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Brazil is known for its complex business environment, and its byzantine tax system is a big reason why. According to the World Bank’s Doing Business rankings, Brazil is the world’s seventh-worst place to have to pay taxes, roughly on par with the Republic of Congo and Bolivia. President Jair Bolsonaro’s government, continuing to tackle some of the most vexing issues facing Latin America’s largest economy, hopes to simplify taxes for both business and ordinary citizens, a goal that eluded prior heads of state.

 

By Rachel Gamarski via Bloomberg

 

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Over the past few months, there has been some movement in the Brazilian political sphere which seems to be targeting increased transparency and auditability for cryptocurrency transactions.

New regulation has been approved that requires users to disclose more information about their cryptocurrency trades, and businesses are now required to register their holdings as well. Taxes have also been clarified and new measures are being discussed which could add additional taxes to any crypto-to-fiat trading.

By Pedro Febrero via Yahoo Finance

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Twenty-one-year-old Brazilian Anna Luisa Baserra always wanted to be a scientist. From washing liquid to shampoo, no household item escaped the potential for becoming the next scientific experiment.

“I used to play with my cousins, trying to make chemical compounds from any liquids we could find, mixing them up and pretending to be professional scientists,” she recalls.

 

By Lis Mullin Bernhardt via UN Environment

 

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RIO DE JANEIRO, Sept 12 (Reuters) – Brazil’s development bank BNDES is mulling strategies to sell its stakes in listed companies such as state-controlled oil company Petrobras SA , two sources with knowledge of the matter said on Thursday.

As discussions are still ongoing, BNDES may start divestments only next year, the sources added.

By Rodrigo Viga Gaier via Yahoo Finance

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BRASILIA, Sept 12 (Reuters) – Brazil’s services sector grew in July at its fastest pace this year, official figures showed on Thursday, another indication that Latin American’s largest economy started the third quarter on a solid footing.

A day after figures showed retail sales posting their biggest rise of the year in July, government statistics agency IBGE said service sector activity climbed 0.8% in the month and 1.8% on the year, both smashing forecasts.

 

By Jamie McGeever via Reuters

 

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SAO PAULO, Sept 9 (Reuters) – Brazil and Mexico have begun talks on a free trade deal, a Brazilian official said on Monday, seeking to deepen commercial ties between the two largest economies in Latin America as trade tensions threaten to undermine global growth.

Marcos Troyjo, Brazil’s deputy economy minister for foreign trade, said Brazil had formally started free trade talks with Mexico, which recently ratified a new trade pact with the United States and Canada to replace the North American Free Trade Agreement (NAFTA).

 

By Ana Mano via Successful Farming

 

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BRASILIA, Sept 6 (Reuters) – Consumer price inflation in Brazil was well contained in August, as forecast, reinforcing expectations of deeper interest rate cuts by the central bank as it tries to fire up economic growth.

Prices measured by the benchmark IPCA index , rose 0.11% in August, government statistics agency IBGE said on Friday, in line with forecasts in a Reuters poll.

 

Via Nasdaq

 

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The Brazilian trade balance registered a surplus of US $ 3.284 billion in August, up 23.7% from the same month last year, which was US $ 2.775 billion. The data were released by the Special Secretariat of Foreign Trade and International Affairs of the Ministry of Economy (Secint / ME) on Monday (02).

“It is the largest surplus for August since 2017,” said Undersecretary of Intelligence and Foreign Trade Statistics, Herlon Brandão, at a press conference held at the Ministry of Economy, in Brasilia (DF), to comment on the numbers. From January to August, the surplus reaches US $ 31.759 billion.

 

Via DATAGRO

 

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Brazil avoided falling into recession on Thursday with the release of new economic data showing South America’s largest economy grew by 0.4 per cent quarter-on-quarter in the three months to June, a better than expected performance. The figures showed that Brazil’s economy moved back into expansion after shrinking by 0.2 per cent in the first quarter, and its performance was better than analysts had expected; economists polled by Reuters had forecast 0.2 per cent growth.

The figures showed that Brazil’s economy moved back into expansion after shrinking by 0.2 per cent in the first quarter, and its performance was better than analysts had expected; economists polled by Reuters had forecast 0.2 per cent growth.

 

By Bryan Harris and Andres Schipani via Financial Times

 

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SAO PAULO/RIO DE JANEIRO (Reuters) – Brazil’s planned privatization of eight Petroleo Brasileiro SA (PETR4.SA) refineries has lured several of the world’s largest trading and oil companies as prospective bidders, two sources with knowledge of the matter said.

Around 20 companies have signed non-disclosure agreements granting them access to the refineries’ data and signaling that they are considering a bid, the sources added, speaking on condition of anonymity to disclose private details of the sale.

 

By Tatiana Bautzer and Rodrigo Viga Gaier via Reuters

 

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SAO PAULO, Aug 26 (Reuters) – Brazilian power companies are raising a record amount of debt in local markets this year to finance construction of generation assets and transmission lines.

Tax-exempt local infrastructure bonds have been the main instrument to finance power investment in the country. Power companies have issued 12 billion reais ($2.9 billion) of the local bonds in the first seven months of the year, 83% of the total amount issued across all industries.

 

By Luciano Costa via Reuters

 

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Brazil is readying a plan to accelerate the sale of state-controlled assets as well as partnerships with private companies, as part of President Jair Bolsonaro’s push to shrink the public sector and spark investments.

The federal government will put state development bank BNDES in charge of organizing and paying for feasibility studies, which are mandatory for asset sales and auctions and are crucial for their success. BNDES will also be able to hire outside consulting companies based on technical capacity and not just price.

 

By Simone Preissler Iglesias via Bloomberg

 

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There are 332 million cars on the road in China, more than anywhere in the world. Most run on pure petrol, but from next year Chinese fuel companies will add 10% ethanol, a move that could have far reaching implications for the consumption of fossil fuels.

Brazil’s biofuel industry is the world’s second largest behind the US. In recent years it has suffered from fuel price shocks resulting from shifts in government policy, but it has been buoyed by the enormous potential of the Chinese market.

 

By Sarita Reed and Vinicius Fontana via China Dialogue

 

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When U.S. Commerce Secretary Wilbur Ross toured Latin America, President Trump hinted to reporters of his main mission: “We’re going to work on a free trade agreement with Brazil.”

Trade agreements that reduce barriers for the exchange of goods, services, and terabytes have the ability to raise incomes and boost opportunities for all countries involved, if they play by the rules.

