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☆ Brazil's incoming finance chief Haddad names ministry officials
  + stars: | 2022-12-22 | by ( ) www.reuters.com   time to read: +1 min
SAO PAULO, Dec 22 (Reuters) - Brazil's incoming Finance Minister Fernando Haddad on Thursday announced a fresh batch of officials to lead the economic team of President-elect Luiz Inacio Lula da Silva's government. In a press conference, Haddad said Rogerio Ceron, his finance secretary when he himself served as Sao Paulo's mayor, would lead Brazil's Treasury. Ceron recently headed Sao Paulo Parcerias, a city government-linked agency involved in projects related to concessions, privatization and public-private partnerships. Haddad also confirmed Marcos Barbosa Pinto as the finance ministry's new secretary for economic reforms, Guilherme Mello as economic policy secretariat, and Robinson Barreirinhas as secretary of the federal revenue service. Haddad said the "quartet" he presented on Thursday would boost the finance ministry's efficiency and find solutions to the country's problems.
☆ Honeywell to pay about $200 mln to settle U.S., Brazilian bribery charges
  + stars: | 2022-12-19 | by ( Chris Prentice Tyler Clifford | Chris Prentice | Tyler Clifford | ) www.reuters.com   time to read: +2 min
Dec 19 (Reuters) - U.S.-based manufacturer Honeywell International Inc (HON.O) on Monday said it has agreed to pay about $200 million to settle criminal and civil corruption investigations in the United States and Brazil. Those bribes involved Monaco-based oil consultancy Unaoil, which has previously been charged by global authorities over a 17-year scheme to pay bribes to officials in nine countries. About $160 million of the total amount Honeywell said it will pay will go to pay U.S. civil and criminal penalties. Later on Monday, Brazil's government confirmed Honeywell's statement by saying the company would pay about 638 million reais ($120 million) to settle the case, with around 70% destined for Petrobras. Honeywell agreed to pay another $81 million civil penalty to resolve the SEC's charges, though almost half is expected to be offset by payments made to Brazilian authorities, the SEC said.
☆ Brazil's electoral court rejects Bolsonaro election challenge
  + stars: | 2022-11-23 | by ( ) www.reuters.com   time to read: 1 min
BRASILIA, Nov 23 (Reuters) - The head of Brazil's electoral court Alexandre de Moraes on Wednesday rejected a complaint from President Jair Bolsonaro's party to challenge October's run-off vote, which the incumbent lost my a narrow margin, according to a court document. Moraes, who's also a Supreme Court justice, also fined the parties in Bolsonaro's coalition to the tune of 22.9 million reais for what the court described as bad faith litigation, the document showed. Reporting by Ricardo Brito; Writing by Peter Frontini; Editing by David Alire GarciaOur Standards: The Thomson Reuters Trust Principles.
☆ Brazil's Bolsonaro, voted out, challenges election results
  + stars: | 2022-11-22 | by ( Ricardo Brito Maria Carolina Marcello | Ricardo Brito | Maria Carolina Marcello | ) www.reuters.com   time to read: +2 min
[1/2] Brazil's President Jair Bolsonaro gives a press statement at the Alvorada Palace in Brasilia, Brazil, November 1, 2022. Bolsonaro's claim seems unlikely to get far, as Lula's victory has been ratified by the TSE and acknowledged by Brazil's leading politicians and international allies. Bolsonaro's right-wing electoral coalition, which filed the complaint, said its audit of the vote count had found "signs of irreparable... malfunction" in older voting machines. "There were signs of serious failures that generate uncertainties and make it impossible to validate the results generated" in several older models of the voting machines, Bolsonaro allies said in their complaint. Brazil's currency deepened losses after news of the electoral complaint, losing 1.5% against the U.S. dollar in afternoon trading.
☆ Bigger loans help Brazil bank Itau's earnings outclass peers
  + stars: | 2022-11-11 | by ( ) www.reuters.com   time to read: +2 min
Latin America's largest bank reported a third-quarter recurring net income of 8.08 billion reais ($1.51 billion), landing just below the 8.11 billion reais estimate of analysts polled by Refinitiv. Itau hiked its provisions for bad loans by nearly 50% to 8.27 billion reais, though unlike its peers, it did not raise its 2022 forecast for loan-loss provisions. The size of its loan book surged 15.5% year-on-year to reach 1.11 trillion reais, fueled by more personal loans. The company also reported higher income from interest it earned on customer debt. Its customer net interest income (NII) jumped 33% from a year earlier to reach 23.38 billion reais.
