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☆ Brazil's Haddad argues country is ready for interest rate cuts
▼ + stars: | 2023-05-26 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, May 26 (Reuters) - Brazil Finance Minister Fernando Haddad on Friday said the country is about to enter a downward cycle of interest rates, pointing out that inflation is "more behaved." "We are about to.. have a downward cycle of interest rates. "Long-term interest rates are falling. The monetary authority has held Brazil's benchmark interest rate at 13.75% since September. Central bank chief Roberto Campos Neto has ruled out imminent cuts.

"Inflation expectations are still very high," Campos Neto told a seminar hosted by newspaper Folha de S.Paulo on Monday, highlighting elevated long-term forecasts as particularly problematic. "Long-term forecasts remained little changed," the central bank chief said. "And we have a problem that are long-term inflation expectations persistently stuck around 4%". In the minutes of its May meeting, the central bank expressed concerns about inflation expectations, saying it continued "to assess that de-anchored expectations raise the cost of bringing inflation back to the target". Campos Neto acknowledged that headline inflation has been slowing down in Brazil, but noted that the core index remains "high" and "well above target".

With only 1% of support among registered Republicans according to Reuters/Ipsos polling, Scott faces an uphill battle in his bid to win the Republican nomination to take on Democratic President Joe Biden next year. Some 49% of Republicans plan to vote for Trump, according to Reuters/Ipsos polling. Scott, 57, is likely to be the only Republican senator to jump into the race, an oddity given that the Senate has traditionally been a staging ground for Republicans with presidential aspirations. Among his political assets are his popularity in South Carolina, which plays a key role in the Republican race. Reporting by Gram Slattery; Editing by Will Dunham and Scott MaloneOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Moreira Salles family launch bid for Alpargatas shares
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, May 22 (Reuters) - An investment firm backed by Brazil's Moreira Salles family has decided to launch a tender offer to buy an additional stake in Alpargatas SA (ALPA4.SA), the shoemaker said on Monday, driving its shares higher. MS Alpa is controlled by the owners of holding firm Cambuhy and investment fund Alpa, linked to the billionaire Moreira Salles family, which are already part of Alpargatas' control block with a total stake of about 28%. Other major shareholders in the company include investment firm Itausa SA (ITSA4.SA) and Silvio Tini. Shares in Alpargatas, which were down roughly 40% so far this year, jumped more than 17% after the announcement, their second largest daily rise in the last two years, as market participants praised the offer. ($1 = 5.0033 reais)Reporting by Gabriel Araujo; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ 3 Gen Zers on deciding to become full-time freelancers: ‘I wouldn't go back’ to a corporate job
▼ + stars: | 2023-05-21 | by ( Gili Malinsky | ) www.cnbc.com time to read: +4 min

A majority, 70% of Gen Zers consider freelancing to be as viable a career option as a typical office job, according to a February 2023 Fiverr survey of 7,121 Gen Zers from around the world. Gigi Robinson, 24, influencerGigi Robinson, 24, had long struggled with chronic illnesses like Ehlers Danlos Syndrome and endometriosis. When he moved to Boca Raton, Florida, at 15, he started making videos about what it was like for a Brazilian to live in the U.S. And those gained some traction. But though he'd hoped YouTube would become his full-time gig, the channel wasn't making much. He'd also started hiring freelancers to take on some of the work from his clients.

But he'll stay home on Election Day should Trump win his party's nomination to take on Joe Biden in 2024. In Pennsylvania and Michigan, the size of the Ukrainian-American community outstrips Trump's margin of victory in 2016, according to the analysis. During a CNN town hall last week, Trump refused to say if he wanted Ukraine to win its war with Russia, when questioned about the conflict. Neither politician responded to requests for comments about the Ukraine war, nor did the Republican National Committee. Democratic U.S. Representative Susan Wild, who won Stawnyczyj's district by less than 5,000 votes in 2022, said that courting the Ukrainian-American vote would be crucial.

