Day: April 29, 2020

Fitch downgrades Embraer’s rating to BB+ and company loses investment grade

Fitch downgraded Embraer’s rating from BBB- to BB+, with which the company lost the investment grade for that agency. The move reflects “strong headwinds” for the civilian assessment industry because of the coronavirus. In addition, she comments that the cancellation of the agreement with Boeing will translate into “additional challenges” for the Brazilian company’s medium to long-term competitive position.

Mother’s Day should generate a loss of $ 617 mm to São Paulo trade

FecomercioSP expects a loss of R$ 3.7 billion ($ 617 million) in São Paulo commerce during Mother’s Day, the second-best date for local commerce. In comparison with the same period of 2019, the month of May should close with a decrease of 31%, and the losses in May might reach up to R$ 19.3 billion ($ 3.3 billion) due to the restrictive measures that keep the trade closed to prevent the advance of the new coronavirus.

Vale profits of $ 239 mm in the first quarter

Mining company Vale posted a net profit of $ 239 million in the first quarter, compared to a loss of $ 1.64 billion in the same period last year, the company said on Tuesday. The result also improved compared to the last quarter of 2019, when the company recorded a loss of $ 1.56 billion, as it was impacted by write-offs in nickel and coal assets and provisions related to the dam rupture in Brumadinho.

Hapvida approves repurchase of up to 21 million shares

Hapvida’s board of directors approved a buyback program for up to 21 million common shares. The operation will have a term of 18 months and, in all, the company has 217 million shares in circulation. The program’s objective, according to Hapvida, is to take advantage of possible opportunities to allocate its resources in order to maximize the generation of value for shareholders.