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☆ Ex-Brazil president Bolsonaro is hoarding a stash of jewels Saudi Arabia gave him — but was just ordered to give them away
▼ + stars: | 2023-03-23 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

Brazil's watchdog ordered former President Jair Bolsonaro to hand over valuable jewels. He received the gift on a trip to Saudi Arabia, and another stash was seized by customs. Jewelry gifted to former Brazilian President Jair Bolsonaro and former first lady Michelle Bolsonaro by the Saudi government and seized by customs officials. It later emerged that a second stash of jewels, valued at around $75,000, also entered the country undetected, and were in Bolsonaro's possession. It is this this second stash that the watchdog has ordered Bolsonaro to hand back, reports say.

BRASILIA, March 23 (Reuters) - Brazilian President Luiz Inacio Lula da Silva heads to China this weekend for a five-day visit to refresh relations with his country's largest export market and seek new Chinese investment in the Latin American country. "Brazil has to keep a flexible and pragmatic position in this dispute between China and the United States," said Senator Hamilton Mourao, who as Brazilian vice president met with Xi in Beijing in 2019. CHINESE INVESTMENTLula drew Brazil closer to China and traveled twice to Beijing during his two presidential terms from 2003 to 2010. Trade relations were not affected by the diplomatic storm, though Chinese investment stalled, due in part to the pandemic preventing China's executives from visiting Brazil. By 2021, investment by Chinese companies in Brazil recovered to the level of 2017, according to the China-Brazil Business Council, which forecasts steady growth in coming years.

☆ Brazil central bank holds rates, points to worse inflation expectations
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: 1 min

BRASILIA, March 22 (Reuters) - Brazil's central bank on Wednesday held interest rates steady for the fifth consecutive time, pointing to worse inflation expectations, and acknowledged a more challenging scenario amid fears of a global banking crisis. The bank's rate-setting committee, known as Copom, kept its Selic benchmark interest rate at 13.75%. The decision, which defied intense pressure from the new government of President Luiz Inacio Lula da Silva to reduce borrowing costs, matched the expectations of all 30 respondents in a Reuters poll. Reporting by Marcela Ayres Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil police bust gang plot to attack authorities, public servants
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

[1/3] Brazilian senator Sergio Moro speaks during a session of the Federal Senate in Brasilia, Brazil March 22, 2023. "A murder plot against several public officials (among them a senator and a prosecutor) was investigated and identified. Sergio Moro, a former judge and current senator, also took to Twitter to confirm he and his family were targets in the gangs' plot. A government minister told Reuters that the plan was organized by the First Capital Command (PCC) gang and was not politically motivated. The federal police said 24 search and seizure warrants, seven preventive arrest warrants and four temporary arrest warrants are being served.

☆ Brazil central bank holds rates, flags increased inflation expectations
▼ + stars: | 2023-03-22 | by ( Marcela Ayres | ) www.reuters.com time to read: +3 min

The bank's rate-setting committee, known as Copom, maintained its Selic benchmark interest rate at 13.75%. "The Committee emphasizes that it will persist until the disinflationary process consolidates and inflation expectations anchor around its targets, which have shown additional deterioration, especially at longer horizons," they added. The central bank acknowledged the worsening global environment amid banking turmoil, but emphasized recent data on global activity and inflation have remained resilient. Meanwhile, the central bank's inflation expectations have risen to 5.8% for 2023 and 3.6% for 2024. Lula has repeatedly called for lower borrowing costs, describing the current Selic rate "irresponsible" on Tuesday.