☆ Brazil's Cosan swings to loss on higher debt costs
  + stars: | 2022-11-11 | by ( ) www.reuters.com   time to read: +2 min
The conglomerate, which controls companies in sectors ranging from sugarcane to logistics, lost 202 million reais ($37.70 million) in the July to September period, compared with a 3.26 billion reais profit during the same months last year. During the quarter, Cosan reported cost of debt of 679.3 million reais, a more than 90% spike year-on-year, as Brazil's interest rate peaked at 13.75%, in addition to the issuance of roughly 8 billion reais in commercial notes. Weak figures from Raizen, a joint venture with Shell (SHEL.L) that produces ethanol and sugar, also dented Cosan's bottom line, reflecting consistent price declines for its products. The figure slightly exceeded analyst estimations polled by Refinitiv of 4.08 billion reais. ($1 = 5.3579 reais)Reporting by Peter Frontini; Editing by David Alire GarciaOur Standards: The Thomson Reuters Trust Principles.
☆ Meatpacker JBS's plunging profit beats forecasts
  + stars: | 2022-11-10 | by ( ) www.reuters.com   time to read: 1 min
SAO PAULO, Nov 10 (Reuters) - Brazil's JBS SA (JBSS3.SA), the world's largest meat producer, on Thursday reported a quarterly profit that plunged 47.1%, nevertheless beating analysts' estimates as higher revenues helped offset rising costs. The company posted a third-quarter net profit of 4.01 billion reais ($745.35 million), while analysts polled by Refinitiv had expected it to land at 3.75 billion reais. ($1 = 5.3800 reais)Reporting by Nayara Figueiredo; Writing by Peter FrontiniOur Standards: The Thomson Reuters Trust Principles.
☆ Brazilian lender Itau's higher profits slightly miss forecasts on bad loan provisions
  + stars: | 2022-11-10 | by ( ) www.reuters.com   time to read: +1 min
SAO PAULO, Nov 10 (Reuters) - Brazilian lender Itau Unibanco SA (ITUB4.SA) on Thursday posted a 19% jump in recurring net profit, which nevertheless landed slightly below expectations as it raised provisions for bad loans amid soaring interest rates. Latin America's largest bank reported a third-quarter recurring net income of 8.08 billion reais ($1.51 billion). Analysts polled by Refinitiv had expected profit of 8.11 billion reais. Net interest income (NII) from its customers jumped 33% from a year earlier to reach 23.38 billion reais. Itau reported a 90-day default ratio of 2.8% at the end of September, rising above the previous quarter's 2.7% albeit at a much slower pace than its peers.
☆ Brazil's Bradesco quarterly profit dips, outlook on loan provisions worsens
  + stars: | 2022-11-09 | by ( Peter Frontini | ) www.reuters.com   time to read: +2 min
Bradesco's recurring net profit totaled 5.22 billion reais ($1.01 billion), coming in below a Refinitiv consensus estimate of 6.76 billion reais. It now expects to hold provisions in the range of 25.5-27.5 billion reais, as high interest rates have caused a deterioration in asset quality. During the July to September period, Bradesco set aside 7.27 billion reais, more than double the amount compared to a year ago. In September, Brazil's central bank paused an aggressive monetary tightening cycle, leaving its key Selic interest rate at 13.75% after 12 consecutive hikes. Its consolidated loan book grew 13.6% to 878.57 billion reais, mainly driven by credit card transactions, personal and payroll-deductible loans.
☆ Banco do Brasil hikes 2022 outlook as surging profit tops forecasts
  + stars: | 2022-11-09 | by ( ) www.reuters.com   time to read: +1 min
SAO PAULO, Nov 9 (Reuters) - Brazilian state lender Banco do Brasil SA (BBAS3.SA) on Wednesday hiked its full-year profit outlook on the back of bigger-than-expected quarterly earnings, helped by higher interest income on a bigger loan book. Banco do Brasil now expects its 2022 profit to reach between 30.5 billion and 32.5 billion reais ($5.9-$6.3 billion), up from a previous range of 27 billion to 30 billion reais. Over the third quarter, its loan book grew 19% for the same period last year to 969.2 billion reais. The lender's quarterly adjusted net income meanwhile surged 63% from a year earlier, reaching 8.36 billion reais and surpassing the 7.36 billion estimate of analysts polled by Refinitiv. Banco do Brasil set aside 4.52 billion reais in provisions for possible loan defaults, up 15.1% from a year earlier.
