DIRS.INFO The most relevant business & tech news

☆ L'Oreal buys luxury brand Aesop from Brazil's Natura for $2.5 bln
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of French cosmetics group L'Oreal in the western Paris suburb of Levallois-Perret, France, February 7, 2020. REUTERS/Gonzalo FuentesSAO PAULO, April 3 (Reuters) - French cosmetics group L'Oreal (OREP.PA) struck a deal with Brazil's Natura & Co (NTCO3.SA) to buy Aesop, its Australian luxury brand, at an enterprise value of $2.53 billion, both firms said on Monday. The deal, L'Oreal's largest ever brand acquisition according to Dealogic data, expands the firm's presence in the luxury cosmetics market, while also providing the Brazilian company with some financial relief amid shrinking margins and heavy debt. The acquisition is also the third largest on record of an Australian company in the consumer products sector, the data showed. "Aesop taps into all of today's ascending currents and L'Oreal will contribute to unleash its massive growth potential, notably in China and travel retail," L'Oreal CEO Nicolas Hieronimus said in a statement.

☆ Brazil's Lula to announce fiscal framework after China visit, criticizes central bank
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +2 min

The new framework is considered crucial to addressing fiscal concerns after Lula secured congressional approval for a multi-billion-real package that bypasses the constitutional spending cap to boost social spending and fulfill campaign promises. However, in an interview with local news website Brasil 247, Lula said it wouldn't make sense to announce the fiscal framework and then travel to China. Reacting to the postponement, interest rate futures closed higher at the short end of the yield curve. During the interview, Lula also criticized the country's central bank, saying that an interest rate of 13.75% - its current level - is "irresponsible," adding he will continue to fight the current level to stimulate the economy. Brazil's central bank has been holding its benchmark interest rate at a six-year high since September and, according to economists polled by Reuters, is expected to maintain it unchanged at the Wednesday meeting.

☆ Brazil's Bolsonaro will be subpoenaed in jewelry scandal, says minister
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

[1/3] The jewelry with diamonds gifted to Bolsonaro and former first lady Michelle Bolsonaro by the Saudi government which was seized by customs officials, is seen at Sao Paulo-Guarulhos International Airport, in Guarulhos, Brazil, March 14, 2023. "We have enquiries in progress, hearings taking place, and at some point, the former president will be subpoenaed," Dino told reporters after an event in Rio de Janeiro. Luxury jewelry gifted to the then-president and his wife Michelle Bolsonaro by the Saudi government was seized by customs officials in October 2021 after it was found in the backpack of a government aide. Several officials from the Bolsonaro administration unsuccessfully tried to recover the jewelry from customs, according to local media. According to the minister, police will conclude the investigation into whether or not Bolsonaro attends a hearing.

☆ Brazil's RD posts 47% increase in Q4 adjusted net profit
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: 1 min

SAO PAULO, March 7 (Reuters) - Brazilian pharmacy chain RD SA (RADL3.SA), Raia Drogasil, posted on Tuesday a 47% jump year-over-year in fourth-quarter adjusted net profit to 301.1 million reais ($58.00 million), boosted by an increase in market share and revenue growth in digital sales. RD also reported gross revenue of 8.35 billion reais for the fourth-quarter, a 22% increase year-on-year and beating a Refinitiv poll compiled by Reuters of 7.66 billion reais. Adjusted EBITDA rose 33.7% to 599.4 million reais. The company said it operates 2,697 drugstores after opening 86 new one and closing 9 during the quarter. ($1 = 5.1910 reais)Reporting by Carolina Pulice and Peter Frontini; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Santander to sell 40% of WebMotors to Carsales.com for $240 mln
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, March 7 (Reuters) - Brazilian lender Santander Brasil SA said on Tuesday it will sell 40% of car-selling platform WebMotors to Australia's Carsales.com (CAR.AX) for 1.24 billion reais ($238.87 million). Carsales will hold 70% of WebMotors after the deal is concluded, while Santander will own the remaining 30%. The lender will continue as a partner of the platform in providing credit, insurance and other financial solutions to its users. The deal will be accompanied by a capital increase of A$500 million ($329 million) in Carsales, Santander said. ($1 = 5.1910 reais)($1 = 1.5188 Australian dollars)Reporting by Fabricio de Castro; Writing by Peter Frontini; Editing by Isabel WoodfordOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Petrobras posts Q4 profit up 38%
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: 1 min

