Brazil Raises Reserve Requirements as Crisis Eases
Feb. 24 (Bloomberg) -- Brazil’s central bank raised reserve requirements for banks, demanding they deposit an additional 71 billion reais ($39 billion), as policy makers end rules designed to increase liquidity during the global credit crunch.
“There is no more need for these measures,” central bank President Henrique Meirelles told reporters in Brasilia today. “The liquidity conditions are already adequate.”
Wednesday, February 24, 2010
Tuesday, February 23, 2010
Arrecadação federal cresce 14% e bate recorde em janeiro
Arrecadação federal cresce 14% e bate recorde em janeiro
A arrecadação de impostos e tributos de janeiro deste ano atingiu a marca dos R$ 73 bilhões e é recorde para o mês. O crescimento real é de 13,64% em comparação a janeiro de 2009. No início do ano passado, a arrecadação federal somou pouco mais de R$ 64 bilhões - corrigida pelo Índice de Preços ao Consumidor Amplo (IPCA) - e foi prejudicada pelas medidas de desoneração adotadas pelo governo para amenizar os efeitos da crise financeira mundial.
De acordo com Raimundo Eloi de Carvalho, coordenador-geral de Estudos, Previsão e Análise da Receita Federal, o crescimento expressivo começou em outubro do ano passado, quando os efeitos da crise mundial foram amenizados.
'Esse recorde decorreu da recuperação dos indicadores macroeconômicos, principalmente do aumento da produção industrial, da quantidade de vendas e da lucratividade de empresas', disse.
A média mensal da perda com desonerações fiscais no ano passado, segundo Carvalho, ficou em cerca de R$ 2,5 bilhões. Raimundo Eloi de Carvalho afirma que em 2010, a situação será diferente.
A arrecadação de impostos e tributos de janeiro deste ano atingiu a marca dos R$ 73 bilhões e é recorde para o mês. O crescimento real é de 13,64% em comparação a janeiro de 2009. No início do ano passado, a arrecadação federal somou pouco mais de R$ 64 bilhões - corrigida pelo Índice de Preços ao Consumidor Amplo (IPCA) - e foi prejudicada pelas medidas de desoneração adotadas pelo governo para amenizar os efeitos da crise financeira mundial.
De acordo com Raimundo Eloi de Carvalho, coordenador-geral de Estudos, Previsão e Análise da Receita Federal, o crescimento expressivo começou em outubro do ano passado, quando os efeitos da crise mundial foram amenizados.
'Esse recorde decorreu da recuperação dos indicadores macroeconômicos, principalmente do aumento da produção industrial, da quantidade de vendas e da lucratividade de empresas', disse.
A média mensal da perda com desonerações fiscais no ano passado, segundo Carvalho, ficou em cerca de R$ 2,5 bilhões. Raimundo Eloi de Carvalho afirma que em 2010, a situação será diferente.
Monday, February 22, 2010
Brazil Forms Sovereign Wealth Fund Advisory Board - WSJ.com
Brazil Forms Sovereign Wealth Fund Advisory Board
BRASILIA (Dow Jones)--Moving forward with the administration of its recently created sovereign wealth fund, Brazil's government on Monday established a special advisory board to supervise the fund's investment decisions, according to a presidential decree published in the country's federal register.
Under the decree, the board will be headed by the country's Finance Minister, Guido Mantega, and will also include Planning Minister Paulo Bernardo and the president of the country's central bank, Henrique Meirelles.
Votes from only two of the board's three members will be necessary, however, to ratify decisions on the fund's investments.
The board will meet regularly on a quarterly basis, though extraordinary board meetings can be called by its president.
Among its responsibilities, the board will approve investment return targets, ratify the fund's budgeting decisions, and create a technical consulting committee.
Brazil created the sovereign wealth fund in late 2007 with the aim of reinforcing public sector savings and funding projects of strategic interest abroad.
The sovereign wealth fund currently manages 16.3 billion Brazilian reals ($9 billion), up from 14.3 billion when it was established in late 2008.
According to the fund's rules, fund investments overseas must obtain a minimum return equivalent to the six-month London Interbank Offered Rate. Investments in Brazil must obtain a minimum return equivalent to the country's TJLP long-term interest rate, currently at 6% annually.