☆ Brazil looks to regulate monetized content on Internet -official
▼ + stars: | 2023-03-17 | by ( Victor Pereira | ) www.reuters.com time to read: +3 min

SAO PAULO, March 17 (Reuters) - The Brazilian government is studying whether to regulate Internet platforms with content that earns revenue such as advertising, its secretary for digital policies, Joao Brant, said on Friday. The idea would be for a regulator to hold such platforms, not consumers, accountable for monetized content, Brant told Reuters. Platforms would not be held responsible for content individually, but for how diligent they are in protecting the "digital environment," he said in an interview. Brant did not detail what the regulatory body would look like, but said the government wants to regulate monetized content and prevent the platforms from spreading misinformation. Meta questioned its responsibility for removing content without a court decision in a case involving a fake Facebook profile.

☆ Brazil's Lula to go to China with 240 business representatives, says official
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: 1 min

BRASILIA, March 17 (Reuters) - Brazil's President Luiz Inacio Lula da Silva will visit China this month accompanied by a delegation of 240 business representatives, including 90 from agriculture sector, a senior Foreign Ministry official said on Friday. Trade promotion secretary Daniel Fernandes said at a press briefing that all the government's ministries will be represented on the March 26-30 visit to Beijing and Shanghai. The ministry's Secretary for Asia, Pacific and Russia, Eduardo Saboia, said Brazil is hoping to diversify its trade relationship with China, the largest customer for Brazilian exports, mainly soy beans and iron ore. Reporting by Anthony BoadleOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil to pay debt to multilateral organizations in 2023
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, March 16 (Reuters) - Brazil's government will pay outstanding debts of 2.6 billion reais ($490.6 million) to multilateral organizations in 2023, reinforcing its commitment to global forums, the Planning Ministry said on Thursday. The amount corresponds to debts to "various organizations" inherited from former President Jair Bolsonaro's administration, which leftist President Luiz Inacio Lula da Silva will settle. The ministry said 480 million reais would be paid off this month. The main debts are with the United Nations ($58.8 million) and for U.N. peacekeeping missions ($264 million). Brazil also is in arrears with the Organization for Economic Co-operation and Development (OECD), which could threaten its process of accession to the Paris-based rich countries club.

☆ US would handle an extradition request for Brazil's Bolsonaro 'expeditiously' - official
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, March 15 (Reuters) - A senior U.S. official declined on Wednesday at a Senate hearing to comment on the status in the United States of former far-right Brazilian President Jair Bolsonaro, but said any such request from Brazil would be handled "expeditiously." Speaking at a Senate Foreign Relations Committee on the future of relations with Brazil, Assistant Secretary of State for Western Hemisphere Affairs Brian Nichols said: "We would handle any request from the Brazilian government expeditiously." Committee Chairman Robert Menendez said Bolsonaro "continues to spew disinformation about Brazil's election" from Florida. The United States is expected to join the multilateral Amazon Fund to help sustainability projects in the Amazon. Following Lula's visit to Washington, the U.S government plans to make an initial donation of $50 million to the fund.

☆ Brazil audit court orders Bolsonaro to return Saudi jewelry gift
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, March 15 (Reuters) - Brazil's federal audit court (TCU) on Wednesday ruled that former President Jair Bolsonaro must deliver within five days a second set of jewelry he received from the Saudi government. On Monday, Bolsonaro's lawyer said in a letter to the police that the former president will deliver the second gift to the state as part of its collection of presidential gifts. Several officials from the Bolsonaro administration unsuccessfully tried to recover the jewelry -- a diamond necklace, ring, watch and earrings -- that was being held by customs, according to local media. Bolsonaro, who is still in self-exile in the United States, will be called to testify as part of the investigation, Brazilian Justice Minister Flavio Dino said on Monday. Reporting by Ricardo Brito; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Lula, citing war, will not visit Russia or Ukraine
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, March 14 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Tuesday he will not visit Russia or Ukraine due to the ongoing war but he remained committed to a peaceful resolution to the conflict. The leftist leader added at an event in the capital Brasilia that the conflict triggered by Russia's invasion of Ukraine should be unthinkable. "In the 21st century, it shouldn't be possible that we have war over small things," he said. The comments follow a video call between Lula and Ukraine's President Volodymir Zelenskiy, in early March when Zelenskiy invited Lula to visit Kiev. In previous remarks, Lula has advocated the creation of a group of countries that can mediate a peaceful solution to the conflict.

