General Price Index slows in February from 1.07% to 0.01%

The General Price Index-10 (IGP-10) had a positive change of 0.01% in February, after increasing 1.07% in January, according to data released today by Fundação Getulio Vargas (FGV). With this result, the index accumulated an increase of 1.08% in the year and 7.39% in 12 months. In February 2019, the index had registered an increase of 0.40% in the month and an increase of 6.98% in 12 months.

Lawmakers urge Congress to shelve indigenous mining bill

Opposition lawmakers called on Brazil’s Congress to reject a proposal by President Jair Bolsonaro to open indigenous reservations to commercial mining, saying it will endanger 200 tribes protected over decades by indigenous rights. Brazil has the largest number of isolated and uncontacted indigenous groups, 114 of the 185 known to exist in South America, said expert Antenor Vaz, who warned of the risk of ethnocide.

Banco do Brasil expects ROU above 18% and asset management sale

Banco do Brasil expects to post a return on equity above 18% this year and a net income between R$18.5bn and R$20.5bn after reporting Q4 profit rose by a fifth to R$4.62bn ($1.06bn). CEO Rubem Novaes, who has pushed unsuccessfully to privatise the entire bank, said that the lender will likely raise “billions of reais” from the sale of at least 51% of the lender asset management unit.

Comgás net income falls 57.2% in Q4 – $85 million

Comgás, the largest gas distributor in Brazil with 2 million customers, posted a net income of R$367.1 million ($85 million) in Q4 of 2019, which represented a 57.2% drop compared to the same period of 2018 , according to the company’s latest report. The net debt, which was previously R$1.5 billion, more than doubled and reached the level of R$3.5 billion. So far this year, the company made a profit of R$1.3 billion, an increase of 2.1%.

Fiat Chrysler Latam expects 6% auto sales growth in Brazil

Fiat Chrysler Latin America CEO, Antonio Filosa, expects auto sales in the region to grow 1.5% this year, to 4.2 million units, as Brazil’s economic recovery offsets economic crises in other markets such as Argentina. He predicts a 6% rise in Brazil, with Fiat sales increasing by 7% to 9%. The automaker will increase its powertrain production this year and begin sales of a 100% electric vehicle in Brazil.

Banco do Brasil's net income grows 41% in 2019 to R$18.16 billion

Banco do Brasil recorded a net book income of R$18.16 billion in 2019, this is an increase of 41.2% compared to 2018. In Q4, net income was R$5.69 billion, an increase of 49.7% compared to the same period of 2018 and an increase of 33.8% compared to Q3. Among largest banks, Itaú was the one that registered the greatest benefits in 2019, with earnings of R$26.583 billion, an increase of 6.4% compared to 2018, the highest nominal annual result (not adjusted for inflation) ever recorded by Brazilian banks.

Brazil and Paraguay sign free trade agreement for vehicle sector

Brazil and Paraguay signed on Tuesday an agreement to boost autos and auto parts trade between the two countries. Under the agreement, Brazil will grant free trade treatment to Paraguayan automotive products immediately and Paraguay will allow Brazilian products to enter the country with lower taxes, which are of up to 2% and will gradually decrease until free trade conditions are met by 2022.

Bolsonaro proposes Fernández breaking the ice in Montevideo

The presidents of Brazil, Jair Bolsonaro and Argentina, Alberto Fernández, could meet on March 1 in Montevideo, in a sign of truce after months of tension between the two heads of State. Bolsonaro made the proposal of the meeting on the occasion of the inauguration of the Uruguayan president, Luis Lacalle Pou, upon hosting on Wednesday the Argentine Foreign Minister Felipe Solá in Brasilia.