The fund also will be free to buy dollars in the local currency market as part of its investment strategy.
Upon formalization of the fund's management rules in December, the government named central bank career employee Luiz Claudio Portela as the chief administrator for its day-to-day operations.
-By Gerald Jeffris, Dow Jones Newswires; 5561-3335-0832; gerald.jeffris@dowjones.com
BRASILIA (Dow Jones)--Moving forward with the administration of its recently created sovereign wealth fund, Brazil's government on Monday established a special advisory board to supervise the fund's investment decisions, according to a presidential decree published in the country's federal register.
Under the decree, the board will be headed by the country's Finance Minister, Guido Mantega, and will also include Planning Minister Paulo Bernardo and the president of the country's central bank, Henrique Meirelles.
Votes from only two of the board's three members will be necessary, however, to ratify decisions on the fund's investments.
The board will meet regularly on a quarterly basis, though extraordinary board meetings can be called by its president.
Among its responsibilities, the board will approve investment return targets, ratify the fund's budgeting decisions, and create a technical consulting committee.
Brazil created the sovereign wealth fund in late 2007 with the aim of reinforcing public sector savings and funding projects of strategic interest abroad.
The sovereign wealth fund currently manages 16.3 billion Brazilian reals ($9 billion), up from 14.3 billion when it was established in late 2008.
According to the fund's rules, fund investments overseas must obtain a minimum return equivalent to the six-month London Interbank Offered Rate. Investments in Brazil must obtain a minimum return equivalent to the country's TJLP long-term interest rate, currently at 6% annually.
The fund also will be free to buy dollars in the local currency market as part of its investment strategy.
Upon formalization of the fund's management rules in December, the government named central bank career employee Luiz Claudio Portela as the chief administrator for its day-to-day operations.
-By Gerald Jeffris, Dow Jones Newswires; 5561-3335-0832; gerald.jeffris@dowjones.com
Thursday, February 18, 2010
Rates Lower As Brazil Sells BRL4.03B LTNs At 9.78%-11.93% - WSJ.com
Rates Lower As Brazil Sells BRL4.03B LTNs At 9.78%-11.93% - WSJ.com: "RIO DE JANEIRO (Dow Jones)--Rates were mostly lower Thursday in the Brazil National Treasury's sale of fixed-rate LTN and NTN-F bonds due to greater demand.
The government sold 4.027 billion Brazilian reals in fixed-rate LTN bonds out of BRL4.5 billion ($2.46 billion) offered.
The bonds were sold in two different maturities, October 2010 and July 2012, at average interest rates ranging from 9.78% to 11.93%.
The government sold 4.027 billion Brazilian reals in fixed-rate LTN bonds out of BRL4.5 billion ($2.46 billion) offered.
The bonds were sold in two different maturities, October 2010 and July 2012, at average interest rates ranging from 9.78% to 11.93%.
Friday, February 12, 2010
Brazil's Cetip in talks with Germany's Clearstream | Reuters
Brazil's Cetip in talks with Germany's Clearstream
SAO PAULO, Feb 12 (Reuters) - Brazil clearinghouse Cetip (CTIP3.SA) said on Friday it is in strategic cooperation talks with Deutsche Borse AG's (DB1Gn.DE) Clearstream.
CETIP is the largest custodian of corporate fixed income securities in Latin America.
The possible deal will include joint development and distribution of collateral management services Cetip offers to its participants, Cetip said in a statement to securities regulator CVM.
Clearstream is a leading securities depository.
Cetip shares closed 0.6 percent higher on Friday, while Brazil's benchmark Bovespa stock index .BVSP fell 0.4 percent. (Reporting by Daniela Machado; writing by Raymond Colitt; editing by Andre Grenon)"
SAO PAULO, Feb 12 (Reuters) - Brazil clearinghouse Cetip (CTIP3.SA) said on Friday it is in strategic cooperation talks with Deutsche Borse AG's (DB1Gn.DE) Clearstream.
CETIP is the largest custodian of corporate fixed income securities in Latin America.
