rosario, Buenos Aires

☆ Brazil's Lula wishes luck and success to new Argentine president
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Nov 19 (Reuters) - Brazilian President Luiz Inacio Lula da Silva extended best wishes to the newly elected government in Argentina, without making direct mention of President-elect Javier Milei, who has previously criticized Lula and labeled him an "angry communist." Brazil will always be available to work together with our Argentine brothers," he wrote on Sunday on X, formerly Twitter. On Tuesday, leftist Lula had said that Argentina, the country's third-largest trading partner, should choose a president who supports democracy and the Mercosur trading bloc. He has also criticized the South American common market Mercosur and said Argentina would "follow its own path." He met with Brazilian Finance Minister Fernando Haddad in Brasilia earlier this year to discuss mechanisms to secure imports by Buenos Aires.

Persons: Luiz Inacio Lula da Silva, Javier Milei, Lula, Argentine, Sergio Massa, Fernando Haddad, Haddad, Marcela Ayres, Lisa Shumaker, Rosalba O'Brien Organizations: Twitter, Mercosur, Economy, Brazilian Finance, Reuters, Thomson Locations: BRASILIA, Argentina, Brazil, Argentine, Mercosur, Brasilia, Buenos Aires

☆ Taylor Swift Fans Gather for Cooler Rio Show After Fan’s Death
▼ + stars: | 2023-11-19 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +2 min

RIO DE JANEIRO (Reuters) - Taylor Swift fans headed to her eagerly expected show in Rio de Janeiro on Sunday, the first concert since a fan died in sweltering conditions that led to a last-minute postponement of Saturday’s performance. Fans outside the Nilton Santos stadium were apprehensive after the previous night’s postponement but expected the show to go ahead. "There was the cancellation yesterday, I was a bit apprehensive about today, but I hope everything goes well. On the first night of Swift’s "The Eras Tour" in Rio on Friday, 23-year-old Ana Clara Benevides fell ill and later died in the hospital. Saturday’s postponement, which Swift announced just two hours before she was on stage, angered many fans who had already made the journey, some from different states and countries, to the stadium.

Persons: Taylor Swift, Nilton Santos, Iasmin Moreira Oliveira, Ana Clara Benevides, T4F, Swift, Victor Guimaraes, Sergio Queiroz, Marcela Ayres, Chris Reese Organizations: RIO DE, Reuters, Nilton, National Institute of Meteorology Locations: RIO DE JANEIRO, Rio de Janeiro, Rio, Brazil

☆ Taylor Swift fans gather for cooler Rio show after fan’s death
▼ + stars: | 2023-11-19 | by ( ) www.reuters.com time to read: +2 min

A girl poses next to a photo of singer Taylor Swift, before a concert, following the death of a fan due to the heat during the first day concert, in Rio de Janeiro, Brazil, November 18, 2023. REUTERS/Pilar Olivares Acquire Licensing RightsRIO DE JANEIRO, Nov 19 (Reuters) - Taylor Swift fans headed to her eagerly expected show in Rio de Janeiro on Sunday, the first concert since a fan died in sweltering conditions that led to a last-minute postponement of Saturday’s performance. Fans outside the Nilton Santos stadium were apprehensive after the previous night’s postponement but expected the show to go ahead. Saturday’s postponement, which Swift announced just two hours before she was on stage, angered many fans who had already made the journey, some from different states and countries, to the stadium. Reporting by Sergio Queiroz, Writing by Marcela Ayres, Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: Taylor Swift, Pilar Olivares, Nilton Santos, Iasmin Moreira Oliveira, Ana Clara Benevides, T4F, Swift, Victor Guimaraes, Sergio Queiroz, Marcela Ayres, Chris Reese Organizations: REUTERS, DE, Nilton, National Institute of Meteorology, Thomson Locations: Rio de Janeiro, Brazil, DE JANEIRO, Rio

☆ Brazil's Lula Wishes Luck and Success to New Argentine President
▼ + stars: | 2023-11-19 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

BRASILIA (Reuters) - Brazilian President Luiz Inacio Lula da Silva extended best wishes to the newly elected government in Argentina, without making direct mention of President-elect Javier Milei, who has previously criticized Lula and labeled him an "angry communist." Brazil will always be available to work together with our Argentine brothers," he wrote on Sunday on X, formerly Twitter. On Tuesday, leftist Lula had said that Argentina, the country's third-largest trading partner, should choose a president who supports democracy and the Mercosur trading bloc. He has also criticized the South American common market Mercosur and said Argentina would "follow its own path." He met with Brazilian Finance Minister Fernando Haddad in Brasilia earlier this year to discuss mechanisms to secure imports by Buenos Aires.

