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Brazil’s turmoil to boost M&A pipeline after a quiet quarter, bankers say

July 5, 2017 By Tatiana Bautzer and Guillermo Parra-Bernal SAO PAULO (Reuters) – Escalating political turmoil and a widening graft scandal are driving more Brazilian companies to sell businesses, promising a strong pipeline of mergers and acquisitions after dealmaking hit its slowest pace in a year in the second quarter, bankers said. While stricter legal scrutiny related to the corruption scandal helped slow second-quarter M&A, bankers said funds and multinational firms were still seeking Brazilian assets. Despite economic and political headwinds, merger activity could be reignited by falling borrowing costs…

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World Bank says trade, manufacturing to boost 2017 global growth

June 4, 2017 By David Lawder WASHINGTON (Reuters) – The World Bank on Sunday maintained its forecast that global growth will improve to 2.7 percent this year, citing a pickup in manufacturing and trade, improved market confidence and a recovery in commodity prices. The update of the multilateral development lender’s Global Economic Prospects report marked the first time in several years that its June forecasts were not reduced from those published in January due to rising growth risks. The World Bank’s 2017 global growth forecast of 2.7 percent compares to…

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Brazil court injunction freezes 800 million reais of JBS’ owner Joesley Batista

June 1, 2017 SAO PAULO (Reuters) – A Brazilian court on Thursday issued an injunction to freeze 800 million reais ($246 million) in banking accounts belonging to Joesley Batista, one of the owners of the world’s largest meatpacker, JBS SA . The federal court issued the injunction stating that the frozen funds may be used to repay allegedly ill-gotten gains in the foreign currency market one day before the disclosure on May 17 that Batista had reached a plea bargain with prosecutors in a sweeping graft probe. Batista’s accusations led…

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Brazil’s top court releases testimony linking president to bribes

May 19, 2017 By Brad Brooks and Lisandra Paraguassu SAO PAULO/BRASILIA (Reuters) – Brazil’s Supreme Court released explosive plea-bargain testimony on Friday accusing President Michel Temer, along with former presidents Luiz Inacio Lula da Silva and Dilma Rousseff, of receiving millions in bribes. The testimony raises serious doubts about whether Temer, who replaced the impeached Rousseff last year, can maintain his grip on the presidency amid the string of corruption scandals that has engulfed vast swaths of Brazil’s political class and business elites. Austerity reforms pushed by Temer, who has…

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Time up on Trump trade, hedge funds look abroad

May 18, 2017 By Svea Herbst-Bayliss and Lawrence Delevingne LAS VEGAS (Reuters) – Hedge fund managers said they are looking beyond the United States for investment ideas as the so-called Trump bump stock market rally shows signs it may be fizzling. After months of gains fueled by the Trump administration’s promises of relaxed regulations, tax reform and an infrastructure spending package, U.S. markets this week looked less appealing as the S&P 500 logged its biggest one-day drop since September and Wall Street’s fear gauge, the VIX, spiked. “Non-U.S. investing is…

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Rising commodity prices fuel Brazil’s record trade surplus in April

May 2, 2017 BRASILIA (Reuters) – Brazil’s trade surplus rose to $6.969 billion last month, government data showed on Tuesday, a record for a month of April as prices for main exports such as soy, iron ore and oil rose. Economists in a Reuters poll predicted a surplus of $7.03 billion, according to their median forecast, after a surplus of $4.862 billion in April 2016. Brazil’s hefty trade surplus has bolstered the country’s currency despite a lingering political crisis and has fueled hopes of an imminent recovery after more than…

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Brazil’s finance minister rules out additional pension measures

April 21, 2017 WASHINGTON (Reuters) – Brazil’s government sees no need for additional measures to reduce social security spending despite recent changes to a pension reform proposal, Finance Minister Henrique Meirelles said on Friday. President Michel Temer’s administration has agreed to soften the terms of its landmark social security reform to secure its approval in Congress, raising concerns among economists that further austerity measures would be necessary in coming years. “The negotiations remain in line with our forecasts and in line with what we consider to be acceptable,” Meirelles told…

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Brazil likely to step up monetary easing to spur recovery

April 12, 2017 By Alonso Soto BRASILIA (Reuters) – Brazil’s central bank is widely expected to speed up monetary easing on Wednesday, taking advantage of slowing inflation to try to revive an economy still struggling with its deepest recession on record. All but one of the 47 economists polled by Reuters expected the bank to cut its benchmark Selic rate by 100 basis points to 11.25 percent – the lowest in nearly three years. One analyst forecasts a 125 basis-point cut. Despite pressure from some economists and politicians for an…

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Brazil to sign decree for full international ownership in airlines: source

April 11, 2017 BRASILIA (Reuters) – Brazilian President Michel Temer will sign on Tuesday a decree allowing foreign companies to own 100 percent of local airlines, as part of measures aimed at increasing investment in the tourism industry, a government source told Reuters on Monday. Temer will sign the decree at a ceremony with the Tourism Minister Marx Beltrão, the source said. Reuters first reported in January that the government was drafting the measure. Last year, former President Dilma Rousseff issued a decree lifting the limit on foreign ownership of…

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Brazil’s president would veto parts of bill to regulate Uber

April 6, 2017 By Anthony Boadle BRASILIA (Reuters) – Brazil’s President Michel Temer would veto clauses of a bill that would force Uber Technologies Inc [UBER.UL] drivers to register with city authorities and turn the ride-hailing app into another form of conventional taxi service, a presidential aide said on Wednesday. The president favors striking down the controversial articles of legislation passed by the lower house of Congress on Tuesday if they were not removed by the Senate before it was sent for his signature, said the aide, who was not…

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