☆ Brazil's TIM reports flat Q3 profit, surge in revenue
  + stars: | 2022-11-07 | by ( ) www.reuters.com   time to read: +1 min
SAO PAULO, Nov 7 (Reuters) - Brazilian telecom operator TIM SA (TIMS3.SA) on Monday reported a third-quarter net profit of 473 million reais ($91.73 million), consistent with the same period last year, and alongside strong revenue growth. TIM Brazil, controlled by Telecom Italia <TLIT.MI>, reported a 24.4% annual increase in net revenue to 5.61 billion reais, aided by the expansion in the firm's mobile phone services; accounting for roughly 92% of its total revenue. Costs, however, grew 25.5% to 2.95 billion reais, mainly due to inflationary effects on wages, bonuses and incentives, the firm said. TIM's earnings before interest, taxes, depreciation and amortization (EBITDA) came in at 2.7 billion reais, 24.5% above the third quarter of 2021. ($1 = 5.1567 reais)Reporting by Peter Frontini; Editing by David Alire Garcia and Isabel WoodfordOur Standards: The Thomson Reuters Trust Principles.
☆ Brazil election marked by disinformation networks, says Carter Center
  + stars: | 2022-11-05 | by ( ) www.reuters.com   time to read: +2 min
SAO PAULO, Nov 4 (Reuters) - The Carter Center said on Friday that Brazil's presidential election was marked by a proliferation of sophisticated disinformation attacking the voting system and then questioning the impartiality of the national electoral authority. The U.S.-based non-profit group, a pioneer of international election observation since the 1980s, said that both the winning leftist candidate Luiz Inacio Lula da Silva and far-right President Jair Bolsonaro were targets of disinformation. In the second round of the election, the focus shifted to questioning the impartiality of the TSE, the Carter Center said. In the final weeks of the campaign, the court decided to expand its ability to rapidly remove content from social media platforms, a move the Carter Center said "raised concerns about interference with fundamental rights." Lula, a former president, narrowly won the run-off by 50.9% against 49.1% for Bolsonaro in Brazil's most divisive election in decades.
☆ Brazil's Petrobras beats profit expectations as uncertainty looms
  + stars: | 2022-11-03 | by ( Peter Frontini | ) www.reuters.com   time to read: +2 min
The average price of Brent crude over July to September was $100.85, Petrobras said, significantly higher than the $73.47 it recorded a year earlier. Earlier on Thursday, Petrobras had said it would distribute some 43.68 billion reais ($8.5 billion) in dividends. Petrobras' revenue jumped 40% to 170.08 billion reais. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 50.5% to 91.42 billion reais, also beating analysts' estimate of 88 billion reais. "These results demonstrate, once again, the high level of performance achieved by Petrobras," its chief executive Caio Paes de Andrade said in a statement.
☆ Brazil's Petrobras third-quarter profit rises 48%
  + stars: | 2022-11-03 | by ( ) www.reuters.com   time to read: +1 min
SAO PAULO, Nov 3 (Reuters) - Brazil's state-run oil firm Petrobras (PETR4.SA) on Thursday posted a stronger than expected 48% surge in third-quarter profit, boosted by higher prices for Brent crude . Petroleo Brasileiro SA, as it is formally known, reported net profit of 46.1 billion reais ($9.01 billion), above the 43.37 billion reais forecast of analysts polled by Refinitiv. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 50.5% from a year earlier to 91.42 billion reais, also beating analysts' 88 billion reais estimate. The average price of Brent crude over July to September was $100.85, Petrobras said, significantly higher than the $73.47 it recorded a year earlier. Earlier on Thursday, Petrobras had said it would distribute some 43.68 billion reais ($8.5 billion) in dividends.
☆ Brazil's Petrobras to pay out $8.5 billion dividend amid squabble
  + stars: | 2022-11-03 | by ( ) www.reuters.com   time to read: +3 min
SAO PAULO, Nov 3 (Reuters) - Brazilian state-run oil company Petrobras (PETR4.SA) will distribute dividends of around 43.68 billion reais ($8.5 billion) on its third quarter results, the firm said on Thursday, amid controversy over its massive payouts. Exxon has said it will pay dividends of $3.7 billion, while the other four firms will pay out a figure between $1.14 billion and $2.7 billion, according to data compiled by Reuters. Nearly all global oil majors have reported blockbuster profits this quarter, helped by surging oil prices. Workers' Party head Gleisi Hoffmann wrote on Twitter before the latest dividend was revealed that the payout policy "deprives the company of its investment capacity and only enriches shareholders." They say that while the company paid roughly 130 billion reais in dividends in the first six months of the year, investments made during the same period total only 17 billion reais.
