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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

☆ Banco do Brasil's quarterly profit edges up on interest income
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

Banco do Brasil's adjusted net income reached 8.79 billion reais ($1.79 billion) during the period, while analysts polled by Refinitiv expected 8.98 billion reais. Loan-loss provisions were at 7.52 billion reais in the period, up 4.7% from the previous quarter and 66.4% higher than a year earlier. Part of that growth was caused by the reclassification of debt from struggling retailer Americanas (AMER3.SA), Banco do Brasil said. The bank's 90-day loan default ratio grew 0.8 percentage points compared to the previous quarter to 2.81%, still well below the delinquency level of its listed peers. The company's interest income rose 21.1% from a year earlier to 23.68 billion reais, while analysts expected 23.28 billion reais.

Persons: Leonardo Benassato, Peter Frontini, Anthony Esposito, Sandra Maler Organizations: Banco, REUTERS, SAO PAULO, Brasil SA, Americanas, Brasil, Thomson Locations: Brasil, Uberaba, Minas Gerais, Brazil

☆ Brazil's consumer prices forecast to have risen faster in Sept.- Reuters poll
▼ + stars: | 2023-10-10 | by ( Gabriel Burin | ) www.reuters.com time to read: +2 min

A man pays a vendor at a fruit stand, at a supply centre (CEASA) in Brasilia, Brazil May 9, 2023. REUTERS/Adriano Machado/File Photo Acquire Licensing RightsOct 10 (Reuters) - Brazil's consumer prices likely rose faster in September, led by hikes in gasoline costs that should have brought annual inflation to the highest rate in seven months, a Reuters poll of economists showed. While it is expected to decelerate again, risks are increasingly tilted to the upside from the potential impact of the El Niño weather pattern on agricultural output which has been abundant so far this year. Brazilian state-run company Petrobras (PETR4.SA) has been raising fuel prices following movements in international oil markets in recent weeks. Higher oil prices and weather risks, combined with worries over Brazil's fiscal issues and steeper U.S. yields, have kept inflation expectations at undesirable levels, slightly above official goals.

Persons: Adriano Machado, decelerate, Yan Barros, Niño, Gabriel Burin, Andrew Cawthorne Organizations: REUTERS, Ace Capital, Petrobras, PETR4, Banco, Brasil, Thomson Locations: Brasilia, Brazil, El, Brazilian, Israel, Australia, India, Brazil's

☆ Brazil's Navy seizes record 3.6 tonnes of cocaine
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

[1/3] Packages are seen inside the vessel Palmares 1, which, according to the Brazilian Navy, was seized with cocaine, at sea off Recife city, Pernambuco state, Brazil September 19, 2023. Marinha do Brasil/Handout via REUTERS Acquire Licensing RightsBRASILIA, Sept 19 (Reuters) - The Brazilian Navy said on Tuesday it had seized 3.6 metric tons of cocaine on a boat off the coast of northeastern Pernambuco state, in the largest single off-shore capture of the drug by Brazil. The seizure follows a series of operations held by the Navy to fight drug transportation on the country's coast. According to the Navy, over 17 tons of cocaine, 4.3 tons of hashish, 695 tons of cigarettes, 113.34 tons of fish, 14 tons of marijuana and 3,146 cubic meters of wood have been seized since 2020. Reporting by Anthony Boadle; Writing by Carolina Pulice; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: Anthony Boadle, Carolina Pulice, Michael Perry Organizations: Brazilian Navy, REUTERS Acquire, Rights, Navy, Thomson Locations: Recife, Pernambuco, Brazil, Rights BRASILIA, Africa

☆ Blood donors offered free tickets to watch Copa do Brasil final
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

Sept 11 (Reuters) - Blood donors have been given the chance to watch Sunday's Copa do Brasil final at the Maracana for free after the Rio de Janeiro State Sports Superintendence which runs the stadium announced it was giving away 100 tickets. The campaign organised in partnership with the Rio State Health Department is offering free entry to the first leg of the final between Flamengo and Sao Paulo. The first 100 fans to donate blood at the Hemorio (Instituto Estadual de Hematologia Arthur de Siqueira Cavalcanti) on matchday will get the tickets. The match marks the reopening of the Maracana, which had to close last month for repairs to the pitch after heavy rain. Reporting by Angelica Medina in Mexico CityOur Standards: The Thomson Reuters Trust Principles.

