Unemployment rate falls to 11% at end-2019

Brazil unemployment rate fell to 11% in the quarter ended in December last year, totalling 11.6 million people out of work, according to the National Continuous Survey of Household Samples (PNAD Contínua), published today by the Brazilian Institute of Geography and Statistics (IBGE). Compared to the same period last year, there was a reduction of 520 thousand unemployed people, when the rate was 11.6%. The increase in informality was the main driver of the recovery.

Source: Veja

JBS signs $717mn/year export deal to China and expects export boost from Coronavirus

JBS and BRF, the largest producers of frozen meat in Brazil, estimate that the spread of coronavirus in China can boost Chinese demand for its products “for food safety reasons.” JBS and WH Group of Hong Kong signed an agreement this week for the supply to the Chinese market of up to $ 717 million in beef, chicken and pork per year. However, aggressive demands for discounts from Chinese importers could affect transactions.

Source: G1 Globo

Banco Daycoval plans to raise ca $1 billion in IPO

Brazilian lender Banco Daycoval SA is planning to launch an initial public offering in April, in a move that would re-list its shares on the Sao Paulo stock exchange after three years. The offering may raise between 3 billion and 4 billion reais ($956 million). The bank’s Lebanese-born founders, Ibrahim and Sasson Dayan have hired investment banking units of Itau Unibanco Holding SA, Banco BTG Pactual SA, Bank of America and Banco Santander Brasil SA to manage the IPO.

Source: Reuters