Shareholders of Brazilian state-run power company Eletrobras (ELET6.SA) approved on Tuesday the terms for the privatization of the company, according to a Valor Economico report citing sources.

According to the report, the company’s shareholders approved 12 items at a general meeting, including its privatization.

Brazil’s government expects the privatization to happen through a share offering by mid-2022. Shares would be sold on Brazil’s Bovespa stock market and in the United States as American Depositary Receipts.

Reporting by Peter Frontini; editing by Richard Pullin via Reuters

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Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation. For the third year in a row, AppleAmazon, and Microsoft rank first, second, and third, respectively, based on our poll of some 3,700 corporate executives, directors, and analysts. It’s Apple’s 15th straight year in the No. 1 spot, a fitting coronation for the world’s most valuable company. As a global pandemic limped into its third year, meanwhile, companies on the front lines of the medical battle gained new respect. Pfizer, codeveloper of one of the most effective COVID-19 vaccines, vaulted all the way to No. 4, appearing on our All-Stars list for the first time in 16 years. And Danaher (No. 37), whose COVID tests and drug-development equipment are pivotal tools in the fight against the novel coronavirus, made its top 50 debut.

Via Fortune

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Digital lender Nubank’s (NU.N) shares opened 25% above the offer price in their stock market debut on Thursday, giving the company a market capitalization of nearly $52 billion, making it the third most valuable listed firm in Brazil.

At that valuation, the Sao Paulo-based fintech, backed by Warren Buffett’s Berkshire Hathaway Inc (BRKa.N), is only behind commodities players Petrobras (PETR4.SA) and Vale (VALE3.SA).

On Wednesday, Nubank priced its initial public offering at the top end of a range it had lowered earlier due to concerns over a global rout in technology stocks, to raise nearly $2.6 billion. The offer was eight times oversubscribed, one source with knowledge of the matter said.

The flotation comes as a record year for U.S. listings, which saw heavyweights like Coinbase (COIN.O) and Robinhood (HOOD.O) go public, draws to a close.

Reporting by Niket Nishant in Bengaluru, Carolina Mandl and Tatiana Bautzer in Sao Paulo, Echo Wang in Taos, New Mexico, Krystal Hu and David French in New York; Editing by Krishna Chandra Eluri and Shailesh Kuber via Reuters

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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U.S. Commerce Secretary Gina Raimondo said on Thursday that the decision by the Biden administration to lift international travel restrictions in early November will be a boost to the U.S. economy, especially for tourist destinations like New York and for business travel.

Raimondo said the decision announced Monday to allow fully vaccinated foreign nationals to fly to the United States “is huge. I think it will really be a boost to our economy, it will certainly be a boost to travel, tourism, hospitality.” To address COVID-19 concerns, the U.S. has barred most foreign nationals from coming to the United States who have recently been in 33 countries including China, South Africa, Brazil, India and much of Europe.

Reporting by David Shepardson; Editing by Leslie Adler via Reuters.

Ana Paula Pessoa

Zurich-based Credit Suisse is appointing Ana Paula Pessoa as its chair in Brazil, effective from January, it said in an emailed statement. Pessoa, who is a director on the Swiss bank’s board, is to replace Ilan Goldfajn, who is taking a top job at the International Monetary Fund under Kristalina Georgieva, according to a separate statement.

Formerly Brazil’s top central banker, Goldfajn joined Credit Suisse two years ago to underpin its investment banking ambitions. His exit comes shortly alongside that of long-standing country chief José Olympio Pereira earlier this year. Goldfajn is leading the search to replace Pereira.

Rich Tradition

Pessoa is a 54-year-old Brazilian former media executive who also sits on various corporate boards including Rupert Murdoch’s News Corporation and France’s Vinci Group. She said in a statement that she will help Credit Suisse «seek new opportunities and strengthen our local presence.»


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In February 2013, US Airways announced that it would merge with American Airlines to create the world’s largest airline. During the acquisition integration process, CEO Doug Parker had to determine how best to combine the two airlines’ core systems, operating processes, and leadership teams, as well as the appropriate scope and speed of strategic changes. Parker knew that his choices would send important signals to employees, customers, and competitors.

by David G. Fubini David A. Garvin Carin-Isabel Knoop via Harvard Business Review.

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