Persons: de Hematologia Arthur de Siqueira, Luiz Antonio, Luizinho, Angelica Medina Organizations: Brasil, Maracana, Rio de Janeiro, Sports, Rio State Health Department, Flamengo, Instituto, Thomson Locations: Rio de, Sao Paulo, Mexico City

☆ Soccer-Blood Donors Offered Free Tickets to Watch Copa Do Brasil Final
▼ + stars: | 2023-09-11 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Blood donors have been given the chance to watch Sunday's Copa do Brasil final at the Maracana for free after the Rio de Janeiro State Sports Superintendence which runs the stadium announced it was giving away 100 tickets. The campaign organised in partnership with the Rio State Health Department is offering free entry to the first leg of the final between Flamengo and Sao Paulo. The first 100 fans to donate blood at the Hemorio (Instituto Estadual de Hematologia Arthur de Siqueira Cavalcanti) on matchday will get the tickets. The match marks the reopening of the Maracana, which had to close last month for repairs to the pitch after heavy rain. (Reporting by Angelica Medina in Mexico City)

Persons: de Hematologia Arthur de Siqueira, Luiz Antonio, Luizinho, Angelica Medina Organizations: Reuters, Brasil, Maracana, Rio de Janeiro, Sports, Rio State Health Department, Flamengo, Instituto Locations: Rio de, Sao Paulo, Mexico City

☆ Privacy, market maturity hurdles facing Brazil's CBDC rollout -cenbank official
▼ + stars: | 2023-08-29 | by ( Lisa Pauline Mattackal | ) www.reuters.com time to read: +2 min

Aug 29 (Reuters) - Maintaining privacy and increasing understanding of blockchain technology are primary issues to solve before Brazil's central bank digital currency (CBDC) is ready for widespread use, the central bank's coordinator of the project said on Tuesday. Named DREX, the digital real is set for a first phase launch aimed at financial institutions in May 2024, though postponed from an initial planned launch in February. "We need to ensure that the privacy is compatible with the law," he told the Reuters Global Markets Forum. Market maturity is another important issue to solve as the central bank wants businesses to develop new use cases for the technology, Araujo said. The Atlantic Council says 130 countries are in some process of exploring a CBDC, with 21 in the pilot stage.

Persons: Fabio Araujo, Araujo, Lisa Mattackal, Divya Chowdhury, Marcela Ayers, Lincoln Organizations: Machine, Banco Central, Reuters Global Markets, Atlantic Council, Bank for International, Thomson Locations: Brazil, Mexico, Singapore, Bangalore, Mumbai

☆ Brazil clears bottlenecks to oust US as top corn exporter
▼ + stars: | 2023-08-24 | by ( Ana Mano | ) www.reuters.com time to read: +7 min

"We celebrated a lot... when (corn export) volumes via northern ports equaled Santos," said Sergio Mendes, head of Brazilian grain exporter group Anec. "By using northern ports... you are saving 20 reais ($4.12) per ton (of corn)." Treemap with data from Cargonave show the percentage share of corn exports of Brazil ports in north and south part of the country. CHEAPER ROUTE TO CHINAThe new export capacity has helped grains shipped from Brazil's northern ports to compete on logistics costs with U.S. farmers. "The greater share of shipments through northern ports reflects cheaper freight costs compared to routes to the ports in the south and southeast," said Thome Guth, a Conab official.