Persons: Luiz Inacio Lula da Silva, Javier Milei, Lula, Argentine, Sergio Massa, Fernando Haddad, Haddad, Marcela Ayres, Lisa Shumaker, Rosalba O'Brien Organizations: Reuters, Twitter, Mercosur, Economy, Brazilian Finance Locations: BRASILIA, Argentina, Brazil, Argentine, Mercosur, Brasilia, Buenos Aires

☆ Fan dies at Taylor Swift show in sweltering Rio de Janeiro
▼ + stars: | 2023-11-18 | by ( ) www.reuters.com time to read: +3 min

RIO DE JANEIRO, Nov 18 (Reuters) - A young Brazilian fan of U.S. singer Taylor Swift died in Rio de Janeiro on Friday night after falling ill inside the superstar's sweltering concert venue amid a record-breaking heatwave across large swathes of Brazil, prompting the government to mandate the provision of water during the tour. Swift said Benevides died "before my show" but Benevides' friends told local media that she became ill after the concert began. Swift is scheduled to perform in Rio on Saturday and Sunday followed by three shows in São Paulo between November 24 and 26. On Thursday, Rio's Christ the Redeemer statue welcomed Swift to town ahead of her first set of concerts. The more serious version is heat-stroke, when the body's core temperature goes above 105 degrees Fahrenheit (40.6 degrees Celsius).

Persons: Taylor Swift, Ana Clara Benevides, Nilton Santos, T4F, Salgado, Swift, Benevides, I'm, Flavio Dino, Wadih Damous, Rio's, Marcela Ayres, Gabriel Stargardter, Jason Neely, Diane Craft Organizations: RIO DE, Nilton, Hospital, Justice, Twitter, National Consumer, Thomson Locations: RIO DE JANEIRO, Brazilian, Rio de Janeiro, Brazil, Rio, São Paulo

☆ Brazil's economy enters negative territory in Q3, shows central bank data
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, Nov 17 (Reuters) - The Brazilian economy ended the third quarter in negative territory, central bank data showed on Friday, reversing a performance that had been surprisingly positive due to a booming farming sector. The IBC-Br index, a key predictor of gross domestic product (GDP), posted a seasonally adjusted 0.64% decline in the third quarter. The Finance Ministry last estimated a 3.2% gross domestic product (GDP) growth for this year after a robust first-half performance, a figure expected to be revised next week. Meanwhile, private economists surveyed weekly by the central bank project a 2.89% increase in GDP for this year. The September IBC-Br index was in line with a negative performance of the service sector, which accounts for roughly 70% of the country's activity, said Nova Futura economist Nicolas Borsoi.

Persons: Fernando Haddad, Nicolas Borsoi, Luiz Inacio Lula da Silva's, Marcela Ayres, Steven Grattan Organizations: IBC, Reuters, Finance, Finance Ministry, Nova Futura, Thomson Locations: BRASILIA, Brazilian

"The revenue service is already organizing the implementation of this minimum taxation on multinationals," she said in an interview on Wednesday. The revenue service did not immediately respond to a request for comment. It advocates that this mechanism will ensure that large multinational companies pay a minimum 15% tax on their profits in all jurisdictions where they operate to deter profit-shifting to tax-favorable locations. The OECD estimates that the global minimum tax, already under way in countries including South Korea and Japan, could generate up to $200 billion in additional annual revenue. She also said Brazil aims to go further in the global tax discussion to reduce differences between advanced and emerging economies and to promote the green agenda.