☆ Americanas scandal won't affect Brazil banks much even in "extreme scenario" - cenbank
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, March 9 (Reuters) - Brazil's central bank stated on Thursday that the potential impact of the accounting scandal involving retailer Americanas SA on banks would be 'insignificant' even in an extreme scenario. Americanas (AMER3.SA) filed for bankruptcy in January after disclosing "accounting inconsistencies" worth 20 billion reais ($3.84 billion), leading banks to increase their provisioning in their most recent earnings release. The central bank noted that the provisions stem from "a specific event related to a large company" and have already absorbed most of the materialization of the risk. "The central bank estimated the remaining potential impact, plus a contagion scenario over the entire production and supply chain that depends on the company in a relevant way," it said. "In this extreme scenario, the impact on the consolidated financial system is insignificant and there would be no capital default in any financial institution," it added.

☆ Brazil's agriculture chief plans China trip to discuss lifting beef export suspension
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: 1 min

BRASILIA, March 8 (Reuters) - Brazil's Agriculture Minister Carlos Favaro said on Wednesday he will move forward a planned trip to China to later in March as Latin America's largest economy aims to resume beef exports halted by a case of mad cow's disease. Favaro said he would visit China ahead of President Luiz Inacio Lula da Silva's March 28 scheduled visit. Shipments of beef to China were suspended following the confirmation of an atypical case of mad cow disease in the Brazilian state of Para in February. The Brazilian government expects to resume beef exports to China in the next few days and is planning to request a revision of the protocol that triggered the ban, a government official said on Tuesday. Reporting by Victor Borges; Writing by Carolina Pulice; Editing by Lincoln Feast.

☆ Brazil to resume visa requirements for US, Japan, Australia, Canada -sources
▼ + stars: | 2023-03-08 | by ( Lisandra Paraguassu | ) www.reuters.com time to read: +1 min

[1/2] A man walks in front the Itamaraty Palace, during the coronavirus disease (COVID-19) outbreak, in downtown Brasilia, Brazil, March 20, 2020. REUTERS/Adriano MachadoBRASILIA, March 8 (Reuters) - Brazil has decided to resume entry visa requirements for citizens of the U.S., Japan, Australia and Canada, two sources familiar with the matter told Reuters on Wednesday. A diplomatic source said the 2019 decision to lift visa requirements had weakened Brazil's ability to negotiate with those countries. The number of tourist arrivals from the U.S. - who represent a small fraction of tourists in Brazil - in 2022 was still below 2018 figures. Meanwhile, the number of Japanese tourists fell in 2019 by 4.5% and only 17,000 visited Brazil in 2022.

☆ Brazil's Lula says judiciary should force businesses to pay equal salaries
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

[1/4] Brazil's President Luiz Inacio Lula da Silva speaks during a ceremony to mark the International Women's Day at Planalto Palace in Brasilia, Brazil, March 8, 2023. REUTERS/Adriano MachadoSAO PAULO, March 8 (Reuters) - The Brazilian judiciary should work on compelling businesses to pay equal wages for men and women in the same roles, Brazil's President Luiz Inacio Lula da Silva said on Wednesday. In an event marking International Women's Day, Lula also presented a bill to promote wage equality between women and men, among other measures directed toward women. "Whoever works in the same post, with the same abilities, has the right to earn the same salary," Lula added. In a later Twitter post, Lula said the bill also includes measures encouraging greater wage transparency.