 

By Philip Thompson via Washington Examiner

 

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Brazilian state lender Banco do Brasil SA (BBAS3.SA) is readying a secondary share offering that may raise up to 7.9 billion reais ($2 billion), three people familiar with the matter said.

One of the sources, who spoke on condition of anonymity because the transaction has not been announced, said the banks are planning to price the offering by the end of September.

The investment banking units of Itau Unibanco Holding SA (ITUB4.SA), XP Investmentos SA, Caixa Economica Federal, Credit Suisse Group AG (CSGN.S), JPMorgan Chase & Co (JPM.N) and Banco do Brasil have been hired to manage the deal, sources said.

State bank Caixa Economica Federal has said it is looking to sell a 2.4% stake in Banco do Brasil held by a workers severance fund, according to a Tuesday securities filing. The transaction could raise nearly 3.1 billion reais for the FI-FGTS fund, which Caixa manages, based on Monday’s closing share price.

Reporting by Carolina Mandl and Tatiana Bautzer; editing by Jonathan Oatis via Reuters

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Brazil’s central bank on Wednesday delivered its strongest message yet that it’s poised to pump more stimulus into an ailing economy after lowering its key rate by a half percentage point.

The bank’s board, led by its President Roberto Campos Neto, cut the benchmark Selic to a record low of 6%, as forecast by 18 of 45 economists surveyed by Bloomberg. The others expected a smaller reduction or even no cut at all. While stating that their next move will depend on activity and inflation data, policy makers signaled that forecasts for below-target consumer prices in 2020 leave the door open to more easing.

By Mario Sergio Lima via Bloomberg

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WASHINGTON/BRASILIA/SAO PAULO (Reuters) – President Donald Trump on Tuesday said he will pursue a U.S. trade agreement with Brazil, suggesting a friendly relationship with President Jair Bolsonaro could help lower trade barriers between the two biggest economies in the Americas.

“We’re going to work on a free trade agreement with Brazil,” Trump told reporters at the White House, without giving details.

 

By Alexandra Alper, Marcela Ayres and Marcelo Rochabrun

 

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Fortaleza, the fifth-largest city in Brazil with a population of about 2.7 million, is set to accept bitcoin (BTC) payments for public transportation by the end of this year.

Local news outlet O Povo reported the news late last week, saying that the Ceara State Co-operative Autonomous Passenger Co-operative (Cootraps) will provide Fortaleza citizens the options to buy bus tickets using bitcoin, credit and debit cards, in addition to the current cash system.

By Yogita Khatri via Yahoo Finance

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Brazil’s economic recovery after the 2015−2016 recession remains sluggish. Real per capita growth has fallen by 8 percent since the beginning of the recession in 2014, and poverty and inequality are on the rise. While the unemployment rate did fall this year, it is still high compared to pre-crisis levels.

To boost growth and create more jobs, Brazil needs to vigorously pursue pension and tax reforms, trade openness, investment in infrastructure, and key financial reforms, the IMF stated in its latest annual economic assessment.

 

Via International Monetary Fund

 

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BRASILIA (Reuters) – New measures unveiled by the Brazilian government on Wednesday allowing employees to access cash from worker guarantee funds will be worth 0.35 percentage points to gross domestic product over the next 12 months, the Economy Ministry said on Wednesday.

Freeing up 42 billion reais ($10.6 billion) from the “FGTS” severance fund and more cash from the social contribution fund known as “PIS/Pasep” will also create 3 million jobs and increase GDP per capita by 2.5 percentage points over 10 years, the Ministry added.

 

By Marcela Ayres and Lisandra Paraguassu via Reuters

 

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The Brazilian trade balance registered a surplus of US $ 409 million in the third week of July, according to a survey released on Monday (22) by the Ministry of Economy. The positive balance is the result of US $ 4.829 billion in exports and US $ 4.420 billion in imports, according to data from the Foreign Trade Secretariat.

In the month, exports total US $ 13.550 billion and imports reach US $ 11.367 billion, with a positive balance of US $ 2.182 billion. Year-to-date exports totaled $ 123.392 billion, with imports of $ 95.134 billion and a positive balance of $ 28.258 billion.

 

Via DATAGRO

 

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Renewables (excluding hydropower) are expected to reach 60.8GW capacity in 2030 registering a compound annual growth rate (CAGR) of 5.4%, according to analysts GlobalData.

The company’s latest report ‘Brazil Power Market Outlook to 2030, Update 2019 – Market Trends, Regulations, and Competitive Landscape’ reveals that, installed renewable capacity in Brazil increased from 2.9 Gigawatt (GW) in 2000 to 31.1GW in 2018, at a CAGR of 14%.

 

By Global Data Energy via Power Technology

 

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Brazilian stocks have extended their year-to-date gain to about 20% on renewed optimism that Latin America’s largest economy will finally overhaul its heavily indebted social security system. But the rally that has pushed the market to record highs still may have some juice left.

The benchmark Ibovespa index may climb 11% from current levels to about 115,000 by the end of 2019, according to the average forecast of 10 strategists surveyed by Bloomberg. Their targets range from 105,000 to 123,000, implying an increase of as much as 18%. That would mark the fourth year of double-digit gains for Brazilian stocks.

 

By Vinicius Andrade via Bloomberg

 

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Brazil is on a tear lately. Its Bovespa Index is the beating all of the emerging markets. It’s besting China. It’s besting Trump’s super-duper stock market here at home. It’s all thanks to a once unpopular pension reform bill, which saw tens of thousands rally late last month in support of the new president’s push to overhaul Brazil’s teetering public pension system.

Over the last month, the iShares MSCI Brazil (EWZ) has gained 7.5% versus just 2.24% for the benchmark MSCI Emerging Markets Index. If you had put $10,000 in that Brazil ETF last Fourth of July weekend you’d have $3,700 extra for summer play money as your 12-month gain.

 

By Kenneth Rapoza via Forbes

 

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The Brazilian diplomatic academy, the Rio Branco Institute, will now require that candidates have knowledge of cryptocurrencies and blockchain, Cointelegraph Brazil reported on July 8.

The Rio Branco Institute — established in 1945 and offering two advancement courses for diplomats — has published the 2019 edict for the selection of new diplomats in Brazil where it included the requirement that candidates know about blockchain and digital currencies.

 

By Ana Alexandre via Cointelegraph

 

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The announcement of the closure of the Mercosur-European Union agreement will provoke the emergence of a “negotiating appetite” from other nations in favor of investments in Brazil or in association with the South American bloc, the Brazilian chancellor Ernesto Araújo, informs the “Agência Brasil”.

