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☆ Deforestation in Brazil's Amazon falls 66% in August
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +3 min

In the first eight months of the year, INPE's figures showed, deforestation has fallen a cumulative 48% from the same period of 2022. Brazil last month hosted a major rainforest summit, where eight Amazon nations agreed to a list of unified environmental policies and measures to bolster regional cooperation but failed to agree on a common goal for ending deforestation. "We are experiencing a new moment, with more assertive policies and greater political will in favor of the Amazon," WWF-Brasil's director, Mariana Napolitano, said. But more is still needed, including traceability and transparency in the trade of livestock, gold and other commodities, she added. Reporting by Gabriel Araujo and Peter Frontini; editing by Jonathan Oatis and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Bruno Kelly, Marina Silva, INPE, Luiz Inacio Lula da Silva, Jair Bolsonaro, Lula, Bolsonaro, Mariana Napolitano, Gabriel Araujo, Peter Frontini, Jonathan Oatis, Sandra Maler Organizations: REUTERS, Environment Ministry, Thomson Locations: Uruara, Para, Brazil

☆ Brazil Burger King brand owner's shareholders reject poison pill in win for Mubadala
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, Aug 31 (Reuters) - Zamp (ZAMP3.SA), the owner of the Burger King brand in Brazil, said on Tuesday its shareholders rejected a proposal to include a poison pill in its internal bylaws, a win for Abu Dhabi state investor Mubadala which is building a large stake in the firm. The proposal that would implement a poison pill in addition to limit the voting power of a single shareholder to 15% was rejected 57.5% of the votes, Zamp said. The outcome is a key win for Mubadala, who raised its stake in the firm to 20.4% shortly after the proposal was unveiled in July, becoming Zamp's largest shareholder. At the time, Mubadala had 4.95% of the company and it offered 8.31 reais per share to buy a controlling stake. (This story has been corrected to fix the spelling of Mubadala in the headline)Reporting by Peter Frontini; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Zamp, Mubadala, Peter Frontini, David Gregorio Our Organizations: SAO PAULO, Burger King, Abu, Mubadala, Thomson Locations: Brazil, Abu Dhabi

☆ Ex-CEO of Brazil's Americanas says he did not expect to lead bankrupt firm
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

Aug 22 (Reuters) - The former head of Brazilian retailer Americanas (AMER3.SA) quit two weeks into the job because he had not expected to take over a bankrupt firm, he told Brazilian lawmakers probing its $5 billion accounting fraud on Tuesday. Former Chief Executive Sergio Rial, who testified in a congressional investigation, resigned on Jan. 11, the same day Americanas revealed accounting inconsistencies that were later found to be fraud. I did not buy into an insolvent project," he told lawmakers, saying he had not expected Americanas' debt to exceed its assets. Rial in March testified before senators saying Americanas' previous management had created difficulties in disclosing information about the company's situation and the succession process. Reporting by Carolina Pulice and Peter Frontini; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Rial, Rial, Americanas, Carolina Pulice, Peter Frontini, Cynthia Osterman Organizations: SA, Jan, Santander Brasil, 3G, Thomson

☆ Brazil's Lula discussed with Biden climate change, job creation initiative
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

Brazil's President Luiz Inacio Lula da Silva speaks during the launch ceremony of Growth Acceleration Program (PAC) at Rio de Janeiro's Municipal Theater, Brazil, August 11, 2023. REUTERS/Ricardo Moraes/File Photo Acquire Licensing RightsBRASILIA, Aug 16 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Wednesday he discussed with U.S. President Joe Biden efforts to fight climate change, as well as the outcome of a summit of rainforest nations held in Brazil last week. In a post on social media platform X, formerly known as Twitter, Lula said he and Biden spoke by phone and also discussed a joint initiative between the countries to create jobs that should be launched soon. The presidents discussed "ongoing efforts to help mobilize up to $1 billion to support the restoration of degraded lands in Brazil and the Amazon region." Reporting by Lisandra Paraguassu; Writing by Peter Frontini; Editing by Chris Reese and Brendan O'BoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Luiz Inacio Lula da Silva, Ricardo Moraes, Joe Biden, Lula, Biden, Lisandra Paraguassu, Peter Frontini, Chris Reese, Brendan O'Boyle Organizations: Rio de, REUTERS, Rights, U.S, Twitter, White House, U.S ., Amazon Fund, Thomson Locations: Rio, Brazil, Rights BRASILIA, Venezuela, Haiti

☆ Profits for Brazil's Itau Unibanco up 14%, beat expectations
▼ + stars: | 2023-08-07 | by ( Peter Frontini | ) www.reuters.com time to read: +2 min

