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☆ Brazil's Americanas mulls filing for bankruptcy, shares tank as markets see move as imminent
▼ + stars: | 2023-01-19 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

Americanas said its current cash position stands at 800 million reais ($154.25 million). "The bankruptcy protection is unavoidable and might be one of the largest ever in Brazil, as complex as Oi's one." Oi SA (OIBR4.SA), a telecom firm, filed in June 2016 for Brazil's then-biggest ever bankruptcy protection and only exited it in December 2022. Last week, chief executive Sergio Rial resigned less than two weeks after taking the job citing the discovery of "accounting inconsistencies" totaling 20 billion reais. "Filing for bankruptcy protection is imminent and necessary," said Fernando Ferrer, an analyst at Empiricus Research, noting there could be a "cascade effect" of banks requesting to withhold money from the firm.

☆ Billionaire-backed Americanas files for bankruptcy protection, shares tank
▼ + stars: | 2023-01-19 | by ( Gabriel Araujo | ) www.reuters.com time to read: +4 min

SAO PAULO, Jan 19 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) on Thursday filed for bankruptcy protection, days after uncovering nearly $4 billion in accounting inconsistencies and amid a legal feud with creditors. In the filing, Americanas asks to exclude fintech Ame from the bankruptcy protection, as it is regulated by the central bank, and for authorization to increase its capital. Chief Executive Sergio Rial resigned last week, less than two weeks after taking the job, citing the discovery of "accounting inconsistencies" totaling 20 billion reais. Andre Luzbel, head of variable income at SVN Investimentos, said the bankruptcy protection was unavoidable, noting it would be one of the largest ever in Brazil, "as complex as Oi's one." Oi SA (OIBR4.SA), a telecom firm, filed in June 2016 for Brazil's then-biggest ever bankruptcy protection and only exited it in December 2022.

Americanas on Tuesday disclosed that it did not pay interest due on Monday of more than 2 billion reais ($392 million) in local bonds. It made the disclosure in a filing responding to a question by securities regulator CVM, saying that it was allowed not to pay under the injunction. Fitch said that if Americanas formally announces a debt restructuring plan, its ratings will be downgraded to RD or D reflecting a default. Fitch said the retailer, backed by the billionaire founders of 3G Capital, has an unsustainable capital structure with the addition of an estimated 20 billion reais in previously undisclosed liabilities. The company last year paid 516.6 million reais in dividends related to the results in 2021, according to securities filings.

SAO PAULO, Jan 16 (Reuters) - Brazilian lenders BTG Pactual, Bradesco and Santander Brasil are among those most exposed to debt of Americanas SA (AMER3.SA), analysts' estimates showed on Monday, after the retailer obtained an injunction protecting it from creditors. Analysts at JPMorgan and Citi said in research notes that Banco Bradesco SA (BBDC4.SA) had the largest nominal exposure to the firm, while Banco BTG Pactual SA topped exposure as a proportion of loans. Considering JPMorgan's and Citi's estimates, BTG had a 1.9 billion-real exposure to Americanas, which was seen accounting for roughly 1.5% of its loans, while Bradesco had exposure of 4.7 billion reais, or 0.5% of loans. Banco Santander Brasil SA , the local unit of Spain's Banco Santander (SAN.MC), had 3.7 billion reais in exposure, or about 0.6% of loans. Sergio Rial, the outgoing Americanas chief executive who uncovered the accounting inconsistencies, is a former head of Santander Brasil, where he still serves as chairman of the board.

☆ Minority shareholders denounce Brazil's Americanas for 'multi-billion fraud'
▼ + stars: | 2023-01-13 | by ( Rodrigo Viga Gaier | ) www.reuters.com time to read: +3 min

RIO DE JANEIRO/SAO PAULO, Jan 13 (Reuters) - A group representing minority shareholders on Friday filed a complaint with Brazil's securities regulator against Americanas SA (AMER3.SA) after the retailer uncovered "accounting inconsistencies" totaling 20 billion reais ($3.89 billion). The Abradin association said it was denouncing Americanas for what it called a "multi-billion fraud," while also asking regulator CVM to investigate the retailer's auditor, PwC. Shares in Americanas plummeted more than 75% on Thursday, wiping out 8.4 billion reais in market value, after the company's chief executive Sergio Rial resigned, citing the discovery of inconsistencies. It's not easy to hide 20 billion reais," said Eric Barreto, a professor at Sao Paulo's Insper. Americanas has long been controlled by three Brazilian billionaires who founded 3G Capital.