“We are very close to an agreement with the EFTA (Free Trade Association composed of Switzerland, Norway, Iceland and Liechtenstein) and with Canada, perhaps in the second half of 2019,” said Araújo. According to him, the closure of a Mercosur agreement with Singapore and South Korea is also close.

 

Via DATAGRO

 

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A new world record low price for solar power generation has been achieved in Brazil, where the government’s latest renewables auction saw contracts for six solar PV projects awarded at an average of just 1.65 cents per kilowatt hour.

Brazil’s regulator Agencia Nacional de Energía Eléctrica (ANEEL) announced the latest auction results on Friday, confirming a total of 401.6MW of electricity capacity has been contracted across 15 projects with supply slated to start in January 2023. The successful bids include five hydroelectric plants, one biomass thermal facility, and three wind farms.

 

By Michael Holder via BusinessGreen

 

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WASHINGTON- U.S. Transportation Secretary Elaine L. Chao and Brazilian Minister of Infrastructure Tarcísio Gomes de Freitas today signed a Memorandum of Cooperation (Memorandum) that will strengthen collaboration on transportation infrastructure investment strategies and on key transportation priorities in technology and innovation between the U.S. and Brazil.

“The Department is committed to strengthening our longstanding cooperative relationship with Brazil by sharing data and best practices to build safer and smarter transportation systems,” said Secretary Elaine L. Chao.

 

Via Transportation.gov

 

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The promotion of the green economy – which reconciles development, environment and poverty reduction – involves the articulation between governments, civil society and companies. This was the conclusion of the participants of the 1st Regional Ministerial Conference of the Americas on Green Economy, which closed on Wednesday (26) in Fortaleza, after two days of discussions and talks, reports Agência Brasil.

Following the closure of the discussions, the countries of Latin America and the Caribbean adopted a joint document with commitments to promote sustainable development on the continent. The final text will only be published next week, but the draft has 22 suggestions.

 

Via DATAGRO

 

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Brazil was the standout in JPMorgan’s re-rating of Latin American equity markets as the firm raised its year-end price target for the Ibovespa index while lowering forecasts for the rest of the region.

Strategist Emy Shayo increased the 2019 target for the Brazilian benchmark to 108,000 from 105,900, implying about a 6% increase from current levels. The more optimistic projection is based on expectations that approval of social security reform will lead to more growth and lower risk. It comes as Brazil’s weaker-than-expected economic recovery has been leading to downward revisions to earnings estimates.
By Vinicius Andrade via Bloomberg

Mobile banking is becoming increasingly popular in Brazil, with more consumers making use of mobile banking services for the execution of daily financial transactions.

The number of transactions performed by Brazilian citizens on their mobile phones increased significantly in 2018. Compared to 2017, mobile banking use increased by 24 percent in 2018. While mobile banking is mostly used to check banking statements and balances by many people, the number of other transactions such as money transfers went up by a factor of almost 80% in Brazil. This reveals that Brazilian citizens have become more dependent on their mobile phones for the execution of their financial transactions.

 

By Ali Raza via LearnBonds

 

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Brazil held its benchmark interest rate at a record low and signaled it can cut borrowing costs to help a frail economy once a key austerity measure advances further in Congress.

The bank’s board, led by its President Roberto Campos Neto, on Wednesday
kept the Selic unchanged at 6.50% in a decision expected by all but one of the 39 economists in a Bloomberg survey. Officials have held borrowing costs steady for over a year.

 

By Mario Sergio Lima via Bloomberg

 

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(Bloomberg) — Brazil’s equity benchmark Ibovespa index closed above the 100,000 mark for the first time on record as dovish signals from the Federal Reserve added support to global asset prices, and potentially signaling increased odds for rate cuts in Brazil.

The index rose 0.9% to 100,303 on Wednesday, pushing gains this year to 14%.

By Vinicius Andrade via Yahoo Finance

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[SÃO PAULO] Measuring the height of Brazil’s towering rainforests can be a tall order. But an international team of researchers say they are working together to turn unmanned aerial vehicles (UAVs), or drones, into efficient, low-cost data collectors that can monitor the progress of forest restoration.

The team developed a drone equipped with three-dimensional laser scanning and hyperspectral imaging systems capable of producing high-resolution maps and collecting hundreds of images at different wavelengths for a given area.

 

By Rodrigo de Oliveira Andrade via SciDev.Net

 

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BRASILIA, June 13 (Reuters) – Services activity in Brazil rebounded in April from a sharp fall in the previous month, government statistics agency IBGE said on Thursday, marking the first rise this year, although growth was slower than economists had expected.

Activity also shrank more than forecast on an annual basis, suggesting the economy started the second quarter on a weak note, having contracted in the first quarter for the first time in more than two years.

 

By Jamie McGeever via Reuters

 

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BRASILIA (Reuters) – Brazil’s Supreme Court ruled on Thursday that state-run firms do not need congressional approval to sell their subsidiaries, a major victory for the government of President Jair Bolsonaro and state-run oil firm Petrobras.

Also on Thursday, Supreme Court Justice Edson Fachin, who ruled in May to suspend the $8.6 billion sale of Petrobras’ TAG pipeline unit to France’s Engie SA, reversed his decision in light of the full court’s ruling, allowing Petroleo Brasileiro SA, as the firm is formally known, to go ahead with the divestment.

 

By Ricardo Brito via Reuters

 

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The EU and the South American trade bloc Mercosur are very close to finalizing their bilateral trade agreement, the presidents of Brazil and Argentina said Thursday.

“We’re on the verge of signing an agreement between Mercosur and the European Union,” Brazilian President Jair Bolsonaro said during a press conference with his Argentine counterpart Mauricio Macri in Buenos Aires. “We are all going to win with this: Argentina, Brazil and the other countries of this bloc, [Paraguay and Uruguay],” he added.

 

By Hans von der Burchard via Politico

 

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Betting on Brazil’s central bank to further slash the benchmark interest rate is the best way to make money in the nation’s assets right now, according to hedge fund Truxt Investimentos.

“With inflation under control and slow growth, our preferred trade right now is to receive rates in Brazil,” said Mariana Guarino, a portfolio manager at Truxt, which has 10.6 billion reais ($2.7 billion) in assets under management. “Once pension reform is approved, the tail risk of a quick fiscal deterioration will be removed, so Brazil’s central bank will have room to cut rates.”