Persons: India Narendra Modi, Luiz Inacio Lula da Silva, Joe Biden, Rishi Sunak, Kenny Holston, Tatiana Rosito, Maria Carolina Sampaio, GVM, Rosito, Marcela Ayres, Bernardo Caram, Matthew Lewis Organizations: U.S, UK, Rights, Finance, Reuters, Organization, Economic Cooperation, Development, OECD, International Monetary Fund, Thomson Locations: India, Brazil, New Delhi, Rights BRASILIA, South Korea, Japan, United States, Rosito, Brasilia

Brazil's central bank Governor Roberto Campos Neto, speaks at the ReutersNEXT Newsmaker event in New York City, New York, U.S., November 9, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsNEW YORK, Nov 9 (Reuters) - Brazil's central bank chief Roberto Campos Neto on Thursday said any change to the country's fiscal target would raise concerns, following comments by President Luiz Inacio Lula da Silva casting doubt on the government's vow to erase a budget deficit. Since then, Finance Minister Fernando Haddad has broadly reaffirmed Brazil's commitment to "fiscal balance," but lawmakers involved in next year's budget bill are hinting heavily that they aim to loosen the zero-deficit target. In Thursday's interview, Campos Neto highlighted that Brazil has approved important reforms since the COVID pandemic, including an overhaul on consumption taxes, which passed the Senate on Wednesday, but acknowledged the uncertainty on fiscal policy. "And that influences a lot of the variables that are important for us when you make decisions in monetary policy," he reinforced.

Persons: Roberto Campos Neto, Brendan McDermid, Luiz Inacio Lula da Silva, Campos Neto, Lula, Fernando Haddad, Rodrigo Campos, Dan Burns, Marcela Ayres, Mark Porter, Brad Haynes, Nick Macfie Organizations: REUTERS, Reuters NEXT, Finance, Thomson Locations: New York City , New York, U.S, New York, Brazil

☆ Brazil cenbank cuts rates, with more likely to come, but flags 'adverse' backdrop
▼ + stars: | 2023-11-01 | by ( Marcela Ayres | ) www.reuters.com time to read: +3 min

The bank's rate-setting committee, known as Copom, unanimously reduced its Selic benchmark interest rate to 12.25%, a move expected by all 40 economists polled by Reuters. However, despite its expectation of keeping its pace of rate cuts, the bank mentioned an "adverse" global outlook that "requires caution on the conduct of monetary policy." The prospect of higher long-term U.S. interest rates has led to a tightening of global liquidity and strengthening of the dollar, adding to inflation pressures in emerging markets like Brazil. In its statement, the central bank also highlighted the persistence of elevated core inflation in several countries, alongside emerging geopolitical tensions following the outbreak of the Israel-Palestine conflict. The inflation target for the upcoming year and beyond stands at 3%, with the same tolerance interval.

Persons: Daniel Cunha, Luiz Inacio Lula da, Lula, Marcela Ayres, Diane Craft Organizations: Reuters, Thomson Locations: BRASILIA, Brazil, Israel, Palestine

FDI in Brazil fell 36% in the first eight months of 2023 to $37.9 billion. Currently, investors in long-term projects in Brazil with exposure to foreign currency pay taxes on currency appreciation over the course of the project - which the central bank has long flagged as a deterrent for FDI. Haddad said he was confident that policymakers had found a tool to shield investors from currency risks keeping them away. Executive orders in Brazil have immediate validity but must be endorsed by lawmakers within four months or they expire. Without that measure, Haddad said it will be "very challenging" to erase the deficit in next year's budget bill.

Persons: Fernando Haddad, Haddad, Luiz Inacio Lula da, Marcela Ayres, Bernardo Caram, Brad Haynes, Christopher Cushing Organizations: Finance, Reuters, Sao Paulo, leftist Workers Party, Executive, Thomson Locations: BRASILIA, Brazil, Brasilia, Sao, United States

☆ Brazil's Sao Paulo State Sweetens Railway Concession Proposal, Delays Auction
▼ + stars: | 2023-10-07 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Brazil's Sao Paulo state on Saturday sweetened the concession for the construction of a railway line connecting its capital to the city of Campinas and postponed the auction for the project, which is now earmarked at a cost of 13.5 billion reais ($2.6 billion). The bidding document for the public-private partnership linking the largest city in Latin America to Campinas, located 100 kilometers (62 miles) northwest of Sao Paulo, had been published in March. The state government, however, has now decided to raise its participation in the project to 8.5 billion reais, up from the previous 6 billion reais, it said in a statement. It also will reduce what it pays to the winning bidder during the 30-year concession to around 250 million reais, from 400 million reais. The winner will be whoever makes the lowest bid for payment by the state as part of an exchange-for-service provision.

