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☆ BRICS bank NDB says not considering new projects in Russia
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, July 26 (Reuters) - The New Development Bank (NDB), the multilateral bank set up by the BRICS states, is not considering new projects in Russia as it operates in line with restrictions imposed in financial and capital markets, its head said on Wednesday. Dilma Rousseff said in a statement posted on messaging platform X, formerly known as Twitter, that any speculations concerning the discussion of new operations of the bank in Russia were "unfounded". BRICS countries, namely Brazil, Russia, India, China and South Africa, are scheduled to gather in the African country next month. The BRICS group of emerging countries launched the Shanghai-headquartered bank in 2015. Rousseff was appointed to head it earlier this year by Brazilian President Luiz Inacio Lula da Silva.

Persons: Dilma Rousseff, Rousseff, Vladimir Putin, Putin, Cyril Ramaphosa, Luiz Inacio Lula da Silva, Gabriel Araujo, Steven Grattan Organizations: SAO PAULO, New Development Bank, South, United Arab, Thomson Locations: Russia, Brazil, Africa, St . Petersburg, India, China, South Africa, United Arab Emirates, Bangladesh, Egypt, Shanghai

☆ Brazil inflation down by more than expected in month to mid-July
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, July 25 (Reuters) - Consumer prices in Brazil fell by more than expected in the month to mid-July, data from statistics agency IBGE showed on Tuesday, as markets brace for an interest rate cut when the central bank monetary policy committee meets next week. In Latin America's largest economy, the IPCA-15 consumer price index fell 0.07% in the period, down from 0.04% in the previous month and below the 0.01% drop expected by economists polled by Reuters. That took 12-month inflation in the country to 3.19%, while economists had projected it to come in at 3.26%. The annual figure remains below the central bank's inflation target of 3.25% for this year, although an uptick is expected from this month because of unfavorable base effects. IBGE said the deflation in the month to mid-July was mainly driven by lower housing and food and beverage costs, whose declines were partially offset by an increase in transportation prices.

Persons: IBGE, Gabriel Araujo, Steven Grattan Organizations: SAO PAULO, IBGE, Reuters, Thomson Locations: Brazil

SAO PAULO, July 18 (Reuters) - An alternative investment vehicle controlled by French insurer AXA (AXAF.PA) said on Tuesday it will inject $49 million into reforestation projects in Brazil led by local startup Mombak. Mombak, which is also backed by Bain Capital, will lead projects to reforest over 10,000 hectares of degraded pastureland, generating up to 6 million carbon credits. "We are building the largest carbon removal projects in the world," Mombak co-founder Peter Fernandez said in an interview. "The single largest opportunity that humanity has to do reforestation is in Brazil." "We would like to significantly scale up our deployment in Brazil and other Amazon basin countries."

Persons: Mombak, Peter Fernandez, Fernandez, Adam Gibbon, Gabriel Araujo, Brad Haynes, Josie Kao Organizations: SAO PAULO, AXA, AXA IM Alts, Bain Capital, Greenpeace, Reuters, Thomson Locations: Brazil

"Everyone is expecting a rate cut," Finance Minister Fernando Haddad noted in an interview with RedeTV journalist Kennedy Alencar. Planning Minister Simone Tebet was even more emphatic, saying at an event in Rio de Janeiro that the central bank must start its easing cycle with a 50-basis-point cut. She said high interest rate levels were hurting the retail sector. However, they still diverge on the size of the cut, with 55% of those polled betting on a 25 basis point move while 32% expect a 50 basis point cut. On Thursday, Lula himself renewed calls on the central bank to cut interest rates.

Persons: Luiz Inacio Lula da Silva's, Fernando Haddad, Kennedy Alencar, Haddad, Simone Tebet, Lula, Gabriel Galipolo, Ailton Aquino, Lula's, Bernardo Caram, Rodrigo Viga Gaier, Gabriel Araujo, Steven Grattan, Josie Kao, Frances Kerry Organizations: RIO DE, Finance, Reuters Graphics Reuters, Thomson Locations: BRASILIA, RIO, RIO DE JANEIRO, Rio de Janeiro, Brazil, Brasilia

SAO PAULO, July 6 (Reuters) - Deforestation in Brazil's Amazon fell 34% in the first half of 2023, preliminary government data showed on Thursday, hitting its lowest level in four years as President Luiz Inacio Lula da Silva institutes tougher environmental policies. But that's an area more than three times the size of New York City, underscoring the challenge Lula faces to eliminate deforestation entirely. "It's very positive, but we continue to have very high levels of deforestation," said Daniel Silva, an analyst at nonprofit WWF-Brasil. An aerial view shows a deforested area during an operation to combat deforestation near Uruara, Para State, Brazil January 21, 2023. In June alone, Inpe satellite data showed deforestation totaled 663 sq km, down 41% from the same month a year ago.