 

By Vinicius Andrade via Bloomberg

 

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The President of the Chamber of Deputies of Brazil has ordered to establish a commission to consider cryptocurrency regulation in the country, Cointelegraph Brasil reported on May 31.

The Chamber of Deputies of Brazil is a federal legislative body and the lower house of the National Congress of Brazil, and consists of representatives of the states elected every four years. The Chamber discusses and approves proposals for economic and social areas such as educationhealth, transport, and housing.

 

By Ana Alexandre via Cointelegraph

 

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SAO PAULO (Reuters) – The builders of a new power transmission line to the northern Brazilian state of Roraima have pledged to deploy 200 inspectors to reduce the environmental impact on an indigenous reservation where they will erect 250 pylons, according to an environmental assessment document seen by Reuters.

It said they also had committed to keeping secret any geological information on the discovery of mineral resources to avoid drawing illegal mining interests that have long set their sights on the land of the Waimiri Atroari tribe.

 

By Luciano Costa via Reuters

 

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Brazil’s move towards cryptocurrency regulation took a step closer this month as the government in Brasilia agreed and published ‘instruction 1888’.

The instruction passes new rules that come into force on August 1, meaning that individuals, legal entities and brokerage firms that carry out operations with crypto will have to inform the treasury of every detail of their transactions.

By Gabriel Quintanilha via Yahoo Finance

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The state of Paraná will have the first energy plant in Brazil generated from “waste” – that is, a combination of organic waste and sewage sludge. The plant will use biodigestion technology: from this input, it will produce biogas which, in its turn, will be converted into electric power.

The project aims to reuse 1,000 cubic meters of sewage sludge and 300 tons of organic waste daily – a volume which would be disposed into the environment. It’s also planned to convert organic waste into biofertilizers and recycle waste plastic to produce bags.

 

Via Bluevision Braskem

 

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HOUSTON (Reuters) – Brazil expects to collect at least $47 billion in signing bonuses this year from three upcoming offshore oil auctions set for October and November, an official said on Monday.

An Oct. 27 sale of production rights in Brazil’s so-called transfer-of-rights area – one of the world’s most promising offshore oil areas off the coast of southeastern Brazil – could draw $27 billion (106 billion reais) in signing bonuses, said Marcio Felix, executive secretary for oil, gas and biofuel at Brazil’s Ministry of Mines and Energy, at a Houston energy conference.

 

By Collin Eaton via Reuters

 

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May 2 (Renewables Now) – Spanish energy company Iberdrola (BME:IBE) informed on Tuesday that shareholders of its Brazilian unit Neoenergia SA had voted to approve the company’s initial public offering (IPO) of shares.

Iberdrola, which holds a 52.45% stake in Neoenergia, said ahead of the vote this Monday that the listing would take place in the first half of the year.

 

Via Renewables Now

 

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Rio de Janeiro — Brazil’s Petrobras plans to sell eight refineries, accounting for nearly half the country’s refining capacity, amid an aggressive move by the company’s new management to ramp up asset sales and open the domestic refined product market.

 

“The new directives for asset sales, with a focus on the refining and distribution segments that includes the full sale of PUDSA, a service-station network in Uruguay; eight refineries totaling 1.1 million b/d of refining capacity; and the sale of an additional stake in Petrobras Distribuidora, or BR,” the company said in a filing made with stock regulators Friday.

 

By Jeff Fick via S&P Global Platts

 

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RIO DE JANEIRO, BRAZIL – The man in charge of Brazilian sugar giant Cosan Ltd. has little interest in talking about the sweetener. These days, he’s all about railways, writes Bloomberg in its latest report. Cosan is controlled by 69-year-old Rubens Ometto, one of the sixty most powerful men in Brazil.

 

The business that gave life to Cosan — the world’s biggest sugar-cane operation — has been stuck in the doldrums following years of depressed global prices and government policies that curbed the expansion of cane ethanol in Brazil. In stark contrast, the commodity powerhouse is ready to invest “tens of billions” in a plan that will reshape how the nation’s crops get transported, Chief Executive Officer Marcos Lutz said.

 

Via The Rio Times

 

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Brazil’s coastline of some 3,000 nautical miles includes several large cities in a layout that makes Brazil the ideal location to develop, manufacture and operate maritime transportation technology that could also have international market potential.

While Russia is internationally recognized in high-speed maritime transportation technology courtesy of their construction and demonstration of the Caspian Sea Monster ground-effect plane, Russia is also at a disadvantage in terms of testing, demonstrating, domestically operating and improving a commercial version of such technology. Much of Russia’s population lives at western inland locations and not along Russia’s coast. A mega-size commercial freight transport ground effect vehicle might optimally be developed in a nation with an extensive coastline that includes multiple large cities spread along that coastline. The vehicle needs to be proven in domestic coastal transportation service.

 

By Harry Valentine via The Maritime Executive

 

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Investment worth $621 million will be provided by BRICS New Development Bank (NDB) to Brazil, according to the Institute for Applied Economic Research (Ipea).

It said the bank has approved Brazilian projects on renewable energy, road building, railway construction, sanitation, telecommunications and an oil refinery. NDB has also plans to launch its Americas Regional Office in Brazil.

 

Via RT

 

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(Reuters) – Brazilian Economy Minister Paulo Guedes said on Wednesday he is “optimistic” that Congress will pass a pension reform bill that will generate savings of 1 trillion reais ($261.68 billion) over 10 years, in line with the government’s ambitious proposal.

 

Guedes is also confident Brazil will exceed its 2019 privatization goal of raising $20 billion from the sale of public assets by as much as 40 percent, he told a conference in New York, without giving any detail on which sectors or assets.

 

By Jamie McGeever via Reuters

 

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Miami real estate agents have one reason to be happy – Brazilian buyers are back as a dominant buyer pool in South Florida, amid an increase in foreign investment.

Political turmoil in Brazil and a strong dollar have kept buyers away from South Florida in recent years – until now. Brazil ranked as the top country buying South Florida homes in 2018, according to a new report from the Miami Association of Realtors.

 

By Katherine Kallergis via The Real Deal

 

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All the tensions that have rattled Brazil traders over the past few weeks have done nothing to shake Teresa Barger’s optimism over the country.

The chief executive officer and co-founder of the $2.6 billion Cartica Management LLC hedge fund is sticking to her “very bullish” views on Brazil, confident that growth in Latin America’s largest economy will start to pick up and that a planned overhaul of the nation’s pension system will be approved. That means she avoids watching the developments too closely, sidestepping the jitters that come with it.

