Day: February 21, 2020

Bolsonaro to discuss a Tesla plant in Brazil on next visit to the US

Brazilian President Jair Bolsonaro said on Twitter on Friday that he will be discussing the potential opening of a Tesla plant in Brazil during his trip to the United States in March, among other issues. On Thursday, Eduardo Bolsonaro, President’s son and lawmaker said he participated in a video conference with the Minister of Science and Technology, Marcos Pontes, and the minister-adviser of the US embassy, William Popp, to discuss the attraction of Tesla’s investment.

Brazil’s Caixa partners with Visa in cards

Brazilian state-owned lender Caixa Economica Federal is partnering with the world’s largest payments network Visa Inc to issue debit and credit cards, it said on Friday. The partnership comes as Caixa revamps its card business prior to selling a stake the newly created company, Caixa Cartoes. Caixa had 109.3 million debit and credit cards issued to clients in December, up 6.2% from a year earlier. Payments with Caixa cards totaled 210.8 billion reais ($47.97 billion) last year.

Soybean mogul negotiating to buy Tejar’s Brazil unit

Amaggi, the Brazilian soybean group owned by entrepreneur-turned-politician Blairo Maggi, is in advanced talks to buy the local unit of Argentina’s El Tejar (O Telhar) to capitalise on increasing crop demand from China. The proposed acquisition, yet to be confirmed by both companies, would encompass all assets in Brazil, including about 70,000 hectares (173,000 acres) of farming land, cotton mills, warehouses and machinery.

GPA may sell $700 million in assets in coming months

Brazilian supermarket chain GPA SA, controlled by French retailer Casino Guichard Perrachon SA, could sell more than R$3 billion ($683.99 million) in assets in the coming months, its CFO Christophe José Hidalgo said after weaker-than-expected quarterly results hammered its shares. They may include real estate assets, gas stations and even operations in Argentina or Uruguay. His remarks come as consolidation intensifies in Brazil’s food retailing amid fierce competition from regional players and GPA’s largest rival Carrefour Brasil SA.

Bolsonaro resists bid to make Central Bank to target growth

Brazil’s government is trying to fight off a move by some lawmakers to grant the central bank autonomy and force it to target growth as well as inflation. Opposition lower house deputies plan to present an amendment to the autonomy bill that would set an additional target for the central bank – either employment or growth level – alongside its mandate to keep prices stable. The autonomy bill is ready to be put to a vote in the lower house.