Petrobras has confirmed a 3% reduction in the price of diesel and gasoline for refineries from today. President of the National Federation of Trade in Fuels and Lubricants (Fecombustíveis), Paulo Miranda Soares, said the reduction was expected since the price of oil barrel returned to levels previous to the tension between Iran and the USA. He stressed, however, that consumers will have to wait two weeks until distributors manage the inventory.
Xuzhou Construction Machinery Group (XCMG) will open a bank in the Brazilian state of Minas Gerais in the first quarter of 2020. Banco XCMG S.A. will be the first foreign financial institution launched by a Chinese industry group and headquartered in Pouso Alegre, southern Minas Gerais, where the Chinese group has been operating an industrial park since 2015.
In the last four years Brazil has emerged as one of the top five countries in the world with the fastest growth in AI hiring, a study by Stanford University says. Accenture Research forecast that by 2035 AI will “boost the 2035 GVA of the Brazilian economy by $432 billion.”
Brazilian ticketing platform Ingresse has raised R$90 million (US$21.8m) in a series-C funding round led by Endurance Fund Ltd. Founded in 2013, Ingresse aims to “consolidate the ticketing market” in Brazil, following the recent acquisitions of rivals Ingresso Certo, BlackTag and PixelTicket. The new investment will fund both new acquisitions and the development of new products.
EDP Renovaveis SA (ELI:EDPR) has secured a power purchase agreement (PPA) for the output of the 66-MW Lagoa solar park it plans to build in the Brazilian state of Paraiba, which will start generating power in 2022. The Madrid-based company with Portuguese roots says it has now secured 5.3 GW worth of off-take deals out of around 7 GW of its global capacity planned for installation between 2019 and 2022.
Brazil’s auction of coveted 5G spectrum originally scheduled for March has been postponed until the end of year, amid a dispute at Anatel, the nation’s telecoms regulator, over the rules for the auction. Although the delay may help Brasília avert a looming stand-off with the US over whether Huawei play a role, it is a setback to the country’s technological ambitions that could cost the state billions in lost tax revenues and investments.
Mining and Energy Minister Bento Albuquerque told a group of 12 European diplomats that Brazil’s government was pushing ahead with plans to allow mining on indigenous reserves. He said that “significant leadership” from native communities had asked for the opportunity to mine on their lands. President Jair Bolsonaro will send a bill to Congress later this month to regulate the activity.
French retailer Casino Guichard Perrachon SA (CASP.PA) is in advanced talks to sell its Leader Price discount chain to German low-cost rival Aldi, at $834 million. In June last year, Casino started a restructuring plan for its Latin American operations which would result in controlling its businesses in Brazil, Colombia, Uruguay and Argentina through a 41.4% stake in Brazilian unit GPA (PCAR4.SA).
By the end of this year, the Brazilian government hopes to have completed at least 18 projects of selling off public property, including public-private partnerships, privatizations, concessions, and leases. Estimated investments from these infrastructure projects total over BRL 27.7 billion ($6.8 billion).
The Extended National Consumer Price Index (IPCA) closed 2019 at 4.31%, surpassing the key target for the year, which was 4.25%, says the Brazilian Institute of Geography and Statistics (IBGE) latest report. It is the highest annual inflation since 2016, when the index stood at 6.29%. December IPCA rose 1.15%, the highest result in a December month since 2002.