 

By Aline Oyamada via Bloomberg

 

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BRASILIA, April 3 (Reuters) – Growth in Brazilian economic activity picked up to its strongest in over a year in March, driven by solid increases in domestic new orders across both the manufacturing and services sectors, IHS Markit Insight said on Wednesday.

The closely-watched purchasing managers indices (PMIs) for March, often seen as a leading indicator of overall economic growth, showed the sixth straight month of service sector growth and ninth consecutive month of rising manufacturing activity.

 

By Jamie McGeever via Nasdaq

 

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SAO PAULO/BRASILIA, March 28 (Reuters) – Brazilian logistics company Rumo SA on Thursday won an auction to build and operate a 1,537-kilometer freight railway for 30 years, with a bid of 2.7 billion reais ($694 million), according to the government.

Rumo Chief Executive Julio Fontana said that the Norte-Sul Railway would be used to transport primarily agricultural commodities, but would also ship some fuel and bauxite. The railway could be operational within 2 years, Fontana said.

 

By Aluisio Alves and Jake Spring

 

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China is open to negotiate trade and investment agreements with Brazil, including a double tax treaty, as part of a broader move to engage the Latin American commodities giant, Beijing’s new ambassador in Brasilia said.

“We’re willing to study, together with the Brazilian side, measures to facilitate and liberate trade and investments, negotiate agreements to protect investments and avoid double taxation,” Ambassador Yang Wanming wrote in response to questions from Bloomberg.

 

By Samy Adghirni via Bloomberg

 

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Travelers are scrambling to get plane tickets to Brazil now that the country has erased the need for a visa.

Australian, Canadian, Japanese and American tourists will no longer need a visa starting June 17, 2019, and a new Kayak survey revealed searches for flights have shown double-digit increases. The highest increase was registered in Australia (36 percent), followed by the United States (31 percent), Canada (19 percent) and Japan (4 percent).

 

By Janeen Christoff via Travel Pulse

 

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Brazil has just overtaken China in terms of consumer sentiment, as the world’s second-largest economy slows down and spending intention on big ticket items decline, according to a Credit Suisse survey released Monday.

Speaking to CNBC at the Credit Suisse Asian Investment Conference in Hong Kong on Monday, Eugene Klerk, the bank’s managing director of global thematic research said China showed weaker readings in spending intentions compared to Brazil and India.

 

By Shirley Tay via CNBC

 

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BRASILIA (Reuters) – Brazil Mines and Energy Minister Bento Albuquerque said on Thursday that the government will present a program for overhauling the natural gas sector by June, a move aimed at lowering energy costs in the country.

The program will be called the “New Gas Market” and is separate from the “Gas for Growth” program pursued under previous President Michel Temer, Albuquerque told reporters in a briefing.

 

By Jake Spring via Reuters

 

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Brazil’s central bank held its benchmark interest rate at an all-time low in the first meeting under its new boss and signaled it could lower borrowing costs in the future if growth continues to disappoint.

The bank’s board on Wednesday kept the Selic rate unchanged at 6.50 percent for the eighth straight meeting in an announcement expected by all 39 economists in a Bloomberg survey. It was the first monetary policy decision under Roberto Campos Neto, who was sworn in as head of the monetary authority earlier this month.

Following the impeachment of President Dilma Rousseff in mid-2016 and the inauguration of President Michel Temer, who had been Vice President, the new team responsible for Brazil’s international economic agenda worked diligently for greater integration of our country into the world economy. That has happened in many areas, including relations with international organizations, the domestic framework for officially supported export credits and trade policy.

With regard to relations with international organizations, the team has contributed to deepen Brazil´s participation in the Organisation for Economic Co-operation and Development (OECD), the mandate of which focuses on the discussion and international consolidation of best practices in public policies. 

 

By Marcello Estevão via International Banker

 

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President Jair Bolsonaro’s market friendly agenda faces a key test on Friday with an airport auction that will serve as a gauge of investors’ appetite for the administration’s massive privatization plan.

The tender is expected to generate 3.5 billion reais ($910 million) in investments in the next 30 years. That figure includes a minimum initial fee of 219 million reais and a minimum investment of 1.48 billion reais in the next five years –starting on the sixth year of the license, operators will also pay the government a percentage of their gross revenue.

 

By Vinicius Andrade and Fabiola Moura via Bloomberg

 

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What makes some oil plays more valuable than others? The answer: big discoveries in excellent reservoirs that are cheap to exploit. Few places on earth do all three. Brazil does, as I was reminded on a trip to Rio last month. Its pre-salt Santos basin fields, such as Lula and Libra, have these attributes in abundance.

The reservoirs in these giants lie at the “Goldilocks” depth – not too expensive to drill, but deep enough for oil to flow freely to surface. Individual wells in the exceptional pre-salt carbonate reservoirs can produce up to 50,000 barrels in a single day – a good Permian fracked well takes two months to do that. Many producing wells are choked because the subsea flow lines or platform just can’t cope with the sheer volumes. Nice work if you can get it.

 

By Simon Flowers and Wood Mackenzie via Forbes

 

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Brazil’s central bank would be better equipped to keep inflation low if its autonomy to decide on monetary policy were guaranteed by law, the bank’s new chief said as he was sworn in on Wednesday.

“It’s important to keep the recent gains obtained in monetary policy,” Roberto Campos Neto said, stressing that increased central bank credibility has been crucial for reining in inflation. “We believe that an autonomous central bank would be better prepared to consolidate these recent gains.”

 

By Rachel Gamarski via Bloomberg

 

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27 February 2019, Panama City, Panama – Brazil just became the first country to receive financial resources from the Green Climate Fund (GCF) for having successfully reduced greenhouse gas (GHG) emissions from deforestation in the past.

The payment from the GCF is based on results achieved by Brazil in the Amazon biome between 2014-2015, and which have been reported and validated by experts from the United Nations Framework Convention on Climate Change (UNFCCC). This is the essence of REDD+: a mechanism to reward countries for having reduced their deforestation.

 

By UNDP

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BRASILIA, Feb 26 (Reuters) – Brazil’s Senate confirmed Roberto Campos Neto as central bank governor on Tuesday, after he stressed that controlling inflation and reining in public spending were critical to supporting economic growth.

Much work must still be done to secure Brazil’s economic recovery, Campos Neto told the Senate’s economic committee at his confirmation hearing.

