brazil Archive

  • BRAZIL: Regulator Schedules Existing Energy Auctions For December The Brazilian Ministry of Mines and Energy (MME) authorized the National Electric Energy Regulator (Aneel) to hold two auctions to purchase existing electric power in December, according to a ruling published in the country's Official Gazette. The auction named A-1 provides for energy delivery between January 2018 and December 2019, while the A-2 event will have delivery scheduled for January 2019 and December 2020. The energy marketed in the auctions will be in the regulated environment in the quantity modality and the costs arising from the hydrological risks will be fully borne by the sellers. The contracts must establish that there will be no updating of the energy price during its term.

    BRAZIL: Regulator Schedules Existing Energy Auctions For December

    BRAZIL: Regulator Schedules Existing Energy Auctions For December The Brazilian Ministry of Mines and Energy (MME) authorized the National Electric Energy Regulator (Aneel) to hold two auctions to purchase existing electric power in December, according to a ruling published in the country's Official Gazette. The auction named A-1 provides for energy delivery between January 2018 and December 2019, while the A-2 event will have delivery scheduled for January 2019 and December 2020. The energy marketed in the auctions will be in the regulated environment in the quantity modality and the costs arising from the hydrological risks will be fully borne by the sellers. The contracts must establish that there will be no updating of the energy price during its term.
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  • BRAZIL: House Approves Public Funding For Electoral Campaigning The Brazilian House of Representatives passed in a tight vote (223-209) the creation of a public fund to finance electoral campaigns. There were also three abstentions. The vote was approved after a harsh debate and now follows to the President Michel Temer to sign it, once it was already passed in the Senate. The so-called Special Fund for Campaign Funding (FEFC) is expected to receive close to R$ 1.7 billion (US$ 542.3 million) in parliamentary amendments to the Union's budget and the redirection of the fund for partisan propaganda on radio and television, which will be phased out. The funding rules were laid out in another bill approved yesterday. The measure establishes a R$ 70 million ceiling for campaign spending in next year's presidential elections in 2018. In the case of a second round, the amount would be increased by 50%. The gubernatorial elections' ceiling will be determined taking in..

    BRAZIL: House Approves Public Funding For Electoral Campaigning

    BRAZIL: House Approves Public Funding For Electoral Campaigning The Brazilian House of Representatives passed in a tight vote (223-209) the creation of a public fund to finance electoral campaigns. There were also three abstentions. The vote was approved after a harsh debate and now follows to the President Michel Temer to sign it, once it was already passed in the Senate. The so-called Special Fund for Campaign Funding (FEFC) is expected to receive close to R$ 1.7 billion (US$ 542.3 million) in parliamentary amendments to the Union's budget and the redirection of the fund for partisan propaganda on radio and television, which will be phased out. The funding rules were laid out in another bill approved yesterday. The measure establishes a R$ 70 million ceiling for campaign spending in next year's presidential elections in 2018. In the case of a second round, the amount would be increased by 50%. The gubernatorial elections' ceiling will be determined taking in..
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  • BRAZIL: Clean File Act Can Be Applied In Cases Before 2010, Court Rules Brazil's Federal Supreme Court (STF) had ruled, in a 6-5 vote, that the Clean File Act can be enforced against politicians convicted in the second instance before 2010, when the legislation came into force. In those cases, however, the ineligibility period was increased to eight years, and no more three years as it was before. As a result, they are unable to run for public office in next year's elections. Five Justices voted against the retroactive application of the legislation: Gilmar Mendes, Ricardo Lewandowski, Marco Aur?lio Mello, Celso de Mello, and Alexandre de Moraes. To them, to apply the act retroactively should not be allowed. However, six Justices voted for act's retroactive enforcement: Luiz Fux, Lu?s Roberto Barroso, Edson Fachin, Rosa Weber, Dias Toffoli, and the STF's chairwoman, Carmen L?cia, who gave the tiebreaker vote. The Supreme Court must resume the debate on ca..