☆ Lula's running mate Alckmin to manage Brazil's government transition
  + stars: | 2022-11-01 | by ( ) www.reuters.com   time to read: 1 min
SAO PAULO, Nov 1 (Reuters) - Brazil's Vice President-elect Geraldo Alckmin will coordinate the transition to the future government led by Luiz Inacio Lula da Silva and is aiming to start it on Thursday, the head of Lula's Workers Party, Gleisi Hoffmann, said on Tuesday. She said she will speak again about the transition with Ciro Nogueira, chief of staff to outgoing President Jair Bolsonaro, who has yet to concede defeat after losing Sunday's tight race to Lula. The president-elect will take office on Jan. 1. Reporting by Lisandra Paraguassu; Writing by Peter Frontini; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.
☆ Brazil's Eletrobras offers buyout to cut over 2,300 jobs, a fifth of workforce
  + stars: | 2022-10-28 | by ( ) www.reuters.com   time to read: +1 min
SAO PAULO, Oct 28 (Reuters) - Brazil's electricity company Eletrobras (ELET6.SA) offered on Friday a voluntary buyout to well over 2,000 people representing roughly 22% of its workforce, in a first major cost cutting move following its privatization. Centrais Eletricas Brasileiras SA, as the company is formally known, said the voluntary layoff program will apply to 2,312 employees and will cost up to 1 billion reais ($189 million). At the end of June, the firm had 10,508 workers. In a securities filing, Eletrobras said the program is a measure to streamline its costs and expenses and it expects to recoup the money it spends in around 11 months. ($1 = 5.2949 reais)Reporting by Peter Frontini, Editing by Sarah Morland and Grant McCoolOur Standards: The Thomson Reuters Trust Principles.
☆ Brazil's Lula keeps lead in roughly stable race against Bolsonaro, two polls show
  + stars: | 2022-10-27 | by ( ) www.reuters.com   time to read: +2 min
SAO PAULO, Oct 27 (Reuters) - Brazil's leftist presidential candidate Luiz Inacio Lula da Silva maintains the lead over his far-right adversary President Jair Bolsonaro ahead of Sunday's runoff election, according to two polls on Thursday that showed the race is roughly stable. Lula leads by 52.4% of the votes against 46.0% for Bolsonaro, according to an AtlasIntel poll, inching forward from 52.0% while Bolsonaro slipped from 46.0% in the previous poll three days ago. A Datafolha poll showed Lula widening his lead slightly to 5 percentage points from 4 points a week earlier, maintaining 49% of voter support as Bolsonaro slipped 1 percentage point to 44%. Analysts say any sign of stability is good for Lula at this point in the campaign with few days for Bolsonaro to catch him. The pollster says its survey has a margin of error of 1 percentage point up or down.
☆ Lula leads Bolsonaro as Brazil's election draws nearer
  + stars: | 2022-10-27 | by ( ) www.reuters.com   time to read: 1 min
SAO PAULO, Oct 27 (Reuters) - Brazilian leftist leader Luiz Inacio Lula da Silva's lead over President Jair Bolsonaro slightly increased, just days before a Sunday runoff vote, a poll by Datafolha showed on Thursday. Lula reached 49% of voter support against 44% for the incumbent Bolsonaro, compared to 49% and 45% respectively in the previous poll eight days ago. Datafolha interviewed 4,580 voters between Oct. 25-27 and the poll had a margin of error of 2 percentage points up or down. Reporting by Peter Frontini Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.
☆ Brazil's Lula widens lead slightly over Bolsonaro in two polls
  + stars: | 2022-10-26 | by ( ) www.reuters.com   time to read: +1 min
SAO PAULO, Oct 26 (Reuters) - Brazilian presidential candidate Luiz Inacio Lula da Silva's lead over President Jair Bolsonaro has widened slightly to 6 percentage points less than one week ahead of a runoff vote, two polls showed on Wednesday. read moreLula would win 53% of the valid votes, up from last week's 52%, against 47% for Bolsonaro, who had 48% in the previous poll, a survey by PoderData said. A poll by Genial/Quaest found Lula widening his lead slightly to 48% of voter support, while Bolsonaro remains at 42%. Excluding blank or annulled votes and the undecided, Lula had 53% of the votes to Bolsonaro's 47%, the same numbers for valid votes as the PoderData poll showed. Pollster Genial/Quaest interviewed 2,000 people in person and its survey has a margin of error of 2 percentage points.
