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☆ Top minds at Milken unveil what they're seeing under the surface of the US economy as the national debt burden rises to nauseating levels
▼ + stars: | 2024-05-08 | by ( James Faris | ) www.businessinsider.com time to read: +8 min

For the 27th straight year, some of the brightest minds from across the business world descended on Beverly Hills in early May to attend the Milken Institute Global Conference. But while speculation stole headlines, Milken speakers spent much of their time fixated on the state of the US economy. But despite continued concerns about stagflation, Milken speakers overwhelmingly expressed confidence about economic growth at a May 6 session called "Global Markets at Inflection." "The economy is still extremely strong, consumers are still doing really well, businesses are still doing really well," Scharf said. Though far from perfect, the US is still the best place to investDespite the $34.7 trillion anvil hanging over the economy, Milken speakers widely agreed that the US is still the best place to invest and operate a company.

Persons: Elon Musk, he's, Milken, Wells, Franklin Templeton, Gerard Baker, Andre Esteves, Jenny Johnson, Charlie Scharf, Scharf, we've, it's, you've, hasn't, Sam, Joshua Friedman, Anne Walsh, Friedman, Esteves, they've, Johnson, " Scharf, Wells Fargo Organizations: Milken Institute Global, SpaceX, Business, Milken, The, Consumers, Starbucks, Canyon Partners, Investors, Guggenheim Investments, Milken Institute Global Conference, US Locations: Beverly Hills, Wells Fargo, Brazil, McDonald's, Washington

☆ 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

☆ Abu Dhabi's ADNOC makes new bid for stake in Brazil's Braskem; shares soar
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +3 min

Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai Acquire Licensing RightsSAO PAULO, Nov 9 (Reuters) - Brazilian petrochemical producer Braskem (BRKM5.SA) on Thursday said Abu Dhabi oil company ADNOC (ADNOC.UL) has presented a new non-binding offer to buy conglomerate Novonor's stake in the firm. The petrochemical company cited a letter exchange with Novonor in its filing. The conglomerate would be granted a minority stake of up to 3% in Braskem following the deal, Braskem added. ADNOC had previously presented a joint cash-and-debenture offer alongside U.S. asset manager Apollo (APO.N) for Braskem, with other bidders for the firm including Brazil's Unipar Carbocloro (UNIP6.SA) and J&F.

Persons: Toru Hanai, Braskem, ADNOC, Folha de S.Paulo, BTG, Pedro Soares, we're, Brazil's Unipar, Gabriel Araujo, Steven Grattan, Tomasz Janowski, David Evans Organizations: REUTERS, SAO PAULO, Petrobras, PETR4, Novonor's, Sao Paulo, Novonor, Folha de, ADNOC, U.S, Apollo, Thomson Locations: Gastech, Chiba, Japan, Abu Dhabi, Sao, Braskem

An Embraer E195-E2 Profit Hunter aircraft is displayed at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 20, 2023. REUTERS/Benoit Tessier//File PhotoSAO PAULO, Aug 14 (Reuters) - Brazilian planemaker Embraer (EMBR3.SA) on Monday shot past market estimates for second-quarter results, with its chief executive voicing optimism about upcoming quarters for the company. "Despite the supply chain challenges, we are very optimistic about this year after a good Q2," Gomes Neto said. "We're working hard so next year we can better spread out production and deliveries throughout the year, which will further improve the company's performance," Gomes Neto added. The planemaker reported a 25% increase in second quarter adjusted net profit to $57.9 million, more than double the $24.3 million forecast by analysts polled by Refinitiv.

Persons: Benoit Tessier, Francisco Gomes Neto, Gomes Neto, BTG Pactual, Gabriel Araujo, Jason Neely, Barbara Lewis, Sharon Singleton Organizations: Embraer, Hunter, International Paris Air, Le, REUTERS, SAO PAULO, EMBR3, Airbus, Boeing, Refinitiv, JPMorgan, Thomson Locations: Le Bourget, Paris, France

The world's third-largest aircraft maker after Airbus (AIR.PA) and Boeing (BA.N), Embraer bagged 13 fresh orders for commercial jets at the Paris Airshow, falling short of market estimates and previous years' levels. The 13 new orders compared with 74 secured at Le Bourget in 2019 and 28 in Farnborough last year. They also lagged some upbeat market forecasts, including expectations by JPMorgan analysts for at least 30 orders. In Paris, investors were especially disappointed by the lack of orders from the booming Indian airline market, which handled an all-time-high 500-plane transaction to Airbus and new orders to Boeing. "We believe that most of the pre-event excitement has already been adjusted in share prices," said XP Investimentos, while also rates Embraer a "buy."

