Banking & Finance Brazil central bank kicks off ‘aggressive’ rate cuts Brazil’s central bank kicked off its rate-cutting cycle more aggressively than expected on Wednesday, reducing its benchmark interest rate by 50 basis points and signalling more of the same in the months ahead due to an improving inflation outlook. The bank’s rate-setting committee Copom cut its Selic policy rate to 13.25 percent, as just 10 […] August 3, 2023
Analysis Agriculture Saudi and Brazil sow seeds to partner on food security Saudi Arabia is intensifying its trade and investment ties with Latin America in pursuit of food security and green energy, as a ministry-led delegation hunts for opportunities in Brazil, Chile, Costa Rica, Argentina, Panama and Paraguay. A visit to São Paulo earlier this week by Khalid al-Falih, Saudi minister of investment, coincided with a Brazilian […] August 3, 2023
Analysis Trade Defence giant leads UAE charge into Latin America UAE defence conglomerate Edge has partnered with the Brazilian navy to develop long-range anti-ship missiles, weeks after opening a new regional office in the federal capital, Brasilia. The deal, described as a “significant milestone” by Mansour AlMulla, managing director and CEO of Edge, was signed during the visit of a delegation led by Reem bint […] July 10, 2023
Banking & Finance Remittances to Mexico hit new record of $5.7bn in May Mexico brought in close to $5.7 billion in remittances in May, central bank data showed, breaking a monthly record that analysts cautioned was softened by the recent strength of the peso versus the dollar. While Mexico records remittances in dollars, as most of the funds come from the United States, “a strong peso hurts remittances”, said Goldman Sachs […] July 4, 2023
Banking & Finance Visa to buy Brazilian startup Pismo for $1bn Visa is acquiring Brazilian fintech platform Pismo for $1 billion to expand its footprint in Latin America. The deal, a vote of renewed confidence in the region during a funding slowdown, is the largest fintech exit in Latin America since Nubank went public in late 2021 and the largest disclosed startup exit so far this […] June 29, 2023
Banking & Finance Mubadala invests in $440m LatAm fund Abu Dhabi’s Mubadala is an anchor investor in a new $440 million fund run by former SoftBank executives that will buy into Latin American startups. Miami’s Bicycle Capital has launched the fund, its first, according to a press statement that says it could increase to $500 million. The Bicycle 1 fund will partner with the […] June 15, 2023
Analysis Trade Costa Rica sets up UAE for Central America trade Talks to establish a comprehensive economic partnership agreement with Costa Rica could signal a new push by the UAE to strengthen trade ties in Central America. Manuel Tovar Rivera, Costa Rica’s minister of foreign trade, said the proposed Cepa would boost collaboration between the wider Central America and Middle East regions. Experts told AGBI that […] June 9, 2023
Opinion Aviation Airline alliances? Emirates forges its own flight path Bilateral agreements can be easier to manage and more tightly targeted May 25, 2023
Energy Brazil’s Braskem confirms takeover bid from Adnoc Braskem confirmed on Tuesday that its controlling shareholder Novonor received a takeover offer from Abu Dhabi National Oil Company (Adnoc) and Apollo Global Management. The Brazilian petrochemicals producer had previously said that a non-binding bid of 37.5 billion reais ($7.5 billion) had been presented to Novonor but did not say where the offer had come […] May 11, 2023
Energy Adnoc ‘in talks’ to buy Brazilian petro firm Braskem Abu Dhabi National Oil Company (Adnoc) and US-based asset manager Apollo Global Management are said to have submitted a joint bid of 37.5 billion reais ($7.5 billion) to acquire São Paulo-headquartered Braskem. Discussions are in the early stages, Bloomberg reported, citing sources close to the potential deal. AGBI has contacted Adnoc for comment. The state-owned […] May 9, 2023
Banking & Finance Brazil’s Lula supports trading currency for Brics countries Brazilian President Luiz Inacio Lula da Silva has said he supports establishing a currency for trade between Brics countries, a group that includes his nation as well as Russia, India, China and South Africa. “I am in favour of creating, within the Brics, a trading currency between our countries, just like the Europeans created the […] April 27, 2023