Persons: Adriano Machado, Sergio Mendes, Louis Dreyfus, Brazil's, Thiago Pera, Santos, ", Thome Guth, Ana Mano, Brad Haynes, Marguerita Choy Organizations: REUTERS, SAO PAULO, China, U.S, Cargill, Bunge, Louis Dreyfus Commodities, TCU, Shipping, U.S . Department of Agriculture, COFCO, Santos, Thomson Locations: Brasilia, Brazil, Santos, Ukraine, China, U.S, Northern, Madeira, Santarem, Barcarena, Itaqui, Canada, Argentina, Mato Grosso, CHINA, Iowa, Shanghai, Itacoatiara, Chicago, Para, Norte Sul, Tocantins, Goias, Minas Gerais, Mato

☆ Factbox: Brazil and Al-Hilal forward Neymar
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +5 min

* Made 33 appearances and scored 10 goals in his first league season. * Scored 42 goals in 60 appearances in all competitions in 2010 as Santos won the Campeonato Paulista and Copa do Brasil. * Scored six goals in the 2011 Copa Libertadores as Santos won the competition for the first time since 1963. * The following season, Neymar became the fastest in the club's history to reach 50 league goals (58 games), but PSG finished second in Ligue 1. * Neymar scored 118 goals in 173 appearances in all competitions for PSG, winning 13 domestic trophies.

Persons: Neymar, Saudi Arabia's Al, Neymar da Silva Santos Jr, SANTOS, Santos, FIFA Puskas, Dunga, Pele's, Trevor Stynes, Ken Ferris Organizations: Saudi Arabia's, Paris St Germain, Portuguesa Santista, Santos, Real Madrid, Campeonato Paulista, Copa, Brasil, Libertadores, FIFA, Flamengo, South, Barcelona, Supercopa, Atletico Madrid, Barca, Champions League, Juventus, Brazilian, La Liga, Copa del Rey, PSG, UEFA, Manchester United, Rennes, Bayern Munich, Ligue, PSG's, Brazil, Confederations, Colombia, Croatia, Thomson Locations: Hilal, Spain, Barcelona, BARCELONA, Nou, BRAZIL, United States, Brazil, Germany, Belgium

☆ Xuxa era a Barbie do Brasil. Será que foi um erro?
▼ + stars: | 2023-08-15 | by ( Ana Ionova | ) www.nytimes.com time to read: 1 min

Durante seu reinado, que coincidiu com a expansão econômica do Brasil, as taxas de cirurgia plástica dispararam para as mais altas do mundo, com muitas pessoas se submetendo a ela ainda na adolescência. Mas o Brasil e seus guardiões da cultura agora adotam novas definições de beleza, que celebram cabelos cacheados e crespos, corpos curvilíneos e tons de pele negros.

☆ Strong loan book powers Banco do Brasil to quarterly profit surge
▼ + stars: | 2023-05-15 | by ( Peter Frontini | ) www.reuters.com time to read: +2 min

Banco do Brasil's adjusted net income reached 8.55 billion reais ($1.71 billion) during the first three months of this year, while analysts polled by Refinitiv expected 8.69 billion reais. Its loan book reached 1.03 trillion reais, growing 16.8% year-on-year and 2.7% from the previous quarter, boosted by an expansion in agribusiness-related lending. During the quarter, Banco do Brasil reported 5.85 billion reais set aside for bad loans, more than doubling the figure reported a year ago, but down 10.4% from the previous three months. "Asset quality trends remain resilient, with non-performing loans formation under control and below peers," Citi analysts wrote. The company's interest income, a measure of earnings on loans minus deposit cost, rose 38% from a year earlier, to 21.16 billion reais.

☆ Banco do Brasil's profit jumps nearly 30% in first quarter
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

Banco do Brasil's adjusted net income reached 8.55 billion reais ($1.71 billion) during the first three months of this year, while analysts polled by Refinitiv expected 8.69 billion reais. Its loan book reached 1.03 trillion reais, growing 16.8% year-on-year and 2.7% from the previous quarter, helped by a greater expansion in agribusiness-related lending. During the quarter, Banco do Brasil reported 5.85 billion reais set aside for bad loans, more than doubling the figure reported a year ago, but 10.4% down from the previous three months. Fee income grew 8.1% to 8.13 billion reais, while its return on equity, which measures profitability, landed at 20.8%, 2.9 percentage points above the previous year. The company's interest income, a measure of earnings on loans minus deposit cost, rose 38% from a year earlier, to 21.16 billion reais.