☆ Brazil police carry out more raids as part of Jan. 8 riots probe
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, March 7 (Reuters) - Brazil's federal police said on Tuesday they were carrying out new raids as part of a probe into the Jan. 8 riots in Brasilia, in which supporters of former President Jair Bolsonaro stormed government buildings. They were serving three arrest warrants and eight search and seizure warrants in the states of Minas Gerais and Parana, a statement said. The raids represent the seventh phase of an operation launched in mid-January to identify people who participated in, funded or fostered the riots, in which a mob invaded and ransacked the Congress, presidential palace and Supreme Court. Police did not disclose the names of those targeted in Tuesday's raids, but said they were being investigated for crimes of "violent abolition of the rule of law, coup d'état, qualified damage, criminal association, incitement, destruction and deterioration of specially protected property". Reporting by Gabriel Araujo, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil to criticize Nicaragua, but wants door open to dialogue, sources say
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

The concern will be presented to the United Nations Human Rights Council in Geneva, the sources who helped prepare the document told Reuters on Monday. Brazilian diplomats took part in the negotiation of the declaration criticizing Nicaragua, but chose not to endorse it because it did not leave a door open for negotiations. At the same time, however, the Lula government wants to keep an open door to be a possible channel for dialogue, emphasizing that Brazil is committed to democracy and wants to play a "constructive" role in solving the crisis in Nicaragua. The report by the council's experts points to Ortega and Vice President Rosario Murillo, the president's wife, as those responsible for the abuses. Reporting by Lisandra Paraguassu in Brasilia Writing by Anthony Boadle Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Finance Ministry has finalized proposal for new fiscal framework, says Haddad
▼ + stars: | 2023-03-06 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

FILE PHOTO: Brazil's Finance Minister Fernando Haddad speaks during a news conference in Brasilia, Brazil February 28, 2023. REUTERS/Adriano MachadoBRASILIA (Reuters) - Brazilian Finance Minister Fernando Haddad said on Monday that his ministry has finalized its contribution to the design of the country’s new fiscal framework, but highlighted that other ministries will still evaluate it before the president. “We have finalized the design of the fiscal framework internally and now I will discuss it with the economic team before presenting it to President Luiz Inacio Lula da Silva, because it cannot be a Finance Ministry proposal,” Haddad told journalists at the ministry. Haddad also stated that Lula has commissioned the development of a system behind the so-called Desenrola program, aimed at refinancing consumer debt with government guarantees. According to Haddad, the program’s guarantee fund will have about 10 billion reais ($1.9 billion), an amount that will be sufficient to renegotiate 50 billion reais in debt from 37 million individuals.

☆ Brazil investigates undeclared $3 million jewelry gift to Bolsonaro
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, March 6 (Reuters) - Brazilian Justice Minister Flavio Dino on Monday ordered police to investigate an alleged attempt to bring in undeclared jewelry, a gift from Saudi Arabia valued at $3.2 million, to former far-right President Jair Bolsonaro. The diamond necklace, ring, watch and earrings gifted to Bolsonaro and former first lady Michelle Bolsonaro by the Saudi government were seized by customs officials at Sao Paulo's international airport in October 2021. Bolsonaro's critics said gifts to president belong to the state and must go into a presidential collection. In his only public comment on the jewelry, Bolsonaro said he was being "crucified" for a gift he never asked for and never received. ($1 = 5.2093 reais)Reporting by Ricardo Brito; Writing by Anthony Boadle; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil announces pilot for digital currency seeking to leverage financial services
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, March 6 (Reuters) - Brazil's central bank announced the start of a digital currency pilot project on Monday, aiming to replicate the success of its instant payment system Pix to popularize financial services in the country. Araujo said the "digital real" will be built as a means of payment executed on distributed ledger technology (DLT), to support the provision of retail financial services settled through tokenized deposits in institutions of the financial and payment systems in Brazil. There is a great potential for new service providers, fintechs, democratizing access to the market and offering new services." Araujo stressed that the concept of the Brazilian central bank digital currency (CBDC) was not intended to leverage digital payments, as this is already being done on a large scale with Pix, which was launched at the end of 2021 and has been widely adopted in Brazil. "Banks are very interested in this new tokenized world, in every conversation we have they have shown a lot of interest," said Araujo.