Persons: Alberto Alerigi, Marcela Ayres, Paul Simao Organizations: Reuters Locations: Sao Paulo, Campinas, Latin America

☆ Brazil to call emergency meeting of UN Security Council over attack on Israel
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Ammar Awad Acquire Licensing RightsBRASILIA, Oct 7 (Reuters) - Brazil's Foreign Ministry said on Saturday it would convene an emergency meeting of the United Nations Security Council following the biggest attack on Israel in years. Brazil, which assumed the rotating presidency of the UN Security Council this month, condemned the attacks in a public statement and expressed solidarity with the people of Israel. It also reaffirmed a commitment to a "two-state solution," with Palestine and Israel coexisting within mutually agreed and internationally recognized borders. The Palestinian Islamist group Hamas launched the largest attack on Israel in years on Saturday, killing at least 40 people and injuring hundreds. "The Brazilian government reiterates that there is no justification for resorting to violence, especially against civilians, and urges all parties to exercise maximum restraint to prevent an escalation of the situation," the Foreign Ministry said.

Persons: Ammar Awad, Israel coexisting, Benjamin Netanyahu, Marcela Ayres, Brad Haynes Organizations: REUTERS, Rights, United Nations Security, UN Security, Hamas, Foreign Ministry, Thomson Locations: Gaza, Sderot, Israel, Rights BRASILIA, Brazil, Palestine, Palestinian

☆ US faces pushback on plan to bolster IMF funding without shareholding changes
▼ + stars: | 2023-10-06 | by ( David Lawder | ) www.reuters.com time to read: +5 min

[1/2] The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. Doing so, Ivory Coast President Alassane Ouattara said on Thursday, would "increase the voice and agency of member countries who are the most vulnerable" at the Fund. Martin Muhleisen, a former IMF strategy chief, said the plan "puts the Chinese on the spot to agree". A delay would be a major disappointment for the IMF after contentious 2019 negotiations left quota resources and shareholding untouched. "The Fund's not tight," said Mark Plant, a former IMF official now with the Center for Global Development.

Persons: Yuri Gripas, Joe Biden, Janet Yellen, Alassane Ouattara, Mark Sobel, Martin Muhleisen, Mark Plant, David Lawder, Andrea Shalal, Marcela Ayres, Peter Graff Organizations: Monetary Fund, REUTERS, Rights, International Monetary Fund, IMF, World Bank, Reuters, U.S . Congress, U.S, Treasury, U.S . Treasury, Brazilian, Center for Global Development, Thomson Locations: Washington , U.S, U.S, China, India, Brazil, Marrakech, Morocco, Ukraine, Saharan Africa, Coast, Washington, Beijing, Brasilia

☆ Brazil's central bank seeks tighter cryptocurrency regulation, brokerage oversight
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Sept 27 (Reuters) - Brazil's central bank governor Roberto Campos Neto on Wednesday said policymakers are aiming to tighten cryptocurrency regulation and subject brokerages to their supervision. Speaking during a hearing in Congress, Campos Neto emphasized regulators will scrutinize the backing of cryptocurrencies and associated activities, given the significant surge in cryptocurrency imports by Brazilians. Data released by the central bank this week revealed cryptocurrency imports jumped by 44.2% from January to August compared to the same period last year, totaling $7.4 billion. "We understand that a lot is connected to tax evasion or linked to illicit activities," he added. Campos Neto also mentioned the Brazilian central bank's digital currency DREX, initially slated for launch by the end of next year, is expected to play a role in the world of crypto assets in Brazil.