Persons: Luiz Inacio Lula da Silva, Inpe, Lula, Daniel Silva, Jair Bolsonaro, Ueslei Marcelino, Marina Silva, Silva, Joao Paulo Capobianco, Carolina Pulice, Jake Spring, Gabriel Araujo, Sandra Maler Organizations: SAO PAULO, WWF, Brasil, REUTERS, Environment Ministry, Thomson Locations: New York City, Uruara, Para State, Brazil

BRASILIA, July 7 (Reuters) - Brazil's lower house of Congress approved on Friday the main text of a tax reform that will restructure the country's complex consumption taxes, a move President Luiz Inacio Lula da Silva touted as a "great victory". The bill will now be sent to the Senate, where it will also be voted on in two rounds. "Brazil will have its first tax reform of the democratic period ... We are working towards a better future for everyone." Markets reacted positively to the lower house approval, with Brazil's real strengthening more than 1% against the dollar, while benchmark stock index Bovespa (.BVSP) jumped 1.65%. 'A NECESSITY'The lower house approved the reform by 382-118 in the first round of voting held late on Thursday.

Persons: Luiz Inacio Lula da Silva, Lula, Fernando Haddad, Haddad, Rodrigo Pacheco, Arthur Lira, Jair Bolsonaro, Maria Carolina Marcello, Carolina Pulice, Gabriel Araujo, Michael Perry, Devika Syamnath, Alistair Bell Organizations: Lawmakers, Senate, Markets, JPMorgan, Finance, Workers ' Party, Thomson Locations: BRASILIA, Brazil

☆ Brazil building collapse leaves five dead, eight still missing
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, July 7 (Reuters) - A building collapsed on Friday in Brazil's northeastern state of Pernambuco, leaving at least five dead and eight others missing, civil defense authorities said. [1/5]Rescue workers look for victims among debris of a building collapse in Recife, Pernambuco state, Brazil July 7, 2023. REUTERS/Anderson StevensThe Pernambuco government said on social media that eight teams had been dispatched to the site after civil defense learned of the collapse at 6:35 a.m. (0935 GMT). Recife, a coastal city of some 1.5 million people, has been grappling with heavy rains in recent days. Reporting by Gabriel Araujo; Editing by Brad Haynes, Mark Porter and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Anderson Stevens, Gabriel Araujo, Brad Haynes, Mark Porter, Sandra Maler Organizations: SAO PAULO, REUTERS, Thomson Locations: Brazil's, Pernambuco, Janga, Recife, Brazil

☆ Bolsonaro's career wrecked as majority of Brazil court vote to bar him for 8 years
▼ + stars: | 2023-06-30 | by ( Ricardo Brito | ) www.reuters.com time to read: +2 min

REUTERS/Adriano MachadoBRASILIA, June 30 (Reuters) - Former Brazilian President Jair Bolsonaro's political career evaporated on Friday as a majority of federal electoral court (TSE) justices voted to bar him from public office until 2030 for his conduct during last year's fraught election. Bolsonaro denies any wrongdoing and has already said he plans to appeal to the Supreme Court. The TSE trial is part of a broader reckoning in Brazil with the fallout from the country's most painful election in a generation. While the former president faces electoral court scrutiny, many of his one-time allies are being questioned by lawmakers in a congressional probe into the Jan. 8 riots. Reporting by Ricardo Brito; Writing by Gabriel Araujo; Editing by Jonathan Oatis and Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

Persons: Jair Bolsonaro, Adriano Machado BRASILIA, Jair, Bolsonaro, Luiz Inacio Lula da Silva, Benedito Goncalves, Donald Trump, Ricardo Brito, Gabriel Araujo, Jonathan Oatis, Rosalba O'Brien Organizations: Brasilia International, Electoral Justice, REUTERS, Supreme, TSE, Thomson Locations: Brasilia, Brazil

