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☆ Brazil Prosecutors Push to Unwind $3 Billion Paper Deal Over Foreign Land Ownership
▼ + stars: | 2024-02-09 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +3 min

By Ana ManoSAO PAULO (Reuters) - Brazilian federal prosecutors are asking a judge to unwind a 2017 deal handing control of pulp and paper company Eldorado from Brazilian firm J&F to Paper Excellence Group, citing restrictions on foreign land ownership. In 2017, J&F Investimentos agreed to sell Eldorado Brasil Celulose to a unit of Paper Excellence at an enterprise value of 15 billion reais ($3.0 billion). Brazil imposed limitations on foreign land ownership in the early 1970s, but spotty public records have left uncertainty about how consistently those restrictions are enforced. In December, Brazil's rural land agency Incra issued a recommendation saying the deal would effectively give Paper Excellence control of 14,486 hectares of rural land owned by Eldorado. Paper Excellence said Incra's opinion was not legally binding, and a judge has not ruled on the prosecutors' motion.

Persons: Ana Mano, unwind, Investimentos, Jackson Widjaja, Incra, Eldorado, Iraja Abreu, Brad Haynes, David Ljunggren Organizations: Ana Mano SAO PAULO, Reuters, Eldorado, Excellence, Eldorado Brasil, Agrarian Reform Ministry Locations: Brazil, Canada, Europe, Latin America, United States, Eldorado ., Eldorado

☆ Brazil's Senate Leader Pacheco Says Government to Revoke Payroll Tax Proposal
▼ + stars: | 2024-01-19 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Brazilian Senate leader Rodrigo Pacheco said on Friday the government would revoke a proposal it made to phase out the extension of payroll tax exemptions for various labor sectors, yielding to the will of the lawmakers on the matter. Speaking at a Lide Group event in Switzerland, Pacheco said that payroll tax exemption for 17 sectors of the economy until 2027 would remain. "The exemption will stand, and there is a commitment from the federal government to...revoke this provisional measure in the part that concerns the payroll exemption," Pacheco said during a panel session at the event in Zurich. Lawmakers voted to extend payroll tax exemptions for 17 labor sectors until 2027, with an impact of 12 billion reais ($2.44 billion) that had not yet been incorporated into the 2024 budget. The government package, which met with immediate political opposition, proposed reducing and gradually phasing out these benefits.

Persons: Rodrigo Pacheco, Pacheco, we've, Luiz Inacio Lula da Silva, Eduardo Simões, Steven Grattan, Kirsten Donovan Organizations: Reuters, Lawmakers Locations: Switzerland, Zurich

☆ Bolivia gets green light for full Mercosur membership
▼ + stars: | 2023-11-29 | by ( Lucinda Elliott | ) www.reuters.com time to read: +2 min

SAO PAULO, Nov 29 (Reuters) - Bolivia is set to become a full member of the South American Mercosur trade bloc following a decision on Tuesday by the Brazilian Senate to approve the country's admission. The vote on the accession of Bolivia to Mercosur is expected to be formally concluded during a regional summit on Dec. 7 in Rio de Janeiro. "Thank you to the senators for completing this process and congratulations to President Arce and Bolivia for joining us in Mercosur," Lula said on social media. Prospects for finally concluding the trade agreement with the EU gained traction following the election of ultra-liberal Javier Milei, a staunch critic of Mercosur, as president of Argentina. Bolivia was one of the worst offenders of primary forest clearances last year, behind only Brazil and the Democratic Republic of Congo, according to Global Forest Watch that monitors deforestation rates.

Persons: Luiz Inacio Lula da Silva, Arce, Lula, Luis Arce, Javier Milei, Milei, Lucinda Elliott, Mark Porter Organizations: SAO PAULO, South American Mercosur, Brazilian Senate, Bolivia, Senators, European Union, EU, Mercosur, Democratic, Global Forest Watch, Thomson Locations: Bolivia, Brazilian, Mercosur, Rio de Janeiro, Argentina, Paraguay, Uruguay, Brazil, Democratic Republic of Congo

☆ Bolivia Gets Green Light for Full Mercosur Membership
▼ + stars: | 2023-11-29 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

By Lucinda ElliottSAO PAULO (Reuters) - Bolivia is set to become a full member of the South American Mercosur trade bloc following a decision on Tuesday by the Brazilian Senate to approve the country's admission. The vote on the accession of Bolivia to Mercosur is expected to be formally concluded during a regional summit on Dec. 7 in Rio de Janeiro. "Thank you to the senators for completing this process and congratulations to President Arce and Bolivia for joining us in Mercosur," Lula said on social media. Prospects for finally concluding the trade agreement with the EU gained traction following the election of ultra-liberal Javier Milei, a staunch critic of Mercosur, as president of Argentina. Bolivia was one of the worst offenders of primary forest clearances last year, behind only Brazil and the Democratic Republic of Congo, according to Global Forest Watch that monitors deforestation rates.

Persons: Lucinda Elliott, Luis Inacio Lula da Silva, Arce, Lula, Javier Milei, Milei, Mark Porter Organizations: Lucinda Elliott SAO PAULO, Reuters, South American Mercosur, Brazilian Senate, European Union, EU, Mercosur, Democratic, Global Forest Watch Locations: Bolivia, Brazilian, Mercosur, Rio de Janeiro, Brazil, Argentina, Paraguay, Uruguay, Democratic Republic of Congo

☆ Brazilian ex-senator takes over as Petrobras CEO; shares fall
▼ + stars: | 2023-01-26 | by ( Marta Nogueira | ) www.reuters.com time to read: +3 min

Prates was unanimously approved by the board, on which he will also hold a seat, Petrobras said in a securities filing. He has said the Lula government would not take an aggressively interventionist approach to Petrobras. Petrobras made bumper payouts in recent quarters, but Prates has said the company cannot "just keep tapping sub-salt oil and paying dividends". Prates, who was a senator for the past four years, is the first politician in several years to hold a high-ranking office at Petrobras. Earlier in the day, the Brazilian Senate's official gazette published the resignation of Prates as a lawmaker.

[1/5] Supporters of Brazil's former President Jair Bolsonaro demonstrate against President Luiz Inacio Lula da Silva as security forces operate, outside Brazil?s National Congress in Brasilia, Brazil, January 8, 2023. Launched in November 2020 and run by Brazil's central bank, Pix is free of charge for individuals, allowing them to instantly transfer money to others via online banking apps. Since its launch, over 133 million Brazilians and almost 12 million companies have made or received Pix transfers, according to the central bank. INVESTIGATIVE TRAILPolice, money-laundering experts and central bank officials said Pix donations will be central to investigators' efforts to uncover who orchestrated the insurrection. Pix transfers are covered by bank secrecy laws, and police can only access a suspect's transaction history with judicial authorization.

Brazilian American Vanessa Viana holds a picture of her son when he was a baby outside the house where Brazil's former President Jair Bolsonaro is staying in Florida. Bolsonaro's son, Sen. Flavio Bolsonaro, denied on Tuesday that the former president was responsible for the riots. Brazil's former President Jair Bolsonaro on his hospital bed in Kissimmee, Fla., on Monday. Arthur Ticianeli, a waiter at Eskina restaurant in Kissimmee, is a supporter of former president Bolsonaro. Resort security officers speak to journalists gathered outside the home where Brazil's former President Jair Bolsonaro has been staying on Tuesday.

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