 

By Jamie McGeever via Reuters

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Minister Bento Albuquerque defended the electric car using ethanol or natural gas as a source of energy during a meeting organized by the ANP, the National Agency of Petroleum, Natural Gas and Biofuels. According to him, there are significant competitive advantages due to the already being technology in development by some assemblers, in addition to reconciling the efficiency of the electric motors and the national vocation for the production of biofuels. He also stressed the importance of solving the problems associated with the recharging time of the batteries. “Vehicular electrification technologies should not only consider the battery as the only trajectory to be followed, but as a trend of decarbonization on our planet,” says Beto Albuquerque – Minister of Mines and Energy.

By DATAGRO

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Trade activity grew 0.9% in January compared to December 2018, according to the latest Serasa Experian Trade Activity Index numbers released on Tuesday (January 19). The highlights of the month were the construction materials industry, with 1.7% growth, and the cars, motorcycles & parts sector, which grew by 0.5%. On the other hand, the textiles, clothing, footwear and accessories category had the largest drop, at 5.4%, followed by supermarkets, hypermarkets, food and beverages (-1.4%); furniture, electronics and computers (-2.3%) and fuels and lubricants (-1.8%).

By BrazilGovNews

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When the giant P-67 floating oil production vessel lit its flare tower earlier this month, it marked the start of a Brazilian supply boom that’s poised to challenge OPEC’s efforts to balance the global market.

The mammoth facility — long and wide enough to fit an American football field — is the first of four similar platforms to begin pumping crude this year, lifting Brazilian output by roughly 365,000 barrels a day, its largest annual increase in at least 20 years, International Energy Agency estimates show. A second platform, P-76, has also started production, according to a regulatory filing Wednesday.

By Sabrina Valle and Javier Blas via Bloomberg

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The Minister of Mines and Energy, Bento Albuquerque, signed during the first 45 days of the government all grants to build 53 projects from the New Energy Auction A-6, which was held in August 2018. The projects total R $ 6, 8 billion in investments and 1,572,356 kW of final power. More than eight thousand direct jobs will be generated during the construction phase of the plants.

By DATAGRO

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Agribusiness continues to be strong and farmers’ capitalization in general is very good, says Pedro Estevão Bastos, president of the Chamber of Agricultural Machinery and Implements (CSMIA), of the Brazilian Association of Machinery and Equipment Industry (Abimaq), on the perspective of the 10% increase in sales in the segment in 2019.

However, Bastos warns that such variables as exchange rate, credit availability, crop productivity and the consequences of the China-US trade war, which influence soybean prices, may interfere with the performance of the agricultural sector this year. “We also need to know how the new government’s agricultural policies will be in order to have the best forecast in the market.”

By DATAGRO

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Feb 12 (Reuters) - Most Latin American stock markets rose on Tuesday, buoyed by hopes of a U.S.-China trade deal as they more than recovered ground lost during the previous session, while
resurgent risk appetite strengthened Latin American currencies against a softer dollar.

U.S. President Donald Trump said he expects to meet Chinese President Xi Jinping to close a deal on trade at some point, while officials from both countries expressed hopes on Monday a
new round of talks would help improve strained trade ties between the world's top two economies.

By Aaron Saldanha via Reuters

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Changes in economic policy and trade relations should boost sales of Brazilian products abroad. Experts consulted by the Central Bank are betting that Brazil may reach almost US$ 300 billion in exports in the coming years. The estimate is in the Market Expectations System, which gathers daily forecast surveys of the Brazilian economy from about 130 banks, fund managers and other institutions. The numbers were released on February 1.

This year, foreign sales are expected to total US$ 249.05 billion, according to market forecasts. In 2023, the estimated value is US$ 295 billion. If predictions are confirmed, total growth in the period will be of 18.47%.

By BrazilGovNews

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BRASILIA, Feb 12 (Reuters) – Inflation risks in Brazil have moderated and threats to domestic and global economic growth have intensified, minutes of the Brazilian central bank’s last policy meeting showed on Tuesday.

Policymakers also noted that risks associated with U.S. Federal Reserve policy tightening have diminished, according to minutes of the Feb. 5-6 meeting, where they unanimously agreed to keep the benchmark Selic rate unchanged at a record low 6.50 percent.

By Jamie McGeever via Nasdaq

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Brazil’s economy minister has vowed to end years of failed state interventions as Latin America’s largest economy embarks on sweeping free-market reforms under President Jair Bolsonaro.

In a wide-ranging interview, Paulo Guedes, the former fund manager chosen by the rightwing president to rekindle the Brazilian economy after the worst recession in its history, said a pension overhaul would save R$1tn ($350bn) over 10 years and be approved “within five months”.

By John Paul Rathbone and Andres Schipani via Financial Times

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Privatization is yesterday’s political polemics. The market wants Brazilians to work more and earn less from government pension plans. Privatization is old school. Boring pension reform, that’s the new sexy. When doubts arise about Brazilian pension reform, the market tanks like it did on Wednesday.

“It’s an overreaction,” says Michael Reynal, a fund manager for Sophus Capital. Markets were down across the board today, but Brazil underperformed the MSCI Emerging Markets by over 300 basis points. ”We are not looking to sell Brazil, but there is some confusion over what proposal we are going to get,” he says, naming outgoing president Michel Temer’s watered-down but acceptable pension reform, or that of the new president, Jair Bolsonaro.

By Kenneth Rapoza via Forbes

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When Brazil’s central bank meets on Wednesday, its outgoing President Ilan Goldfajn will leave the door open for his successor to deliver an unprecedented borrowing cost cut at his first policy meeting.

Since at least 1996, when the country’s current monetary policy board was created, no incoming bank governor has ever cut the benchmark Selic in his first meeting. Roberto Campos Neto, who was appointed by President Jair Bolsonaro and will face his Senate confirmation hearing as soon as this month, could be the first. The chances are so good that when Campos Neto attended an event in Rio de Janeiro last month, several former central bank chiefs joked how it was going to be smooth sailing for him and how he was lucky.

By Raymond Colitt and Mario Sergio Lima via Bloomberg

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BRASILIA (Reuters) – Brazil’s government has opened discussions with congressional leaders, state governors and mayors on a pension reform bill that would set the minimum retirement age for men and women at 65, a government official said on Monday.

The proposal is one of several under consideration, as President Jair Bolsonaro looks to get the legislative ball rolling on his ambitious plans to overhaul Brazil’s creaking social security system.