Companies Petroleo Brasileiro SA Petrobras FollowSAO PAULO, March 1 (Reuters) - Brazil's state-run oil firm Petrobras (PETR4.SA) on Wednesday posted a better-than-expected 37.6% surge in fourth-quarter profit, helped by higher oil prices over the period. Petrobras reported net profit of 43.34 billion reais, surpassing the 37.61 billion reais estimated by analysts polled by Refinitiv. Reporting by Peter Frontini and Roberto Samora; Editing by Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil central bank greenlights Meta's WhatsApp merchant payment system
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] A smartphone with a displayed Meta logo is placed on a computer motherboard in this illustration taken February 23, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoSAO PAULO, March 2 (Reuters) - Brazil's central bank on Thursday approved Meta Platforms' (META.O) payments launch for small and medium-sized business in Brazil via its messaging application WhatsApp, building on the app's existing local peer-to-peer payment system. WhatsApp users in Brazil have been able to make payments between users through the application since 2021, but the new development clears the way for merchants to receive payments. "Soon, WhatsApp users will be able to pay for products and services directly in a conversation with Mastercard and Visa debit and credit cards," Guilherme Horn, head of WhatsApp Latin America, said in a Linkedin post. Shortly after the central bank's greenlight, Meta's chief executive Mark Zuckerberg said on his Instagram broadcast channel that "people will be able to pay small businesses right on WhatsApp".

☆ Brazil to halt beef exports to China after mad cow disease case
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, Feb 22 (Reuters) - Brazil's beef exports to China will be halted starting Thursday after a case of mad cow disease was confirmed in the northern state of Para, the country's agriculture and livestock ministry said on Wednesday. The suspension is part of an animal health pact previously agreed between China and Brazil and is expected to be temporary. It is a blow to Brazilian farmers, as China is the main destination for Brazil's beef exports. A case of the disease, formally called bovine spongiform encephalitis, was confirmed earlier by Para's agricultural defense agency. In 2021, two cases of the disease triggered a suspension in beef exports to China that lasted more than three months.

☆ Death toll from devastating Brazil downpours rises to 44
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, Feb 21 (Reuters) - The death toll from heavy rains that devastated coastal areas of Brazil's southeastern Sao Paulo state rose to 44 people, according to a state government statement on Tuesday. The city of Sao Sebastiao bore the brunt of the human toll, with 43 reported deaths. [1/5] Firefighters work to find victims in one of the landslides sites after severe rainfall at Barra do Sahy in Sao Sebastiao, Brazil, February 21, 2023. Sao Paulo state Governor Tarcisio de Freitas said the Navy would build a field hospital for victims starting Thursday. The deluge happened as tourists thronged to Brazil's beaches during the annual Carnival holiday, likely making the human toll much worse.

☆ Germany pledges funds to help Brazil defend Amazon rainforest
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, Jan 30 (Reuters) - Germany on Monday pledged 200 million euros ($217 million) to help Brazil defend the Amazon rainforest, a global ecosystem devastated during years of rule under former Brazilian President Jair Bolsonaro. The sum includes a donation of 35 million euros ($38 million) to the Amazon Fund to strengthen a billion-dollar initiative funded by Norway and Germany to protect the South American rainforest and fight deforestation. The Amazon Fund was re-activated by Brazil's Environment Minister Marina Silva the day she took office vowing to halt deforestation in the world's largest tropical rainforest. As president Bolsonaro said Brazilians had the right to develop natural resources in the Amazon. The German assistance includes socio-environmental projects to support Brazilian states in the Amazon rainforest and low-interest loans to farmers for the reforestation of their land, a statement issued by Brazil said.

