Alta da inflação influenciou a decisão do presidente de continuidade em política monetária, segundo analistas

Ao escolher manter Jerome Powell em seu cargo, Joe Biden provou que aprendeu uma lição valiosa com o ex-presidente Barack Obama sobre a importância da continuidade ante o partidarismo durante tempos econômicos desafiadores.

O atual presidente do Federal Reserve, o banco central dos Estados Unidos, foi indicado para o cargo pelo ex-presidente Donald Trump em 2017.

Assim como Obama manteve Ben Bernanke no cargo após a Grande Recessão de 2008, apesar de ter sido indicado pelo republicano George W. Bush, Biden reconheceu que faz sentido manter Powell para que ele possa continuar no comando da recuperação pós-Covid.

Por Paul R. La Monica via CNN Business

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O estado aposta na formação de um ecossistema de desenvolvimento do combustível do futuro, debatido em um seminário internacional online e gratuito.

“Acredito que um dia a água será usada como combustível, que o hidrogênio e o oxigênio que a constituem, usados de forma isolada ou simultânea, oferecerão uma fonte inesgotável de calor e luz a uma intensidade superior à do carvão mineral”.

Em mais de uma ocasião, a previsão do escritor Júlio Verne, publicada em 1875 no romance A Ilha Misteriosa, foi citada no Centro de Eventos do Ceará na manhã de 14 de outubro. Diante de uma plateia híbrida, composta por participantes presenciais e com transmissão gratuita pela internet, 14 autoridades e especialistas se revezaram no Seminário Internacional Hidrogênio Verde no Ceará.

By Governo do Ceará via Valor Econômico

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In a November 4, 2021 opinion, the U.S. Court of Appeals for the Second Circuit upheld New York’s vaccine mandate for healthcare workers, rejecting arguments advanced by healthcare professionals in two different district court cases that the mandate’s failure to provide for religious exemptions violated their religious freedoms and should be enjoined.

As we previously reported, New York State Department of Health’s Public Health and Health Planning Council unanimously approved an emergency regulation requiring vaccination for all covered personnel employed in hospitals, nursing homes, and other identified healthcare entities.1  This mandate took effect on August 26, 2021, and required covered personnel of hospitals and nursing homes to receive their first COVID-19 vaccine by September 27, 2021, while those employed by other covered facilities had until October 7, 2021 to receive their first dose.2  Under the mandate, covered personnel are persons who, if infected with COVID-19, could potentially expose other covered personnel, patients or residents to the disease.  It should be noted that the mandate, while not providing for a religious exemption, does permit a medical exemption, as discussed below.

By Kelly C. Spina, Terri M. Solomon, and Lisa M. Griffith via Littler.

Read full article here.

Brazilian state-controlled lender Banco do Brasil SA on Monday beat analysts’ estimates for third quarter profit and said it is likely to post a full-year net income higher than it had previously forecast.

The bank sees its recurring net income, which excludes one-off items, at up to 21 billion reais ($3.81 billion), or 1 billion reais higher than before, as its loan book is poised to expand faster.

Recurring net income came in at 5.139 billion reais, up 47.6% from the same period a year earlier, and above an analysts estimate compiled by Refinitiv of 4.496 billion reais. Its return on equity came in at 14.3%.

Its net interest income, a measure of earnings on loans minus deposit costs, rose 11.9% year-over-year to 15.683 billion reais, driven by lending and trading gains.

By Carolina Mandl/Reuters via Yahoo Finance.

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Capital Markets | 5 Key Points For Companies and Founders About IPO Process in Brazil

2021 has been marked by the return of initial public offerings (IPOs) in the Brazilian market, with over 50 transaction until October.

From fintechs to tech and agribusiness companies, there has been a solid return of offerings flow that should remain in 2022.

Below are 5 key points about IPOs that companies and founders typically question:

1. Which Company Size Can Do IPO in Brazil: B3, the Brazilian stock exchange, has 5 listing segments, being Bovespa Mais, Bovespa Mais Level 2, Novo Mercado, Level 2 and Level 1. They cover, like Bovespa Mais, from small and medium-sized companies that wish to access the market gradually, to the Novo Mercado, those that are more consolidated and that have a differentiated corporate governance standard;

2. Pre-IPO Process Phase: at this stage, the company’s Corporate Governance is evaluated and improved, with (i) the creation of board of directors with the participation of independent members; (ii) reform of bylaws; (iii) election of investor relations officer; (iv) contracting an external audit; (v) entering into a shareholders’ agreement; (vi) implementation of executive compensation programs; (vii) creation of integrity policy and code of ethics;