By Reuters

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The Brazilian productive sector began the year optimistic with the country’s economy. The Industry Confidence Index (ICI), measured by the Getulio Vargas Foundation (FGV), reached the highest level since August last year. The rate reached 98.2 points in January, a 2.6-point increase in comparison with December.

By BrazilGovNews

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Judging by the reaction of financial markets, the Brazilian economy started the year at high speed. The real is among the world’s best-performing currencies so far in 2019 and the main stock market index Ibovespa hit a string of record highs leading into last week, when it broke the 97,000-point mark. Future interest rates have fallen sharply.

Foreign investors are buying in as well. The premium demanded as compensation for the inherent risk of buying Brazilian bonds, the Credit Default Swap rate (CDS), that in September was above 310 basis points has fallen to around 180 basis points, a range close to that of emerging countries with an investment-grade seal.

By Otaviano Canuto

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Brazilian President Jair Bolsonaro’s government wants to sell at least $20 billion in assets of state-owned companies this year including parts of Petrobras and Banco do Brasil, the country’s secretary of privatization said on Tuesday.

Salim Mattar said the government wants state-controlled oil company Petroleo Brasileiro SA and lenders Banco do Brasil SA and Caixa Economica Federal to sell most of their subsidiaries within four years.

Mattar, a former businessman, estimated that Brazil could raise up to 800 billion reais ($214 billion) by selling state-owned companies. The privatizations, along with cuts in spending on pensions and social security, are key to Economy Minister Paulo Guedes’s plan to reduce public debt, now equivalent to 77 percent of gross domestic product.

“If we reduce the debt, the amount of interest we save annually would allow us to increase expenditures in education and health,” Mattar said.

By Tatiana Bautzer for Reuters

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DAVOS, Switzerland (Reuters) – An overhaul of Brazil’s pension system could save up to 1.3 trillion reais ($345 billion) over the next decade, Economy Minister Paulo Guedes told Reuters on Wednesday, aiming as much as two-thirds higher than the previous government’s failed effort.

In an interview during the World Economic Forum at the Swiss ski resort of Davos, Guedes underscored the enormous scale of a pension reform that investors consider the cornerstone of new right-wing President Jair Bolsonaro’s sweeping economic agenda.

By Mark Bendeich via Reuters

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BRASILIA, Jan 22 (Reuters) – Brazil will add the Trans-Amazonian Highway to the list of projects for privatization, its infrastructure minister said on Tuesday, seeking new investment to pave a roadway that has already been blamed for deforestation.

The government also plans to sell to investors a concession to run BR-163, a key northern route for shipping Brazilian grains, adding it along with the Trans-Amazonian to a priority list for privatization at a meeting next month, Infrastructure Minister Tarcisio Freitas told Reuters in an interview.

By Jake Spring via CNBC

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Sales of Brazilian soybeans for the 2017/18 harvest reached 99% of production expected until the last day of January 18. The percentage is above the 94% recorded in the same period of the previous harvest and is also higher than the previous record of 98% observed in 2013 and 2015, highlight data from the DATAGRO Consulting.

“In addition to the supply being brought to an end, the expected fall in prices occurred in general, keeping producers’ sales interest loose,” says DATAGRO grain analyst Flávio Roberto de França Jr.

By DATAGRO

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Brazilian markets are off to a strong start in 2019. And while worries about much needed structural reforms remain, a market-friendly government and supportive fundamental backdrop could make this year a doozy, according to bullish analysts.

The year is still young, but so far the real USDBRL, +0.0107%  has gained 3.8% against the U.S. dollar, while the popular Bovespa stock index BVSP, +0.78%  has rallied more than 9%. In dollar terms, the Bovespa is up 12.4% so far this month, versus a 6.6% rise for the S&P 500 SPX, +1.32% according to FactSet.

Just last year, Brazil’s contentious presidential election and worries about much needed structural reforms to shore up the country’s fiscal health curbed investor enthusiasm. Economists say the reforms are still needed, but sentiment seems increasingly supportive even before outspoken newly elected President Jair Bolsonaro takes the stage at the World Economic Forum in Davos, Switzerland, next week.

By Anneken Tappe via Market Wacth

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Jan 18 (Reuters) – Brazil’s benchmark stock index reached an all-time high on Friday on positive investor sentiment about the new government’s pension reform plans and U.S.-China trade talks, while Latin American currencies steadied against the U.S. dollar. The Bovespa, one of 2018’s top performing indexes across the globe, hit a record high, crossing the 96,000 mark as investors hoped the new government’s pension reforms plans may be revealed earlier than expected.

By Agamoni Ghosh via CNBC

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The US $ 58.7 surplus recorded by Brazil last year is a result of increased imports from China, as well as increased international demand for Brazilian commodities. The data are from the Foreign Trade Indicator (Icomex) of January released today (17) by the Brazilian Institute of Economy of the Getulio Vargas Foundation (Ibre-FGV).

By DATAGRO

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The financial market remains optimistic with its forecasts for economic growth in 2019. According to the latest edition of the Focus Bulletin, released by the Central Bank on Monday (January 14), analysts are predicting Brazil’s Gross Domestic Product (GDP) will grow 2.57% this year, up from the previous 2.53%.

By BrazilGovNews

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The marketing of hydrated ethanol continues to be heated in the domestic market. Biofuel sales totaled 858.11 million liters in the second half of December, an increase of 26.57% over the volume traded in the same period of 2017 (678.00 million liters), according to data from the Cana- of Sugar (UNICA).

Considering December sales, sales also increased, registering 1.79 billion liters, an increase of 25.26% over December 2017 (1.43 billion liters). “This volume, a record for a month in December, is due to the maintenance of biofuels’ competitiveness against gasoline in the domestic market. This is the beginning of the most advantageous year for ethanol in this decade “, points out UNICA.

By DATAGRO

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Brazil’s outgoing central bank President Ilan Goldfajn told Swiss newspaper Le Temps that conditions remain in place for strong economic growth, while he warned against inflated expectations under the country’s new populist government.

“The expectations are now very high in Brazil,” Goldfajn said in an interview with the French-language newspaper ahead of an address at the International Center for Monetary and Banking Studies scheduled for Tuesday in Geneva.

By Andy Hoffman via Bloomberg

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Brazil stocks have been rallying since Bolsonaro’s presidential victory in October last year. The most popular Brazilian ETF, iShares MSCI Brazil ETF EWZ rose 13.3% in the fourth quarter of 2018. Brazil’s Bovespa index gained about 10.8% in the same time frame. Jair Bolsonaro was sworn in as Brazil’s president on Jan 1.

