While research is scant, evidence points toward pesticide harm to Brazil’s wildlife, including the death of 500 million bees in four Brazilian states between December 2018 and February 2019. Another report found that 40 percent of samples collected from 116 tapirs were contaminated with insecticides, herbicides and heavy metals.
A Brazilian congressional committee on Tuesday approved the government’s budget for next year, with the bill based on projected 2.32% GDP growth in 2020 to be put to a vote in a joint session of Congress on Wednesday. The government projections contained in the budget proposal see inflation at 3.52% for next year, the benchmark Selic interest target at 4.40% and an average exchange rate of 4 reais to the dollar.
Scepticism on Brazil’s economic recovery have pushed foreigners to withdraw from Brazilian equities at a record pace this year. Foreign investors have already retired R$15.2 billion ($3.7 billion) from stock markets, said a report of the Financial Times based on data from the Sao Paulo Stock exchange.
With a bewildering number of choices, banking apps fuelled by Tencent Holdings Ltd, SoftBank Group Corp, and other players are spreading in Brazil, as some critics note a shakeout is looking more probable. Customers buy products, get loans and open checking accounts that are no-fee by tapping into digital wallets from merchants like Lojas Americanas, the Avai football team, or the MercadoLibre shopping platform, Reuters reported.
It is likely that foreign investors have been less willing to buy into Brazil’s recovery story than locals have. Reform momentum appears to have stalled after the passage of a landmark pension reform this year. Despite signs of nascent economic growth after a deep recession in 2015-16, unemployment is persistent at almost 12 per cent. Household debt is rising and its quality is deteriorating.
State of Rio de Janeiro records country’s most expensive Gasoline in November, following an increase of 0.59% from October’s price.
In a statement, the Central Bank pointed out that it sees the Brazilian economy gaining ground and that “the recovery will continue at a gradual pace”. The Monetary Policy Committee (COPOM) decided on Wednesday to cut the SELIC by 0.5 percentage point for the fourth consecutive time, bringing interest rates down to 4.5 percent, the lowest basis interest rate in history.
The federal government will pay debts of R$1.815 billion to the United Nations (UN) and the BRICS bank (a group comprising Brazil, Russia, India, China and South Africa) by the end of the year. On the other hand, it will no longer honor commitments to the Latin American Development Bank (CAF), the Inter-American Investment Corporation (IDB Invest), the Financial Fund for the Development of the La Plata Basin (FONPLATA), and the International Development Agency (IDA).
XP Inc., Brazil’s largest brokerage by equity-trading volume, raised $1.96 billion in its U.S. initial public offering, pricing its shares above the marketed range. The company and its existing shareholders sold 72.5 million shares Tuesday for $27 each after offering them for $22 to $25, according to a statement. That gives XP a market value of about $14.9 billion based on the outstanding shares.
Shares in Brazilian telecoms Oi and Telefonica Brasil SA fell sharply in early trade on Tuesday, dragging the sector lower, after they were cited in the latest phase of the country’s sweeping Car Wash corruption probe. Oi’s preferred shares fell as much as 4.8% .