3. The IPO Process: (i) the registration of a publicly-held company with the Brazilian Securities and Exchange Commission (CVM) will be carried out, so that the company is allowed to trade its shares on the stock exchange; (ii) registration of the public offering of shares before the CVM and (iii) listing procedures before B3;

4. Which Investors Will the IPO Focus On? The IPO may have (i) an offer registered in Brazil only, (ii) registered in Brazil with efforts to sell abroad, (iii) an offer with restricted efforts in Brazil and abroad, and (iv) an offer registered in Brazil and abroad;

5. Documentation of the IPO: the legal instruments that involve the public offering of shares are diverse, including (i) the prospectus (in Portuguese and, for an offerings abroad, in English), being the main document of the offering; (ii) Brazilian and international distribution contracts, which deal with the relationship between the company and the institutions coordinating the offering; (iii) corporate acts that approve the offering, the IPO and the listing; and (iv) notice to the market, announcements of opening and closing of the offer; among others.

The items above address doubts that companies and founders, from small to large, have on going public and public offering of shares, a movement that should remain in 2022.

Tax | Interest on Net Equity (“JCP”) Payout in Brazil and Its Deductibility Without Time Restrictions May Become Opportunity for Companies

Brazilian companies that pay Interest on Net Equity (known as “JCP”) to shareholders and stockholders are allowed to deduct the amounts paid from gross income without time limitation, according to a recent ruling rendered by the Brazilian Federal Administrative Tax Court (CARF). It is a very important “overruling” favorable to taxpayers. 

JCP subject to income tax at a flat tax rate of 15% (general rule) or 25% (if the beneficiary is a nonresident company or individual located in a blacklisted jurisdiction – tax heaven). From an objective point of view, the advantage to companies is that that JCP is deductible from Corporate Tax (IRPJ) and Social Contribution on Profits (CSLL) calculation of basis, which combined can reach a rate of 34%. 

Just recently, it has been recognized that the deductibility has no time restrictions because there is no such provision of the law. In a more exact way, the deductibility of JCP from gross income includes interest of previous periods. There are indeed legal requirements and deductibility limits are provided, but they there is no time restriction. 

It is a very favorable decision to taxpayers, especially because it strengthens the principle of tax legality and legal certainty, recognizing that the time limitation established by the Federal Revenue of Brazil (RFB) in order to discipline the matter is a restriction that is not provided by the law and, therefore, it is illegal.  

It is worth noticing that this “overruling” by the Brazilian Federal Administrative Tax Court is related to changes of procedure rules in the administrative proceeding. Everyone responsible for decision-making on behalf of companies, especially in Brazil, must follow legislative changes, including procedure changes, and the administrative and judicial decisions.

Via Feijó Lopes Advogados 

While employers generally provide some form of notice of electronic monitoring, as a matter of practice, in their employee handbook, New York now requires transparency about workplace monitoring as a matter of law.  On November 8, 2021, New York’s governor signed a bill that amends New York State’s Civil Rights Law to require private employers not only to notify employees of electronic monitoring, but also to obtain their written acknowledgement of the notice.  The amendment will become effective on May 7, 2022.

By Philip Gordon, Joseph Flanagan, and Spencer Soucy via Littler

Read full article here.

NEW YORK, Nov. 15, 2021 /PRNewswire/ — Market participants are now able to apply their environmental, social and governance (ESG) principles to the assets they are willing to accept as collateral, utilizing innovative ESG Data Analytics by BNY Mellon.

In a milestone development for the collateral industry, international collateral management clients using BNY Mellon’s electronic collateral schedule manager, RULE, now enjoy the capability to digitally express their ESG preferences by leveraging ESG ratings and indexes. The firm’s US clients are able to take advantage of these same ESG eligibility capabilities by updating their schedules using the current US methodology.

The functionality draws on MSCI ESG Ratings through BNY Mellon’s ESG Data Analytics. These ratings assign ESG scores to securities under three distinct pillars: an environmental score, a social score and a governance score. These three scores are then adjusted and aggregated into a final ESG letter rating, from AAA to CCC.

The ESG Data Analytics incorporate these MSCI ESG Ratings into clients’ collateral eligibility decisions via the schedule manager. In practice, this means collateral receivers and providers can agree that only securities with a certain ESG rating are acceptable as collateral.