☆ Brazil police say gang leader likely ordered killing of British journalist, Amazon expert
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

Jan 23 (Reuters) - Brazil's federal police said on Monday they had a "strong conviction" a gang leader known as "Colombia" ordered the brutal murders of British journalist Dom Phillips and indigenous expert Bruno Pereira, killed in the Amazon rainforest last June. The gang leader, Ruben Dario da Silva Villar, is already in police detention after being charged along with three other people for double homicide and concealment of corpses. According to police, Villar was the leader and key financier of an armed criminal group engaged in illegal fishing in the Amazon. Pereira and Phillips vanished last year in a trip to the remote Javari Valley, on the border between Peru and Colombia. Reporting by Ricardo Brito; Writing by Peter Frontini; Editing by Sarah Morland and Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

☆ Brazilian lender Santander's Chairman Rial resigns
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, Jan 20 (Reuters) - Brazilian lender Santander Brasil SA said on Friday its chairman and former chief executive, Sergio Rial, is resigning from his position at the firm. The resignation comes just days after Rial quit his short-lived job as chief executive of retailer Americanas SA after finding accounting "inconsistencies" that led the company to file for bankruptcy protection. Rial was Santander Brasil's CEO for six years, as well as the bank's regional head for South America, before transitioning to board chairman in early 2022. He is also chairman of the board at fuel distributor Vibra Energia SA (VBBR3.SA), vice chair at BRF SA (BRFS3.SA) and a board member at Delta Air Lines (DAL.N). Rial will be replaced on an interim basis by his vice chair, Deborah Stern Vieitas, until the bank's next general meeting on April 28.

☆ 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.

☆ 'Sabotage' likely culprit for Brazil's Eletrobras towers collapse, sources say
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

RIO DE JANEIRO, Jan 13 (Reuters) - The collapse of two transmission towers operated by Brazilian power company Eletrobras (ELET6.SA) happened after someone cut the cables used to secure the towers, three sources with knowledge of the matter said on Friday. On one of the towers, "cut wires were found, in a sign of vandalism," said a second source. A third tower operated by power transmission company Evoltz had also collapsed on Monday. Another tower operated by transmission firm Taesa (TAEE11.SA) suffered a vandalism attempt on Thursday. However, the tower was not knocked down and there was no interruption in power transmission, Taesa said.

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.

☆ Brazil's Bolsonaro released from hospital in Florida, source says
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: 1 min

Jan 10 (Reuters) - Brazil's former President Jair Bolsonaro on Tuesday was released from a hospital near Orlando, Florida, where he had been admitted on Monday, a source close to the Bolsonaro family said. Earlier, O Globo columnist Lauro Jardim had reported on the news. Bolsonaro, who flew to Florida 48 hours before his term ended, was admitted to the hospital a day after hundreds of his supporters rampaged through key government buildings in the capital Brasilia. Bolsonaro was treated for intestinal pains related to a stabbing he suffered during the 2018 election campaign. Reporting by Rodrigo Viga Gaier and Peter Frontini Editing by Chris Reese and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

SAO PAULO, Jan 10 (Reuters) - Brazilian power company Eletrobras (ELET6.SA) is investigating whether the collapse of two transmission towers is related to anti-government riots on Sunday after finding signs of sabotage, according to two people familiar with the probe. The towers - one of which fell on Sunday and the other in the early hours of Monday - were operated by Eletrobras subsidiaries Furnas and Eletronorte. Eletrobras, the mines and energy ministry and regulatory agency Aneel have set up a crisis committee to monitor potential threats to Brazil's power grid, according to a third source. A third tower operated by power transmission company Evoltz also collapsed, according to a report by Brazil's National Electric System Operator (ONS) on Tuesday. Eletrobras, Furnas and Evoltz did not immediately respond to requests for comment.

REUTERS/Adriano MachadoSAO PAULO/LONDON, Jan 9 (Reuters) - Brazilian equities were higher in choppy trade on Monday, a day after thousands of supporters of former President Jair Bolsonaro stormed government buildings in the capital, echoing the Jan. 6, 2021, insurrection in Washington. On Friday, both had performed better after Lula said the economy may grow while government finances are kept in check. On Monday hundreds of Brazilian police in riot gear and some on horseback amassed at an encampment of Bolsonaro supporters near Brasilia's army headquarters. "I think the situation will quickly normalize," said Cristian Maggio, head of portfolio strategy at TD Securities in London. "Yet, it is an event worth keeping an eye on, as it may not be fully over just yet."