☆ Brazil's Telefonica third-quarter profit up more than 9%
  + stars: | 2022-10-25 | by ( ) www.reuters.com   time to read: +1 min
SAO PAULO, Oct 25 (Reuters) - Telefonica Brasil (VIVT3.SA) posted a wider third-quarter net profit on Friday, up 9.3% compared to the same quarter last year, with gains in part due to strong revenue growth in its mobile unit. The company's net income totaled 1.436 billion reais ($270.15 million) during the July through September period, according to a filing with the Brazilian stock exchange. The firm is a unit of Spain's Telefonica (TEF.MC) and operates in Brazil under the Vivo brand. Recurring earnings before interest, taxes, depreciation and amortization came in at 4.957 billion reais. ($1 = 5.3156 reais)Reporting by Peter Frontini and Carolina Pulice; Editing by David Alire Garcia and David GregorioOur Standards: The Thomson Reuters Trust Principles.
☆ Suzano to buy Kimberly-Clark's tissue assets in Brazil
  + stars: | 2022-10-24 | by ( Tatiana Bautzer | ) www.reuters.com   time to read: 1 min
SAO PAULO, Oct 24 (Reuters) - Brazilian pulpmaker Suzano SA (SUZB3.SA) said on Monday it reached a deal to buy Kimberly-Clark's (KMB.N) tissue paper operations in the country. In a securities filing, Suzano said the main asset included in the deal is a tissue production plant located in Sao Paulo state. A new company created by Suzano will hold the assets, as well as manufacture and distribute the tissue products, such as paper towels and napkins, it said. The firm did not disclose the value of the deal, but said that it does not have a significant impact on its indebtedness level. Register now for FREE unlimited access to Reuters.com RegisterReporting by Carolina Pulice and Peter Frontini; Editing by Isabel Woodford and Josie KaoOur Standards: The Thomson Reuters Trust Principles.
☆ Lula's lead over Bolsonaro narrows in Brazil vote -poll
  + stars: | 2022-10-19 | by ( ) www.reuters.com   time to read: 1 min
SAO PAULO, Oct 19 (Reuters) - Brazilian presidential candidate Luiz Inacio Lula da Silva's lead over President Jair Bolsonaro has shrunk to 5 percentage points ahead of a runoff vote set for Oct. 30, a poll by Genial/Quaest showed on Wednesday. Former President Lula has 47% voter support, down from the last week's 49%, while Bolsonaro gained 1 point to 42%. Pollsters were widely criticized after the first-round vote for significantly underestimating support for Bolsonaro. The survey by pollster Genial/Quaest interviewed 2,000 people between Oct. 16 and 18 and has a margin of error of 2 percentage points. Register now for FREE unlimited access to Reuters.com RegisterReporting by Peter Frontini; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.
☆ China's Goldwind to manufacture wind turbines in Brazil
  + stars: | 2022-10-19 | by ( ) www.reuters.com   time to read: +2 min
Companies Xinjiang Goldwind Science & Technology Co Ltd FollowSAO PAULO, Oct 19 (Reuters) - China's Goldwind (002202.SZ) is in advanced talks to install a wind turbine factory in Brazil with deliveries expected to start in 2024, an executive said on Wednesday. The plant, whose location is not yet defined, will serve the Brazilian market, but may also export equipment to other countries in South America, according to Roberto Veiga, general manager of Goldwind in Brazil. "We will start offering this turbine on the market already in mid-2023," Veiga told journalists in a wind industry event, adding that the first deliveries should start in 2024. In recent years, the Chinese company began supplying its turbines to wind projects in Brazil but has been fulfilling these contracts through imports. Register now for FREE unlimited access to Reuters.com RegisterReporting by Leticia Fucuchima; Writing by Peter Frontini; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.
☆ Brazil's Lula and Bolsonaro statistically tied in presidential race -poll
  + stars: | 2022-10-19 | by ( ) www.reuters.com   time to read: +1 min
Supporters of Brazil's President and candidate for re-election Jair Bolsonaro and supporters of Brazil's former President Luiz Inacio Lula da Silva campaign together on a street during an election campaign in Brasilia, Brazil October 13, 2022. REUTERS/Ueslei Marcelino/File PhotoSAO PAULO, Oct 19 (Reuters) - Brazil's presidential race has narrowed to a 4-percentage-point gap between leftist front-runner Luiz Inacio Lula da Silva and far-right incumbent President Jair Bolsonaro, and they are now statistically tied, according to a poll published on Wednesday. Datafolha said Lula now has 49% of voter support against 45% for Bolsonaro less than two weeks from the second-round runoff on Oct. 30, compared to 49% and 44% respectively in the previous poll five days ago. The poll has a margin of error of 2 percentage points up or down, meaning both could mathematically be tied at 47%. It was the first Datafolha survey since the presidential debate on Sunday, where Bolsonaro attacked corruption scandals under Lula's Workers Party, which governed from 2003 to 2016.
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