The impoverished child of a single mother and the only Black Republican in the U.S. Senate, Scott often points to his personal story as proof that America remains a land of promise. As a Black conservative, Scott is a rarity in a country where politics are sharply divided along racial lines. Some 92% of Black voters backed Democrat Joe Biden in the 2020 presidential election, while 55% of white voters backed Trump. At the same time, the South Carolina senator has accused Democrats of exploiting racial tensions for partisan gain. Scott's entrance into the race puts him in direct competition with Nikki Haley, the former governor of South Carolina, who launched her campaign in February.

☆ Brazil's Americanas to seek bidders for fruit and vegetable unit
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, May 18 (Reuters) - Brazil retailer Americanas SA (AMER3.SA) said on Thursday it will next week start to seek potential bidders for the acquisition of its Hortifruti Natural da Terra (HNT) business unit. In a securities filing, Americanas said it has hired Citigroup Global Markets Brazil as the financial adviser for conducting the process to sell the unit, which markets fruits and vegetables. Americanas noted, however, it has started "evaluating strategic alternatives for the business, which may involve preliminary contacts with potential interested parties." Co and HNT," Americanas said in the filing. Reporting by Carolina Pulice and Peter Frontini; Editing by David Alire GarciaOur Standards: The Thomson Reuters Trust Principles.

☆ BoC's Macklem says it's far too early to think about interest rate cuts
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, May 19 (Reuters) - Bank of Canada Governor Tiff Macklem reiterated on Friday it is far too early to be thinking about interest rate cuts, adding that he expects the consumer price index to decline to around 3% this summer and back to the bank's 2% inflation target around the end of 2024. Macklem told a seminar hosted by Brazil's central bank that the Canadian monetary authority has been using a pause in interest rate increases to assess whether policy has been tightened enough to get inflation back to 2%. Canada last hiked rates in January, holding its benchmark rate at 4.5% since then, despite saying it would be ready to hike again if inflation risks remain significantly above target. "So far, Canadians are proving resilient," the central bank governor said, pointing out that delinquencies on mortgages remain low. Reporting by Gabriel Araujo; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ BoC's Macklem says it's far too early to think about interest rates
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: 1 min

☆ Brazil investigates four more suspect cases of avian flu in wild birds
▼ + stars: | 2023-05-19 | by ( Ana Mano | ) www.reuters.com time to read: +2 min

SAO PAULO, May 19 (Reuters) - Brazil is investigating another four new potential cases of highly pathogenic avian influenza (H5N1) in wild birds, according to authorities from the state of Espirito Santo, where Brazil's first ever cases were confirmed this week. Detection among wild birds does not spark bans under WOAH guidelines. Espirito Santo is Brazil's third biggest egg producing state and Brazil is the world's biggest chicken exporter. The birds whose samples are now being processed were captured in the municipalities of Nova Venecia, Itapemirim, Linhares and Vitoria, Espirito Santo authorities said. Ipram is where the weakened shore birds were taken before Brazil announced its first cases of highly pathogenic avian influenza on Monday.

[1/2] A logo of Brazil's state-run Petrobras oil company is seen at its headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio MoraesSAO PAULO, May 18 (Reuters) - A decision by Brazil's environmental regulator to block state-owned oil company Petrobras' Amazon oil project has exposed tensions in President Luiz Inacio Lula da Silva's coalition between green advocates and those prioritizing economic development. Ibama, late on Wednesday, said it would block a request by state-run oil giant Petrobras (PETR4.SA) to drill at the Amazon mouth near Amapá, in a much-awaited decision that followed a technical recommendation by Ibama experts to reject the project. The decision by Ibama, which is overseen by Lula's environment minister, the globally recognized environmentalist Marina Silva, has riled some within the governing coalition. "We'll fight against this decision," Rodrigues wrote on Twitter, adding that "the people of Amapa want to have the right to be heard".