A man is reflected in an Itau branch window in Rio de Janeiro, Brazil April 29, 2019. REUTERS/Sergio Moraes/File PhotoSAO PAULO, Aug 7 (Reuters) - Brazilian lender Itau Unibanco (ITUB4.SA) reported a 14% increase in second-quarter net profit from a year earlier, beating expectations, while also keeping default rates stable, the bank said in a securities filing on Monday. Latin America's biggest private sector lender posted recurring net profit of 8.74 billion reais ($151 million) during the April-to-June period, while analysts polled by Refinitiv expected 8.63 billion reais. Delinquency, measured by a 90-day default ratio, came in at 3.0%, essentially flat compared to the first quarter. Credit costs during the quarter grew 25% from a year earlier to reach 9.44 billion reais, as the lender set aside more money for customers defaulting on loans.

Persons: Sergio Moraes, Itau, Alexsandro Broedel, Peter Frontini, Carolina Pulice, David Alire Garcia, David Gregorio, Kim Coghill Organizations: REUTERS, SAO PAULO, Citi, Santander, Bradesco, Thomson Locations: Rio de Janeiro, Brazil

☆ Brazil central bank kicks off rate cuts more aggressively than expected
▼ + stars: | 2023-08-02 | by ( Peter Frontini | ) www.reuters.com time to read: +3 min

The bank's rate-setting committee Copom cut its Selic policy rate to 13.25%, as just 10 of 46 economists surveyed by Reuters had anticipated. Although Wednesday's policy decision was closely divided, Copom's policy statement signaled a shared outlook to keep up the pace of rate cuts in coming months. Wednesday's rate decision reflected a split among board members, with five votes in favor of the 50-basis-point cut and four votes for a more modest 25-basis-point cut. Finance Minister Fernando Haddad had called for a rate cut of 50 basis points earlier on Wednesday. Brazil's inflation target is 3% for both years.

Persons: we'd, William Jackson, Luiz Inacio Lula da Silva's, Roberto Campos Neto, Lula, Campos Neto, Fernando Haddad, Haddad, Copom, Peter Frontini, Marcela Ayres, Brad Haynes, Diane Craft Organizations: SAO PAULO, Reuters, Capital Economic, Finance, Fitch, Carolina, Thomson Locations: Brazil

☆ Brazil's Petrobras to trim dividends under new policy
▼ + stars: | 2023-07-29 | by ( Peter Frontini | ) www.reuters.com time to read: +1 min

SAO PAULO, July 28 (Reuters) - Brazilian state-run oil firm Petrobras' (PETR4.SA) board of directors on Friday approved a new shareholder remuneration policy that will trim its hefty dividend and allow share buybacks, according to a securities filing. Under the new policy, Petrobras' quarterly dividend will have to be at least 45% of its free cash flow, down from the current 60%, when the firm's gross debt is below $65 billion. In 2022, Petrobras paid a total of 215.8 billion reais to its shareholders, including the Brazilian government, which holds a controlling stake in the firm. Petrobras will announce its second-quarter dividends and earnings on Aug. 3 after the market closes. Reporting by Carolina Pulice and Peter Frontini; Editing by Brendan O'Boyle and Kylie MadryOur Standards: The Thomson Reuters Trust Principles.

Persons: Jean Paul Prates, Carolina Pulice, Peter Frontini, Brendan O'Boyle, Kylie Madry Organizations: SAO PAULO, Petrobras, SA, Reuters, Thomson

☆ Brazil meat lobby says UK has used rules for chicken exporting plants
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, July 17 (Reuters) - Brazilian meat lobby ABPA, which represents pork and poultry processors, said on Monday Britain had approved a "pre-listing" model for chicken exporting plants based in the South American country. Under the system, all companies that wish to ship chicken to the UK market must be approved by the Brazilian Agriculture Ministry, no longer requiring British authorities to clear individual suppliers. In April, Britain raised chicken import quotas from Brazil to 96,500 metric tons per year, up 16,600 metric tons from the previous threshold, generating a potential annual increase of around $60 million in revenue from exports to the UK. It was the first British audit mission abroad after Brexit, the Brazilian government said. Reporting by Ana Mano and Peter Frontini; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

Persons: ABPA, Ana Mano, Peter Frontini, Alex Richardson Organizations: SAO PAULO, Britain, Brazilian Agriculture Ministry, Thomson Locations: Britain, Brazil

☆ Brazil's Lula calls for 'common sense' negotiations on EU-Mercosur trade pact
▼ + stars: | 2023-06-24 | by ( ) www.reuters.com time to read: +2 min

June 24 (Reuters) - Brazilian President Luiz Inacio Lula da Silva on Saturday urged the European Union and the Mercosur to set aside arrogance and negotiate the long-awaited trade agreement between the blocs with common sense. "It's important to remember that we need the EU and they need us very much. So it's important that we put a little bit of arrogance aside and we try to use common sense for us to negotiate. The clause was agreed upon by former Brazilian President Jair Bolsonaro to speed up the deal. The agreement was struck in 2019 after lengthy negotiations but was then put on hold largely due to European concerns over Amazon deforestation.