☆ Brazil's Mura people report threats amid pressure to approve Amazon potash mine
▼ + stars: | 2023-04-29 | by ( Ana Mano | ) www.reuters.com time to read: +2 min

Sergio, a Mura leader, said false information began to circulate after Funai showed up, including that the agency would "take away farmers' land." Potassio do Brasil, a unit of Toronto-based Brazil Potash, has previously denied any coercion and said it has followed the consultation protocol strictly. Federal prosecutor Fernando Soave said ongoing court-supervised Mura consultations have not been "free" or "in good faith," citing threats against the Mura since the company began trying to approve the mine project. The prosecutor reiterated that the Mura consultations should be suspended because demarcation studies have not concluded. Potassio do Brasil needs three years to build the installations for the mine and aimed to start potash production there in 2026.

LISBON, April 23 (Reuters) - Government officials from Brazil are using their president's first visit to Europe since being elected to raise awareness and fight against the racial discrimination faced by the Brazilian community in Portugal and elsewhere. Brazil's minister of racial equality, Anielle Franco, was one of the officials who travelled with President Luiz Inacio Lula da Silva. When elected, Lula said he aimed to attack racism and Brazil's legacy of slavery. Europe's top human rights group previously said Portugal had to confront its colonial past and role in the transatlantic slave trade to help fight racism and discrimination in the country today. Franco met Portuguese parliament affairs minister Ana Catarina Mendes on Saturday to discuss policies to tackle racial injustice.

☆ Brazil's government takes measures to boost consumer and capital market credit
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +3 min

BRASILIA, April 20 (Reuters) - Brazil's government announced a package of 13 measures on Thursday to ease consumer access to credit and reduce associated costs in the capital and insurance markets, a move the new leftist administration hopes will boost investment and revitalize a slowing economy. Brazil's Secretary of Economic Reforms, Marcos Barbosa, said the measures aim to strengthen the credit market in the long term, paving the way for the country's capital market to become as robust or larger than the 5 trillion reais ($988 billion) banking market. The package includes a decree to allow the issuance of bonds with an income tax exemption for investments in sectors such as healthcare, education, and public security. The government also plans to introduce legislation to enhance safeguards for minority investors in the capital market against harm caused by unlawful actions of controlling shareholders and administrators. Finance Minister Fernando Haddad on Monday had indicated that the package would also feature a measure to lower revolving credit card rates.

☆ Brazil inflation seen staying high in March on rising gasoline costs
▼ + stars: | 2023-04-10 | by ( Gabriel Burin | ) www.reuters.com time to read: +2 min

April 10 (Reuters) - Brazil's inflation likely stayed high in March on rising gasoline bills, reigniting cost of living problems in the country's stagnant economy and probably stoking more disagreement over policy, a Reuters poll showed. Consumer prices cooled in the second half of 2022 in reaction to an aggressive tightening campaign by the central bank. But inflation pressures reemerged after President Luiz Inacio Lula da Silva took office at the start of this year. This would stand very close to the 0.84% rate in February, which had been the quickest in 10 months. A 0.77% inflation rate in March would result in a cumulative 2.2% clip in the first quarter, well on course to surpass this year's goal of 3.25% with a margin of 1.5 percentage points.

[1/3] A 3D printed Meta logo is seen in front of displayed Google logo in this illustration taken on November 2, 2021. If upheld, their appeals could establish jurisprudence for future cases concerning liability for internet content, at a time when social media companies are under pressure in Brazil due to a surge of political disinformation. According to Ruf, declaring it unconstitutional would increase removals of subjective content, including critical content that is important for democratic public debate. In mid-March, Brazil's government said it was planning to regulate internet platforms to reduce misinformation but also to tax platforms making money from advertising. Google Brasil lawyer Guilherme Sanchez said the company does not wait for court orders to remove content from its platforms.