“Rolling out this capability takes RULE, a proven technology that has already transformed the process of negotiating collateral schedules, and expands it into a very crucial and topical area of focus for the industry,” says Brian Ruane, CEO of Government Securities Clearing Corp., Clearance & Collateral Management and Credit Services at BNY Mellon. “Now, through the incorporation of capabilities from ESG Data Analytics, a client can bring their ESG priorities into negotiations around acceptable collateral, adding an entirely new dimension of utility to the platform.”

MSCI ESG Ratings represent just the first input into BNY Mellon’s ESG collateral management capabilities in what will be an iterative process of further honing the sophistication of the Data Analytics’ patent-pending ESG mapper. In future releases, BNY Mellon expects to add supplementary ESG data to clients’ ability to express their ESG preferences, making the offering even more responsive to their environmental, social and governance goals.

Launched in 2019, RULE affords collateral providers and receivers the ability to negotiate collateral schedules, establishing which assets each party is willing to accept as collateral in real time. The electronic platform has transformed a time-intensive, labor-intensive, paper-based negotiation that commonly took weeks to complete, reducing the negotiation period to a matter of hours.

BNY Mellon’s ESG Data Analytics helps institutions reach their sustainable investment goals by employing a unique combination of crowdsourcing and data science to enable them to benchmark their ESG principles against their peers. The Data Analytics also help clients customize and monitor portfolios in alignment with their sustainability missions, address demonstrability concerns and support evolving standards for ESG implementation practices.

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of Sept. 30, 2021, BNY Mellon had $45.3 trillion in assets under custody and/or administration, and $2.3 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on Follow us on Twitter @BNYMellon or visit our newsroom at for the latest company news.


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Deviating from recent labor courts’ decisions and Labor Prosecutor’s Office recommendations, on November 1, 2021, Brazil’s Ministry of Labor and Welfare (a body of the Federal Government) issued Ordinance # 620/2021, establishing rules and restrictions relating to the vaccination of employees against COVID-19.

By Renata Neeser, Marilia Minicucci and Pamela Gordo via Littler

Read full article here.

Bank posted strong growth in all business lines, maintaining robust capital and liquidity metrics

BTG Pactual (BPAC11) reported, for the second consecutive quarter, record revenues and net income of R$3.8bn and R$1.8bn, respectively. BTG also posted its second highest Net New Money (NNM) in history of R$88bn, only below Q2´s R$98bn, which included R$12bn from the acquisition of Necton (inorganic NNM reported last quarter). As a result, the amount of Assets under Management and Wealth under Management (AuM/WuM) achieved R$942bn.

“We reported another quarter of record results with strong net inflows, robust capital and liquidity metrics and a high-quality credit portfolio growth. I would like to thank our clients for recognizing the quality of our business, supported by the seven awards granted to us during the quarter”, stated Roberto Sallouti, CEO of BTG Pactual.

Via PR Newswire

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New York has historically been known as a bedrock of employment-at-will.  Its legislature and courts were long resistant to permitting exceptions to this doctrine, such as by recognizing public policy “wrongful dismissal” lawsuits outside the statutory prohibitions against discrimination, harassment, and retaliation set forth in the state Human Rights Law.

In recent years, though, New York has significantly expanded legal protections for private-sector employees.  For instance, the #MeToo era led to sex harassment law reforms, and the legislature has expanded discrimination law protections to independent contractors.

New York has now also dramatically expanded protections for private-sector whistleblowers.  New York’s whistleblower law, codified at Section 740 of the Labor Law, had provided narrow whistleblower rights, prohibiting retaliation only against employees who complained of practices that actually constitute a “substantial and specific danger to the public health or safety.”

By Philip Berkowitz and Jeanine Conley Daves via Littler

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Em 5 de novembro de 2021, o Comitê-Executivo De Gestão Da Câmara De Comércio Exterior (GECEX) publicou a Resolução Nº 269, de 4 de novembro de 2021. A medida reduz em 10% as alíquotas ad valorem do Imposto de Importação (II) dos produtos elencadas no Anexo Único da referida Resolução, que incluem produtos finais, insumos e bens intermediários.

O objetivo da Resolução GECEX Nº 269/2021 foi facilitar o combate aos efeitos da pandemia do coronavírus (COVID-19) na economia nacional, como a alta na inflação, o aumento do custo dos fretes e a desvalorização cambial.