☆ Buffett-backed Nubank has AI investments as 'great priority', CEO says
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

[1/2] Nubank CEO David Velez talks on stage during the opening of the Web Summit technology conference, in Rio de Janeiro Brazil May 1, 2023. REUTERS/Ricardo MoraesSAO PAULO, May 18 (Reuters) - Investments in artificial intelligence are a "great priority" for Brazilian digital lender Nubank , Chief Executive David Velez said on Thursday, adding that the firm expects to demonstrate it soon as it pushes for expansion. "Five years from now you'll be talking to Nubank in your self-driving car, you'll be talking to Nubank in your home," Velez told reporters. Nubank debuted on the New York Stock Exchange in late 2021 raising nearly $2.6 billion. She added Nubank also sees growth opportunity in Mexico as "much bigger" than in Brazil at the moment.

☆ Brazil's antitrust watchdog approves L'Oreal deal to buy Aesop
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: 1 min

SAO PAULO, May 17 (Reuters) - Brazil's antitrust regulator Cade on Wednesday recommended the approval of the sale of Natura & Co's (NTCO3.SA) Aesop brand to French cosmetics company L'Oreal (OREP.PA), according to the country's daily gazette. Last month, L'Oreal agreed to buy Australian luxury brand Aesop from Natura for an enterprise value of $2.53 billion. Under the regulator's rules, the approval is considered definitive within 15 calendar days of its publication, if no appeals are filed. Reporting by Andre Romani; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil boosts bird flu defense to protect world's top chicken industry
▼ + stars: | 2023-05-17 | by ( Ana Mano | ) www.reuters.com time to read: +5 min

Per protocol, local veterinarians in Espirito Santo took samples from the birds on site and sent them to the reference lab in Campinas, Brazil. "The entire industry is mobilized to monitor the situation identified in Espirito Santo," national meat lobby ABPA said in a statement. In other countries, avian flu outbreaks in wild birds have frequently been followed by transmission to commercial flocks. Bird flu outbreaks have contributed to higher prices of poultry and eggs, normally an affordable source of protein. Since early 2022, wild birds have spread the highly infectious virus farther and wider around the world than ever before.

☆ Brazil's StoneCo beats profit expectations, sees further revenue growth
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, May 17 (Reuters) - Brazilian financial tech firm StoneCo (STNE.O) on Wednesday posted a better-than-expected first-quarter profit, while also predicting further revenue growth for the second quarter. The firm reported adjusted net profit of 236.6 million reais, more than five times the figure reported a year ago and above analysts' estimate polled by Refinitiv of 215.8 million reais. Revenue grew 31% in the period to 2.71 billion reais, also above the expected 2.67 billion reais, boosted by solid growth in the firm's financial services platform. The company also forecast revenue of 2.875 billion reais for the second-quarter, which would represent a growth of 24.8% over the previous year. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) meanwhile came in at 1.251 billion reais, a 55.7% increase year over year, but slightly below the expected 1.3 billion reais.

SAO PAULO, May 16 (Reuters) - France's Thales SA (TCFP.PA) will provide maintenance services for Brazilian airline Gol (GOLL4.SA) in Brazil instead of abroad, the companies outlined on Tuesday in a deal that aims to cut turnaround time and lower costs. Under the deal, Gol Linhas Aereas Inteligentes SA, as the airline is formally known, will no longer need to ship its Thales equipment to the United States or France for maintenance, as they will now be repaired at a Thales plant near Sao Paulo. Thales supplies avionics to Gol, which has a fleet of roughly 120 Boeing (BA.N) aircraft, and to local rival Azul , which mainly operates Airbus (AIR.PA) and Embraer (EMBR3.SA) aircraft. Gol and Thales did not disclose financial details of their deal, but the carrier's director of maintenance, Fernando Miwa, said Thales' investments in Brazil would provide local operators with an opportunity to cut costs. "The market for this type of service in Brazil is still very limited," Miwa said.