The possible deal will include joint development and distribution of collateral management services Cetip offers to its participants, Cetip said in a statement to securities regulator CVM.
Clearstream is a leading securities depository.
Cetip shares closed 0.6 percent higher on Friday, while Brazil's benchmark Bovespa stock index .BVSP fell 0.4 percent. (Reporting by Daniela Machado; writing by Raymond Colitt; editing by Andre Grenon)"
Monday, February 1, 2010
Goldman Sachs Says Buy Brazil’s Real Following Tumble
Goldman Sachs Says Buy Brazil’s Real Following Tumble
Feb. 1 (Bloomberg) -- Goldman Sachs Group Inc. recommended investors buy Brazil’s real, saying the country’s “strong” economic growth will spark a rebound after it posted the worst rout among major currencies last month.
“Brazil’s growth has remained strong and is accelerating,” currency analysts including London-based Thomas Stolper wrote in a research note to clients. “Together with cyclical assets moving back to a more constructive view of the world, a more hawkish central bank stance could support a return of the Brazilian real towards the lower end of the recent trading ranges.”
Goldman Sachs, which called the real the world’s most “overvalued” currency as recently as Dec. 15, recommended clients buy it at 1.8870 per dollar, predicting the real will advance to 1.75. Investors should exit the trade if the real were to slide to 1.94, the Goldman Sachs analysts said.
Feb. 1 (Bloomberg) -- Goldman Sachs Group Inc. recommended investors buy Brazil’s real, saying the country’s “strong” economic growth will spark a rebound after it posted the worst rout among major currencies last month.
“Brazil’s growth has remained strong and is accelerating,” currency analysts including London-based Thomas Stolper wrote in a research note to clients. “Together with cyclical assets moving back to a more constructive view of the world, a more hawkish central bank stance could support a return of the Brazilian real towards the lower end of the recent trading ranges.”
Goldman Sachs, which called the real the world’s most “overvalued” currency as recently as Dec. 15, recommended clients buy it at 1.8870 per dollar, predicting the real will advance to 1.75. Investors should exit the trade if the real were to slide to 1.94, the Goldman Sachs analysts said.
Friday, January 22, 2010
Brazil's Braskem Set To Become Global Petrochemicals Player - WSJ.com
Brazil's Braskem Set To Become Global Petrochemicals Player
RIO DE JANEIRO (Dow Jones)--Brazilian petrochemicals giant Braskem SA (BAK, BRKM5.BR) will gain much-needed muscle to compete on the global stage with a deal for rival Quattor Petroquimica SA (SZPQ4.BR).
Earlier Friday, Quattor holding company Unipar (UNIP5.BR) said that it had agreed to sell its stake in the company to Braskem for 870 million Brazilian reals ($478 million).
The widely anticipated deal, which first appeared on the radar last August, will create the world's sixth-largest producer of plastic resins. Braskem, already Latin America's largest petrochemicals company, will now have the scale to compete with global players such as Dow Chemical Co. (DOW) and BASF SE (BASFY, BAS.XE).
The fusion will allow closely held industrial conglomerate Odebrecht and state-run energy giant Petreleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, to form the so-called 'Nova Braskem,' or new Braskem. The combined Braskem-Quattor will have revenue of about BRL30 billion.
Odebrecht will control the new company with a 53.8% stake, while Petrobras will retain the remaining 46.2%. Odebrecht and Petrobras will share strategic decisions at Braskem.
The share breakdown could face questions from antitrust regulators.
The deal effectively nationalizes Brazil's petrochemicals industry in the hands of Petrobras. The combined Braskem-Quattor would produce 100% of Brazil's polyethylene, polypropylene and PVC--resins used to produce everything from kitchen utensils to auto parts.
Braskem said it will raise between BRL4.5 billion and BRL5 billion in new capital through a share offer. A holding company formed by Odebrecht and Petrobras, called BRK, will subscribe to BRL3.5 billion of the share offer.
The deal should end a contentious legal fight brought by one of the members of the Geyer family, which controlled Unipar, seeking to thwart the merger.