    BRAZIL: Clean File Act Can Be Applied In Cases Before 2010, Court Rules

    BRAZIL: Clean File Act Can Be Applied In Cases Before 2010, Court Rules Brazil's Federal Supreme Court (STF) had ruled, in a 6-5 vote, that the Clean File Act can be enforced against politicians convicted in the second instance before 2010, when the legislation came into force. In those cases, however, the ineligibility period was increased to eight years, and no more three years as it was before. As a result, they are unable to run for public office in next year's elections. Five Justices voted against the retroactive application of the legislation: Gilmar Mendes, Ricardo Lewandowski, Marco Aur?lio Mello, Celso de Mello, and Alexandre de Moraes. To them, to apply the act retroactively should not be allowed. However, six Justices voted for act's retroactive enforcement: Luiz Fux, Lu?s Roberto Barroso, Edson Fachin, Rosa Weber, Dias Toffoli, and the STF's chairwoman, Carmen L?cia, who gave the tiebreaker vote. The Supreme Court must resume the debate on ca..
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  • BRAZIL: Federal Police Arrest Brazilian Olympic Committee Chairman The Brazilian federal police arrested the chairman of the Brazilian Olympic Committee (COB), Carlos Arthur Nuzman, in the framework of Operation Unfair Play - Second Half, which investigates the alleged purchase of votes in the process in which the International Olympic Committee (IOC) chosen the city of Rio de Janeiro as host of the 2016 Olympics. Leonardo Gryner, a former COB director an close aide to Nusman, was also arrested. The arrests were ruled because of an attempted concealment of assets in the last month after police had executed a search warrant at Nuzman's home in the first phase of the operation. Both will be indicted for corruption, money laundering, and criminal association. In the scheme investigated, there would be the participation of former Rio de Janeiro's governor S?rgio Cabral. The money would have come from the businessman Arthur Cesar Soares de Menezes Filho, known as King Art..

    BRAZIL: Federal Police Arrest Brazilian Olympic Committee Chairman

    BRAZIL: Federal Police Arrest Brazilian Olympic Committee Chairman The Brazilian federal police arrested the chairman of the Brazilian Olympic Committee (COB), Carlos Arthur Nuzman, in the framework of Operation Unfair Play - Second Half, which investigates the alleged purchase of votes in the process in which the International Olympic Committee (IOC) chosen the city of Rio de Janeiro as host of the 2016 Olympics. Leonardo Gryner, a former COB director an close aide to Nusman, was also arrested. The arrests were ruled because of an attempted concealment of assets in the last month after police had executed a search warrant at Nuzman's home in the first phase of the operation. Both will be indicted for corruption, money laundering, and criminal association. In the scheme investigated, there would be the participation of former Rio de Janeiro's governor S?rgio Cabral. The money would have come from the businessman Arthur Cesar Soares de Menezes Filho, known as King Art..
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  • BRAZIL: Investors Take Profits As Ibovespa Falls After Hitting Record Ibovespa, the benchmark stick index in Brazil, fell 0.22% Wednesday, closing at 76,591.43 points in a profit-making movement after it renewed its settlement record on Tuesday (76,762.91). In the local political scene, market players were expecting the defense of the President Michel Temer before the House of Representatives related to a second criminal complaint against him. Abroad, tensions over a possible declaration of independence of Catalonia, as well as the neutral speech of the U.S. Fed chairwoman Janet Yellen at an event on community banks, brought slightly negative signals to the Brazilian market. "Yesterday's high was very strong, some stocks, like CSN, rose 10% and this called the seller to the market, which tried to balance a bit in the trading session today," said the chief economist at Homebroker Modalmais, ?lvaro Bandeira. According to the analyst of Magliano Corretora, Pedro Galdi, the ..

