Wind farms in Brazil’s Northeast have generated 12,805 MW peak at 2216 local time on August 6, breaking the regional record. The volume produced by the wind farms at that time accounted for 105.9% of the regional need, the National Electric System Operator (ONS) said on Monday. Currently, wind power is Brazil’s third most common generation source, representing 10.9% of the national energy mix.
Corteva Agriscience said it will start selling biotech soybean seeds in Brazil, as it seeks to bolster its presence in the world’s largest producer of the oilseed and tackle German rival Bayer AG .Corteva said its Enlist soybean seeds can resist three weed killers including glyphosate, ammonium glufosinate and the company’s own new formula containing 2,4-D choline salt.
The rapid deterioration of the political and institutional environment, added to persistent inflation, a historic drought that compromises energy supply and agribusiness, high interest rates and fiscal disarray have already contaminated the economic scenario in Brazil and deflated the prospect that the market will gain momentum after a year and a half of pandemic. The Focus bulletin, which gathers market estimates, revised its forecast for growth next year from 2.5% in January to 2.1%. The International Monetary Fund lowered its expectations to 1.9%. Entrepreneurs and merchants also review plans.
The International Monetary Fund revised up its 2020 economic outlook for Brazil, but warned that risks remain “exceptionally high and multifaceted” and government debt is on course to end the year around 100% of gross domestic product. The IMF now expects Latin America’s largest economy to shrink by 5.8% this year, much less than the 9.1% contraction it had previously estimated, and predicts a “partial” recovery and 2.8% growth next year.
Brazil’s economic growth and fiscal outlook this year are shaping up to be worse than official government forecasts, making a return to austerity and reforms next year all the more pressing, said Treasury Secretary Mansueto Almeida. He added that the public sector primary deficit this year excluding interest payments could reach R$800 billion ($152 billion), or more than 11% of gross domestic product, while the economy is set to shrink around 6-7%.
Seven major European investment firms told Reuters they will divest from beef producers, grains traders and even government bonds in Brazil if they do not see progress in resolving the surging destruction of the Amazon rainforest. The rising threats from investors with more than $2 trillion in assets under management, including Finland-based Nordea and the UK’s Legal & General Investment Management (LGIM), show how the private sector is taking global action to protect the world’s largest rainforest.
In Brazil, the Coronavirus crisis has resulted in a delay in the country’s energy generation and transmission auctions (the A-4 and A-6 auctions) that were scheduled for May 2020. This means Brazil’s three-year energy plan has been disrupted and the Ministry of Mines and Energy will have to rework the strategy.
Lockdowns have ravaged the incomes of Brazil’s poor, throwing many of Brazil’s 38 million informal workers into unemployment. “We have more than 30 million informal workers in Brazil that were thrown into extreme poverty overnight because they can’t work during quarantine,” said Kiko Afonso, executive director of Citizens’ Action.
There is a near-unanimous belief among economists that the benefit for the unemployed, the self-employed, and casual workers is crucial to prevent the collapse of millions of families.
A phased plan to reopen Sao Paulo’s economy should be announced today (Wednesday 22 April) by the state government, to be implemented as of May 11th. When the quarantine was extended last week, the Covid-19 Crisis Management Committee began to focus on a plan to determine which sectors and which regions of the State of São Paulo could gradually return to operation.