☆ Brazil's Haddad says high interest rate is country's main issue
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, March 1 (Reuters) - Brazil's Finance Minister Fernando Haddad said on Wednesday that the country's high interest rate is the primary obstacle to economic growth, adding that recent government measures such as reinstating fuel taxes would pave the way to monetary easing. In an interview with news portal UOL, he said he believed this was the correct path to follow, rather than changing the central bank's inflation targets. Brazil's benchmark interest rate is currently at a six-year high of 13.75%, which Haddad said was causing a "credit problem" although he did not give further details. "We will recover the public budget from the perspective of revenue and expenditure to quickly create space for reducing interest rates," he said. "The inflation target will not be what causes the interest rate to fall."

[1/3] John Kerry, U.S. Special Envoy for Climate, talks with Brazil's Environment Minister Marina Silva during a meeting in Brasilia, Brazil February 28, 2023. Lula and U.S. President Joe Biden pledged to work together on climate change in a meeting at the White House earlier this month. Protecting the Amazon is vital to curbing climate change because of the vast quantity of greenhouse gas its trees absorb. He said that the United States was still considering how much to give to the Amazon Fund. Silva said she discussed with Kerry the possibility of opening up the United States to more sustainable sourced products from Brazil.

☆ Brazil's public sector gross debt down to 73.1% of GDP in January
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Feb 28 (Reuters) - Brazil's gross debt continued its downward trajectory in January, while the consolidated public sector recorded a strong primary surplus, showed central bank data on Tuesday. In January, the Brazilian public sector recorded a primary surplus of 99 billion reais ($19 billion), surpassing the 90 billion reais surplus expected by economists polled by Reuters. However, the figure was lower than the 101.8 billion reais surplus in the same month last year. The performance was mainly driven by the 79.4 billion reais surplus from the central government, helped by record revenues for the month. States and municipalities recorded a primary surplus of 21.8 billion reais, while state-owned companies had a deficit of 2.2 billion reais, said the central bank.

☆ Brazil's central govt tops expectations with record January budget surplus
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Feb 27 (Reuters) - Brazil's central government posted a better-than-expected primary budget surplus in January on the back of record tax revenues, Treasury data showed on Monday, although the outlook for the year is for a large deficit. The central government, comprised of the Treasury, central bank and social security, reported a primary budget surplus of 78.3 billion reais ($15 billion) in January, above the median forecast of a 60.9 billion reais surplus in a Reuters poll. After pushing its benchmark rate from a record-low of 2% in March 2021, the central bank paused its tightening cycle in September, holding it at 13.75%. Although the central government's primary surplus reached 54.5 billion reais in 12 months, the primary deficit in this year's budget, the first under President Luiz Inacio Lula da Silva, had been forecast at 231.6 billion reais after Congress approval for a multi-billion spending package to increase expenses and meet campaign promises. ($1 = 5.2054 reais)Reporting by Marcela Ayres; Editing by Mark Porter and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil bank lending down for the first time in a year in January
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Feb 27 (Reuters) - Outstanding loans in Brazil decreased by 0.3% in January, according to central bank data on Monday, marking the first decline in a year. The result suggests a slowdown that is likely to gain momentum in a scenario of high borrowing costs following the aggressive monetary tightening implemented by the central bank to curb inflation. Bank loans in Latin America's largest economy have decelerated amid more expensive credit, as the country's benchmark interest rate stands at 13.75% from a record low of 2% in March 2021. The central bank has left interest rates unchanged since September, but data from the central bank shows that average interest rates on non-earmarked loans have increased to 43.5% per year from 41.7% in December. Bank lending spreads also grew from 28.7 points the month before to 30.6 percentage points, while a broad measure of Brazilian consumer and business default ratios increased to 4.5% from 4.2% in December.

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