[1/3] A 3D printed Meta logo is seen in front of displayed Google logo in this illustration taken on November 2, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoBRASILIA, March 28 (Reuters) - Meta Platforms Inc (META.O) and Alphabet Inc's Google (GOOGL.O) defended before the Supreme Court on Tuesday a Brazilian law that holds Internet platforms are not responsible for content posted by users unless they are subject to a court order. If upheld, their appeals could establish jurisprudence that will apply to future cases concerning the responsibility for Internet content, at a time when social media companies are under pressure in Brazil due to a surge in the spread of political disinformation. Google Brasil lawyer Guilherme Sanchez said the company does not wait for court orders to remove content from its platforms. By contrast, in the same period Google received just 1,700 requests for the removal of content from its products.

☆ 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.

☆ Microsoft and ArcelorMittal back MIT spinout trying to green the $1.6 trillion steel industry
▼ + stars: | 2023-01-27 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +2 min

The $1.6 trillion steel industry is the backbone of the modern world. That's why massive global businesses, including international steel giant ArcelorMittal and tech stalwart Microsoft , are investing in Boston Metal, a company that spun out of Massachusetts Institute of Technology and developed a new way of making clean steel. "There is no economy, there is no infrastructure without steel," Boston Metal CEO Tadeu Carneiro told CNBC in a video call on Wednesday. The same year they launched a company, Boston Electrometallurgical Corp., to scale and commercialize that technology. He is a veteran of 40 years career in the steel industry, mostly at Brazilian metals giant CBMM.

☆ Next Petrobras CEO says he will change company's fuel price policy
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, Dec 30 (Reuters) - The incoming chief executive of Brazil's state-run oil company Petrobras (PETR4.SA) said on Friday he planned to tweak the country's fuel price policy, but said investors need not worry. Prates told journalists he will change the firm's pricing policy, which pegs fuel to global oil prices, but stressed that this does not mean prices will be completely unlinked to the international market. "Petrobras' pricing policy will be changed, but not necessarily to traumatize investors," he said. The company's pricing policy was at the center of turmoil during President Jair Bolsonaro's administration. Three of Petrobras' CEOs were ousted during his term, as fuel price hikes stoked inflation and hurt his popularity.

Among Thursday's highlights were Marina Silva for environment minister and Senator Simone Tebet as planning and budget minister. Lula gave them key positions after they provided crucial endorsements for his narrow Oct. 30 election victory over outgoing President Jair Bolsonaro. One of Brazil's best-known environmentalists, Silva previously held the same ministerial position for five years during Lula's first term as president, overseeing a significant drop in deforestation. "She played an extremely important role in the campaign," Lula said of Tebet, who will oversee Brazil's budget and set up a multiannual plan with goals for the administration. Lula, who had previously disclosed 21 of the future ministers, also tapped other moderate figures to his cabinet in order to secure support in Congress.

☆ World Bank to lend $500 million to help Brazil meet climate goals
▼ + stars: | 2022-12-23 | by ( Steven Grattan | ) www.reuters.com time to read: +3 min

The initiative, in collaboration with Brazilian state-controlled lender Banco do Brasil, adopts an approach to lending linked to sustainability to help Brazil meet its climate goals and deliver "robust" mitigation benefits, a bank statement said. At the start of December, the World Bank and its partners launched a global tracking system to clean up the opaque market for carbon credits and help developing countries raise much-needed climate finance quickly and more cheaply. "Up to 90 million tCO2e in emission reductions are expected by 2030, the equivalent to about 4.5% of what Brazil needs to stay on track with its net-zero commitments," the World Bank said. "Brazil has significant potential to become a global leader in the transition to a low-carbon economy", said Johannes Zutt, World Bank country director for Brazil. Banco do Brasil will be able to offer its clients packages that integrate financing with support to access carbon markets through a “one-stop shop”, as the World Bank explained it.

☆ 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.

Lula insisted in a speech that he would maintain fiscal discipline, but his comments added to growing investor skepticism that he would keep a lid on spending. Concerns have been mounting about Brazil's public finances after major outlays through the pandemic and this year's presidential election. But his advisers are already discussing with lawmakers how to open room for more spending outside a constitutional spending cap in order to deliver on campaign promises, including a possible "Transition PEC" amending the constitution. "The signals indicate that the spirit of the Transition PEC is very oriented around new public spending. Still, as tough policy tradeoffs loom, and with Lula's economic team still being defined, markets have grown less patient.

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