    BRAZIL: Investors Take Profits As Ibovespa Falls After Hitting Record

    BRAZIL: Investors Take Profits As Ibovespa Falls After Hitting Record Ibovespa, the benchmark stick index in Brazil, fell 0.22% Wednesday, closing at 76,591.43 points in a profit-making movement after it renewed its settlement record on Tuesday (76,762.91). In the local political scene, market players were expecting the defense of the President Michel Temer before the House of Representatives related to a second criminal complaint against him. Abroad, tensions over a possible declaration of independence of Catalonia, as well as the neutral speech of the U.S. Fed chairwoman Janet Yellen at an event on community banks, brought slightly negative signals to the Brazilian market. "Yesterday's high was very strong, some stocks, like CSN, rose 10% and this called the seller to the market, which tried to balance a bit in the trading session today," said the chief economist at Homebroker Modalmais, ?lvaro Bandeira. According to the analyst of Magliano Corretora, Pedro Galdi, the ..
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  • BRAZIL: Displace Batista Family From JBS Is 'exaggeration' - BNDES Chairman The command to displace the Batista family from the Brazilian meatpacker JBS is not well-seen by the country's National Bank for Economic and Social Development (BNDES). The BNDES chairman, Paulo Rabello de Castro, said that the experience of the current president of the company, Jos? Batista Sobrinho [founder of JBS and father of Wesley and Joesley Batista] must be respected. "To displace the family is exaggerated because they are also part of the company. The appointment of Mr. Batista has the face of being intermediate, but he has a history, has experience and this must be taken into account," Rabello de Castro said. "Having a Baptist at the head of the company is no problem. Governance there needs to be improved, organized," he said. In August, a court barred the Batista brothers from voting at a JBS' board meeting, as requested by BNDESPar - the BNDES investing arm - and Caix..

    BRAZIL: Displace Batista Family From JBS Is 'exaggeration' – BNDES Chairman

    BRAZIL: Displace Batista Family From JBS Is 'exaggeration' - BNDES Chairman The command to displace the Batista family from the Brazilian meatpacker JBS is not well-seen by the country's National Bank for Economic and Social Development (BNDES). The BNDES chairman, Paulo Rabello de Castro, said that the experience of the current president of the company, Jos? Batista Sobrinho [founder of JBS and father of Wesley and Joesley Batista] must be respected. "To displace the family is exaggerated because they are also part of the company. The appointment of Mr. Batista has the face of being intermediate, but he has a history, has experience and this must be taken into account," Rabello de Castro said. "Having a Baptist at the head of the company is no problem. Governance there needs to be improved, organized," he said. In August, a court barred the Batista brothers from voting at a JBS' board meeting, as requested by BNDESPar - the BNDES investing arm - and Caix..
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  • The anticipation of a debt payment to the Brazilian government amounting to R$ 147 billion by the country's National Bank for Economic and Social Development (BNDES) is unlikely to occur in 2018, according to Paulo Rabello de Castro, BNDES' chairman, in a speech at the Arab Brazilian Chamber of Commerce. Rabello stressed that such payment has to be made in installments. "An anticipation in 2018 is materially unlikely unless we scrape the bottom of the cash register, and we can not have zero cash register," he said. "Part of the money in the BNDES cash register does not belong to the bank. It belongs to third parties, and this needs to be respected. It's not just our resources." In early September, the government asked the BNDES for an advance payment of R$ 180 billion (US$ 56.9 billion) in loans made to the institution. Last week, the bank anticipated R$ 33 billion related to contracts that would expire in 2051 and 2052. On Tuesday, the bank's Planning and Resea..