SAO PAULO/MEXICO CITY, Jan 11 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) said on Wednesday its chief executive and chief financial officer resigned after the discovery of around 20 billion reais ($3.88 billion) in accounting "inconsistencies." Lojas Americanas CEO Sergio Rial departed less than two weeks after taking the job, when he replaced Miguel Gutierrez. Joao Guerra, a long-time Americanas executive not involved with accounting or financial management, will take over as CEO on an interim basis. The amount of accounting inconsistencies is larger than the company´s net equity, 15 billion reais, said Fabrício Gonçalvez, CEO at Box Asset Management. The amount is also almost twice Americanas' 10.7 billion reais market capitalization, according to Refinitiv data.

SAO PAULO, Jan 12 (Reuters) - Shares in Brazilian retailer Americanas SA (AMER3.SA) fell more than 75% on Thursday after its chief executive officer resigned citing the discovery of "accounting inconsistencies" totaling 20 billion reais ($3.9 billion). Rial attributed the inconsistencies to differences in accounting for the financial cost of bank loans and debt with suppliers. The outgoing CEO said Americanas would likely need a capital increase, though noted he didn't expect a short-term impact from the inconsistencies on its cash position. Analysts at Santander and JPMorgan, who rated Americanas "Neutral" and "Underweight" respectively, also forecast a major negative reaction to the news. PwC, Americanas' auditor, declined to comment on the accounting inconsistencies referred to by Rial.

☆ Marchers in southeast Iran denounce top leader in renewed protests
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +4 min

protesters chanted in reference to Supreme Leader Ayatollah Ali Khamenei in a social media video said to be from Zahedan, capital of Sistan-Baluchistan province. The impoverished province is home to Iran's Baluch minority of up to 2 million people, who human rights groups say have faced discrimination and repression for decades. Separately, a rights group said at least 100 detained protesters in Iran faced possible death sentences. This is a minimum as most families are under pressure to stay quiet, the real number is believed to be much higher," the Norway-based Iran Human Rights group said on its website. Reporting by Dubai newsroom Editing by Hugh Lawson and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Iran reroutes plane carrying soccer star's wife, blames UK over unrest
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +3 min

A service that could help Iranians circumvent internet restrictions is Starlink, a satellite-based broadband service operated by Elon Musk's SpaceX. Musk said on Monday that the company was getting close to having 100 active Starlink satellite receivers inside Iran. After he voiced support for the protests on social media, authorities this month shut down a jewellery shop and a restaurant he owned. The British foreign ministry had said it was seeking further information from Iranian authorities on the reported arrests. Besides arrests, authorities have imposed travel bans on dozens of artists, lawyers, journalists and celebrities for endorsing the protests.

☆ Prominent Sunni cleric denounces Iran crackdown, currency near record low
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +3 min

[1/5] People take part in a protest against the Islamic regime of Iran following the death of Mahsa Amini, in Istanbul, Turkey December 10, 2022. REUTERS/Dilara SenkayaDUBAI, Dec 23 (Reuters) - Iran's currency hovered near a historic low against the U.S. dollar on the unofficial foreign exchange market on Friday amid renewed street protests in the restive southeast, where a prominent dissident Sunni Muslim cleric denounced a bloody crackdown on street demonstrations. Some of the worst unrest in recent months has been in areas home to minority ethnic groups with long-standing grievances against the state, including Sistan-Baluchistan and Kurdish regions. On the unofficial foreign exchange market, the U.S. dollar sold for as much as 400,500 rials on Friday, slightly down from an all-time high of 401,000 on Thursday, according to foreign exchange site Bonbast.com. State officials have said up to 300 have been killed, including members of the security forces.

☆ Oman sees 2023 budget deficit at 3% of GDP
▼ + stars: | 2022-12-20 | by ( Rachna Uppal | ) www.reuters.com time to read: +1 min

DUBAI, Dec 20 (Reuters) - Oman is forecasting a 1.3 billion rial ($3.39 billion) deficit in its 2023 budget, or 3% of gross domestic product, following an expected surplus this year after higher oil prices boosted revenues. State media reported the Gulf state expects revenues of 11.7 billion rials and expenditure at 13 billion rials next year, based on an average oil price assumption of $55 per barrel. Budgeted spending next year is 7% above the approved spending for 2022, state media reported, citing the finance ministry. Oman, one of the Gulf's weaker economies, swung to a budget surplus in the first half of 2022, easing pressure on public finances and improving its ability to meet debt obligations. While oil prices have softened in recent weeks after highs of over $100/barrel over the course of this year, Oman's oil price assumption for its 2023 budget appears conservative.