SAO PAULO, June 30 (Reuters) - Power grids around the world are not yet ready for the so-called flying car, an executive with Brazilian start-up Eve Air Mobility (EVEX.N) told Reuters, adding that the electric aircraft maker is in talks with power providers to bridge the gap. Eve's Services & Operations Solutions Vice President, Luiz Mauad, said the nascent industry does face challenges when it comes to the power supply the electric aircraft needs to recharge. But he expressed optimism they would be overcome in time for Eve to meet its target of starting commercial operations in 2026. Mauad said Eve has been talking to global power generators and distributors about making infrastructure adequate for the electric vertical take-off and landing aircraft (eVTOLs), including the so-called vertiports they would take off from. "But there is still the 'final mile' challenge so that power can get to the vertiports."

Persons: Luiz Mauad, Eve, Mauad, Eve's, Gabriel Araujo, Rosalba O'Brien Organizations: SAO PAULO, Mobility, Reuters, Services, Operations, planemaker Embraer, EMBR3, Thomson Locations: Brazilian, Brazil, United States, India, France

☆ Brazil's Lula says inflation targets too 'rigid'
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, June 29 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Thursday the country's inflation targets were excessively rigid and renewed criticism of the central bank for high interest rates ahead of a meeting that will set its 2026 inflation goals. Lula's remarks came as financial markets closely watch the National Monetary Council's (CMN) meeting later in the day for potential changes on inflation targets, which are currently at 3.25% for 2023 and 3% for the next two years. "Personally I think Brazil should not have such a rigid inflation target if it cannot meet it," Lula said in an interview with Radio Gaucha. "But it's not prudent for me to talk about the monetary council ahead of its meeting." Lula previously hinted at potentially changing inflation targets to increase them and enable monetary policy easing, a move that ended up worsening expectations for consumer price changes.

Persons: Luiz Inacio Lula da Silva, Lula's, Lula, Gabriel Araujo, Steven Grattan Organizations: SAO PAULO, Monetary, Radio Gaucha, Thomson Locations: Brazil

☆ Brazil finance minister confirms 3% inflation target in 2024, backs tweaking time frame
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, June 29 (Reuters) - Brazil's finance minister has confirmed the country's monetary council will keep next year's inflation target at 3%, but reiterated he expects the body to tweak the time frame used to assess the goal's fulfillment. Fernando Haddad's remarks in an interview with GloboNews aired late on Wednesday came as markets on Thursday closely watch the National Monetary Council's (CMN) meeting for potential changes on inflation targets. Inflation targets that have the calendar year as a time frame cause "unnecessary pressure," he said. The central bank currently targets inflation of 3.25% in 2023 and 3% in 2024 and 2025, with a tolerance margin of 1.5 percentage points up or down. Lula previously hinted at potentially changing inflation targets to increase them and enable monetary policy easing, a move that helped worsen expectations for consumer price changes.

Persons: Fernando Haddad's, GloboNews, Haddad, Luiz Inacio Lula da, Lula, Fabricio de Castro, Gabriel Araujo, Emelia Sithole Organizations: SAO PAULO, Monetary, Thomson

☆ Brazil census shows population growth at its slowest since 1872
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

The United Nations Population Fund estimated that Brazil was the world's seventh most populous country in mid-2023. Yearly population growth between 2010 and 2022 reached 0.52%, the IGBE said, the lowest since the series started in 1872. Brazil's population growth has been slowing since the 1960s, which the agency said reflected lower birth rates. Reuters Graphics"In 2022, the annual growth rate has been reduced to less than half of what it was in 2010 (1.17%)," census technical coordinator Luciano Duarte said in a statement. Brazil's southeast continues to be its most populated region, hosting some 41.8% of its entire population or 84.8 million people.