Persons: Le Bourget, Gabriel Araujo, Conor Humphries, Leslie Adler Organizations: SAO PAULO, Embraer, EMBR3, Airbus, Boeing, Paris, Le, JPMorgan, American Airlines, Royal, Salam Air, Thomson Locations: China, Farnborough, U.S, Paris, Royal Jordanian, New York

☆ Brazil's Localiza launches $935.5 mln share offering to expand fleet
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, June 16 (Reuters) - Brazilian car rental company Localiza (RENT3.SA) said on Friday it will launch a follow-on share offering aimed at raising as much as 4.5 billion reais ($935.51 million) to expand its car fleet and service network. The primary offering will initially comprise 60.02 million new shares, Localiza said in a securities filing, but could be increased by up to 12.5% if demand allows it. Considering its closing price of 66.64 reais per share on Thursday, the offering would total around 4 billion reais, the company said. Shares of Localiza slipped around 2% after the move was announced, making it one of the biggest fallers on Brazil's Bovespa stock index (.BVSP). ($1 = 4.8102 reais)Reporting by Gabriel Araujo; Editing by Steven Grattan, Louise Heavens and Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Localiza, Bradesco, BTG Pactual, Gabriel Araujo, Steven Grattan, Louise Heavens, Conor Humphries Organizations: SAO PAULO, JPMorgan, UBS Brasil, Santander, Bank of America, Banco Safra, XP, Thomson Locations: Santander Brasil

☆ Former Goldman Sachs partner launches fund of up to $550 mln in Portugal
▼ + stars: | 2023-05-09 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

LISBON, May 9 (Reuters) - Fortitude Capital, founded by former Goldman Sachs (GS.N) partner Antonio Esteves, Brazilian bank BTG Pactual (BPAC3.SA) and Portuguese asset manager Atrium, has launched its first fund with a target size of up to 500 million euros ($550 million). He said that, contrary to the majority of funds in Portugal, the first Fortitude fund would be mostly funded by private investors and its founders will be the fund's biggest investors. He added that Portugal, only sporadically on the radar of global private equity funds and international investment banks, was always short of private capital and very dependent on national banks. In Portugal, private equity funds are normally funded by public money and tend to be up to 100 or 200 million euros. The first investment should be 50 million euros in the agricultural sector "in the next two months", with an investment of 350 million euros also in the pipeline by the end of the year.

☆ Brazil's BTG Pactual launches own dollar-backed stablecoin
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, April 4 (Reuters) - Brazil's BTG Pactual said on Tuesday it will launch a stablecoin priced in U.S. dollars at a parity of one to one, as it seeks to position itself in the digital assets market. The stablecoin, called BTG Dol, will be available on Mynt, the bank's crypto-asset platform, and through BTG Pactual's own investment system. A stablecoin is a type of cryptocurrency that is pegged to a stable asset as a way to reduce volatility. Now we have our own stablecoin," said Marcel Monteiro, Mynt's head of operations. Reporting by Paula Arend Laier; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Decree adds to doubts about Mexican lithium industry's future
▼ + stars: | 2023-02-24 | by ( Carolina Pulice | ) www.reuters.com time to read: +4 min

Last Saturday, President Andres Manuel Lopez Obrador signed his latest presidential decree on lithium, establishing a more than 900-square-mile (235,000 hectare) lithium mining zone in northern Sonora state, stating that existing concessions within it "remain safe." But the order also declared "no mining activity can be carried out related to lithium" within this area. Neither Lopez Obrador's office or Mexico's economy ministry, which was part of the decree, responded to a request for comment. Created last August, state-run LitioMx will likely launch further exploration efforts in the new mining zone, BTG Pactual analysts said in a research note. He emphasized the need to minimize political risks associated with the government's latest decree, if Mexican lithium has any hope of transforming its raw potential into a thriving industry with a long-term horizon.

