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Valor International 07/14/2020 21:44
The weak expansion of activity in May showed the uneven pace of recovery among industries and also regions of Brazil, but June data indicate a more widespread rebound. Thus, projections for GDP contraction in the second quarter, of around 10%, were largely maintained, but the outlook is cloudy. Experts say that the depth of the recession will depend on how the pandemic evolves and on the speed of the recovery after the end of government stimuli.
Valor International 07/14/2020 21:34
General Eduardo Pazuello, the interim Health Minister, is likely to remain in the government on a provisional basis and without leaving the ranks of the Army. He is under growing pressure to choose between retiring or leaving the post -- Brazilian law automatically transfers to the reserve officers who take up civil roles for more than two years. Despite criticism for heading the Health Ministry amid the pandemic, Mr. Pazuello has the support of military officers advising Jair Bolsonaro and the president’s close aides to continue in the position without giving up his career. The military believe Mr. Pazuello’s logistics background helped him to manage things well and, according to them, there are almost no reports of hospitals lacking suppl.
Valor International 07/14/2020 21:34
Federal Supreme Court (STF) Justice Gilmar Mendes reiterated Tuesday criticism of the permanence of active-duty military personnel in high-ranking positions in the Health Ministry. General Eduardo Pazuello is the interim minister since May. Even as the government reacted to his remarks and STF Chief Justice Dias Toffoli tried to cool things down, Mr. Mendes said again that the Army may be associating itself with a “genocide” due to the spread of the novel coronavirus in Brazil, especially among indigenous peoples. The STF justice also said that the recent militarization of the Health Ministry is an attempt to “shield” President Jair Bolsonaro and transfer the blame for the high covid-19 death toll to the Supreme Court and the governors afte.
Valor International 07/14/2020 21:34
Despite the impact of the pandemic on domestic demand, live cattle prices resisted the turmoil and are now rising towards record levels reached in 2019. The weakest demand for beef in Brazil was not enough to bring prices down. Last month, Cepea/B3 indicator for live cattle in São Paulo, a benchmark for Brazil, rose 6.6% to R$218.4 per arroba — a metric unit equal to 15 kilos — and is still in that level in July. In 12 months, the increase was 43.5%. In nominal terms, the indicator is less than R$13 from the record of R$231.35 reached on November 29, 2019. As production peaks only between October and November, there is still room for prices to rise.
Valor International 07/14/2020 21:34
Prosecutors of anti-corruption task force Car Wash in Curitiba see political bias in the latest clashes with the Prosecutor General’s Office (PGR). They believe Prosecutor-General Augusto Aras is trying to undermine former Minister Sergio Moro with an eye to presidential elections in 2022. Among the political moves of Mr. Aras, according to them, are PGR’s effort to resume plea bargain talks with Rodrigo Tacla Duran, a close friend of Mr. Moro. The PGR is also trying to have access to all data from investigations held by Car Wash task forces across Brazil. The group of prosecutors believe the goal is to also undermine Car Wash, a group led by Mr. Moro when he was a federal judge, and benefit President Jair Bolsonaro, a likely candidate for
Valor International 07/14/2020 20:48
Initiatives to allow consumers to withdraw cash at stores are beginning to emerge in Brazil, given the relevance that paper currency still has for most of the population and the need of making the service cheaper and more efficient. The trend may seem like counter-intuitive, as methods of payment become more digital, something the pandemic accelerated, but aligns the Brazilian market with practices adopted for decades in other countries.
Valor International 07/14/2020 19:47
The government has called on the Federal Supreme Court (STF) to block congressional attempts to bar Petrobras’s efforts to sell some of its refineries. Federal Attorney-General José Levi criticized “excessive litigation” of the privatization program that President Jair Bolsonaro’s economic team is trying to put forward, warning that it “generates legal insecurity and negatively affect market confidence.” In early July, Congress filed an injunction to block the privatization of the Landulpho Alves Refinery (Rlam) and Refinery of Paraná (Repar). Lawmakers argue that the government has been spinning off companies to sidestep congressional authorization required for some privatizations. The Brazilian judiciary is in recess throughout July, mean.
Valor International 07/14/2020 19:46
Two of the top meat processors in Brazil, Marfrig and Minerva, have announced efforts to rescue small-scale clients hurt by the pandemic. With support from BTG Pactual, Minerva is launching a R$30 million credit-rights investment fund (FDIC) to lend up to R$30,000 to each client, especially small retailers. Marfrig will focus on the foodservice industry, making up to R$50 million available by doubling the payment deadline from today’s two weeks. BRF and Aurora, two other top food producers in Brazil, have already joined a R$370 million effort called “Movimento Nós” launched last month which includes Coca-Cola, Nestlé, Mondelez, Pepsico, Ambev and Heineken. It will distribute 150,000 safety kits and provide working capital support.
Valor International 07/14/2020 19:46
Under new control, the company created with the assets of Queiroz Galvão Energia that were purchased last year by US private-equity firm Castlelake is betting on demand for sustainable energy projects. Named Ibitu after the word for wind in the Tupi-Guarani indigenous language of Brazil, the group plans to invest between R$4 billion and R$5 billion over the next five years to expand its renewable energy portfolio with a focus on wind and solar sources. Ibitu currently has 832.2 megawatts (MW) in operation distributed among five wind farms and three hydroelectric plants. “We were born with a completely clean balance sheet and enormous financial capacity. In our minds, it’s the big driver to win long-term PPAs and also advance in short-term c.
Valor International 07/13/2020 21:46
The pandemic has not delayed arbitration that will define the future of Eldorado Brasil. Valor has learned that partners J&F Investimentos and Paper Excellence (PE) have wrapped up the arguments stage. The case is now awaiting the final ruling from the judges of the arbitration process. The decision should be known by September, as initially expected, and end the R$15 billion fight dragging on for nearly two years.
Valor International 07/13/2020 21:10
The National Center of Industries of the Sugar-Energy and Biofuels Sector joined Monday’s mobilization against President Jair Bolsonaro’s decision not to extend payroll tax relief until the end of 2021. The industry wants Congress to override the presidential veto to extending the benefit. The trade group, which represents an industry that strongly supported Mr. Bolsonaro in the presidential election, sent letters to all deputies and senators asking them to vote for maintaining the tax relief.
Valor International 07/13/2020 21:10
Amid harsh criticism of the environmental policy of President Jair Bolsonaro’s government, Economy Minister Paulo Guedes said Monday that Brazil recognizes the importance of the Amazon rainforest and the preservation of the environment. He also expressed a willingness to correct any misunderstandings. “If there are excesses and if there are mistakes, we will correct them,” Mr. Guedes said after claiming that the Brazilian farming industry “feeds the world” while preserving the environment. “We will not accept illegal deforestation, illegal exploitation of resources — all that happens because Brazil is a country as big as a continent. The Amazon is bigger than Europe, it’s difficult to watch everything,” he said. Amazon is in fact about half.
Valor International 07/13/2020 21:10
Mining giant Vale has taken another step forward in developing technologies to help customer steel mills reduce greenhouse gas emissions. The company announced Monday a non-binding agreement with Japan’s Kobe Steel and Mitsui to create a new company called NewVen that will provide solutions to steel mills to reduce CO2 emissions. Talks on financial injections and equity stakes in NewVen are underway and should be defined by the end of the year. Vale said in a note that NewVen will use existing and new iron production technologies with low CO2 emissions. One is a technology developed by Tecnored, a subsidiary of Vale, focused on the production of low carbon pig iron replacing coal with biomass based on eucalyptus residue, sugarcane, and even.

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