Persons: Roberto Campos Neto, Campos Neto, Marcela Ayres, Chris Reese Organizations: U.S ., Thomson Locations: BRASILIA, stablecoins, Brazil

☆ Brazil's central bank employees escalate protests over career demands
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Sept 25 (Reuters) - Brazil's central bank employees said on Monday they would intensify work stoppages in protest of the government's alleged failure to address career improvement demands, a move that will impact the development of new initiatives at the bank. The National Union of Central Bank Employees (SINAL) said in a statement that this phase of the protest is expected to affect the timeline for launching the Brazilian central bank's digital currency, DREX, initially slated for late 2024. The central bank said it would not comment on the matter. Central bank authorities have been emphasizing the introduction of installment-based payments. The employees are advocating for central bank analysts to be treated as auditors, ensuring they receive compensation tied to productivity, similar to federal revenue auditors.

Persons: Marcela Ayres, Matthew Lewis Organizations: National Union of Central Bank Employees, Thomson Locations: BRASILIA, Central, Brasilia

☆ Brazil eyes tax perks for energy sector, sparking 'green' vs oil debate
▼ + stars: | 2023-08-31 | by ( Marcela Ayres | ) www.reuters.com time to read: +4 min

Last year, more than 500 qualified energy projects received some 9 billion reais ($1.85 billion) in tax exemptions. However, senior officials at the Mines and Energy Ministry are pushing to broaden the incentives to include oil refineries and fuel storage facilities. Energy Ministry officials have argued that targeting tax benefits too narrowly would curtail oil and gas investments, calling in a technical note to expand incentives to oil and natural gas exploration, production and transportation. The Energy Ministry did not immediately respond to a request for comment. Brazilian state-run oil firm Petrobras (PETR4.SA) has forecast oil production for the next four decades, even as it ramps up investments in renewable energy.

Persons: Adriano Machado, Luiz Inacio Lula da Silva's, Lula, Marcela Ayres, Brad Haynes, David Gregorio Our Organizations: National, REUTERS, Petroleo Brasileiro SA Petrobras Follow, Reuters, Finance Ministry, Mines and Energy Ministry, Finance, Energy Ministry, Mines, Investments, Petrobras, PETR4, Thomson Locations: Brasilia, Brazil, Petroleo Brasileiro SA Petrobras Follow BRASILIA, Ukraine, biorefineries, divestments

Delegates walk past the logos of the BRICS summit during the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg, South Africa on August 23, 2023. WHY DOES LULA WANT A BRICS CURRENCY? A BRICS currency "increases our payment options and reduces our vulnerabilities," he told the summit's opening plenary session. In July, India's foreign minister said, "there is no idea of a BRICS currency". WHAT ARE THE CHALLENGES OF SETTING UP A BRICS CURRENCY?

Persons: GIANLUIGI, Luiz Inacio Lula da Silva, LULA, doesn't, Vladimir Putin, Xi Jinping, Lesetja Kganyago, you've, Kganyago, Herbert Poenisch, Putin, Rachel Savage, Ethan Wang, Marcela Ayres, Gabriel Stargardter, Naomi Rovnick, Libby George, Marc Jones, John Stonestreet Organizations: REUTERS Acquire, Rights, Mercosur, South, Zhejiang University, Federal Reserve, FX, International Monetary Fund, Bank of International, Thomson Locations: Sandton, Johannesburg, South Africa, Rights JOHANNESBURG, Brazil, Russia, India, China, Russian, videolink, African, Ukraine, Beijing, Brasilia, Rio de Janeiro, London

An aerial view shows trees as the sun rises at the Amazon rainforest in Manaus, Amazonas State, Brazil October 26, 2022. REUTERS/Bruno Kelly/File Photo Acquire Licensing RightsBRASILIA, Aug 17 (Reuters) - Brazil's government is looking to create a regulated carbon market with emissions caps for major companies and protections for indigenous communities involved in carbon-offset activities, a senior official said. After passing Congress, the regulations would require two years of emissions monitoring before the cap takes effect. For example, some developers have approached indigenous communities with unfair contracts offering meager payments, he said. The proposed legislation would establish criteria for such deals, guaranteeing broad consensus and equitable terms for indigenous communities involved.