EWZ has continued its strong run this year by returning 12.5% in the year-to-date time frame (as of Jan 9). This indicates market participants faith in the newly elected president’s ambitious agenda.

By Zacks Equity Research via Nasdaq

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SAO PAULO (Reuters) – Far-right Brazilian president Jair Bolsonaro’s new government wants to save 1 trillion reais ($269.48 billion) over 10 years via pension reforms economists say are vital to undo the growing fiscal deficit, a Brazilian newspaper reported on Monday.

Bolsonaro, a former army captain who has surrounded himself with generals and liberal economists as top advisers, made pension reform a staple of his campaign. But he has given few details before his inauguration or as president.

By Reuters Staff via Reuters

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SAO PAULO (Reuters) – At BM Multimarcas, a used-car dealer on the outskirts of Sao Paulo, owner Santel de Abreu Bernardo can show you jalopies that most big banks would not touch.

There is a faded blue 2003 Renault hatchback with 195,000 kilometers on the dial. And a Volkswagen Gol Turbo so old that it could vote.

But when he needs to seal a deal, Bernardo has a go-to option for financing: the Brazilian unit of Spain’s Banco Santander.

By Carolina Mandl via Reuters

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On Monday, the presidents of public banks will begin their mission of reducing distortions in the Brazilian credit market and balancing the interest rates charged by financial institutions. The statement came from the Minister of Economy, Paulo Guedes, who participated in their inauguration ceremony in the Planalto Palace.

According to Guedes, interventions made by past governments in public banks have contributed to making credit cheaper for large companies and more expensive for the rest of the population, an imbalance which should be corrected by the new management.

By BrazilGovNews

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President Jair Bolsonaro sanctioned a law on Monday (January 7) that allows the creation of endowment funds, as a way to encourage private donations to projects of public interest. With the decision, the areas of education, science, technology, research and innovation, culture, health, environment, social assistance and sport will be strengthened.

In practice, all money donated by individuals and private companies, along with the income received from their investment, will be passed on to institutions and projects of public interest, increasing the sustainability of important public policies.

By BrazilGovNews

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The Brazilian government plans to privatize or liquidate some 100 state-run companies, reflecting the new administration’s drive to reduce the size of the state, Infrastructure Minister Tarcisio Freitas said on Tuesday.

Freitas also said in a radio interview that the right-wing government of President Jair Bolsonaro, inaugurated on Jan. 1, is considering awarding licenses for private-sector firms to build and operate 5,600 kilometers of new toll roads and bid again on 4,000 kilometers of existing toll roads.

By Reuters Staff

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It’s just a week into 2019 and Brazil is the best stock market in the world. Parabens, Jair Bolsonaro. Until the army tanks roll in, as his opponents believed just four months ago, Brazil is on track to be the best performing market this quarter, if not in the first half of 2019.

Based on the biggest, passive trades in the markets, the iShares MSCI Brazil is beating the SPDR S&P 500, Russia, India, China (duh), Mexico, FTSE Europe, Japan and the broader MSCI Emerging Markets Index.

Fitch Solutions forecast Brazil’s GDP growth to hit 2.4% this year, up from 1.3% last year.

Brazil’s economic recovery will pick up steam over the next couple of quarters, Fitch Solutions researchers wrote in a report published on Tuesday. They cited positive business sentiment bolstered by Bolsonaro’s new administration.

By Keneth Rapoza via Forbes

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By Agamoni Ghosh and Sruthi Shankar

Dec 13 (Reuters) – Brazilian stocks edged higher for the third straight day in line with global equities on signs of
easing China-U.S. trade tensions, while most Latin American currencies weakened.

Investors have been slowly growing less pessimistic about the chances of a China-U.S. trade deal after a slew of news this week pointed to easing tensions between the two powers.

China made its first major U.S. soybean purchases in more than six months on Wednesday, evidence that it was living up to pledges made when Presidents Donald Trump and Xi Jinping agreed to a 90-day detente to negotiate a trade deal.

Sao Paulo’s benchmark stock index rose 0.4 percent led by shares of material and consumer companies, shrugging off data that showed a surprise fall in retail sales volumes excluding cars and building materials in October from September.

Utility giant Companhia Paranaense de Energia was the top gainer on the index on news of a former executive director of a television channel, Daniel Pimentel Slaviero, taking over as the president of the state electricity company.

The Brazilian real edged lower, pushing MSCI’s Latin American currencies index down 0.6 percent.
Brazil’s central bank on Wednesday held interest rates at an all-time low and hinted that it will hold off from raising them for longer than expected.

“The dovish statement could cause the real to weaken a little, but I wouldn’t expect a huge move.”
– said Edward Glossop, emerging markets economist at Capital Economics, specializing in Latin America.

The Mexican peso dipped for the first time in three days as investors awaited the first budget from the country’s new leftist government on Saturday.

“I suspect there might be some weakness in the peso leading up to the budget. There could be some uncertainty about what might be included.” – said Glossop.

New finance minister Carlos Urzua, who is due to present the 2019 budget, told a congressional hearing he was targeting a primary surplus of about 1 percent of gross domestic product.

A group of investors holding bonds issued for a new Mexico City airport that President Andres Manuel Lopez Obrador has canceled said that it cannot support an amended bond buyback because problems still remain despite improvements to the plan.

Read full article on reuters.com

By Mario Sergio Lima and Matthew Malinowski

Brazil held its benchmark interest rate unchanged at a record low amid a sharp downturn in inflation and feeble economic activity.

The bank board, led by its President Ilan Goldfajn, on Wednesday kept the Selic rate at 6.50 percent for the sixth straight meeting in a move expected by all 39 analysts in a Bloomberg survey. The meeting was one of the last under Goldfajn, who will step down from his position in the coming months.

In a statement accompanying the decision, board members wrote that the risk of slow growth leading to lower-than-expected inflation had increased. In addition, chances of stronger price pressures stemming from the possible frustration of domestic reforms had moderated.

“The Committee judges that various measures of underlying inflation are running at appropriate or comfortable levels. This includes the components that are most sensitive to the business cycle and monetary policy,” policy makers wrote.

Brazil has withstood turbulence stemming from this year’s presidential vote and global investors’ stampede from risky assets. As the country’s currency weakened to a record low before the October vote, investors started betting on interest rate increases as early as this year. But the victory of Jair Bolsonaro, combined with tepid economic growth and faster-than-forecast deflation, eventually delayed such bets to end-2019.

 

Read full article on bloomberg.com

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