Persons: Luciano Duarte, Gabriel Araujo, Steven Grattan, Emma Rumney Organizations: SAO PAULO, Brazilian Institute of Geography, United Nations Population Fund, Reuters, Thomson Locations: Brazil, Sao Paulo, Rio de Janeiro, IBGE

☆ Brazil inflation slows down as c.bank foresees August rate cut
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

In Latin America's largest economy, 12-month inflation reached 3.40% in mid-June, data from statistics agency IBGE showed on Tuesday, slightly above market expectations of 3.36% but still the lowest since September 2020. The latest figure, showing a deceleration from 4.07% in May, comes as the local central bank said that a majority of its monetary policy committee sees a rate cut in August as possible if the ongoing disinflation process continues. Brazil's IPCA-15 consumer price index, IBGE data showed, rose 0.04% in the month to mid-June, down from 0.51% in the previous month. The index had been expected to fall 0.01%, according to the median forecast in a Reuters poll. Reporting by Gabriel Araujo; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

Persons: Luiz Inacio Lula da Silva, Roberto Campos Neto, Brazil's, Gabriel Araujo, Steven Grattan Organizations: SAO PAULO, IBGE, Thomson Locations: Brazil

The world's third-largest aircraft maker after Airbus (AIR.PA) and Boeing (BA.N), Embraer bagged 13 fresh orders for commercial jets at the Paris Airshow, falling short of market estimates and previous years' levels. The 13 new orders compared with 74 secured at Le Bourget in 2019 and 28 in Farnborough last year. They also lagged some upbeat market forecasts, including expectations by JPMorgan analysts for at least 30 orders. In Paris, investors were especially disappointed by the lack of orders from the booming Indian airline market, which handled an all-time-high 500-plane transaction to Airbus and new orders to Boeing. "We believe that most of the pre-event excitement has already been adjusted in share prices," said XP Investimentos, while also rates Embraer a "buy."

Persons: Le Bourget, Gabriel Araujo, Conor Humphries, Leslie Adler Organizations: SAO PAULO, Embraer, EMBR3, Airbus, Boeing, Paris, Le, JPMorgan, American Airlines, Royal, Salam Air, Thomson Locations: China, Farnborough, U.S, Paris, Royal Jordanian, New York

☆ Brazil's Lula discusses Ukraine war, BRICS with South African leader
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, June 22 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Thursday he had discussed the war between Russia and Ukraine and an upcoming BRICS summit with his South African counterpart Cyril Ramaphosa as they met in Paris. Lula has also pitched himself as a peace broker to end the war, which began when Russia invaded its neighbor in February 2022. The Brazilian leader irritated Western countries earlier this year when he suggested the West had been "encouraging" war by arming Ukraine. "We talked about the next BRICS summit and about President Ramaphosa's trip to Kyiv and Saint Petersburg, as well as the conversations he had with Zelenskiy and Putin," Lula wrote on Twitter after their meeting. Brazil, South Africa and Russia are all members of the BRICS group of emerging nations, which will hold a summit in the African nation in August.

Persons: Luiz Inacio Lula da Silva, Cyril Ramaphosa, Ramaphosa, Vladimir Putin, Lula, Ramaphosa's, Zelenskiy, Putin, Gabriel Araujo, David Gregorio Our Organizations: SAO PAULO, Twitter, New, Pact, Thomson Locations: Russia, Ukraine, Paris, Kyiv, Saint Petersburg, Brazil, South Africa, India, China

Santander and Goldman Sachs were the latest to upgrade their recommendations on the oil company to "Buy". They announced the change late on Tuesday, citing an attractive valuation and limited impacts from recent changes to key company policies. That followed similar calls earlier this month by Morgan Stanley and JPMorgan, which upgraded Petrobras to "Overweight" mentioning less disruptive policy changes than initially expected and lower risk perceptions, respectively. Analysts now await an announcement on the firm's dividend policy by July, but they do not foresee a major shift. "We believe the company's financial vigor and the government's fiscal needs make the case for limited changes," said Santander analysts, who raised their rating to "Outperform".

Persons: Goldman Sachs, Morgan Stanley, Goldman, Luiz Inacio Lula da Silva's, Gabriel Araujo, Brad Haynes, Emma Rumney, Sharon Singleton Organizations: SAO PAULO, Petrobras, PETR4, Santander, JPMorgan, Thomson Locations: Brazil

