Day: January 8, 2020

Bolsonaro in favour of postal service privatisation

Brazilian president would like to privatise the country’s postal service immediately, but will wait for the technical analysis by development bank BNDES, presidential spokesman Otavio Rego Barros said. He also said that Jair Bolsonaro will “make an effort” to accelerate privatisations during his tenure to reduce the size of the Brazilian state.

Automotive production up 2.3% but exports down 31.9%

Vehicle production in Brazil grew 2.3% in 2019 over the previous year, according to the manufacturers association Anfavea. Last year 2,944,962 cars, trucks and buses were manufactured, compared with 2,879,809 in 2018. Despite being the third consecutive year of production growth, the 31.9% drop in exports, especially to Argentina, was the largest since 2017. The 428,198 units sold abroad were the worst result since 2015.

Brazil’s slow recovery tests foreign investors appetite

Offshore investors pulled 4.7 billion reais ($1.2 billion) out of local equities in 2019, according to data from the stock exchange. Excluding money generated by equity sales, the outflow jumps to 44.5 billion reais, the worst since at least 2004. Although benchmark Ibovespa climbed more than 30% in 2019, the slower-than-expected pace of growth in Latin America’s largest economy discouraged foreigners. Local investors, hungry for returns as interest rates fall to record lows, have picked up the slack.

Itelligence AG completes acquisition of FH S.A. in Brazil

Global SAP leading Itelligence AG announced today that it completed the acquisition of FH S.A. Brazil, owner of the local market leading tax solution ‘Guepardo’. “With revenue of R$ 168 million (37 million Euro) in 2019, an increase of 25% over the 2018 result, FH enters 2020 with an optimistic outlook on the market and plans to achieve R$ 200 million (44 million Euro)”, Ricardo Fachin, CEO of FH says in the press release.