Persons: Bruno Kelly, Rafael Dubeux, Luiz Inacio Lula da Silva's, Lula, Dubeux, Marcela Ayres, Bernardo Caram, Brad Haynes, Devika Organizations: REUTERS, Rights, Finance, Climate, Thomson Locations: Manaus, Amazonas State, Brazil, Rights BRASILIA

☆ Brazil central bank names its digital currency 'DREX,' scheduled for 2024 launch
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Aug 7 (Reuters) - Brazil's central bank forthcoming digital currency, set to launch next year, will be named DREX, it announced on Monday, aiming to use the currency to boost financial services. The DREX will use distributed ledger technology (DLT) to settle wholesale interbank transactions, while retail access will be based on tokenized bank deposits. Officials from the central bank previously predicted that the adoption of the Brazilian digital currency would commence by the end of 2024, following the completion of its testing phase. During a live discussion organized by the central bank, he emphasized that the development of DREX is primarily aimed at improving access to financial services in the country. "By enabling simple and reliable access to registered values through DLT technology, we reduce costs and democratize access to financial services," Araujo stated.

Persons: Fabio Araujo, Araujo, Marcela Ayres, Aurora Ellis Organizations: Thomson Locations: BRASILIA, Brazil

☆ Brazil central bank kicks off rate cuts more aggressively than expected
▼ + stars: | 2023-08-02 | by ( Peter Frontini | ) www.reuters.com time to read: +3 min

The bank's rate-setting committee Copom cut its Selic policy rate to 13.25%, as just 10 of 46 economists surveyed by Reuters had anticipated. Although Wednesday's policy decision was closely divided, Copom's policy statement signaled a shared outlook to keep up the pace of rate cuts in coming months. Wednesday's rate decision reflected a split among board members, with five votes in favor of the 50-basis-point cut and four votes for a more modest 25-basis-point cut. Finance Minister Fernando Haddad had called for a rate cut of 50 basis points earlier on Wednesday. Brazil's inflation target is 3% for both years.

Persons: we'd, William Jackson, Luiz Inacio Lula da Silva's, Roberto Campos Neto, Lula, Campos Neto, Fernando Haddad, Haddad, Copom, Peter Frontini, Marcela Ayres, Brad Haynes, Diane Craft Organizations: SAO PAULO, Reuters, Capital Economic, Finance, Fitch, Carolina, Thomson Locations: Brazil

BRASILIA, July 18 (Reuters) - Brazil's government is considering changes to the taxation of closed-end funds and shareholder payouts in order to shore up revenue in next year's budget, said three senior economic officials with direct knowledge of the matter. The government signaled on Tuesday it would propose a comprehensive income tax reform only after the Senate has passed a consumption tax reform that cleared the lower house of Congress this month. A more complex and structural reform, involving income tax exemptions, taxation of profits and dividends and reductions to payroll taxes, would be presented after the consumption tax reform clears the Senate, the sources said. "When the budget bill is sent, revenue measures to meet the targets must also be sent, and some of these measures will already appear in the proposal," said one of the sources. Closed-end funds offer favorable investment opportunities to wealthier Brazilians by taxing earnings only when they are distributed to investors.

Persons: Marcela Ayres, Bernardo Caram, Brad Haynes, Matthew Lewis, Richard Chang Organizations: Finance Ministry, Finance, Senate, Thomson Locations: BRASILIA, Brasilia

☆ Brazil's central bank prepares public consultation on cryptocurrency regulation
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, July 18 (Reuters) - Brazil's central bank announced on Tuesday its plans to launch a public consultation regarding the regulation of cryptocurrencies in the second half of this year. Specific measures will be taken to limit the risks associated with decentralized governance systems and to prevent investors from being exposed to these assets without appropriate levels of disclosure, said the central bank. The government of President Luiz Inacio Lula da Silva delegated the authority to regulate cryptocurrency services to the independent central bank from June 20. Despite this status, the central bank stressed the need for coordinated action among various regulators, such as the revenue service and the country's Securities and Exchange Commission (CVM). Reporting by Marcela Ayres; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

Persons: Luiz Inacio Lula da Silva, Marcela Ayres, Steven Grattan Organizations: country's Securities, Exchange Commission, Thomson Locations: BRASILIA

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