Tech Brazil now has the Edge in defence technology Technology and defence giant Edge Group is opening a new regional office in Brazil’s federal capital, Brasilia. The office is part of Abu Dhabi-based Edge’s plans to take advantage of opportunities in local markets as experts expect defence spending in Brazil to increase to nearly $25 billion this year. The announcement was made at LAAD […] April 12, 2023
EXCLUSIVE Economy Brazil steps up efforts to engage UAE in free trade talks Brazil is keen to progress free trade negotiations with the UAE, a business leader has said, and working hard to “reduce resistance” from the country’s petrochemicals sector. Osmar Chohfi, president of the Arab Brazilian Chamber of Commerce, told AGBI that current resistances revolve around “some sensibilities by the Brazilian petrochemical industry fearing unfair competition” but […] March 30, 2023
Banking & Finance Brazil airline Azul reaches payment deal with aircraft lessors Brazilian airline Azul SA said late on Sunday it had reached agreements with aircraft lessors responsible for 90 percent of its obligations that would give them equity and tradeable debt in exchange for lower payments. Azul said the deal included lessors eliminating payment deferrals dating back to the Covid-19 pandemic as well as the gap […] March 6, 2023
Opinion Esports should be in your investment portfolio The global mobile gaming market is expected to grow to $209.12bn in 2026 February 16, 2023
Manufacturing Gulf fragrance market strikes the right note Some of the Middle East’s biggest perfume makers, including Chalhoub Group and Ajmal Perfumes, are ramping up global growth plans as traditional Arabic scents gain in popularity abroad. Luxury brands franchisee and distributor Chalhoub is close to striking deals to export its own fragrance brand, Ghawali, to countries including the UK and France. The first […] February 14, 2023
Energy Global oil demand to reach record high this year, IEA says Global oil demand is forecast to hit an all-time high in 2023 as China relaxes its Covid restrictions, potentially pushing up prices in the second half of this year, according to the latest report from the International Energy Agency (IEA). The IEA said global oil demand is set to rise by 1.9 million barrels per […] January 18, 2023
Manufacturing Germany’s BMW planning major investment in Mexico German carmaker BMW is planning a major new investment in the central Mexican state of San Luis Potosi, where the company already has a plant, Mexican foreign minister Marcelo Ebrard said. Last week Ebrard and President Andres Manuel Lopez Obrador had said BMW was investing around €800 million ($866.64 million) in San Luis Potosi, without […] January 16, 2023
EXCLUSIVE Development Emirati partners in demand despite easing of company laws The UAE’s move to introduce 100 percent company ownership has not dented demand among international companies for local Emirati partners. Before the publication of UAE Federal Decree-Law No. 26 of 2020, foreign companies could only own up to 49 percent of a UAE business, with the majority 51 percent held by a local Emirati partner. […] January 9, 2023
Energy Colombia targets 15% oil output boost from ‘enhanced recovery’ Colombia is targeting a 15 percent increase in crude oil output by using “enhanced recovery” technologies to take advantage of higher energy prices, even as it pushes towards decarbonization, minister for mines and energy Irene Velez said in an interview. The government of President Gustavo Petro, the first leftist to lead Colombia, hopes to wean […] December 18, 2022
Economy Mexico to hike minimum wage by 20% in 2023 Mexico will raise the minimum wage by 20 percent next year after employers, labour representatives and the government reached an agreement, officials said on Thursday, although some critics warned the move could fuel inflation. The standard minimum wage will rise to around 207 pesos ($10.82) a day from 172.87 pesos ($9.03) a day, labour minister […] December 2, 2022
Economy Cuba says Turkey and other allies pledge to end economic crisis China, Russia, Algeria and Turkey have pledged to restructure Cuba’s debt, provide new trade and investment financing, and help ease an energy crisis, Cuban president Miguel Diaz-Canel told state-run media following a rare trip abroad last week. The Communist-run country has yet to recover from a precipitous drop in output during the coronavirus pandemic and […] December 1, 2022