☆ Eve agrees on potential sale of up to 150 flying cars
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, June 20 (Reuters) - Electric aircraft maker Eve (EVEX.N), controlled by Brazil's Embraer (EMBR3.SA), said on Tuesday it has signed letters of intent for potential sales of its "flying car" to Voar Aviation, Nordic Aviation and Wideroe Zero. Under the new agreements, Eve said in a statement, Voar would operate its eVTOLs in Brazil's main metropolitan areas and popular tourist destinations, such as Sao Paulo, Florianopolis and Salvador. Wideroe Zero's parent Wideroe is already an Embraer customer for conventional jets, currently having three E190-E2 aircraft in its fleet. Its low-carbon unit envisions all domestic short-haul flights to be electric as part of Norway's goal of achieving carbon-neutral aviation by 2040. Reporting by Gabriel Araujo; Editing by Kirsten Donovan and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Eve, Norway's, Gabriel Araujo, Kirsten Donovan, Louise Heavens Organizations: SAO PAULO, Electric, Brazil's Embraer, EMBR3, Voar Aviation, Nordic Aviation, Wideroe, Nordic, Embraer, Thomson Locations: Brazil's, Sao Paulo, Florianopolis, Salvador, Scandinavia

PARIS, June 20 (Reuters) - Brazilian planemaker Embraer (EMBR3.SA) on Tuesday notched fresh orders from American Airlines and Spanish carrier Binter for its E-Jets in deals announced at the Paris Airshow that are seen totaling about $1 billion. Embraer, the world's third-largest planemaker after Airbus and Boeing (BA.N), said the new orders follow expansion goals of regional carriers such as Binter and Canada's Porter Airlines, underscoring positive momentum for its planes in global markets. "We were expecting Embraer to announce at least 30 new orders during the event," they said. "We believe that additional new orders could be announced in the coming days, as in the last Paris Air Show Embraer divided its announcements into 3 days." "The best orders are repeat orders," Embraer's Chief Commercial Officer for commercial aviation Martyn Holmes said.

Persons: Le Bourget, Canada's, Binter, Rodolfo Nunez, Martyn Holmes, Porter, Holmes, Gabriel Araujo, Steven Grattan, Jan Harvey, Alexandra Hudson Organizations: Embraer, EMBR3, American Airlines, Spanish, Jets, Paris Airshow, Airbus, Boeing, Canada's Porter Airlines, JPMorgan, Air, Envoy Air, Leasing, Avolon, Sao Paulo, Alexandra Hudson Our, Thomson Locations: Sao Paulo, Paris, Sao

SAO PAULO, June 19 (Reuters) - Electric aircraft maker Eve (EVEX.N) and Blade Air Mobility (BLDE.O) are expanding their partnership to integrate Eve's upcoming flying car into Blade's European route network, starting with France, the companies said on Monday. Eve is controlled by Brazilian planemaker Embraer (EMBR3.SA) and expects to start commercial operations of its vehicle in 2026. They did not say if the deal would involve new eVTOL purchases by Blade, whose current European operations include flying conventional helicopters between Nice and Monaco. "Extending our partnership with Eve underscores Blade's commitment to leading the transition from conventional to electric vertical aircraft," Blade Chief Executive Officer Rob Wiesenthal said. Eve CEO Andre Stein said he expected the extended partnership with Blade to allow the companies to combine expertise and resources to make travel more accessible and drive environmental improvements.

Persons: Blade, Eve, Rob Wiesenthal, Andre Stein, Azur, Gabriel Araujo, Steven Grattan, Jamie Freed Organizations: SAO PAULO, Electric, Blade Air Mobility, Brazilian, Embraer, EMBR3, Monaco, United Airlines, Royce, Heli, Thomson Locations: France, Paris, India, United States, Nice, U.S

☆ Brazil's Localiza launches $935.5 mln share offering to expand fleet
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, June 16 (Reuters) - Brazilian car rental company Localiza (RENT3.SA) said on Friday it will launch a follow-on share offering aimed at raising as much as 4.5 billion reais ($935.51 million) to expand its car fleet and service network. The primary offering will initially comprise 60.02 million new shares, Localiza said in a securities filing, but could be increased by up to 12.5% if demand allows it. Considering its closing price of 66.64 reais per share on Thursday, the offering would total around 4 billion reais, the company said. Shares of Localiza slipped around 2% after the move was announced, making it one of the biggest fallers on Brazil's Bovespa stock index (.BVSP). ($1 = 4.8102 reais)Reporting by Gabriel Araujo; Editing by Steven Grattan, Louise Heavens and Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Localiza, Bradesco, BTG Pactual, Gabriel Araujo, Steven Grattan, Louise Heavens, Conor Humphries Organizations: SAO PAULO, JPMorgan, UBS Brasil, Santander, Bank of America, Banco Safra, XP, Thomson Locations: Santander Brasil

"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".

☆ 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.

☆ 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

☆ 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.

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.

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