The new pricing system scraps a so-called fuel import parity policy that more closely aligned prices at the pump with the oil market and exchange rates. In a research note, JPMorgan (JPM.N) described the reworked pricing policy as "more friendly than investors expected." The policy shift will be tested when oil prices rise, and apply upward pressure on what consumers can expect to pay for motor fuels or LPG. Petrobras' new pricing policy also came under criticism from some as too opaque. The previous pricing policy was adopted seven years ago by conservative former President Michel Temer.

It is the 10th time she has boarded this first-of-its-kind project, known as the cultural center on wheels. "Its main purpose is to try to decentralize and make access to the arts more reachable", said the project's organizer, Anderson Mauricio. Paula Santos, young students, middle-aged commuters, a homeless man, all boarded the day Reuters visited. It couldn't be more beautiful," Paula Santos said. Reporting by Steven Grattan and Leonardo Benassatto in Sao Paulo; Editing by Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Buffett sheds stake in TSMC, while Macquarie, Fidelity buy shares -filings
▼ + stars: | 2023-05-15 | by ( Carolina Mandl | ) www.reuters.com time to read: +1 min

Macquarie added roughly 78 million new American Depositary Shares (ADRs) of TSMC to an existing position, and ended March with $7.3 billion in the company. Fidelity bought 14.1 million new shares, increasing its bet on the company to nearly $4 billion. Coatue Management, founded by Philippe Laffont, built a new position in the chipmaker as it bought 5.9 million shares, worth $548.9 million. U.S.-listed shares of TSMC have gained nearly 14.5% this year. Reporting by Carolina Mandl, in Sao Paulo; Editing by Ira Iosebashvili and Anna DriverOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Buffett-backed Nubank reports record revenue on steady user growth
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

May 15 (Reuters) - Brazil's Nubank (NUN.MX) on Monday reported record revenue for the first-quarter as the digital bank benefited from steady growth in users and higher average revenue per customer. Nubank added 4.5 million customers in the first-quarter ended March 31, taking the total count globally to 79.1 million, a 33% growth from last year, the bank said. Monthly average revenue per active customer (ARPAC) increased to $8.6, expanding 30% from a year earlier on FX-neutral basis. The bank's gross profit rose 124% to $650.9 million in the reported quarter on FX-neutral basis, while total revenue nearly doubled to hit an all-time record high of $1.6 billion from a year earlier. On an adjusted basis, the bank reported a net income of $182.4 million, compared with $10.1 million a year earlier.

☆ Bridgewater dumps bank stocks amid turmoil in first quarter -filings
▼ + stars: | 2023-05-15 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

REUTERS/Brendan... Read moreSAO PAULO, May 15 (Reuters) - Bridgewater Associates, one of the world's largest hedge funds, sold off U.S. bank stocks in the first quarter as the industry was roiled by the collapse of three lenders, according to regulatory filings. Global hedge funds cut their exposure to U.S. banking stocks to a near 10-year low in March and fled lending-sensitive shares amid turmoil in the industry following the collapse of Silicon Valley Bank and Signature Bank. The firm also slashed its positions in smaller banks such as Bank of Hawaii Corp (BOH.N), Pacwest Bancorp (PACW.O), PNC Financial Services Group (PNC.N), Citizens Financial Group (CFG.N) and Capital One Financial Corp (COF.N). Bridgewater was also bearish on European banks in March, after the collapse of Silicon Valley Bank sparked contagion fears across global banks, a Reuters report showed. Following SVB, Signature Bank was also placed into receivership in March, while JPMorgan bought First Republic Bank's assets earlier this month.

☆ Brazil's Americanas looking for buyer for stake in Grupo Uni.co
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: 1 min

SAO PAULO, May 15 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA), which filed for bankruptcy earlier this year after an accounting scandal, said on Monday it has started the market sounding process to prospect parties interested in buying its stake in Grupo Uni.co. Americanas, which has the billionaire trio that founded 3G Capital as reference shareholders, said in a securities filing it had hired Citigroup (C.N) as financial advisor to conduct the process, launched as part of its reorganization plan. Reporting by Gabriel Araujo; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

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