Persons: Luiz Inacio Lula da Silva, Lula, Emmanuel Macron, Jair Bolsonaro, Alexandre Caverni, Peter Frontini, Marguerita Choy Organizations: Saturday, European Union, Mercosur, France, Thomson Locations: Paris, Brazilian, Brazil

☆ Construction halted on mansion of Brazilian soccer star Neymar
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

RIO DE JANEIRO, June 22 (Reuters) - Construction on a mansion belonging to Brazilian soccer player Neymar Jr was halted on Thursday due to environmental violations, officials said on Thursday, adding that the high-profile athlete could face a fine of at least $1 million. The residence is located in the coastal town of Mangaratiba on the south coast of Rio de Janeiro state. If the violations are proved, Neymar Jr could be forced to pay at least 5 million reais ($1.05 million) in fines, according to the statement. Officials said that during their visit to the property to stop construction, the athlete's father, Neymar da Silva Santos, insulted them. ($1 = 4.7729 reais)Reporting by Rodrigo Viga Gaier; Writing by Peter Frontini and Carolina Pulice Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Neymar Jr, Neymar, Neymar da Silva Santos, Rodrigo Viga Gaier, Peter Frontini, Shri Navaratnam Organizations: RIO DE, Carolina, Thomson Locations: RIO DE JANEIRO, Brazilian, Mangaratiba, Rio de Janeiro

☆ 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.

☆ 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.

☆ 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.

☆ 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.

Companies Brf Sa FollowMay 15 (Reuters) - Brazil, the world's top chicken exporter, has for the first time confirmed Highly Pathogenic Avian Influenza (HPAI) cases but only in wild birds, the Agriculture Ministry said on Monday. The avian influenza virus can kill entire flocks of birds and cause losses for the farming sector. Epidemiological surveillance services will be intensified to detect potential cases in wild and commercial animals in the area close to where the cases were confirmed, a government source said. The agriculture ministry said that because the cases were detected in wild animals, Brazil's status "as a country free of HPAI" was not affected. The main importers of Brazil's chicken products in April included China, Japan, South Africa and Saudi Arabia.

☆ Brazil Supreme Court justice orders investigation into Google, Telegram execs
▼ + stars: | 2023-05-12 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, May 12 (Reuters) - Brazil's Supreme Court on Friday ordered an investigation into executives at social messaging service Telegram and Alphabet Inc's (GOOGL.O) Google who are in charge of a campaign criticizing a proposed internet regulation bill. They later removed the posts following orders from the Supreme Court. In his request, Lira said tech companies have used "all sorts of tricks in a sordid campaign of disinformation, manipulation and intimidation, taking advantage of their hegemonic position in the market." Google declined to comment on the matter, while Telegram did not respond to a request for comment. Reporting by Ricardo Brito; Writing by Peter Frontini; Editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Brazilian miner Vale's profit slumps well below forecasts
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

The company posted a net profit of $1.8 billion for the first three months of 2023, in a filing to Brazil's main stock exchange on Wednesday, while analysts polled by Refinitiv had forecast a profit of $2.4 billion. Last week, the miner had already reported a slip in iron ore sales volume, blaming it on port loading restrictions and supply chain rebalancing after strong sales in the previous quarters. Revenues, meanwhile, fell 22% to $8.4 billion, also lagging analysts' $9.2 billion forecast. Earnings before interest, taxes, depreciation and amortization came in at $3.6, below analysts' $4.3 billion estimate. Over the quarter, Vale said that prices for its iron ore had averaged $108.6 per tonne, down from the $141.4 per tonne it reported for the same period last year.

☆ Brazil court suspends Telegram for not complying with order on neo-Nazi groups
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, April 26 (Reuters) - A Brazilian court on Wednesday ordered a temporary suspension in the country of the encrypted messaging app Telegram until it complies with an order to share information on extremist and neo-Nazi groups using the platform. The federal police requested the suspension order after Telegram failed to comply with a previous court decision to handover data about two neo-Nazi groups on the app that were accused of inciting violence in schools. Due to Telegram's non-compliance with the court order, the judge said telecommunications firms in the country should start to suspend access to the messaging service and downloading of the app. Local media reported that the federal police requested the contacts of administrators and members, as well as phone numbers of users from those groups. Telegram brands itself as a messaging app focused on speed and privacy and says its special secret chats use end-to-end encryption that is not stored on its servers.

