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Valor International 08/05/2020 21:39
Eletrobras CEO Wilson Ferreira Júnior said Wednesday he hopes to carry out the company’s capitalization at the beginning of next year, should the bill authorizing it be approved by lawmakers sometime in the second half of this year. Debate on the bill was originally expected to take place in the first half, but the pandemic slowed down the analysis of the matter by Congress. The current administration expects to get approval this year for the bill that authorizes the privatization of Eletrobras. The Mines and Energy Ministry is holding talks with lawmakers on some points of the bill. Essentially, the proposal is to raise R$14 billion through subscriptions from private shareholders only. According to Mr. Ferreira Júnior, after that the feder.
Valor International 08/05/2020 21:39
Telecom Italia CEO Luigi Gubitosi told analysts Wednesday that the purchase of Oi’s wireless business involves a lengthy legal process that is expected to last a year. By the end of this month, Oi will likely seek approval during a general meeting of creditors of the plan presented by a consortium comprising TIM Brasil, a subsidiary of the Italian group, Telefónica’s Vivo, and América Móvil’s Claro, the executive said. The executive said that the last quarter of 2021 is a potential deadline for closing the deal, assuming everything goes well. The consortium offered R$16.5 billion for Oi’s wireless business, raising its previous bid of around R$15 billion after being outbid by Highline, which offered an undisclosed amount.
Valor International 08/05/2020 21:38
Economy Minister Paulo Guedes vowed to lawmakers in the Congressional joint committee on tax reform that he would not increase the tax burden as a result of the Contribution over Goods and Services (CBS) he is proposing to create. According to him, if federal tax revenues increase by 12% with the CBS, the proposed rate may be lowered to 10%, 9% or even 8%. “We want to be as low as possible,” he said. The creation of a new tax is being criticized precisely for raising the tax burden. “If it indeed raises revenues and we collect more than we expect to now, we will reduce the rate.”
Valor International 08/05/2020 21:38
A group of 100 major global investors led by the Anglican Communion and Swedish pension funds has launched standards regarding design, security, accountability and governance for the global mining industry. Companies that do not adjust their operations to these standards will be considered risky investments by these wealth managers. The triggers for the movement were the disasters at Brazilian mining giant Vale’s mines in Brumadinho and Mariana, both in Minas Gerais, whose operations were based on the use of tailings dams. The collapse of these dams killed hundreds of people and seriously damaged the environment.
Valor International 08/05/2020 21:14
In March 2017, most justices on the Federal Supreme Court ruled that the ICMS state sales tax couldn’t be included in the base used to calculate PIS and Cofins social-contribution payments. It was the end of a long wait for vegetable-oil producer Imcopa Importação, Exportação e Indústria de Óleo Ltda., which had filed a suit with the Supreme Court in December 2007 questioning a ruling by the Federal Regional Court of the 4th Region that the ICMS tax should indeed be included in the PIS/Cofins calculation base.
Valor International 08/05/2020 20:11
Brazil’s Federal Supreme Court (STF) ruled that car-rental companies have to pay ICMS state sales taxes when they sell vehicles that were part of their fleets. This is the second major defeat for the industry in the court. The first, in June, dealt with the IPVA automobile tax, which, according to the justices, should be paid in the state where the cars circulate, and not in the state where the rental company has its headquarters.
Valor International 08/05/2020 19:23
Farm loans have gotten off to a record start this season, with R$24.1 billion disbursed in the first month of the 2020-21 harvest, or 50% more than a year earlier, according to Central Bank data. The amount paid out last month also represents 11% of the R$236 billion set aside for farm credit for the coming season – far above the 4% to 7% that is usually disbursed during the month of July, according to Wilson Vaz of Brazil’s Agriculture Ministry. Other subsidized credit lines also saw higher-than-normal demand: the Moderagro modernization fund and the Moderinfra irrigation equipment fund saw demand that was six times higher than the year-earlier period. “This means that farmers are hopeful about activity in the medium and long term,” said M.
Valor International 08/05/2020 19:09
Minerva Foods, Latin America’s biggest beef exporter, on Wednesday signed a $14 million agreement to buy Colombian meatpacker Vijagual, doubling its capacity in that country and taking another step in its effort to grow its business in the region. However, CFO Edison Ticle said the acquisition was an opportune purchase, and rather than making more acquisitions, Minerva wants to focus on distributing dividends to shareholders. “It was a unique opportunity that created a lot of value for the company. And, more importantly, it didn’t affect our leverage,” he said. The meatpacker’s net debt is currently equal to 2.6 times Ebitda, and Minerva hopes to end the year at 2.5. Of the $14 million price tag, $6 million involved Vijagual debts taken on
Valor International 08/05/2020 16:34
With a trade portfolio that is more resilient to the crisis and an economy that is recovering more quickly, China replaced Brazil as Argentina's main trading partner during the first three full months of the pandemic. This move is the result of more cyclical factors, but it may become permanent depending on how each link in this relationship will deal with the post-pandemic world, experts told Valor.
Valor International 08/04/2020 22:34
Little or almost nothing has been talked in Brazil about the economic plan that a group of economists and qualified public servants quietly prepared three years before the launch of the Real Plan. Like this, the plan had everything to work. It was not launched because then-President Fernando Collor de Mello was removed from office, as a result of impeachment proceedings, in September 1992. The plan didn’t get in the history books, but planted the seeds of the success of its successor.
Valor International 08/04/2020 21:46
Dublin-based Smurfit Kappa, Europe’s largest corrugated cardboard packaging maker, has already begun to sense the recovery in economic activity in Brazil after a brief period of weaker local demand due to the covid-19 pandemic. “It’s picking up again. It won’t be explosive, but there is a resumption. August is practically taken,” says Manuel Alcalá, CEO of Smurfit Kappa Brazil. According to the executive, July was a “very strong” month in terms of demand and August is heading towards the same positive performance. The Brazilian Corrugated Cardboard Association (ABPO) released last week its June statistical bulletin confirming a positive result in shipments after two months of decline. Compared to June of last year, the national production o.
Valor International 08/04/2020 21:46
Four drug brands that were put up for sale in July after postponements in the first half may yield R$360 million for their owners. Sanofi sold stool stabilizer Benestare 3 and osteoporosis drug Osteo 18 to Aspen Pharma in a deal concluded on July 20 for R$20 million each, on average. Hypera put up for sale Neocopan and Xantinon brands on the recommendation of antitrust watchdog Cade in order to gain approval for Hypera's purchase of Boehringer Ingelheim’s Buscopan family for R$1.3 billion. Neocopan was sold to União Química in a deal valued at between R$60 million and R$90 million. Xantinon sales total R$50 million a year and sources say Hypera seeks between R$200 million and R$250 million for the brand. Three companies are studying the dea.
Valor International 08/04/2020 21:46
Lawmakers remain opposed to any new tax similar to the now-defunct Financial Transactions Provisional Contribution, or CPMF, which Economy Minister Paulo Guedes has pushed for. They are also in favor of maintaining payroll relief and, above all, hope that the emergency aid paid out during the pandemic is extended beyond December. They are aware that President Jair Bolsonaro’s popularity has benefitted from the payment of this aid during the pandemic - known as Renda Brasil, or "Brazil Income" - more than Congress has benefitted, but they don’t see why they cannot support a permanent basic income program. In contrast, they want the government to explain why only 55% of the credits authorized during this extraordinary public calamity were dis.

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