☆ BTG Pactual joins Brazilian lenders hit by post-Americanas provisions
▼ + stars: | 2023-02-13 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

SAO PAULO, Feb 13 (Reuters) - Banco BTG Pactual SA (BPAC3.SA) on Monday became the latest Brazilian lender to be affected by bad credit provisions due to what it called a "specific, widely publicized event," likely referring to the bankruptcy of Americanas SA (AMER3.SA). BTG reported a quarterly net profit of 1.64 billion reais ($314.5 million), slightly down from 1.74 billion a year earlier and below the market consensus of 2.27 billion, according to analysts polled by Refinitiv. BTG's "good cost discipline" in the quarter helped reduce the impact of the provisions, JPMorgan said. "Despite all the challenges, we expect higher returns in 2023, with greater operating leverage and possibly even higher capital and liquidity levels," BTG Chief Executive Officer Roberto Sallouti said. ($1 = 5.2151 reais)Reporting by Gabriel Araujo; Editing by David Holmes, Kirsten Donovan and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Large Brazilian banks may set aside around $890 mln for Americanas losses in Q4
▼ + stars: | 2023-02-01 | by ( Aluisio Alves | ) www.reuters.com time to read: +1 min

SAO PAULO, Feb 1 (Reuters) - Brazilian banks may start setting aside provisions for losses with retailer Americanas already in the fourth quarter of 2022, analysts say. Banks such as BTG Pactual , Bradesco (BBDC4.SA), Santander Brasil , Itaú Unibanco Holding (ITUB4.SA) and Banco do Brasil (BBAS3.SA) have around 15 billion reais in loans with Americanas, according to analyst reports. Analysts estimate the banks may provision around 30% of their loans in the fourth quarter, which would be equivalent to 4.5 billion reais ($890 million), even with bankruptcy protection taking place in January, as a precautionary measure allowed by the Brazilian central bank. The first Brazilian bank to release fourth quarter earnings, on Thursday, is Banco Santander Brasil. ($1 = 5.0544 reais)Reporting by Aluisio Alves; Writing by Tatiana Bautzerd; Editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Bankrupt Brazilian retailer Americanas owes about $8 bln, court finds
▼ + stars: | 2023-01-25 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

SAO PAULO, Jan 25 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) owes a variety of creditors around $8 billion, a Rio de Janeiro court said on Wednesday, providing the most detailed picture yet of the banks and other groups exposed to the company's bankruptcy. The list provided on Wednesday includes roughly 41.2 billion reais ($8.1 billion) in debt, according to the court, which initially did not disclose the names of the creditors. Brazilian banks BTG Pactual (BPAC3.SA), Bradesco (BBDC4.SA) and Santander Brasil (SANB3.SA) - which analysts previously said were among the most exposed - were also listed, with debts of more than 3.5 billion reais each. Earlier this week, Capital International Investors also announced it had reduced its position in Americanas to 4.07% from 7.04%. Shares in Americanas were up 20% to 0.96 real on Wednesday, but still down roughly 90% year-to-date.

☆ Brazilian retailer Americanas reports 7,720 creditors, $8 bln in debt
▼ + stars: | 2023-01-25 | by ( Gabriel Araujo | ) www.reuters.com time to read: +2 min

SAO PAULO, Jan 25 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) reported 7,720 creditors and debt totaling nearly $8 billion within its restructuring process, a Rio de Janeiro court said on Wednesday. Deutsche Bank (DBKGn.DE) topped the list of creditors initially revealed by Americanas, but the German lender later said it had no lending relationship or credit exposure to the Brazilian company. The list provided on Wednesday included roughly 41.2 billion reais ($8.1 billion) in debt, according to the court, which initially did not disclose the names of the creditors. Later, however, Americanas revealed the full list in a securities filing, ranging from small debts with individuals and cities to multibillion-reais debts with banks. Deutsche Bank appeared with a $1 billion debt, but said in an emailed statement that it had no direct exposure to the Brazilian firm.

☆ Brazil's Americanas mulls filing for bankruptcy, shares tank as markets see move as imminent
▼ + stars: | 2023-01-19 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

Americanas said its current cash position stands at 800 million reais ($154.25 million). "The bankruptcy protection is unavoidable and might be one of the largest ever in Brazil, as complex as Oi's one." Oi SA (OIBR4.SA), a telecom firm, filed in June 2016 for Brazil's then-biggest ever bankruptcy protection and only exited it in December 2022. Last week, chief executive Sergio Rial resigned less than two weeks after taking the job citing the discovery of "accounting inconsistencies" totaling 20 billion reais. "Filing for bankruptcy protection is imminent and necessary," said Fernando Ferrer, an analyst at Empiricus Research, noting there could be a "cascade effect" of banks requesting to withhold money from the firm.