☆ Brazil's Oi postpones release of 2022 financial statements
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, April 22 (Reuters) - Brazilian telecom firm Oi SA (OIBR4.SA) said late Friday it decided to postpone the release of its 2022 financial statements to May 22, after an expected presentation of its judicial reorganization plan. Oi, however, release preliminary figures showing that it had consolidated net revenue of 2.62 billion reais ($518.96 million) in the fourth-quarter of last year. Its routine earnings before interest, taxes, depreciation and amortization (EBITDA) for Brazilian operations in the period came in at 320 million reais. The firm's cash position at the end of 2022 was 3.22 billion reais, Oi added. ($1 = 5.0486 reais)Reporting by Peter Frontini Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Top security adviser to Brazil's president abruptly resigns
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: 1 min

BRASILIA, April 19 (Reuters) - The top national security adviser to Brazilian President Luiz Inacio Lula da Silva resigned on Wednesday, the presidential palace said, amid a scandal related to the aide's presence during the storming of government buildings in the capital. The resignation of Marcos Goncalves Dias, already accepted by the president, follows a report from CNN Brasil that included footage of him walking around the presidential palace while a mob ransacked government buildings in Brasilia on January 8. Reporting by Lisandra Paraguassu; Writing by Peter Frontini; Editing by David Alire GarciaOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil could suspend social media sites over school violence content
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Brazil could fine or suspend social media companies that do not effectively regulate content related to school violence, Justice Minister Flavio Dino said on Wednesday. The new measures, set to be published through an ordinance on Wednesday, seek to curb threats of school violence in the country, which have soared after two separate attacks left five dead in recent weeks. The Supreme Court is currently discussing this law's scope and validity. In March, Meta Platforms (META.O) and Alphabet's Google (GOOGL.O) appeared before Brazil's Supreme Court to defend the law, while the government looks to expand regulation over social networks. Dino said Brazil's consumer secretariat will immediately start determining each company's responsibility in proactively regulating harmful content to students.

☆ Meta's WhatsApp rolls out business payment tool in Brazil
▼ + stars: | 2023-04-11 | by ( Andre Romani | ) www.reuters.com time to read: +2 min

SAO PAULO, April 11 (Reuters) - Meta Platforms (META.O) on Tuesday began rolling out its payments tool to small and medium-sized firms through its WhatsApp messaging platform in Brazil, part of Meta's strategy to use the Brazilian market as a key test space for business messaging. The development of business messaging has become all the more urgent as Meta's core advertising business has stalled. The tool will initially be available for some merchants that use WhatsApp Business. While Brazil is the first country to have the service launched for small businesses using the free version of WhatsApp Business, in India, WhatsApp's largest market, users can make payments to businesses that use the application's paid API. WhatsApp users in Brazil have been able to make payments between users through the app since 2021, and last year, Meta launched a commercial directory for WhatsApp in Brazil, allowing users find companies with business messaging accounts.

☆ Dozens of dead stingrays found on Brazil beach
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

[1/4] A fisherman holds a dead stingray at Ilha do Fundao, on the banks of the Guanabara Bay, in Rio de Janeiro, Brazil April 11, 2023. REUTERS/Pilar OlivaresApril 11 (Reuters) - Dozens of dead stingrays appeared on a beach in Rio de Janeiro this week, sparking confusion and concern in the local community. A woman who lives in the fishing village said she noticed the incident shortly after dawn, prompting the arrival of vultures. We've never seen the death of stingrays like this here," said fisherman Renato dos Reis Oliveira. "This makes the hypothesis of trawling more evident in the cases of these stingrays," he said.

☆ Lula says will invite Xi to Brazil as China trip approaches
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, April 10 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Monday he would invite his Chinese counterpart Xi Jinping to Brazil, speaking on the eve of his departure the Asian country in a bid to tighten relations between the two countries. "I am going to invite Xi Jinping to come to Brazil, for a bilateral meeting, to get to know Brazil, to show him the projects that we have of interest for Chinese investment," he said in an interview to state-owned broadcasting company EBC, adding he is planning to "consolidate" the relationship with China. "What we want is for the Chinese to make investments to generate new jobs and generate new productive assets in Brazil," Lula added. Lula's trip to China, Brazil's top trading partner, was initially scheduled for March, but was postponed after he was diagnosed with a mild pneumonia. He will meet Xi as well as Chinese Prime Minister Li Qiang next Friday.

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