    BRAZIL: BNDES Debt Anticipation Is Unlikely In 2018, Chairman Says

    The anticipation of a debt payment to the Brazilian government amounting to R$ 147 billion by the country's National Bank for Economic and Social Development (BNDES) is unlikely to occur in 2018, according to Paulo Rabello de Castro, BNDES' chairman, in a speech at the Arab Brazilian Chamber of Commerce. Rabello stressed that such payment has to be made in installments. "An anticipation in 2018 is materially unlikely unless we scrape the bottom of the cash register, and we can not have zero cash register," he said. "Part of the money in the BNDES cash register does not belong to the bank. It belongs to third parties, and this needs to be respected. It's not just our resources." In early September, the government asked the BNDES for an advance payment of R$ 180 billion (US$ 56.9 billion) in loans made to the institution. Last week, the bank anticipated R$ 33 billion related to contracts that would expire in 2051 and 2052. On Tuesday, the bank's Planning and Resea..
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  • BRAZIL: Senate Approves End Of Party Coalitions From 2020 The Brazilian Senate approved the end of partisan coalitions in proportional elections for parliamentarians from 2020. The bill passed Wednesday also establishes performance clauses for political parties to have access to public funding and free radio and television time from next year's elections. The measure passed with 62 votes in the first round and 58 in the second. According to the Brazilian Senate official news agency, there were no opposing votes or abstentions. The so-called "window," which allows candidates to change parties six months before the election, remains valid. The extinction of this "window" was rejected by the lower House last week. The performance clause would have gradual requirements by 2030 to restrict party access to public funding and free radio and television time. Only the parties with at least 1.5% of the valid votes in at least one-third of the 27 federation units and 1% in each of..

    BRAZIL: Senate Approves End Of Party Coalitions From 2020

    BRAZIL: Senate Approves End Of Party Coalitions From 2020 The Brazilian Senate approved the end of partisan coalitions in proportional elections for parliamentarians from 2020. The bill passed Wednesday also establishes performance clauses for political parties to have access to public funding and free radio and television time from next year's elections. The measure passed with 62 votes in the first round and 58 in the second. According to the Brazilian Senate official news agency, there were no opposing votes or abstentions. The so-called "window," which allows candidates to change parties six months before the election, remains valid. The extinction of this "window" was rejected by the lower House last week. The performance clause would have gradual requirements by 2030 to restrict party access to public funding and free radio and television time. Only the parties with at least 1.5% of the valid votes in at least one-third of the 27 federation units and 1% in each of..
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  • The Brazilian House of Representatives has approved the Special Tax Regularization Program (Pert, also known as "new Refis"), which allows the payment of debts with the Union in installments, and at a discount. The bill was addressed to the Senate, reported the Brazilian lower house's official news agency. The measure passed by the House allows the adhesion to the program by companies in judicial recovery and those listed in the so-called "Simples Nacional," a tax category that includes micro, small and medium-sized enterprises. Debts of up to R$ 15 million (US$ 4.79 million) will have special conditions, with a lower initial payment and the possibility of using tax credits derived from losses. The program also determines minimum installments of R$ 200 for individuals and R$ 1,000 for legal entities, corrected for the Selic rate (Brazilian basic interest rate) plus 1% in the month of amortization. Companies listed in the "Simples Nacional" would disburse R$ 400 in minimum insta..

    BRAZIL: House Approves New Tax Regularization Program

    The Brazilian House of Representatives has approved the Special Tax Regularization Program (Pert, also known as "new Refis"), which allows the payment of debts with the Union in installments, and at a discount. The bill was addressed to the Senate, reported the Brazilian lower house's official news agency. The measure passed by the House allows the adhesion to the program by companies in judicial recovery and those listed in the so-called "Simples Nacional," a tax category that includes micro, small and medium-sized enterprises. Debts of up to R$ 15 million (US$ 4.79 million) will have special conditions, with a lower initial payment and the possibility of using tax credits derived from losses. The program also determines minimum installments of R$ 200 for individuals and R$ 1,000 for legal entities, corrected for the Selic rate (Brazilian basic interest rate) plus 1% in the month of amortization. Companies listed in the "Simples Nacional" would disburse R$ 400 in minimum insta..
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