A medida é de grande envergadura, abrangendo mais de oito mil linhas tarifárias (ou seja, 87% do universo tarifário).

Serão mantidas as alíquotas vigentes no que diz respeito a produtos sujeitos a regimes especiais no comércio com a Argentina, como é o caso de vestuários, calçados, produtos lácteos, pêssegos, brinquedos, e produtos automotivos (automóveis e autopeças), cujo II original seja superior a 14%.

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Also available in English.

Economic and Executive Insights on Today’s Changing Market


Wednesday, November 17, 2021 | 8:30 a.m. to 10:30 a.m. [EST]


If you do not see the registration button, please click here to register.

This is an invitation only event.

The 2021 Real Estate Executive Forum will include a fireside chat with Andrew Husby, CFA, Economist, Bloomberg Economics and Lindsay Dutch, CFA, REIT Equity Analyst – Bloomberg Intelligence, who will provide an overview outlining the impact COVID-19 has had on the national economy. Additionally, they will examine the Biden administration’s effects on economic conditions, and specifically, New York’s Metro Real Estate Market.

The Forum will also include a 1:1 discussion with Brookfield’s Managing Partner and Head of the U.S. Office, Ben Brown, that will share his insights on the current state of the New York, and National, Real Estate markets.



Ben Brown

Managing Partner and Head of U.S. Office

Brookfield Asset Management Inc.

Andrew Husby

Andrew Husby, CFA


Bloomberg Economics

Lindsey Dutch_Bloomberg

Lindsay Dutch, CFA

REIT Equity Analyst
Bloomberg Intelligence

High levels of inflation in most advanced economies (AEs) is starting to make some policymakers, households and some of our clients nervous. The real question is whether this is temporary or something that will last longer? To answer this question, this edition of Global Economy Watch disentangles the inflation dynamics we see in AEs and analyses the arithmetic, demand and supply side drivers.

The arithmetic driver tells us that some of the increase in the inflation rate in the first half of the year is due to ‘base effects’. Shutting down and reopening segments of the economy has led to erratic price changes. These have led to statistical oddities which will gradually fade.

On the demand side, even though the  rebound has been strong in the G7 (the Group of Seven is an inter-governmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States), most are  still operating with a significant degree of  slack or an output gap. The International Monetary Fund (IMF) estimates that this will persist for a few years for all of  the G7 except the United States (US). However, the  employment data suggests that even the US  labour market is operating with significant  slack. On balance, we think that the risk of  demand-pull inflation is low.

Via PwC

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Ataques cibernéticos têm se tornado ubíquos. Crimes digitais não encontram fronteiras e podem ser praticados de qualquer parte do mundo, podendo ter como alvo pessoas ou organizações que estão a milhares de quilômetros de distância da localização dos atacantes.

Enquanto assaltos a bancos de forma física parecem existir cada vez mais so- mente em filmes, todos os dias são disparados ataques a instituições financeiras ao redor do mundo no ambiente digital.

A forte propagação de crimes digitais durante a pandemia de Covid-19 está sendo sentida em diversos países do mundo, e o Brasil não é exceção. Em 2021, o número de ataques cibernéticos promovidos especialmente contra empresas brasileiras, tanto as que atuam somente no país, quanto as que possuem estabe- lecimentos em outros países, vem crescendo vertiginosamente.

Dentre esses ataques, uma das modalidades mais recorrente é o ransomware, prática que envolve o sequestro de dados pelos criminosos e a realização de um pedido de resgate, normalmente em valores financeiros expressivos.

Via BMA Advogados

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For all the startup markets in the world, fintech in Latin America is one of the hottest. Capital is flowing into the region’s financial technology companies at a slicing pace, leading to a wave of startups that are building private-market value at a simply astounding rate.

The sheer volume of capital flowing into LatAm fintech startups may appear overheated, but several reasons explain why the flood makes sense. This isn’t to say that every deal and every resulting valuation markup is logical. But there are several factors in play that make the booming venture capital totals these companies are raising more reasonable than they might initially appear.

Regulatory tailwinds in select markets are helping build momentum for fintech products. Also, several startups — we’ll speak to Pomelo and Belvo below; Swap is another example — are working to build infrastructure that should help bring more financial services to market.

By Alex Wilhelm, Anna Heim via TechCrunch.

Read full article here.

Climate change isn’t a challenge for tomorrow, it needs to be tackled now. COP26 is shining a light on climate issues and the extent of change needed.