☆ Billionaire-backed Americanas files for bankruptcy protection, shares tank
▼ + stars: | 2023-01-19 | by ( Gabriel Araujo | ) www.reuters.com time to read: +4 min

SAO PAULO, Jan 19 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) on Thursday filed for bankruptcy protection, days after uncovering nearly $4 billion in accounting inconsistencies and amid a legal feud with creditors. In the filing, Americanas asks to exclude fintech Ame from the bankruptcy protection, as it is regulated by the central bank, and for authorization to increase its capital. Chief Executive Sergio Rial resigned last week, less than two weeks after taking the job, citing the discovery of "accounting inconsistencies" totaling 20 billion reais. Andre Luzbel, head of variable income at SVN Investimentos, said the bankruptcy protection was unavoidable, noting it would be one of the largest ever in Brazil, "as complex as Oi's one." Oi SA (OIBR4.SA), a telecom firm, filed in June 2016 for Brazil's then-biggest ever bankruptcy protection and only exited it in December 2022.

☆ Brazil's BTG gets court decision reversing part of Americanas' protection from creditors
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, Jan 18 (Reuters) - Brazilian bank BTG Pactual obtained a court decision on Wednesday overturning part of Americanas SA's (AMER3.SA) protection from creditors, according to court documents seen by Reuters, in a move the retailer says "harms its viability". BTG confirmed the decision in a securities filing, but did not give details. Americanas told Reuters in a statement that the "unilateral action taken by its creditors harms its viability", adding it was still seeking a short-term solution for its creditors. Later on Wednesday, Brazilian lender Bradesco (BBDC4.SA) said it had asked a Rio de Janeiro court to only allow Americanas to withdraw funds from the bank with prior approval. Americanas confirmed that Bradesco withheld more than 450 million reais ($86.77 million) from the company's cash position, "acting in disagreement with the injunction" the retailer had obtained protecting it from creditors.

SAO PAULO, Jan 16 (Reuters) - Brazilian lenders BTG Pactual, Bradesco and Santander Brasil are among those most exposed to debt of Americanas SA (AMER3.SA), analysts' estimates showed on Monday, after the retailer obtained an injunction protecting it from creditors. Analysts at JPMorgan and Citi said in research notes that Banco Bradesco SA (BBDC4.SA) had the largest nominal exposure to the firm, while Banco BTG Pactual SA topped exposure as a proportion of loans. Considering JPMorgan's and Citi's estimates, BTG had a 1.9 billion-real exposure to Americanas, which was seen accounting for roughly 1.5% of its loans, while Bradesco had exposure of 4.7 billion reais, or 0.5% of loans. Banco Santander Brasil SA , the local unit of Spain's Banco Santander (SAN.MC), had 3.7 billion reais in exposure, or about 0.6% of loans. Sergio Rial, the outgoing Americanas chief executive who uncovered the accounting inconsistencies, is a former head of Santander Brasil, where he still serves as chairman of the board.

☆ Brazil's BTG Pactual appeals decision protecting billionaire-backed Americanas from creditors
▼ + stars: | 2023-01-15 | by ( Tatiana Bautzer | ) www.reuters.com time to read: 1 min

SAO PAULO, Jan 15 (Reuters) - Brazilian bank Banco BTG Pactual SA has appealed a court injunction that protected billionaire-backed retailer Americanas (AMER3.SA) from creditors on Friday, documents seen by Reuters show. In an appeal filed on Saturday, BTG lawyers argue the court injunction orders illegaly the reversal of a payment made by Americanas to BTG. Americanas and BTG did not immediately respond to requests for comment. Reporting by Tatiana Bautzer; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

SAO PAULO/MEXICO CITY, Jan 11 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) said on Wednesday its chief executive and chief financial officer resigned after the discovery of around 20 billion reais ($3.88 billion) in accounting "inconsistencies." Lojas Americanas CEO Sergio Rial departed less than two weeks after taking the job, when he replaced Miguel Gutierrez. Joao Guerra, a long-time Americanas executive not involved with accounting or financial management, will take over as CEO on an interim basis. The amount of accounting inconsistencies is larger than the company´s net equity, 15 billion reais, said Fabrício Gonçalvez, CEO at Box Asset Management. The amount is also almost twice Americanas' 10.7 billion reais market capitalization, according to Refinitiv data.

