After growing its lending business in West Africa, emerging markets credit startup Migo is expanding to Brazil on a $20 million Series B funding round led by Valor Capital Group. The San Francisco based company — previously branded Mines.io — provides AI driven products to large firms so those companies can extend credit to underbanked consumers in viable ways.
Brazil’s economy expanded 0.6 per cent in the third quarter, beating analysts’ expectations and bolstering hopes of a cyclical recovery in Latin America’s largest country.
The government’s plans to kick-start the economy risk being overshadowed by riots in Chile and political turmoil at home. As the window for passing major legislation ahead of 2020 municipal elections starts to close, Brazil-watchers are asking whether the Bolsonaro government can deliver on the rest of its reform programme or whether the country will again succumb to its perpetual habit of disappointing investors.
Tesco, Sainsbury’s, Asda and the UK’s largest asset manager are among 87 major companies and investors who have written to Brazil’s President, Jair Bolsonaro, urging his government to stop further deforestation of the Amazon for soy production.
Metal stocks such as Jindal Steel, Tata Steel, NMDC, and Vedanta declined in the early mornig trade on the NSE on Tuesday after US President Donald Trump “restored” tariffs on all steel and aluminium products imported from Brazil and Argentina. Individually, NMDC shed 2.7%, followed by Jindal Steel (2.4%), Steel Authority of India Ltd (2.2%), Tata Steel (2.19%), and Vedanta (2%).