☆ Incoming Petrobras CEO Prates rules out fuel price interventions
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +1 min

Jan 4 (Reuters) - The incoming chief executive of Brazil's oil company Petrobras (PETR4.SA) said on Wednesday there will be no interventions in fuel prices, and shares of the state-run firm rose. Jean Paul Prates, handpicked by President Luiz Inacio Lula da Silva to lead the company, told journalists he does not intend to unlink Petrobras' fuel prices from those of international markets, but "will unlink them from import parity." Without forcing, without imposing a tariff, with absolutely no direct intervention in the market," Prates explained. His remarks, which echoed comments he made after his appointment as CEO, boosted Petrobras' share price, said Reach Capital's investment head, Ricardo Campos. Reporting by Marta Nogueira and Paula Arend Laier; Writing by Peter Frontini; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Petrobras CEO resigns as ministry chooses his successor -sources
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Petrobras did not immediately comment on the resignation. Andrade had been handpicked by former right-wing President Jair Bolsonaro after three of his predecessors left following clashes with Bolsonaro over Petrobras' fuel pricing policy. Prates will need final approval as a board member and subsequently as CEO from the firm's current board of directors. Andrade's term had been set to expire in April, but Reuters reported late last year that he had decided to resign earlier. Reporting by Carolina Pulice, Peter Frontini and Marta Nogueira; Editing by Mark Porter, Bradley Perrett and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ Casino's GPA prepares to spin off Colombian supermarket operator Exito
▼ + stars: | 2022-12-31 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, Dec 30 (Reuters) - Brazilian retailer GPA (PCAR3.SA) said on Friday it had taken the first steps towards spinning off its Colombian subsidiary Almacenes Exito SA (IMI.CN) and plans to distribute its shares to existing shareholders. In a securities filing, GPA said Exito had applied to be a publicly-held company in Brazil and list Brazilian Depositary Receipts (BDRs) on the Sao Paulo stock exchange. Exito also plans to list American Depositary Receipts (ADRs) in New York. Exito, which operates supermarkets and shopping malls in South America, has market value of some $925 million, according to Refinitiv data. Following the spin-off, GPA will retain a 13% stake in Exito, down from its current holding of nearly 97%.

☆ 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.

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Dec 23 (Reuters) - Caio Paes de Andrade, the chief executive of Brazil's state-run oil firm Petrobras (PETR4.SA), has decided to resign before his term ends in April, but has not yet set a date for his departure, six sources told Reuters. Andrade's early exit would provide a pathway for leftist President-elect Luiz Inacio Lula da Silva to quickly install his own choice to lead the company. Lula, a leftist former president, takes office on Jan. 1. Prates has previously said the incoming government will not have an interventionist stance on Petrobras. Petrobras had previously said Andrade had accepted an invitation from future Sao Paulo state Governor Tarcisio Freitas to join his team.

☆ Brazil's oil firms to invest $7.7 billion in onshore fields by 2029
▼ + stars: | 2022-12-23 | by ( Marta Nogueira | ) www.reuters.com time to read: +2 min

RIO DE JANEIRO, Dec 23 (Reuters) - Brazil's small- and medium-sized oil firms are set to invest some 40 billion reais ($7.74 billion) in onshore fields by 2029, according to a survey by the country's independent oil and gas producers association Abpip. The move to buy fields from Petrobras has boosted the onshore oil and gas industry in Brazil. Petrobras had sidelined some assets after shifting focus to developing its prolific pre-salt fields, Abpip's executive secretary, Anabal Santos, told Reuters. Output from onshore fields is now expected to increase to 500,000 barrels of oil equivalent per day by 2029, up from 150,000 in 2016, he said. The state-run firm has already sold some offshore assets, Santos said.

Search resuls for: "Frontini"

25 mentions found