Hotel industry in Rio de Janeiro estimates losses of $24.6mn

The losses to the hotel sector in the month of April in Rio de Janeiro state, due to the pandemic of the COVID-19 and isolation measures, has been estimated at R$130 million ($24.6 million), according to sector representatives. But despite the grim news expected for April and May, officials say that a recovery should begin to be seen by June, and getting stronger during the second half of the year.

Source: The Rio Times

Brazilian economy will begin to recover in the 4th quarter: Central Bank

Brazil’s central bank president Roberto Campos Neto said that Latin America’s largest economy will begin to recover from the coronavirus crisis in the fourth quarter. Meanwhile, Presidente Jair Bolsonaro said that Brazil’s federal government will be expected to compensate states more than 100 billion reais (US$19.09 billion) in tax revenue lost due to lockdown policies that have negatively affected the economy, but he added that there is no room in the country’s budget to afford those costs.

Source: MercoPress

BNDES considers to buy equity stakes in companies to help them

Brazil’s state-controlled development bank BNDES expects to finalize aid packages for companies in the auto, airlines, restaurant and energy sectors in May. BNDES president, Gustavo Montezano said that his organisation has an “appetite” to buy equity stakes in Brazilian companies to help them weather the coronavirus crisis, but that those stakes must be temporary.

Source: Reuters