How can the world go faster to net zero? What innovative tools and solutions have real potential to scale up efforts to reach net zero in time to limit the worst effects of climate change on people and our planet? And what does this mean for business? Throughout COP26, we’ll be exploring some of the big questions facing the world and sharing our insights and perspectives.

By PwC

Learn more here.

Eduarda Zoghbi | 2019 Person of the Year Fellow

Manifesto dos jovens pela mudança climática será lançado nesta quinta-feira; na sexta-feira haverá a tradicional passeata pelas ruas de Glasgow

LISBOA – O documentário “Uma Verdade Inconveniente”, do americano Al Gore, mudou a vida da brasileira Eduarda Zoghbi. Ela estava com dez anos de idade quando, por sugestão de uma professora, viu pela primeira vez o político ambientalista falar sobre mudança climática. Nascida e criada em Brasília, Eduarda está em Glasgow, e participa nesta quinta-feira de um dos eventos mais importantes da conferência: a divulgação de um documento com sugestões de jovens para deter a mudança climática, de cuja elaboração participou.

O documento foi desenvolvido em vários grupos de trabalho na pré-COP de Milão, no início de outubro. Entre as sugestões está a disseminação da educação ambiental: “É fundamental para o mundo que os jovens saibam da mudança climática o quanto antes. Foi fundamental também na minha vida”, diz Eduarda, que hoje tem 28 anos.

Por João Gabriel de Lima, O Estado de S.Paulo

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Join us for the Morgan Stanley Alliance for Children’s Mental Health Innovation Awards Showcase Day which will take place virtually Thursday, November 11th, 2021.

The Morgan Stanley Alliance for Children’s Mental Health Innovation Awards initiative aims to identify and fund mental healthcare solutions for children and young adults across the United States. The Innovation Awards program specifically addresses the lack of both private and public investment in children’s mental health and the dearth of effective ways to connect innovative ideas with capital. The resulting systemic funding gap has only increased with the deepening crisis in children’s mental health due to COVID-19 and ongoing social injustice issues.

Five winners of the inaugural Innovation Awards were selected after a robust review of over 850 applications by mental health and grant-making experts from the Alliance for Children’s Mental Health. They address a diverse set of communities, geographies, and needs through their transformative and culturally responsive models.

November 11th, 2021
12:00 PM – 1:00 PM ET



Mattos Filho has more practice areas featured than any other firm in the Chambers Brazil 2021 guide, with 27 in all. In the Transactional Guide chapter – the last stage of the review cycle, released today – seven areas were recognized: Banking & Finance, Capital Markets, Corporate/M&A, Investment Funds, Projects, Real Estate, Tax: Non-contentious.

This year, we were also ranked in two other of the guide’s chapters: ‘Industries & Sectors’, with twelve of our practices featured, and ‘Contentious’, with eight.

Chambers & Partners is one of the most important institutions in the international legal market.

This result reinforces our outstanding full-service practice model and the commitment to provide innovative legal solutions that meet our clients’ needs.

Learn more here.

The FinTech trade is flourishing in Colombia, with an expansion of 120% each year and investments of more than $1 billion in the past three years, according to a report from the FinTech Times. Brazil is the fifth-largest FinTech market worldwide, earning more than 70% more investment in 2020 than in 2019, according to the report. The countries’ success is helping to align Latin America’s FinTech advancements with Asia and the U.S., according to the article.

Since the COVID-19 pandemic, online banking services and FinTechs have overwhelmingly set up shop in Colombia, making the country the third-largest FinTech epicenter in Latin America after Brazil and Mexico, according to PYMNTS.

In addition, a recent study found that 40 percent of Colombian consumers are purchasing products digitally, with eCommerce sales anticipated to reach $6 billion to $8 billion by the end of 2022, according to PYMNTS.


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Venture-capital funding in Brazil tops countries including South Korea and Indonesia, even in a slow-growth economy with macroeconomic risks

Risky investment bets on young technology entrepreneurs in Brazil are starting to pay off. That is spurring a boom in startup financing in a country long dominated by entrenched corporate giants.

Digital banking startup Nubank, founded in 2013 just before a sharp economic decline, has attracted investors such as Berkshire Hathaway Inc. and will soon hold an initial public offering in New York. In May, online services marketplace GetNinjas made its debut on Brazil’s stock exchange. Two months earlier, enterprise software company RD Station was purchased for $330 million in one of the country’s largest ever software deals.

By Vinod Sreeharsha via The Wall Street Journal

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