The deal had been under way since mid-2009, when Braskem, Petrobras and Quattor acknowledged talks on a 'strategic alliance.' India's Reliance Industries Ltd. (500325.BY) was also rumored to be in talks with Quattor about a possible acquisition.
Brazil's petrochemicals industry was privatized in the mid-1990s as stakes in 27 companies were sold, raising $3.7 billion for the government. But intense competition in the sector resulted in consolidation starting in 2001.
The two largest players, Braskem and Quattor, solidified their positions in 2008.
Quattor was formed when Petrobras bought Suzano Petroquimica and consolidated those assets with those held by Unipar to form Brazil's second-largest petrochemicals company behind Braskem.
Petrobras also teamed with Braskem to purchase the petrochemicals assets of Ipiranga. Petrobras then rolled some of its petrochemical assets into Braskem in exchange for a 40% stake in the company.
Petrobras shares were fractionally higher at BRL34.34 in early trading on the Sao Paulo Stock Exchange. Braskem shares jumped 2.9% to BRL14.34, while Unipar shares were halted at BRL2.94. The broader market as measured by the Ibovespa stocks index was 0.4% lower at 66,005 points.
-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085; Jeff.Fick@dowjones.com
RIO DE JANEIRO (Dow Jones)--Brazilian petrochemicals giant Braskem SA (BAK, BRKM5.BR) will gain much-needed muscle to compete on the global stage with a deal for rival Quattor Petroquimica SA (SZPQ4.BR).
Earlier Friday, Quattor holding company Unipar (UNIP5.BR) said that it had agreed to sell its stake in the company to Braskem for 870 million Brazilian reals ($478 million).
The widely anticipated deal, which first appeared on the radar last August, will create the world's sixth-largest producer of plastic resins. Braskem, already Latin America's largest petrochemicals company, will now have the scale to compete with global players such as Dow Chemical Co. (DOW) and BASF SE (BASFY, BAS.XE).
The fusion will allow closely held industrial conglomerate Odebrecht and state-run energy giant Petreleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, to form the so-called 'Nova Braskem,' or new Braskem. The combined Braskem-Quattor will have revenue of about BRL30 billion.
Odebrecht will control the new company with a 53.8% stake, while Petrobras will retain the remaining 46.2%. Odebrecht and Petrobras will share strategic decisions at Braskem.
The share breakdown could face questions from antitrust regulators.
The deal effectively nationalizes Brazil's petrochemicals industry in the hands of Petrobras. The combined Braskem-Quattor would produce 100% of Brazil's polyethylene, polypropylene and PVC--resins used to produce everything from kitchen utensils to auto parts.
Braskem said it will raise between BRL4.5 billion and BRL5 billion in new capital through a share offer. A holding company formed by Odebrecht and Petrobras, called BRK, will subscribe to BRL3.5 billion of the share offer.
The deal should end a contentious legal fight brought by one of the members of the Geyer family, which controlled Unipar, seeking to thwart the merger.
The deal had been under way since mid-2009, when Braskem, Petrobras and Quattor acknowledged talks on a 'strategic alliance.' India's Reliance Industries Ltd. (500325.BY) was also rumored to be in talks with Quattor about a possible acquisition.
Brazil's petrochemicals industry was privatized in the mid-1990s as stakes in 27 companies were sold, raising $3.7 billion for the government. But intense competition in the sector resulted in consolidation starting in 2001.
The two largest players, Braskem and Quattor, solidified their positions in 2008.
Quattor was formed when Petrobras bought Suzano Petroquimica and consolidated those assets with those held by Unipar to form Brazil's second-largest petrochemicals company behind Braskem.
Petrobras also teamed with Braskem to purchase the petrochemicals assets of Ipiranga. Petrobras then rolled some of its petrochemical assets into Braskem in exchange for a 40% stake in the company.
Petrobras shares were fractionally higher at BRL34.34 in early trading on the Sao Paulo Stock Exchange. Braskem shares jumped 2.9% to BRL14.34, while Unipar shares were halted at BRL2.94. The broader market as measured by the Ibovespa stocks index was 0.4% lower at 66,005 points.
-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085; Jeff.Fick@dowjones.com
Subscribe to:
Posts (Atom)