☆ Iran central bank governor blames protests for currency's fall
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +3 min

"To make adjustments in the (foreign exchange) market, we in the Central Bank will act both as a market-maker and as a hard currency policymaker," Salehabadi told state TV. "Whichever hard currency is more in demand, we will offer that in the market." The dollar sold for as much as 395,600 rials on the unofficial market, up from 386,800 on Friday, according to foreign exchange site Bonbast.com. The rial has lost nearly 20% of its value since the nationwide protests erupted three months ago. According to the activist HRANA news agency, 495 protesters had been killed as of Friday, including 68 minors.

☆ Iran carries out second known execution over protests
▼ + stars: | 2022-12-12 | by ( Associated Press | ) www.nbcnews.com time to read: +4 min

Iran on Monday executed a second known prisoner detained and convicted amid nationwide protests challenging the country’s theocracy, airing footage on state television it claimed shows him stabbing two security force members to death and running away. At least 488 people have been killed since the demonstrations began in mid-September, according to Human Rights Activists in Iran, a group that’s been monitoring the protests. Iran’s Interior Ministry said earlier this month that the death toll was 200, including security forces who were killed. A heavily edited state television report aired after Rahnavard’s execution showed clips of him in the courtroom. It executed the first known prisoner detained during demonstrations last Thursday.

☆ Iranian currency slides to new low amid unrest, isolation
▼ + stars: | 2022-12-10 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Dec 10 (Reuters) - Iran's troubled currency fell to a new low against the U.S. dollar on Saturday amid continued unrest and the country's increasing isolation in the face of Western criticism of its security crackdown and ties to Russia. The rial has lost 13.8% of its value since nationwide protests erupted after the death in police custody of a 22-year-old Kurdish Iranian woman, Mahsa Amini, on Sept. 16. The unrest poses one of the biggest challenges to theocratic rule in Iran since the 1979 Islamic Revolution. These include the alleged sales of drones used by Russia in the war in Ukraine, which Tehran and Moscow have denied. "Some (traders) say current international conditions are such that the chances of reviving the nuclear deal are low, and this has caused cautious buyers to enter the dollar market," Ecoiran said.

☆ World Cup 2022: What fans can't do in Qatar
▼ + stars: | 2022-11-22 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +7 min

CNN —After years of anticipation – and controversy – since Qatar was awarded the World Cup, the tournament finally got underway on Sunday in Doha. DrinkingThe sale and consumption of alcohol has been a highly contentious issue since Qatar was first announced as the World Cup host 12 years ago. FIFA President Gianni Infantino attends a press conference at the Qatar National Convention Center (QNCC) in Doha on November 19, 2022, ahead of the Qatar 2022 World Cup football tournament. But it’s not the lowest-scoring country taking part in the World Cup; Saudi Arabia scores a 7 and Iran scores a 14. There is no legal guarantee of press freedom or freedom of expression in Qatar, the US Embassy in Qatar notes.

☆ Qatar World Cup: 'Our dreams never came true.' These men helped build Qatar's tournament, now they are struggling to survive.
▼ + stars: | 2022-11-17 | by ( Aimee Lewis Pramod Acharya Sugam Pokharel | Aimee Lewis | Pramod Acharya | ) edition.cnn.com time to read: +31 min

It will be a historic event, the first World Cup to be held in the Middle East, but one also mired in controversy. He had dreamed of watching World Cup matches from the rooftop of the hotel he had helped build. In Qatar, migrant workers can now change jobs freely without permission from their employer. However, a number of European federations have issued a joint statement saying they would campaign at the tournament on human rights and for a migrant workers center and a compensation fund for migrant workers. The motto for Qatar’s bid team in 2010 was ‘Expect Amazing.’ In many ways, this year’s World Cup has replicated that maxim.

☆ Mass protests in Iran, sparked by woman's death in police custody, are the regime's biggest challenge in years
▼ + stars: | 2022-09-23 | by ( Natasha Turak | ) www.cnbc.com time to read: +8 min

Alleged eyewitnesses say they saw Amini being beaten to death by Iran's feared morality police. Appearing in public as a woman without the head covering is a criminal offense in Iran and carries the consequence of prison time. What this uprising has revealed is the complete illegitimacy of not only the Islamic Republic, but indeed of the 1979 Iranian Revolution, in the eyes of this new generation. Roham AlvandiThe U.S. responded by condemning the Iranian government's actions, and has imposed sanctions on Iran's morality police, who it blames for Amini's death. "Not just has Iran oppressed the women there," she added, "but it has made the world hate us."

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