Service sector shrank 1% in February

Services activity in Brazil shrank 1% in February, official figures showed on Wednesday, the biggest monthly fall in over 18 months and another sign Latin America’s largest economy was already in go-slow mode before the coronavirus crisis erupted. Services accounts for around two-thirds of Brazilian economic activity, and much of it has now been virtually shut down due to the Coronavirus outbreak.

Agribusiness exports reached $21.4bn in the 1st quarter of 2020

Brazilian agribusiness exports in the first quarter of 2020 totalled $21.4 billion and were virtually stable compared with the same period last year, CNA said. China was the main destination for Brazil’s agricultural commodities exports like soy, beef and chicken, with shipments to the Asian country totalling $7.2 billion in the period.

Petrobras recovers $ 7,4 bn in market value

Only in the first days of April, Petrobras recovered part of the market lost since the beginning of the year, passing R$ 183.6 billion ($ 36.6 bn) in the last trading day of March for R$ 220.6 billion ($44 billion). A statute managed to recover R$ 37 billion ($ 7.4 bn) in market value.

Aneel releases $ 404 mn for the electrical sector

Aneel (National Electric Energy Agency) authorized the transfer of R $ 2,022 billion ($ 404 million)to guarantee liquidity to companies in the electricity sector during the crisis generated by the coronavirus pandemic. The funds will come from a reserve fund composed of charges charged to the electricity bill.

Magazine Luiza approves funding of $ 160 mn

Magazine Luiza, the largest retail group in Brazil, with a value of R$ 62 billion ($ 12,4 billion) on the stock exchange, announced a plan to overcome the crisis caused by the new coronavirus. The first measure was the approval, by the board of directors, the issue of R$ 800 million ($160 million) in debentures. The statement does not clarify whether there is already a timetable for this operation.

Cement sales plummeted 10.4% in March

Cement manufacturers in Brazil canceled the projection for sales growth this year, due to the impact by the coronavirus, according to an entity that represents the sector. Cement sales by business day in March fell 10.4% compared to the same month of 2019 and decreased 15% over February.