☆ Brazil markets tumble on Lula's first full day in office
▼ + stars: | 2023-01-02 | by ( Anthony Boadle | ) www.reuters.com time to read: +5 min

Haddad, who is seeking to dispel market fears that he might not maintain fiscal discipline, took office on Monday, pledging to control spending. "The policies remind us of Dilma Rousseff's government rather than Lula's," Gracia said, referring to Lula's handpicked successor, who was impeached while in office. Allies said Lula's newfound social conscience was the result of his 580 days in prison, Reuters reported on Sunday. Lula kicks off his third presidential term after persuading Congress to pass a one-year, 170 billion-reais increased social spending package, in line with his campaign promises. Lula spent his first day in office meeting with more than a dozen heads of state who attended his inauguration.

☆ Brazil's record 2023 bond bill underscores rising debt burden
▼ + stars: | 2022-12-26 | by ( Marcela Ayres | ) www.reuters.com time to read: +2 min

Redemptions on the LFT bonds, which are linked to benchmark interest rates, will reach 464 billion reais ($89 billion) in 2023, with 178 billion reais due in March and 286 billion in September. Former Treasury Secretary Mansueto Almeida pointed to real interest rates - adjusted for inflation - of above 6% over the longer term. "If the next government doesn't present and clarify a new fiscal rule soon, we'll be left with this very high interest rate," said Mansueto, now chief economist at BTG Pactual. Otherwise, it will hurt private investment a lot and lead to a very worrying trajectory of public debt growth." Brazil's public debt is expected to close this year at around 74% of GDP, its lowest since 2018.

☆ Petrobras shares dive on Brazil vote to ease rules on politicians running state firms
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, Dec 14 (Reuters) - Brazil's lower house of Congress voted late on Tuesday to make it easier for politicians to take roles at state-run firms, hammering shares of the state-run oil company, devastated by a political graft scandal over the past decade. Shares in state-run oil company Petroleo Brasileiro SA (PETR4.SA) (Petrobras) closed 10% lower on Wednesday. Analysts at BTG Pactual said the revised law would be bad for governance at state-owned firms as it eliminates one of their main mechanisms of defense from political influence. Incoming Finance Minister Fernando Haddad did his best to downplay the looser controls on politicians running state firms, saying the most important way to fight corruption is with strong, independent auditors. Reporting by Eduardo Simoes, Carolina Pulice and Marcela Ayres; Writing by Steven Grattan and Gabriel Araujo; Editing by Brad Haynes, Mark Potter and Lincoln Feast.

☆ JPMorgan expects to keep growing in Latin America with improved outlook
▼ + stars: | 2022-11-23 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +2 min

SAO PAULO, Nov 23 (Reuters) - JPMorgan Chase & Co (JPM.N) will keep growing in Latin America over the next few years as it expects the region's geopolitical outlook to improve, said Alfonso Eyzaguirre, the bank's chief executive for Latin America and Canada. He expects Latin America to profit from the changes. Latin America also stands to receive a large portion of private investment to tackle climate change, Eyzaguirre added. JPMorgan has been adding headcount and new services for corporate clients in Latin America. Brazil and Britain are the only countries apart from the United States where JPMorgan has retail banking activities.

☆ JPMorgan-backed digital bank C6 to open Brazil branch network
▼ + stars: | 2022-10-19 | by ( Aluisio Alves | ) www.reuters.com time to read: +2 min

SÃO PAULO, Oct 19 (Reuters) - Brazilian lender C6 Bank is set to open its first five brick-and-mortar branches in the country in the next few weeks, an executive has revealed, enhancing the competition between the JPMorgan-backed digital bank and large retail lenders for high income clients in Latin America's largest economy. Similar units in Brazilian large cap lenders include Banco Bradesco SA's Prime (BBDC4.SA) and Banco Santander Brasil SA's Van Gogh . With the physical branches initiative, C6 aims to increase its share in the high income market, which it expects to cover some 5 million people in the country. In 2021, the purchase of a 40% stake in C6 marked JPMorgan Chase & Co's (JPM.N) debut in Brazil's retail banking. C6 was founded by former partners at Banco BTG Pactual SA , Latin America's largest independent investment bank.

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